The Hartford 2014 Annual Report Download - page 181
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Table of Contents
Fixed maturities, AFS
Sale proceeds $ 22,923 $ 39,225 $ 41,442
Gross gains [1] 456 2,143 825
Gross losses (182) (645) (399)
Equity securities, AFS
Sale proceeds $ 354 $ 274 $ 295
Gross gains 22 96 34
Gross losses (20) (6) (20)
[1] Includes $1.5 billion of gross gains related to the sale of the Individual Life and Retirement Plans businesses for the year ended December 31, 2013.
Sales of AFS securities in 2014 were primarily a result of duration and liquidity management, as well as tactical changes to the portfolio as a result of
changing market conditions.
The following table presents a roll-forward of the Company’s cumulative credit impairments on debt securities held as of December 31, 2014, 2013 and 2012.
(Before-tax)
Balance as of beginning of period $ (552) $ (1,013) $ (1,676)
Additions for credit impairments recognized on [1]:
Securities not previously impaired (15) (19) (28)
Securities previously impaired (22) (13) (20)
Reductions for credit impairments previously recognized on:
Securities that matured or were sold during the period 138 469 700
Securities the Company made the decision to sell or more likely than not will be required to sell — 2 —
Securities due to an increase in expected cash flows 27 22 11
[1] These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations.
F-45