| Investments (excluding Consolidated Investment Entities) | 20% < 20% > 20% < 20% > 20% September 30, 2016 Six months or less below amortized cost $ 2,954.0 $ 6.7 $ 86.9 $ 1.7 299 12 More than six months and twelve months or less below amortized cost 552.7 187.8 22.5 51.7 97 18 More than twelve months below amortized cost 1,260.1 100.2 63.9 35.1 282 13 Total $ 4,766.8 $ 294.7 $ 173.3 $ 88.5 678 43 December 31, 2015 Six months or less below amortized cost $ 11,792.1 $ 1,863.4 $ 394.6 $ 524.5 1,051 130 More than six months and twelve months or less below amortized cost 9,465.3 48.3 518.0 23.2 737 5 More than twelve months below amortized cost 1,351.5 55.3 102.5 15.3 322 8 Total $ 22,608.9 $ 1,967.0 $ 1,015.1 $ 563.0 2,110 143 Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% September 30, 2016 U.S. Treasuries $ 50.1 $ — $ 0.1 $ — 5 — U.S. Government agencies and authorities 50.7 — 0.1 — 1 — State, municipalities and political subdivisions 209.1 1.0 3.4 0.3 37 1 U.S. corporate public securities 1,242.9 64.5 50.7 17.8 121 4 U.S. corporate private securities 541.5 94.0 21.2 26.0 21 2 Foreign corporate public securities and foreign governments 697.3 119.4 45.0 38.8 66 11 Foreign corporate private securities 478.1 — * 23.8 — * 19 2 Residential mortgage-backed 1,022.0 9.4 19.1 2.8 318 17 Commercial mortgage-backed 229.0 4.1 0.4 2.3 20 4 Other asset-backed 246.1 2.3 9.5 0.5 70 2 Total $ 4,766.8 $ 294.7 $ 173.3 $ 88.5 678 43 December 31, 2015 U.S. Treasuries $ 487.2 $ — $ 5.0 $ — 21 — U.S. Government agencies and authorities 49.6 — 0.3 — 1 — State, municipalities and political subdivisions 772.6 2.0 17.1 0.7 117 3 U.S. corporate public securities 11,712.1 1,025.4 542.7 283.0 955 73 U.S. corporate private securities 2,006.6 164.0 85.1 47.4 92 4 Foreign corporate public securities and foreign governments 3,570.1 668.1 173.9 199.5 331 48 Foreign corporate private securities 2,115.3 97.6 148.3 28.2 86 5 Residential mortgage-backed 875.1 3.8 22.7 1.9 327 7 Commercial mortgage-backed 622.7 2.8 7.3 1.5 56 1 Other asset-backed 397.6 3.3 12.7 0.8 124 2 Total $ 22,608.9 $ 1,967.0 $ 1,015.1 $ 563.0 2,110 143 * Less than $0.1. The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for residential mortgage-backed securities ("RMBS") and Other ABS in a gross unrealized loss position as of the dates indicated: Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses September 30, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% 3.6 — 0.1 — Non-agency RMBS 80% - 90% 32.2 — 2.3 — Non-agency RMBS < 80% 314.9 4.9 16.2 1.0 Agency RMBS 843.0 5.1 8.7 1.9 Other ABS (Non-RMBS) 74.4 1.7 1.3 0.4 Total RMBS and Other ABS $ 1,268.1 $ 11.7 $ 28.6 $ 3.3 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses September 30, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 247.2 $ 0.6 $ 11.0 $ 0.1 Non-agency RMBS > 5% - 10% 16.8 — 0.8 — Non-agency RMBS > 0% - 5% 34.7 — 2.4 — Non-agency RMBS 0% 52.0 4.3 4.4 0.9 Agency RMBS 843.0 5.1 8.7 1.9 Other ABS (Non-RMBS) 74.4 1.7 1.3 0.4 Total RMBS and Other ABS $ 1,268.1 $ 11.7 $ 28.6 $ 3.3 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses September 30, 2016 < 20% > 20% < 20% > 20% Fixed Rate $ 704.2 $ 2.9 $ 8.6 $ 0.8 Floating Rate 563.9 8.8 20.0 2.5 Total $ 1,268.1 $ 11.7 $ 28.6 $ 3.3 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% 4.2 — 0.2 — Non-agency RMBS 80% - 90% 50.7 — 2.3 — Non-agency RMBS < 80% 306.4 1.5 17.5 0.3 Agency RMBS 704.2 3.8 13.8 1.9 Other ABS (Non-RMBS) 207.2 1.8 1.6 0.5 Total RMBS and Other ABS $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 270.3 $ 1.5 $ 14.3 $ 0.3 Non-agency RMBS > 5% - 10% 20.9 — 0.4 — Non-agency RMBS > 0% - 5% 36.9 — 2.4 — Non-agency RMBS 0% 33.2 — 2.9 — Agency RMBS 704.2 3.8 13.8 1.9 Other ABS (Non-RMBS) 207.2 1.8 1.6 0.5 Total RMBS and Other ABS $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% Fixed Rate $ 802.9 $ 2.4 $ 14.0 $ 0.6 Floating Rate 469.8 4.7 21.4 2.1 Total $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Investments with fair values