United Healthcare 2013 Annual Report Download - page 80

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The fair values of the Company’s mortgage-backed securities by credit rating (when multiple credit ratings are
available for an individual security, the average of the available ratings is used) and origination date as of
December 31, 2013 were as follows:
(in millions) AAA AA
Non-Investment
Grade
Total Fair
Value
2013 ................................................... $ 130 $ — $ — $ 130
2012 ................................................... 106 — — 106
2011 ................................................... 20 — — 20
2010 ................................................... 26 — — 26
2009 ................................................... 2 — — 2
2007 ................................................... 63 — 2 65
Pre-2007 ................................................ 340 3 10 353
U.S. agency mortgage-backed securities ....................... 2,218 — — 2,218
Total ................................................... $2,905 $ 3 $ 12 $2,920
The Company includes any securities backed by Alt-A or sub-prime mortgages and any commercial mortgage
loans in default in the non-investment grade column in the table above.
The amortized cost and fair value of available-for-sale debt securities as of December 31, 2013, by contractual
maturity, were as follows:
(in millions)
Amortized
Cost
Fair
Value
Due in one year or less ....................................................... $ 2,042 $ 2,054
Due after one year through five years ........................................... 7,121 7,235
Due after five years through ten years ........................................... 5,164 5,182
Due after ten years .......................................................... 2,051 2,036
U.S. agency mortgage-backed securities ......................................... 2,256 2,218
Non-U.S. agency mortgage-backed securities ..................................... 697 702
Total debt securities — available-for-sale ........................................ $19,331 $19,427
The amortized cost and fair value of held-to-maturity debt securities as of December 31, 2013, by contractual
maturity, were as follows:
(in millions)
Amortized
Cost
Fair
Value
Due in one year or less ......................................................... $ 78 $ 78
Due after one year through five years ............................................. 231 230
Due after five years through ten years ............................................. 154 156
Due after ten years ............................................................ 80 80
Total debt securities — held-to-maturity ........................................... $543 $544
78