Unum 2008 Annual Report Download - page 79
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75
As of December 31, 2008, we held 102 fixed maturity securities with a gross unrealized loss of $10.0 million or greater, as shown in the
chart below.
(in millions of dollars) Gross
Unrealized Number
Classification Fair Value Loss of Issuers
Utilities $1,064.7 $ 294.6 20
Financial Institutions 326.5 239.5 11
Capital Goods 665.2 223.5 13
Consumer Cyclical 265.7 125.2 8
Consumer Non-Cyclical 509.6 112.2 8
Basic Industry 255.0 109.0 5
Communications 208.3 97.1 6
Energy 389.7 95.5 6
U.S. Government Agencies 560.2 61.2 1
Transportation 61.0 23.2 1
Technology 37.6 12.3 1
$4,343.5 $1,393.3 80
Communications $ 86.3 $ 89.7 5
Consumer Cyclical 58.8 75.6 4
Basic Industry 64.2 65.2 4
Capital Goods 68.4 22.7 2
Technology 19.1 22.0 2
Consumer Non-Cyclical 42.3 21.0 2
Financial Institutions 6.1 12.9 1
Energy 20.9 12.0 1
Utilities 42.3 10.9 1
$ 408.4 $ 332.0 22
Unrealized losses on investment-grade fixed maturity securities principally relate to changes in interest rates or changes in market or
sector credit spreads which occurred after the acquisition of the securities. These changes are generally temporary and are not recognized
as realized investment losses unless the securities are sold, it becomes unlikely that we will hold the securities until recovery based on
relevant facts and circumstances, or the securities become other than temporarily impaired. Generally, below-investment-grade fixed
maturity securities are more likely to develop credit concerns. In determining whether a decline in fair value below amortized cost of a
fixed maturity security is other than temporary, we utilize a formal, well-defined, and disciplined process to monitor and evaluate our fixed
income investment portfolio. The process results in a thorough evaluation of problem investments and the recording of realized losses
on a timely basis for investments determined to have an other than temporary impairment. See previous discussion of our other than
temporary impairment analysis under “Critical Accounting Estimates” contained herein.