Assurant 2014 Annual Report Download - page 108

Download and view the complete annual report

Please find page 108 of the 2014 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 161

  • 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
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161

ASSURANT, INC. – 2014 Form 10-KF-20
5 Investments
Cost or Amortized Cost Fair Value
Due in one year or less $ 317,099 $ 321,131
Due after one year through fi ve years 2,245,676 2,367,245
Due after fi ve years through ten years 2,441,858 2,575,890
Due after ten years 4,083,639 4,978,647
TOTAL 9,088,272 10,242,913
Asset-backed 3,917 5,519
Commercial mortgage-backed 44,907 46,016
Residential mortgage-backed 911,004 968,726
TOTAL $ 10,048,100 $ 11,263,174
Major categories of net investment income were as follows:
Years Ended December 31,
2014 2013 2012
Fixed maturity securities $ 522,309 $ 530,144 $ 553,668
Equity securities 28,014 27,013 24,771
Commercial mortgage loans on real estate 73,959 76,665 79,108
Policy loans 2,939 3,426 3,204
Short-term investments 1,950 2,156 4,889
Other investments 34,527 20,573 54,581
Cash and cash equivalents 18,556 14,679 15,323
Total investment income 682,254 674,656 735,544
Investment expenses (25,825) (24,360) (22,416)
NET INVESTMENT INCOME $ 656,429 $ 650,296 $ 713,128
No material investments of the Company were non-income producing for the years ended December 31, 2014, 2013 and 2012.
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,
2014 2013 2012
Proceeds from sales $ 1,995,368 $ 2,821,177 $ 2,314,540
Gross realized gains 69,184 81,921 68,697
Gross realized losses 10,681 50,667 12,597
For securities sold at a loss during 2014, the average period of time these securities were trading continuously at a price
below book value was approximately 10 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,
2014 2013 2012
Net realized gains (losses) related to sales and other:
Fixed maturity securities $ 54,200 $ 14,579 $ 59,815
Equity securities 6,190 19,789 (3,466)
Commercial mortgage loans on real estate 532 2,515 3,072
Other investments (109) 2,029 6,775
TOTAL NET REALIZED GAINS RELATED TO SALES AND OTHER 60,813 38,912 66,196
Net realized losses related to other-than-temporary impairments:
Fixed maturity securities (30) (3,295) (1,287)
Equity securities — — (226)
Other investments — (1,092) (330)
Total net realized losses related to other-than-temporary impairments (30) (4,387) (1,843)
TOTAL NET REALIZED GAINS $ 60,783 $ 34,525 $ 64,353