Prudential 2003 Annual Report Download - page 119

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PRUDENTIAL FINANCIAL, INC.
Notes to Consolidated Financial Statements
4. INVESTMENTS (continued)
2003
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(in millions)
Fixed maturities held to maturity
Foreign government bonds ...................................... $ 163 $ 2 $ 3 $ 162
Corporate securities ........................................... 312 12 — 324
Mortgage-backed securities ..................................... 2,593 28 23 2,598
Total fixed maturities held to maturity ............................. $ 3,068 $ 42 $ 26 $ 3,084
2002
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(in millions)
Fixed maturities available for sale
U.S. Treasury securities and obligations of U.S. government corporations
and agencies ............................................... $ 8,323 $ 670 $ 7 $ 8,986
Obligations of U.S. states and their political subdivisions .............. 1,962 213 1 2,174
Foreign government bonds ...................................... 21,158 1,317 3 22,472
Corporate securities ........................................... 78,845 5,729 609 83,965
Mortgage-backed securities ..................................... 7,581 288 3 7,866
Total fixed maturities available for sale ............................ $117,869 $8,217 $623 $125,463
Equity securities available for sale .............................. $ 2,849 $ 188 $230 $ 2,807
2002
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(in millions)
Fixed maturities held to maturity
Obligations of U.S. states and their political subdivisions .............. $ 3 $ — $— $ 3
Foreign government bonds ...................................... 103 3 — 106
Corporate securities ........................................... 274 7 4 277
Mortgage-backed securities ..................................... 2,232 58 3 2,287
Total fixed maturities held to maturity ............................. $ 2,612 $ 68 $ 7 $ 2,673
The amortized cost and estimated fair value of fixed maturities by contractual maturities at December 31, 2003, is
as follows:
Available for Sale Held to Maturity
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
(in millions) (in millions)
Due in one year or less ............................................. $ 6,187 $ 6,273 $ 48 $ 49
Due after one year through five years ................................. 33,224 34,881 116 121
Due after five years through ten years ................................. 37,943 40,423 49 53
Due after ten years ................................................ 40,094 43,512 262 263
Mortgage-backed securities ......................................... 3,745 3,854 2,593 2,598
Total ....................................................... $121,193 $128,943 $3,068 $3,084
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay
obligations.
Prudential Financial 2003 Annual Report 117