Assurant 2015 Annual Report Download - page 107

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ASSURANT, INC. – 2015 Form 10-K F-21
5 Investments
Cost or Amortized Cost Fair Value
Due in one year or less $ 324,097 $ 327,824
Due after one year through ve years 1,904,357 1,984,818
Due after ve years through ten years 2,121,934 2,171,426
Due after ten years 4,141,492 4,705,563
TOTAL 8,491,880 9,189,631
Asset-backed 3,499 4,662
Commercial mortgage-backed 22,169 22,521
Residential mortgage-backed 953,247 998,514
TOTAL $9,470,795 $10,215,328
Major categories of net investment income were as follows:
Years Ended December 31,
2015 2014 2013
Fixed maturity securities $ 486,165 $ 522,309 $ 530,144
Equity securities 29,957 28,014 27,013
Commercial mortgage loans on real estate 72,658 73,959 76,665
Policy loans 2,478 2,939 3,426
Short-term investments 2,033 1,950 2,156
Other investments 37,759 34,527 20,573
Cash and cash equivalents 18,416 18,556 14,679
Total investment income 649,466 682,254 674,656
Investment expenses (23,249) (25,825) (24,360)
NET INVESTMENT INCOME $626,217 $656,429 $650,296
No material investments of the Company were non-income producing for the years ended December 31, 2015, 2014 and 2013�
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,
2015 2014 2013
Proceeds from sales $ 2,568,166 $ 1,995,368 $ 2,821,177
Gross realized gains 65,097 69,184 81,921
Gross realized losses 31,657 10,681 50,667
For securities sold at a loss during 2015, the average period of time these securities were trading continuously at a price
below book value was approximately 6 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,
2015 2014 2013
Net realized gains (losses) related to sales and other:
Fixed maturity securities $ 13,322 $ 54,200 $ 14,579
Equity securities 19,016 6,190 19,789
Commercial mortgage loans on real estate 817 532 2,515
Other investments 3,695 (109) 2,029
TOTAL NET REALIZED GAINS RELATED TO SALES AND OTHER 36,850 60,813 38,912
Net realized losses related to other-than-temporary impairments:
Fixed maturity securities (5,024) (30) (3,295)
Other investments — — (1,092)
Total net realized losses related to other-than-temporary impairments (5,024) (30) (4,387)
TOTAL NET REALIZED GAINS $31,826 $60,783 $34,525