Assurant 2012 Annual Report Download - page 92

Download and view the complete annual report

Please find page 92 of the 2012 Assurant annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 144

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144

ASSURANT, INC.2012 Form10-KF-16
4 Investments
4. Investments
e following tables show the cost or amortized cost, gross unrealized gains and losses, fair value and OTTI of our  xed maturity and equity
securities as of the dates indicated:
December31, 2012
Cost or Amortized
Cost Gross Unrealized
Gains Gross Unrealized
Losses Fair Value OTTI in AOCI
Fixed maturity securities:
United States Government and government agencies
and authorities $ 633,329 $ 8,722 $ (127) $ 641,924 $ 0
States, municipalities and political subdivisions 800,592 106,560 (96) 907,056 0
Foreign governments 672,671 82,096 (1,359) 753,408 0
Asset-backed 27,182 1,437 (422) 28,197 1,159
Commercial mortgage-backed 64,344 5,539 0 69,883 0
Residential mortgage-backed 714,628 56,983 (554) 771,057 14,259
Corporate 7,815,968 1,193,695 (9,550) 9,000,113 21,291
TOTAL FIXED MATURITY SECURITIES $ 10,728,714 $ 1,455,032 $ 12,108 $ 12,171,638 $ 36,709
Equity securities:
Common stocks $ 14,707 $ 4,243 $ 0 $ 18,950 $ 0
Non-redeemable preferred stocks 407,996 53,976 (5,116) 456,856 0
TOTAL EQUITY SECURITIES $ 422,703 $ 58,219 $ 5,116 $ 475,806 $ 0
December31, 2011
Cost or Amortized
Cost Gross Unrealized
Gains Gross Unrealized
Losses Fair Value OTTI in AOCI
Fixed maturity securities:
United States Government and government agencies
and authorities $ 148,379 $ 8,987 $ (26) $ 157,340 $ 0
States, municipalities and political subdivisions 832,788 96,536 (301) 929,023 0
Foreign governments 647,133 78,148 (1,368) 723,913 0
Asset-backed 30,681 2,072 (320) 32,433 1,118
Commercial mortgage-backed 82,184 5,840 0 88,024 0
Residential mortgage-backed 841,488 56,364 (633) 897,219 8,240
Corporate 7,540,776 882,628 (58,757) 8,364,647 14,313
TOTAL FIXED MATURITY SECURITIES $ 10,123,429 $ 1,130,575 $ 61,405 $ 11,192,599 $ 23,671
Equity securities:
Common stocks $ 14,037 $ 2,018 $ (54) $ 16,001 $ 0
Non-redeemable preferred stocks 343,374 28,141 (25,140) 346,375 0
TOTAL EQUITY SECURITIES $ 357,411 $ 30,159 $ 25,194 $ 362,376 $ 0
Our states, municipalities and political subdivisions holdings are
highly diversi ed across the United States and Puerto Rico, with no
individual state’s exposure (including both general obligation and
revenue securities) exceeding 0.5% of the overall investment portfolio
as of December31, 2012 and December31, 2011. At December31,
2012 and December31, 2011, the securities include general obligation
and revenue bonds issued by states, cities, counties, school districts
and similar issuers, including $168,705 and $164,347, respectively, of
advance refunded or escrowed-to-maturity bonds (collectively referred
to as “pre-refunded bonds”), which are bonds for which an irrevocable
trust has been established to fund the remaining payments of principal
and interest. As of December31, 2012 and December31, 2011, revenue
bonds account for 52% and 51% of the holdings, respectively. Excluding
pre-refunded bonds, sales tax, highway, water, fuel sales, transit and
miscellaneous (which includes bond banks,  nance authorities and
appropriations) provide for 82% and 80% of the revenue sources, as
of December31, 2012 and December31, 2011, respectively.
e Company’s investments in foreign government  xed maturity
securities are held mainly in countries and currencies where the Company
has policyholder liabilities, which allow the assets and liabilities to be
more appropriately matched. At December31, 2012, approximately
67%, 15%, and 6% of the foreign government securities were held in
the Canadian government/provincials and the governments of Brazil
and Germany, respectively. At December31, 2011, approximately
63%, 13% and 7% of the foreign government securities were held in
the Canadian government/provincials and the governments of Brazil
and Germany, respectively. No other country represented more than
5% of our foreign government securities as of December31, 2012
and December31, 2011.
e Company has European investment exposure in its corporate  xed
maturity and equity securities of $1,054,820 with an unrealized gain
of $122,420 at December31, 2012 and $868,012 with an unrealized
gain of $61,387 at December31, 2011. Approximately 28% and
31% of the corporate European exposure are held in the  nancial