less than amortized cost are included in the Company's other-than-temporary impairments analysis. Impairments were recognized as disclosed in the "Evaluating Securities for Other-Than-Temporary Impairments" section below. The Company evaluates non-agency RMBS and ABS for "other-than-temporary impairments" each quarter based on actual and projected cash flows, after considering the quality and updated loan-to-value ratios reflecting current home prices of underlying collateral, forecasted loss severity, the payment priority within the tranche structure of the security and amount of any credit enhancements. The Company's assessment of current levels of cash flows compared to estimated cash flows at the time the securities were acquired (typically pre-2008) indicates the amount and the pace of projected cash flows from the underlying collateral has generally been lower and slower, respectively. However, since cash flows are typically projected at a trust level, the impairment review incorporates the security's position within the trust structure as well as credit enhancement remaining in the trust to determine whether an impairment is warranted. Therefore, while lower and slower cash flows will impact the trust, the effect on the valuation of a particular security within the trust will also be dependent upon the trust structure. Where the assessment continues to project full recovery of principal and interest on schedule, the Company has not recorded an impairment. Based on this analysis, the Company determined that the remaining investments in an unrealized loss position were not other-than-temporarily impaired and therefore no further other-than-temporary impairment was necessary. Troubled Debt Restructuring The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For the nine months ended September 30, 2016 , and for the year ended December 31, 2015 , the Company had no new troubled debt restructurings for private placement bonds or commercial mortgage loans. As of September 30, 2016 and December 31, 2015 , the Company did no t have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default. Mortgage Loans on Real Estate The Company's mortgage loans on real estate are all commercial mortgage loans held for investment, which are reported at amortized cost, less impairment write-downs and allowance for losses. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk. The following table summarizes the Company's investment in mortgage loans as of the dates indicated: September 30, 2016 December 31, 2015 Impaired Non Impaired Total Impaired Non Impaired Total Commercial mortgage loans $ 4.6 $ 11,474.1 $ 11,478.7 $ 20.2 $ 10,430.5 $ 10,450.7 Collective valuation allowance for losses N/A (3.0 ) (3.0 ) N/A (3.2 ) (3.2 ) Total net commercial mortgage loans $ 4.6 $ 11,471.1 $ 11,475.7 $ 20.2 $ 10,427.3 $ 10,447.5 N/A - Not Applicable There were no impairments taken on the mortgage loan portfolio for the three and nine months ended September 30, 2016 and 2015 . The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: September 30, 2016 December 31, 2015 Collective valuation allowance for losses, balance at January 1 $ 3.2 $ 2.8 Addition to (reduction of) allowance for losses (0.2 ) 0.4 Collective valuation allowance for losses, end of period $ 3.0 $ 3.2 The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: September 30, 2016 December 31, 2015 Impaired loans without allowances for losses $ 4.6 $ 20.2 Less: Allowances for losses on impaired loans — — Impaired loans, net $ 4.6 $ 20.2 Unpaid principal balance of impaired loans $ 6.1 $ 21.7 The following table presents information on restructured loans as of the dates indicated: September 30, 2016 December 31, 2015 Troubled debt restructured loans $ — $ 15.3 The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. The Company's policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until the loan is brought current. There were no mortgage loans in the Company's portfolio in process of foreclosure