INVESTMENTS

Fixed Maturities and Equity Securities

The following tables provide information relating to fixed maturities and equity securities (excluding investments classified as trading) as of the dates indicated:



	September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Other-than- temporary Impairments in AOCI (3)
	(in thousands)
Fixed maturities, available-for-sale
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	6,307	$	88	$	0	$	6,395	$	0
Obligations of U.S. states and their political subdivisions	20,470		603		582		20,491		0
Foreign government bonds	43,379		6,837		7		50,209		0
Public utilities	195,690		19,670		2,742		212,618		0
All other corporate securities	1,655,728		106,648		19,242		1,743,134		0
Asset-backed securities (1)	145,579		3,377		253		148,703		(36		)
Commercial mortgage-backed securities	234,554		8,870		56		243,368		0
Residential mortgage-backed securities (2)	135,060		6,283		0		141,343		(7		)
Total fixed maturities, available-for-sale	$	2,436,767	$	152,376	$	22,882	$	2,566,261	$	(43	)
Equity securities, available-for-sale
Common Stocks:
Public utilities	$	0	$	0	$	0	$	0
Mutual funds	14		3		0		17
Total equity securities, available-for-sale	$	14	$	3	$	0	$	17


(1)	Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans, and other asset types.


(2)	Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.


(3)	Represents the amount of other-than-temporary impairment losses in Accumulated Other Comprehensive Income ("AOCI"), which were not included in earnings. Amount excludes $0.1 million of net unrealized gains on impaired available-for-sale securities relating to changes in the value of such securities subsequent to the impairment measurement date.



	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Other-than- temporary Impairments in AOCI (3)
	(in thousands)
Fixed maturities, available-for-sale
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	6,324	$	22	$	10	$	6,336	$	0
Obligations of U.S. states and their political subdivisions	69,486		1,323		20		70,789		0
Foreign government bonds	29,738		7,621		4		37,355		0
Public utilities	198,277		19,909		1,593		216,593		0
All other corporate securities	1,743,110		146,872		4,891		1,885,091		0
Asset-backed securities (1)	144,324		5,078		391		149,011		(39		)
Commercial mortgage-backed securities	291,868		10,523		206		302,185		(10		)
Residential mortgage-backed securities (2)	126,126		7,113		6		133,233		(36		)
Total fixed maturities, available-for-sale	$	2,609,253	$	198,461	$	7,121	$	2,800,593	$	(85	)
Equity securities, available-for-sale
Common Stocks:
Public utilities	$	0	$	0	$	0	$	0
Mutual funds	14		3		0		17
Total equity securities, available-for-sale	$	14	$	3	$	0	$	17


(1)	Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans, and other asset types.


(2)	Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.


(3)	Represents the amount of other-than-temporary impairment losses in AOCI, which were not included in earnings. Amount excludes $0.1 million of net unrealized gains on impaired available-for-sale securities relating to changes in the value of such securities subsequent to the impairment measurement date.

The amortized cost and fair value of fixed maturities by contractual maturities at September 30, 2015, are as follows:



	Available-for-Sale
	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	221,205	$	219,322
Due after one year through five years	799,625		838,463
Due after five years through ten years	509,359		541,222
Due after ten years	391,385		433,840
Asset-backed securities	145,579		148,703
Commercial mortgage-backed securities	234,554		243,368
Residential mortgage-backed securities	135,060		141,343
Total	$	2,436,767	$	2,566,261

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they are not due at a single maturity date.

The following table depicts the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on impairments of both fixed maturities and equity securities:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(in thousands)
Fixed maturities, available-for-sale
Proceeds from sales	$	4,380		$	55,825		$	21,177		$	228,248
Proceeds from maturities/repayments	96,304			125,561			371,310			619,263
Gross investment gains from sales, prepayments, and maturities	168			4,001			5,124			8,125
Gross investment losses from sales and maturities	(420		)	(102		)	(452		)	(3,349		)
Equity securities, available-for-sale
Proceeds from sales	$	0		$	0		$	0		$	0
Gross investment gains from sales	0			0			0			1
Gross investment losses from sales	0			0			0			0
Fixed maturity and equity security impairments
Net writedowns for other-than-temporary impairment losses on fixed maturities recognized in earnings (1)	$	0		$	0		$	(20	)	$	0
Writedowns for impairments on equity securities	0			0			0			0


(1)	Excludes the portion of other-than-temporary impairments recorded in “Other comprehensive income (loss),” representing any difference between the fair value of the impaired debt security and the net present value of its projected future cash flows at the time of the impairment.

