GNW » Topics » Unrealized Investment Gains and Losses

This excerpt taken from the GNW 8-K filed Nov 10, 2009.

Unrealized Investment Gains (Losses)

Net unrealized gains and losses on investment securities classified as available-for-sale are reduced by deferred income taxes that would have resulted had such gains and losses been realized. Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) as of the dates indicated were as follows:

 

(U.S. dollar amounts in thousands)

   September 30,
2009
    December 31,
2008
 

Net unrealized gains (losses) on available-for-sale investment securities:

    

Fixed maturity securities

   $ 10,144      $ 38,398   

Deferred income taxes

     (3,052     (11,526
                

Net unrealized investment gains (losses)

   $ 7,092      $ 26,872   
                

The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) for the periods indicated was as follows:

 

(U.S. dollar amounts in thousands)

   As of or for the three
months ended

September 30, 2009
    As of or for the nine
months ended

September 30, 2009
 

Beginning balance

   $ 4,565      $ 26,872   

Cumulative effect of change in accounting

     —          (865

Activity during the period:

    

Unrealized gains (losses) on investment securities

     2,336        (25,702

Provision for deferred taxes

     (704     7,968   
                

Change in unrealized gains (losses)

     1,632        (17,734

Reclassification adjustments to net investment gains (losses), net of taxes of $(384) and $506

     895        (1,181
                

Ending balance

   $ 7,092      $ 7,092   
                
This excerpt taken from the GNW 8-K filed Aug 17, 2009.

Unrealized Investment Gains and Losses

Net unrealized gains and losses on investment securities classified as available-for-sale are reduced by deferred income taxes that would have resulted had such gains and losses been realized. Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) as of the dates indicated were as follows:

 

(U.S. dollar amounts in thousands)

   June 30,
2009
    December 31,
2008
 

Net unrealized gains (losses) on available-for-sale securities:

    

Fixed maturity securities

   $ 6,529      $ 38,398   

Deferred income taxes

     (1,964     (11,526
                

Net unrealized investment gains (losses)

   $ 4,565      $ 26,872   
                

The change in net unrealized gains (losses) on available-for-sale securities reported in accumulated other comprehensive income (loss) for the periods indicated was as follows:

 

(U.S. dollar amounts in thousands)

   As of or for the three
months ended

June 30, 2009
    As of or for the six
months ended

June 30, 2009
 

Beginning balance

   $ 20,727      $ 26,872   

Cumulative effect of change in accounting

     (865     (865

Activity during the period:

    

Unrealized gains (losses) on securities

     (21,833     (28,038

Provision for deferred taxes

     6,782        8,524   
                

Change in unrealized gains (losses)

     (15,051     (19,514

Reclassification adjustments to net investment (gains) losses, net of taxes of $132 and $1,038

     (246     (1,928
                

Ending balance

   $ 4,565      $ 4,565   
                
This excerpt taken from the GNW 8-K filed Mar 30, 2009.

(c) Unrealized Investment Gains (Losses)

Net unrealized gains and losses on investment securities classified as available-for-sale are reduced by deferred income taxes that would have resulted had such gains and losses been realized. Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) as of December 31 were as follows:

 

(U.S. dollar amounts in thousands)

   2008     2007     2006  

Net unrealized gains (losses) on available-for-sale investment securities:

      

Fixed maturity securities

   $ 38,398     $ (54,132 )   $ (16,304 )

Deferred income taxes

     (11,526 )     16,668       4,899  
                        

Net unrealized investment gains (losses)

   $ 26,872     $ (37,464 )   $ (11,405 )
                        

The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) for the years ended December 31 was as follows:

 

(U.S. dollar amounts in thousands)

   2008     2007     2006  

Net unrealized investment gains (losses) as of January 1

   $ (37,464 )   $ (11,405 )   $ (1,132 )

Unrealized gains (losses) arising during the period:

      

Unrealized gains (losses) on investment securities

     87,007       (38,789 )     (16,681 )

Provision for deferred taxes

     (26,537 )     12,057       5,011  
                        

Change in unrealized gains (losses) on investment securities

     60,470       (26,732 )     (11,670 )

Reclassification adjustments to net investment losses, net of taxes of $(1,657), $(288) and $(598)

     3,866       673       1,397  
                        

Net unrealized investment gains (losses) as of December 31

   $ 26,872     $ (37,464 )   $ (11,405 )
                        
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