Unum 2006 Annual Report Download - page 98
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80
Also during 2005, we recognized a loss of $12.6 million on the sale on securities issued by a major U.S. based
automotive manufacturer. The company had experienced declining sales due to competition and the increase
in gasoline prices, along with higher raw material costs and growing employee health care and retirement costs.
These securities were investment-grade at the time of purchase but were downgraded to below-investment-grade in
the third quarter of 2005. At the time of sale, these securities had been continuously in an unrealized loss position
for a period of less than 90 days. The circumstances of this investment have no impact on other investments.
During 2004, we had no individual realized investment loss of $10.0 million or greater from sale of fixed maturity
securities.
Asset Distribution
The following table provides the distribution of invested assets for the periods indicated. Ceded policy loans of $3.2
billion as of December 31, 2006 and $3.0 billion as of December 31, 2005, which are reported on a gross basis in the
consolidated balance sheets contained herein in Item 8, are excluded from the table below. The investment income
on these ceded policy loans is not included in income.
Distribution of Invested Assets
2006 2005
Investment-Grade Fixed Maturity Securities 89.0 % 89.9 %
Below-Investment-Grade Fixed Maturity Securities 5.8 6.0
Mortgage Loans and Real Estate 2.6 2.1
Short-Term Investments 1.8 1.2
Other Invested Assets 0.8 0.8
Total 100.0 % 100.0 %
December 31