As discussed in Note 2 to the Company’s Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2014, a portion of certain OTTI losses on fixed maturity securities is recognized in “Other comprehensive income (loss)" (“OCI”). For these securities, the net amount recognized in earnings (“credit loss impairments”) represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment.

Any remaining difference between the fair value and amortized cost is recognized in OCI. The following tables set forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in OCI, and the corresponding changes in such amounts.



	Three Months Ended September 30, 2015			Nine Months Ended September 30, 2015
	(in thousands)
Balance, beginning of period	$	98		$	93
Credit loss impairments previously recognized on securities which matured, paid down, prepaid or were sold during the period	(5		)	(13		)
Additional credit loss impairments recognized in the current period on securities previously impaired	0			20
Increases due to the passage of time on previously recorded credit losses	0			0
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected	(1		)	(8		)
Balance, end of period	$	92		$	92



	Three Months Ended September 30, 2014			Nine Months Ended September 30, 2014
	(in thousands)
Balance, beginning of period	$	103		$	1,800
Credit loss impairments previously recognized on securities which matured, paid down, prepaid or were sold during the period	(2		)	(1,679		)
Increases due to the passage of time on previously recorded credit losses	0			0
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected	(1		)	(21		)
Balance, end of period	$	100		$	100

Trading Account Assets

The following table sets forth the composition of “Trading account assets” as of the dates indicated:



	September 30, 2015				December 31, 2014
	Cost		Fair Value		Cost		Fair Value
	(in thousands)
Total trading account assets—Equity securities	$	5,331	$	5,539	$	5,471	$	6,131

The net change in unrealized gains (losses) from trading account assets still held at period end, recorded within “Asset administration fees and other income”, was $(0.4) million and $(0.2) million during the three months ended September 30, 2015 and 2014, respectively, and $(0.5) million and $(0.7) million during the nine months ended September 30, 2015 and 2014, respectively.

Commercial Mortgage and Other Loans

The Company’s commercial mortgage and other loans are comprised as follows, as of the dates indicated:



	September 30, 2015					December 31, 2014
	Amount (in thousands)			% of Total		Amount (in thousands)			% of Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family	$	140,101		34.9	%	$	143,057		34.0	%
Industrial	50,496			12.6		87,088			20.7
Retail	62,737			15.6		72,226			17.2
Office	78,694			19.6		44,621			10.6
Other	13,693			3.4		14,119			3.4
Hospitality	4,994			1.2		5,081			1.2
Total commercial mortgage loans	350,715			87.3		366,192			87.1
Agricultural property loans	51,100			12.7		54,113			12.9
Total commercial mortgage and agricultural property loans by property type	401,815			100.0	%	420,305			100.0	%
Valuation allowance	(471		)			(482		)
Total net commercial mortgage and agricultural property loans by property type	401,344					419,823
Other Loans
Uncollateralized loans	2,740					2,740
Valuation allowance	0					0
Total net other loans	2,740					2,740
Total commercial mortgage and other loans	$	404,084				$	422,563

The commercial mortgage and agricultural property loans are geographically dispersed throughout the United States with the largest concentrations in California (18%) and Texas (12%) at September 30, 2015.

Activity in the allowance for credit losses for all commercial mortgage and other loans, as of the dates indicated, is as follows:



	September 30, 2015			December 31, 2014
	(in thousands)
Allowance for credit losses, beginning of year	$	482		$	1,256
Addition to (release of) allowance for losses	(11		)	(774		)
Total ending balance (1)	$	471		$	482


(1)	Agricultural loans represent less than $0.1 million of the ending allowance as of both September 30, 2015 and December 31, 2014.

The following tables set forth the allowance for credit losses and the recorded investment in commercial mortgage and other loans as of the dates indicated:



	September 30, 2015		December 31, 2014
	(in thousands)
Allowance for Credit Losses:
Individually evaluated for impairment (1)	$	0	$	0
Collectively evaluated for impairment (2)	471		482
Total ending balance	$	471	$	482



	September 30, 2015		December 31, 2014
	(in thousands)
Recorded Investment (3):
Gross of reserves: individually evaluated for impairment (1)	$	0	$	0
Gross of reserves: collectively evaluated for impairment (2)	404,555		423,045
Total ending balance, gross of reserves	$	404,555	$	423,045


(1)	There were no loans individually evaluated for impairment as of both September 30, 2015 and December 31, 2014.

