The Hartford 2014 Annual Report Download - page 111
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The following table presents the Company’s exposure to CMBS bonds by current credit quality and vintage year, included in the Securities by Type table
above. Credit protection represents the current weighted average percentage of the outstanding capital structure subordinated to the Company’s investment
holding that is available to absorb losses before the security incurs the first dollar loss of principal and excludes any equity interest or property value in
excess of outstanding debt.
CMBS — Bonds [1]
2003 & Prior $ 8 $ 8 $ 6 $ 6 $ 6 $ 6 $ — $ — $ 15 $ 20 $ 35 $ 40
2004 5 5 52 58 1 1 — — — — 58 64
2005 175 188 78 80 99 101 83 84 46 46 481 499
2006 287 300 108 115 121 127 63 66 22 23 601 631
2007 211 221 169 182 78 82 31 31 72 73 561 589
2008 40 43 — — — — — — — — 40 43
2009 11 11 — — — — — — — — 11 11
2010 18 20 — — — — — — — — 18 20
2011 56 62 — — — — 6 6 — — 62 68
2012 40 41 — — 14 14 12 12 — — 66 67
2013 16 16 95 99 71 76 12 13 — — 194 204
2014 350 360 64 66 53 54 — — — — 467 480
2003 & Prior $ 10 $ 10 $ 35 $ 36 $ 6 $ 6 $ 10 $ 10 $ 31 $ 33 $ 92 $ 95
2004 79 80 77 83 29 29 13 13 7 12 205 217
2005 307 324 79 82 101 104 71 71 68 75 626 656
2006 336 362 107 116 120 127 102 106 224 238 889 949
2007 188 202 211 218 112 127 — — 130 125 641 672
2008 43 49 — — — — — — — — 43 49
2009 11 11 — — — — — — — — 11 11
2010 18 19 — — — — — — — — 18 19
2011 63 66 — — — — 6 5 — — 69 71
2012 35 34 — — 8 8 11 10 — — 54 52
2013 30 29 89 86 59 58 10 9 — — 188 182
[1] The vintage year represents the year the pool of loans was originated.
The Company also has AFS exposure to CRE CDOs with an amortized cost and fair value of $114 and $193, respectively, as of December 31, 2014 and $176
and $248, respectively, as of December 31, 2013. These securities are comprised of diversified pools of commercial mortgage loans or equity positions of
other CMBS securitizations. We continue to monitor these investments as economic and market uncertainties regarding future performance impact market
liquidity and security premiums.
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