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UNM » Topics » Realized Investment Losses during the First Nine Months of 2006 from Other than Temporary Impairments

This excerpt taken from the UNM 10-Q filed Nov 7, 2006.

Realized Investment Losses during the First Nine Months of 2006 from Other than Temporary Impairments

Approximately 71 percent of the first nine months of 2006 other than temporary impairment losses occurred in the automotive and communication industries. Circumstances surrounding material other than temporary impairment losses are as follows:

 

•   $5.1 million loss on securities issued by a U.S. based cable systems operator. This company has been experiencing declining basic subscriber levels due to competition and has also incurred increased programming and interest expenses. In addition, recent transactions in the company’s industry have resulted in projections for further declines in its cable subscriber base and profit margins, resulting in an earnings level that may no longer service the debt structure of the company. Due to these factors, as well as the length of time these securities have been in an unrealized loss position, we determined that an other than temporary impairment had occurred. These securities were originally purchased as part of our below-investment-grade strategy. At the time of the impairment, these securities had been continuously in an unrealized loss position for a period greater than three years. The circumstances of this impaired investment have no impact on other investments.
This excerpt taken from the UNM 10-Q filed Aug 7, 2006.

Realized Investment Losses during the First Six Months of 2006 from Other than Temporary Impairments

Approximately 74 percent of the first six months of 2006 other than temporary impairment losses occurred in the automotive and communication industries. Circumstances surrounding material other than temporary impairment losses are as follows:

 

•   $5.1 million loss on securities issued by a U.S. based cable systems operator. This company has been experiencing declining basic subscriber levels due to competition and has also incurred increased programming and interest expenses. In addition, recent transactions in the company’s industry have resulted in projections for further declines in its cable subscriber base and profit margins, resulting in an earnings level that may no longer service the debt structure of the company. Due to these factors, as well as the length of time these securities have been in an unrealized loss position, we determined that an other than temporary impairment had occurred. These securities were originally purchased as part of our below-investment-grade strategy. At the time of the impairment, these securities had been continuously in an unrealized loss position for a period greater than three years. The circumstances of this impaired investment have no impact on other investments.
This excerpt taken from the UNM 10-Q filed May 8, 2006.

Realized Investment Losses during the First Quarter of 2006 from Other than Temporary Impairments

Approximately 74 percent of the first quarter of 2006 other than temporary impairment losses occurred in the automotive and financial institution industries. Circumstances surrounding material other than temporary impairment losses are as follows:

 

•   $5.1 million loss on securities issued by a U.S. based cable systems operator. This company has been experiencing declining basic subscriber levels due to competition and has also incurred increased programming and interest expenses. In addition, recent transactions in the company’s industry have resulted in projections for further declines in its cable subscriber base and profit margins, resulting in an earnings level that may no longer service the debt structure of the company. Due to these factors, as well as the length of time these securities have been in an unrealized loss position, we determined that an other than temporary impairment had occurred. These securities were originally purchased as part of our below-investment-grade strategy. At the time of the impairment, these securities had been continuously in an unrealized loss position for a period greater than 3 years. The circumstances of this impaired investment have no impact on other investments.

EXCERPTS ON THIS PAGE:

10-Q
Nov 7, 2006
10-Q
Aug 7, 2006
10-Q
May 8, 2006

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