(2)

Agricultural loans collectively evaluated for impairment had a recorded investment of $51.1 million and $54.0 million as of September 30, 2015 and December 31, 2014, respectively, and a related allowance of less than $0.1 million for both September 30, 2015 and December 31, 2014. Uncollateralized loans collectively evaluated for impairment had a recorded investment of $2.7 million and $2.7 million as of September 30, 2015 and December 31, 2014, respectively, and no related allowance as of both September 30, 2015 and December 31, 2014.


(3)	Recorded investment reflects the balance sheet carrying value gross of related allowance.

Impaired loans include those loans for which it is probable that all amounts due will not be collected according to the contractual terms of the loan agreement. There were no impaired commercial mortgage and other loans identified in management’s specific review of probable loan losses and no related allowance for losses as of both September 30, 2015 and December 31, 2014. Impaired commercial mortgage and other loans with no allowance for losses are loans in which the fair value of the collateral or the net present value of the loans’ expected future cash flows equals or exceeds the recorded investment. See Note 2 to the Company’s Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2014, for information regarding the Company’s accounting policies for non-performing loans.

The following tables set forth certain key credit quality indicators based upon the recorded investment gross of allowance for credit losses as of the dates indicated:

Total commercial mortgage and agricultural property loans



	Debt Service Coverage Ratio - September 30, 2015
	Greater than 1.2X		1.0X to <1.2X		Less than 1.0X		Total
	(in thousands)
Loan-to-Value Ratio
0%-59.99%	$	284,897	$	4,042	$	1,076	$	290,015
60%-69.99%	100,842		460		0		101,302
70%-79.99%	8,663		1,835		0		10,498
Greater than 80%	0		0		0		0
Total commercial mortgage and agricultural property loans	$	394,402	$	6,337	$	1,076	$	401,815



	Debt Service Coverage Ratio - December 31, 2014
	Greater than 1.2X		1.0X to <1.2X		Less than 1.0X		Total
	(in thousands)
Loan-to-Value Ratio
0%-59.99%	$	262,853	$	4,295	$	10,489	$	277,637
60%-69.99%	115,708		468		0		116,176
70%-79.99%	25,034		1,458		0		26,492
Greater than 80%	0		0		0		0
Total commercial mortgage and agricultural property loans	$	403,595	$	6,221	$	10,489	$	420,305

As of both September 30, 2015 and December 31, 2014, all commercial mortgage and other loans were in current status. The Company defines current in its aging of past due commercial mortgage and other loans as less than 30 days past due.

There were no commercial mortgage and other loans in nonaccrual status as of both September 30, 2015 and December 31, 2014. Nonaccrual loans are those on which the accrual of interest has been suspended after the loans become 90 days delinquent as to principal or interest payments, or earlier when the Company has doubts about collectability and loans for which a loan-specific reserve has been established. See Note 2 to the Company’s Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2014, for further discussion regarding nonaccrual status loans.

For the three and nine months ended September 30, 2015 and 2014, there were no commercial mortgage and other loans acquired, other than those through direct origination, nor were there any commercial mortgage and other loans sold.

The Company’s commercial mortgage and other loans may occasionally be involved in a troubled debt restructuring. As of both September 30, 2015 and December 31, 2014, the Company had no significant commitments to fund to borrowers that have been involved in a troubled debt restructuring. During the three and nine months ended September 30, 2015 and 2014, there were no new troubled debt restructurings related to commercial mortgage and other loans, and no payment defaults on commercial mortgage and other loans that were modified as a troubled debt restructuring within the 12 months preceding each respective period. For additional information relating to the accounting for troubled debt restructurings, see Note 2 to the Company’s Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2014.

As of both September 30, 2015 and December 31, 2014, the Company did not have any foreclosed residential real estate property.

