Assurant 2013 Annual Report Download - page 105

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ASSURANT, INC. – 2013 Form 10-K F-19
4 Investments
Cost or Amortized Cost Fair Value
Due in one year or less $ 583,725 $ 589,192
Due after one year through fi ve years 2,136,037 2,270,487
Due after fi ve years through ten years 2,800,831 2,909,407
Due after ten years 4,018,587 4,508,349
TOTAL 9,539,180 10,277,435
Asset-backed 4,320 6,174
Commercial mortgage-backed 57,594 60,362
Residential mortgage-backed 919,216 947,904
TOTAL $ 10,520,310 $ 11,291,875
Major categories of net investment income were as follows:
Years Ended December 31,
2013 2012 2011
Fixed maturity securities $ 530,144 $ 553,668 $ 565,486
Equity securities 27,013 24,771 29,645
Commercial mortgage loans on real estate 76,665 79,108 80,903
Policy loans 3,426 3,204 3,102
Short-term investments 2,156 4,889 5,351
Other investments 20,573 54,581 21,326
Cash and cash equivalents 14,679 15,323 7,838
Total investment income 674,656 735,544 713,651
Investment expenses (24,360) (22,416) (24,119)
NET INVESTMENT INCOME $ 650,296 $ 713,128 $ 689,532
No material investments of the Company were non-income producing for the years ended December 31, 2013, 2012 and 2011.
The 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,
2013 2012 2011
Proceeds from sales $ 2,821,177 $ 2,314,540 $ 1,679,553
Gross realized gains 81,921 68,697 57,120
Gross realized losses 50,667 12,597 20,925
For securities sold at a loss during 2013, the average period of time these securities were trading continuously at a price
below book value was approximately 12 months.
The following table sets forth the net realized gains (losses), including other-than-temporary impairments, recognized in
the statement of operations as follows:
Years Ended December 31,
2013 2012 2011
Net realized gains (losses) related to sales and other:
Fixed maturity securities $ 14,579 $ 59,815 $ 44,924
Equity securities 19,789 (3,466) (7,010)
Commercial mortgage loans on real estate 2,515 3,072 336
Other investments 2,029 6,775 2,166
TOTAL NET REALIZED GAINS RELATED TO SALES AND OTHER 38,912 66,196 40,416
Net realized losses related to other-than-temporary impairments:
Fixed maturity securities (3,295) (1,287) (7,780)
Equity securities 0 (226) (21)
Other investments (1,092) (330) (35)
Total net realized losses related to other-than-temporary impairments (4,387) (1,843) (7,836)
TOTAL NET REALIZED GAINS $ 34,525 $ 64,353 $ 32,580