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ASSURANT, INC.2012 Form10-K F-17
4 Investments
industry at December31, 2012 and December31, 2011, respectively.
No European country represented more than 5% of the fair value of
our corporate securities as of December31, 2012 and December31,
2011. Approximately 5% of the fair value of the corporate European
securities are pound and euro-denominated and are not hedged to U.S.
dollars, but, held to support those foreign-denominated liabilities. Our
international investments are managed as part of our overall portfolio
with the same approach to risk management and focus on diversi cation.
e cost or amortized cost and fair value of  xed maturity securities at
December31, 2012 by contractual maturity are shown below. Expected
maturities may di er from contractual maturities because issuers of
the securities may have the right to call or prepay obligations with or
without call or prepayment penalties.
Cost or Amortized Cost Fair Value
Due in one year or less $ 536,252 $ 543,977
Due after one year through  ve years 2,588,048 2,752,683
Due after  ve years through ten years 2,613,074 2,869,168
Due after ten years 4,185,186 5,136,673
TOTAL 9,922,560 11,302,501
Asset-backed 27,182 28,197
Commercial mortgage-backed 64,344 69,883
Residential mortgage-backed 714,628 771,057
TOTAL $ 10,728,714 $ 12,171,638
Major categories of net investment income were as follows:
Years Ended December31,
2012 2011 2010
Fixed maturity securities $ 553,668 $ 565,486 $ 572,909
Equity securities 24,771 29,645 33,864
Commercial mortgage loans on real estate 79,108 80,903 88,894
Policy loans 3,204 3,102 3,248
Short-term investments 4,889 5,351 5,259
Other investments 54,581 21,326 19,019
Cash and cash equivalents 15,323 7,838 5,577
Total investment income 735,544 713,651 728,770
Investment expenses (22,416) (24,119) (25,580
NET INVESTMENT INCOME $ 713,128 $ 689,532 $ 703,190
No material investments of the Company were non-income producing for the years ended December31, 2012, 2011 and 2010.
e following table summarizes the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that
have been included in earnings as a result of those sales.
For the Years Ended December31,
2012 2011 2010
Proceeds from sales $ 2,314,540 $ 1,679,553 $ 1,867,797
Gross realized gains 68,697 57,120 65,861
Gross realized losses 12,597 20,925 8,286
For securities sold at a loss during 2012, the average period of time these securities were trading continuously at a price below book value was
approximately 34 months.