Net Investment Income

Net investment income for the three and nine months ended September 30, 2015 and 2014, was from the following sources:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(in thousands)
Fixed maturities, available-for-sale	$	28,233		$	33,864		$	87,876		$	108,045
Trading account assets	3			1			34			31
Commercial mortgage and other loans	6,120			5,199			16,364			16,601
Policy loans	175			155			563			505
Short-term investments	126			64			227			194
Other long-term investments	(257		)	1,538			3,773			4,329
Gross investment income	34,400			40,821			108,837			129,705
Less: investment expenses	(1,290		)	(1,428		)	(4,082		)	(4,353		)
Net investment income	$	33,110		$	39,393		$	104,755		$	125,352

Realized Investment Gains (Losses), Net

Realized investment gains (losses), net, for the three and nine months ended September 30, 2015 and 2014, were from the following sources:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015		2014
	(in thousands)
Fixed maturities	$	(252	)	$	3,899		$	4,652	$	4,776
Equity securities	0			0			0		1
Commercial mortgage and other loans	(75		)	725			12		725
Derivatives	6,014			(5,547		)	5,342		(10,791		)
Realized investment gains (losses), net	$	5,687		$	(923	)	$	10,006	$	(5,289	)

Accumulated Other Comprehensive Income (Loss)

The balance of and changes in each component of “Accumulated other comprehensive income (loss)” for the nine months ended September 30, 2015 and 2014 are as follows:



	Accumulated Other Comprehensive Income (Loss)
	Foreign Currency Translation Adjustment			Net Unrealized Investment Gains (Losses) (1)			Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, December 31, 2014	$	(30	)	$	84,652		$	84,622
Change in other comprehensive income before reclassifications	(39		)	(29,267		)	(29,306		)
Amounts reclassified from AOCI	0			(4,652		)	(4,652		)
Income tax benefit (expense)	14			11,872			11,886
Balance, September 30, 2015	$	(55	)	$	62,605		$	62,550



	Accumulated Other Comprehensive Income (Loss)
	Foreign Currency Translation Adjustment			Net Unrealized Investment Gains (Losses) (1)			Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, December 31, 2013	$	10		$	70,857		$	70,867
Change in other comprehensive income before reclassifications	(33		)	23,390			23,357
Amounts reclassified from AOCI	0			(4,776		)	(4,776		)
Income tax benefit (expense)	12			(6,516		)	(6,504		)
Balance, September 30, 2014	$	(11	)	$	82,955		$	82,944


(1)	Includes cash flow hedges of $13.4 million and $5.0 million as of September 30, 2015 and December 31, 2014, respectively, and $(1.0) million and $(4.0) million as of September 30, 2014 and December 31, 2013, respectively.

Reclassifications out of Accumulated Other Comprehensive Income (Loss)



	Three Months Ended September 30, 2015			Nine Months Ended September 30, 2015
	(in thousands)
Amounts reclassified from AOCI (1)(2):
Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate (3)	$	606		$	1,540
Net unrealized investment gains (losses) on available-for-sale securities	(858		)	3,112
Total net unrealized investment gains (losses) (4)	(252		)	4,652
Total reclassifications for the period	$	(252	)	$	4,652


(1)	All amounts are shown before tax.


(2)	Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.


(3)	See Note 5 for additional information on cash flow hedges.


(4)	See table below for additional information on unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs and future policy benefits.

Net Unrealized Investment Gains (Losses)

Net unrealized investment gains and losses on securities classified as available-for-sale and certain other long-term investments and other assets are included in the Company’s Unaudited Interim Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from “Other comprehensive income (loss)” those items that are included as part of “Net income” for a period that had been part of “Other comprehensive income (loss)” in earlier periods. The amounts for the periods indicated below, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized, and all other net unrealized investment gains and losses, are as follows:

Net Unrealized Investment Gains and Losses on Fixed Maturity Securities on which an OTTI loss has been recognized



	Net Unrealized Gains (Losses) on Investments			Deferred Policy Acquisition Costs and Other Costs			Future Policy Benefits			Deferred Income Tax (Liability) Benefit			Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in thousands)
Balance, December 31, 2014	$	1		$	0		$	0		$	16		$	17
Net investment gains (losses) on investments arising during the period	(6		)	0			0			2			(4		)
Reclassification adjustment for (gains) losses included in net income	20			0			0			(7		)	13
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	0			(5		)	0			2			(3		)
Impact of net unrealized investment (gains) losses on future policy benefits	0			0			(1		)	0			(1		)
Balance, September 30, 2015	$	15		$	(5	)	$	(1	)	$	13		$	22

All Other Net Unrealized Investment Gains and Losses in AOCI



	Net Unrealized Gains (Losses) on Investments (1)			Deferred Policy Acquisition Costs and Other Costs			Future Policy Benefits			Deferred Income Tax (Liability) Benefit			Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses)
	(in thousands)
Balance, December 31, 2014	$	198,922		$	(59,045	)	$	(8,372	)	$	(46,870	)	$	84,635
Net investment gains (losses) on investments arising during the period	(49,369		)	0			0			17,280			(32,089		)
Reclassification adjustment for (gains) losses included in net income	(4,672		)	0			0			1,635			(3,037		)
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	0			17,922			0			(6,273		)	11,649
Impact of net unrealized investment (gains) losses on future policy benefits	0			0			2,192			(767		)	1,425
Balance, September 30, 2015	$	144,881		$	(41,123	)	$	(6,180	)	$	(34,995	)	$	62,583


(1)	Includes cash flow hedges. See Note 5 for information on cash flow hedges.

