Allstate 2008 Annual Report Download - page 198

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The following tables show the composition by credit quality using Moody’s equivalent rating of the fixed
income securities with gross unrealized losses at December 31, 2008.
Rating(1)
In or Total
Caa or near unrealized Fair
Aaa Aa A Baa Ba B lower default loss value
($ in millions)
At December 31, 2008
Corporate:
Banking $ — $ (47) $ (673) $ (198) $ (22) $ (3) $ — $ — $ (943) $ 2,459
Financial services (46) (43) (209) (231) (39) (1) (2) — (571) 2,503
Consumer goods (cyclical and non-cyclical) — (4) (58) (232) (137) (40) (13) (2) (486) 3,080
Utilities — (7) (58) (308) (51) (3) (7) — (434) 3,359
Capital goods — (1) (40) (165) (51) (39) (3) — (299) 1,897
Communications — — (6) (103) (50) (26) (3) — (188) 1,289
Basic industry — (4) (15) (101) (27) (36) — — (183) 1,208
Transportation — — (42) (78) (56) (2) (1) — (179) 928
Energy — (3) (6) (107) (18) (11) — — (145) 1,080
Technology (1) (3) (17) (53) (14) (16) (1) — (105) 663
Other — (1) (71) (260) (11) — — — (343) 864
Total corporate fixed income portfolio (47) (113) (1,195) (1,836) (476) (177) (30) (2) (3,876) 19,330
ABS (372) (641) (622) (561) (103) (79) (68) (26) (2,472) 3,595
Municipal (226) (468) (443) (780) (114) (142) (11) — (2,184) 12,578
CMBS (1,322) (642) (25) (15) — — — — (2,004) 3,628
MBS (301) (37) (13) (29) (14) (25) — — (419) 1,608
Foreign government (1) — (5) (27) (19) (23) — — (75) 364
Redeemable preferred stock — — — (9) (1) — — — (10) 18
U.S. government and agencies (1) — — — — — — — (1) 230
Total fixed income securities $(2,270) $(1,901) $(2,303) $(3,257) $(727) $(446) $(109) $(28) $(11,041) $41,351
Rating % to total unrealized loss
(1) Moody’s equivalent rating will not necessarily tie to ratings distributions from the NAIC due to potential timing differences between the
various rating suppliers and the number of external rating agencies used in the determination.
The scheduled maturity dates for fixed income securities in an unrealized loss position at December 31, 2008
are shown below. Actual maturities may differ from those scheduled as a result of prepayments by the issuers.
Percent Fair Percent
Unrealized loss to total value to total
($ in millions)
Due in one year or less $ (26) 0.2% $ 963 2.3%
Due after one year through five years (924) 8.4 8,218 19.9
Due after five years through ten years (1,423) 12.9 7,291 17.6
Due after ten years (5,777) 52.3 19,676 47.6
MBS and ABS(1) (2,891) 26.2 5,203 12.6
Total $(11,041) 100.0% $41,351 100.0%
(1) Because of the potential for prepayment, these securities are not categorized based on their contractual maturities.
88
MD&A