Unum 2008 Annual Report Download - page 77
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73
Of the $3,374.1 million in gross unrealized losses at December 31, 2008, $2,719.0 million, or 80.6 percent, are related to investment-grade
fixed maturity bonds and result primarily from increases in interest rates or changes in market or sector credit spreads which occurred subsequent
to acquisition of the bonds.
The following two tables show the length of time our investment-grade and below-investment-grade fixed maturity bonds had been in
a gross unrealized loss position as of December 31, 2008 and at the end of the prior four quarters. The relationships of the current fair value
to amortized cost are not necessarily indicative of the fair value to amortized cost relationships for the securities throughout the entire time
that the securities have been in an unrealized loss position nor are they necessarily indicative of the relationships after December 31, 2008.
As is shown in the time period progression, the elevated level of unrealized losses occurred during the third and fourth quarters of 2008. The
increase in unrealized losses during the third and fourth quarters of 2008 results primarily from the significant widening of credit spreads that
occurred in the overall market.
2007
(in millions of dollars) December 31
<= 90 $ 8.7
> 90 < 180 14.4
> 180 < 270 48.7
> 270 < 1 year 35.4
> 1 year < 2 years 198.5
> 2 years < 3 years 154.2
> 3 years 295.9
Subtotal 755.8
<= 90 —
> 90 < 180 —
> 180 <= 270 —
> 270 <= 1 year —
> 1 year <= 2 years —
> 2 years <= 3 years 0.4
> 3 years 25.3
Subtotal 25.7
> 270 <= 1 year —
> 1 year <= 2 years —
> 2 years <= 3 years —
> 3 years —
Subtotal —
$781.5