Net Unrealized Gains (Losses) on Investments by Asset Class

The table below presents net unrealized gains (losses) on investments by asset class as of the dates indicated:



	September 30, 2015		December 31, 2014
	(in thousands)
Fixed maturity securities on which an OTTI loss has been recognized	$	15	$	1
Fixed maturity securities, available-for-sale—all other	129,479		191,339
Equity securities, available-for-sale	3		3
Affiliated notes	1,877		2,351
Derivatives designated as cash flow hedges (1)	13,357		4,839
Other investments	165		390
Net unrealized gains (losses) on investments	$	144,896	$	198,923


(1)	See Note 5 for more information on cash flow hedges.

Duration of Gross Unrealized Loss Positions for Fixed Maturities and Equity Securities

The following table shows the fair value and gross unrealized losses aggregated by investment category and length of time that individual fixed maturity securities and equity securities have been in a continuous unrealized loss position, as of the dates indicated:



	September 30, 2015
	Less than twelve months				Twelve months or more				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	0	$	0	$	0	$	0	$	0
Obligations of U.S. states and their political subdivisions	6,697		582		0		0		6,697		582
Foreign government bonds	2,632		7		0		0		2,632		7
Public utilities	33,113		699		11,631		2,043		44,744		2,742
All other corporate securities	347,527		12,946		52,280		6,296		399,807		19,242
Asset-backed securities	25,690		94		23,558		159		49,248		253
Commercial mortgage-backed securities	12,226		56		14		0		12,240		56
Residential mortgage-backed securities	546		0		0		0		546		0
Total	$	428,431	$	14,384	$	87,483	$	8,498	$	515,914	$	22,882
Equity securities, available-for-sale	$	0	$	0	$	0	$	0	$	0	$	0



	December 31, 2014
	Less than twelve months				Twelve months or more				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	2,676	$	10	$	0	$	0	$	2,676	$	10
Obligations of U.S. states and their political subdivisions	0		0		7,305		20		7,305		20
Foreign government bonds	4,632		4		0		0		4,632		4
Public utilities	18,222		1,321		2,174		272		20,396		1,593
All other corporate securities	260,414		4,462		9,403		429		269,817		4,891
Asset-backed securities	31,756		58		32,732		333		64,488		391
Commercial mortgage-backed securities	4,309		108		7,377		98		11,686		206
Residential mortgage-backed securities	342		6		0		0		342		6
Total	$	322,351	$	5,969	$	58,991	$	1,152	$	381,342	$	7,121
Equity securities, available-for-sale	$	0	$	0	$	0	$	0	$	0	$	0

The gross unrealized losses on fixed maturity securities as of September 30, 2015 and December 31, 2014, are composed of $14.7 million and $4.0 million related to high or highest quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $8.2 million and $3.1 million related to other than high or highest quality securities based on NAIC or equivalent rating, respectively. As of September 30, 2015, the $8.5 million of gross unrealized losses of twelve months or more were concentrated in the utility, finance, consumer non-cyclical and capital goods sectors of the Company’s corporate securities. As of December 31, 2014, the $1.2 million of gross unrealized losses of twelve months or more were concentrated in asset-backed securities and the energy and utility sectors of the Company’s corporate securities.

In accordance with its policy described in Note 2 to the Company’s Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2014, the Company concluded that an adjustment to earnings for other-than-temporary impairments for these securities was not warranted at September 30, 2015 or December 31, 2014. These conclusions are based on a detailed analysis of the underlying credit and cash flows on each security. The gross unrealized losses are primarily attributable to general credit spread widening and foreign currency exchange rate movements. As of September 30, 2015, the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of its remaining amortized cost basis.

Securities Lending and Repurchase Agreements

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of September 30, 2015, the Company had $10.0 million of securities lending transactions recorded as "Cash collateral loaned for securities," all of which were corporate securities. The remaining contractual maturity of all securities lending transactions is overnight and continuous. As of September 30, 2015, the Company had no repurchase transactions.