Cigna 2012 Annual Report Download - page 132
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PART II
ITEM 8 Financial Statements and Supplementary Data
Net investment income for separate accounts (that is not reflected in the Company’s revenues) was $181 million for 2012, $207 million for 2011,
and $163 million for 2010.
B. Realized Investment Gains and Losses
The following realized gains and losses on investments for the years ended December 31 exclude amounts required to adjust future policy benefits
for the run-off settlement annuity business.
(In millions)
2012 2011 2010
Fixed maturities $48$50$87
Equity securities 4 (1) 5
Commercial mortgage loans (9) (16) (23)
Real estate (1) (6) 3
Other investments, including derivatives 235 3
Realized investment gains (losses), before income taxes 44 62 75
Less income taxes (benefits) 13 21 25
NET REALIZED INVESTMENT GAINS (LOSSES) $ 31 $ 41 $ 50
Included in pre-tax realized investment gains (losses) above were asset write-downs and changes in valuation reserves as follows:
(In millions)
2012 2011 2010
Credit related
(1)
$ (20) $ (28) $ (38)
Other (2) (25) (1)
TOTAL $ (22) $ (53) $ (39)
(1) Credit-related losses include other-than-temporary declines in fair value of fixed maturities and equity securities and changes in valuation reserves and asset write-downs related to
commercial mortgage loans and investments in real estate entities. There were no credit losses on fixed maturities for which a portion of the impairment was recognized in other
comprehensive income.
The Company recognized pre-tax gains of $5 million in 2012, compared with pre-tax losses of $7 million in 2011 and pre-tax gains of $7 million
in 2010 on hybrid securities.
Realized investment gains in 2011 in other investments, including derivatives, represent primarily gains on sale of real estate properties held in
joint ventures.
Realized investment gains that are not reflected in the Company’s revenues for the years ended December 31 were as follows:
(In millions)
2012 2011 2010
Separate accounts $ 206 $ 210 $ 191
Investment gains required to adjust future policy benefits for the run-off settlement annuity business $ 21 $ 8 $ 18
Sales information for available-for-sale fixed maturities and equity securities, for the years ended December 31 were as follows:
(In millions)
2012 2011 2010
Proceeds from sales $ 591 $ 876 $ 826
Gross gains on sales $37$53$46
Gross losses on sales $ (2) $ (7) $ (3)
110 CIGNA CORPORATION - 2012 Form 10-K