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Unum 2011 Annual Report
Unum
2011
121
Mortgage loans by property type and geographic region are as follows:
December 31
2011 2010
(in millions of dollars) Carrying Amount Percent of Total Carrying Amount Percent of total
Property Type
Apartment $ 28.0 1.8% $ 33.7 2.2%
Industrial 502.0 31.1 458.2 30.2
Mixed 93.5 5.8 95.8 6.3
Office 659.3 40.9 634.7 41.9
Retail 322.4 20.0 286.9 18.9
Other 7.1 0.4 7.5 0.5
Total $1,612.3 100.0% $1,516.8 100.0%
Region
New England $ 147.0 9.1% $ 146.8 9.7%
Mid-Atlantic 174.1 10.8 184.8 12.2
East North Central 212.7 13.2 171.7 11.3
West North Central 151.2 9.4 134.6 8.9
South Atlantic 383.8 23.8 372.0 24.5
East South Central 52.4 3.3 26.9 1.8
West South Central 160.4 9.9 171.8 11.3
Mountain 69.5 4.3 60.7 4.0
Pacific 261.2 16.2 247.5 16.3
Total $1,612.3 100.0% $1,516.8 100.0%
We evaluate each of our mortgage loans individually for impairment and assign an internal credit quality rating based on a
comprehensive rating system used to evaluate the credit risk of the loan. The factors we use to derive our internal credit ratings may
include the following:
• Loan-to-value ratio
• Debt service coverage ratio based on current operating income
• Property location, including regional economics, trends and demographics
• Age, condition, and construction quality of property
• Current and historical occupancy of property
• Lease terms relative to market
• Tenant size and financial strength
• Borrower’s financial strength
• Borrower’s equity in transaction
• Additional collateral, if any