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Management’s Discussion and Analysis
of Financial Condition and Results of Operations
66 Unum 2015 Annual Report
Unrealized Loss on Below-Investment-Grade Fixed Maturity Securities
Length of Time in Unrealized Loss Position
2015 2014
(in millions of dollars) December 31 September 30 June 30 March 31 December 31
Fair Value < 100% >= 70% of Amortized Cost
<= 90 days $ 10.2 $ 36.4 $21.7 $ 2.5 $20.2
> 90 <= 180 days 50.8 58.7 1.2 29.1 31.4
> 180 <= 270 days 51.1 3.7 15.9 15.5 —
> 270 days <= 1 year 1.3 14.1 11.5 — —
> 1 year <= 2 years 34.5 21.8 1.6 9.1 12.8
> 2 years <= 3 years 15.0 16.4 9.4 0.4 0.4
> 3 years 5.3 8.6 5.9 3.2 5.7
Subtotal 168.2 159.7 67.2 59.8 70.5
Fair Value < 70% >= 40% of Amortized Cost
<= 90 days — — — — 6.8
> 90 <= 180 days 9.6 6.3 — 8.0 —
> 180 <= 270 days 21.6 — — 4.6 —
> 270 days <= 1 year 4.1 20.8 — — —
> 1 year <= 2 years 21.8 1.9 — — —
> 2 years <= 3 years 7.6 8.9 — — —
> 3 years 5.0 0.2 — — —
Subtotal 69.7 38.1 — 12.6 6.8
Fair Value <= 40% of Amortized Cost
> 180 <= 270 days 20.4 — — — —
> 270 days <= 1 year — — 7.8 — —
> 1 year <= 2 years 10.3 — — — —
> 2 years <= 3 years 13.3 — — — —
Subtotal 44.0 — 7.8 — —
Total $281.9 $197.8 $75.0 $72.4 $77.3
The following table shows our fixed maturity securities with a gross unrealized loss of $10.0 million or greater, by industry type.
We held no securities at December 31, 2015 with a gross unrealized loss of $20.0 million or greater.
Gross Unrealized Losses $10.0 Million or Greater on Fixed Maturity Securities
As of December 31, 2015
(in millions of dollars) Gross Number of
Classification Fair Value Unrealized Loss Issuers
Investment-Grade
Basic Industry $ 35.7 $11.8 1
Energy 267.0 59.2 5
Total $302.7 $71.0 6
Below-Investment-Grade
Energy $120.7 $86.7 6