as of September 30, 2016 and December 31, 2015 . There were no mortgage loans 30 days or less in arrears, with respect to principal and interest as of September 30, 2016 . There were two loans 30 days or less in arrears, with respect to principal and interest as of December 31, 2015 , with a total amortized cost of $3.1 . Commercial loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made to either apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved. The following tables present information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated: Three Months Ended September 30, 2016 2015 Impaired loans, average investment during the period (amortized cost) (1) $ 4.7 $ 33.7 Interest income recognized on impaired loans, on an accrual basis (1) 0.1 0.5 Interest income recognized on impaired loans, on a cash basis (1) 0.1 0.5 Interest income recognized on troubled debt restructured loans, on an accrual basis — 0.4 (1) Includes amounts for Troubled debt restructured loans. Nine Months Ended September 30, 2016 2015 Impaired loans, average investment during the period (amortized cost) (1) $ 12.4 $ 48.9 Interest income recognized on impaired loans, on an accrual basis (1) 0.3 2.0 Interest income recognized on impaired loans, on a cash basis (1) 0.4 2.3 Interest income recognized on troubled debt restructured loans, on an accrual basis 0.1 1.7 (1) Includes amounts for Troubled debt restructured loans. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. The following table presents the LTV ratios as of the dates indicated: September 30, 2016 (1) December 31, 2015 (1) Loan-to-Value Ratio: 0% - 50% $ 1,357.7 $ 1,388.0 > 50% - 60% 2,909.0 2,694.1 > 60% - 70% 6,326.1 5,670.2 > 70% - 80% 869.3 679.6 > 80% and above 16.6 18.8 Total Commercial mortgage loans $ 11,478.7 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. The following table presents the DSC ratios as of the dates indicated: September 30, 2016 (1) December 31, 2015 (1) Debt Service Coverage Ratio: Greater than 1.5x $ 9,106.5 $ 8,112.1 > 1.25x - 1.5x 1,639.2 1,489.5 > 1.0x - 1.25x 493.6 550.3 Less than 1.0x 158.6 158.6 Commercial mortgage loans secured by land or construction loans 80.8 140.2 Total Commercial mortgage loans $ 11,478.7 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated: September 30, 2016 (1) December 31, 2015 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by U.S. Region: Pacific $ 2,884.6 25.1% $ 2,605.3 24.9 % South Atlantic 2,637.1 23.0% 2,318.9 22.2 % Middle Atlantic 1,609.9 14.0% 1,499.1 14.3 % West South Central 1,172.9 10.2% 1,103.7 10.6 % Mountain 978.9 8.5% 924.2 8.8 % East North Central 1,243.4 10.9% 1,103.3 10.6 % New England 233.3 2.0% 222.8 2.1 % West North Central 522.2 4.6% 488.8 4.7 % East South Central 196.4 1.7% 184.6 1.8 % Total Commercial mortgage loans $ 11,478.7 100.0 % $ 10,450.7 100.0 % (1) Balances do not include collective valuation allowance for losses. September 30, 2016 (1) December 31, 2015 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by Property Type: Retail $ 3,731.5 32.5 % $ 3,672.8 35.1 % Industrial 2,530.4 22.1 % 2,161.3 20.7 % Apartments 2,345.3 20.4 % 1,942.9 18.6 % Office 1,851.6 16.1 % 1,617.7 15.5 % Hotel/Motel 407.8 3.6 % 425.0 4.1 % Other 498.0 4.3 % 525.9 5.0 % Mixed Use 114.1 1.0 % 105.1 1.0 % Total Commercial mortgage loans $ 11,478.7 100.0 % $ 10,450.7 100.0 % (1) Balances do not include collective valuation allowance for losses. The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated: September 30, 2016 (1) December 31, 2015 (1) Year of Origination: 2016 $ 1,888.2 $ — 2015 2,071.5 2,114.0 2014 1,867.0 " id="sjs-B4" xml:space="preserve">Investments (excluding Consolidated Investment Entities) Fixed Maturities and Equity Securities Available-for-sale and fair value option ("FVO") fixed maturities and equity securities were as follows as of September 30, 2016 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 3,016.0 $ 797.5 $ 0.1 $ — $ 3,813.4 $ — U.S. Government agencies and authorities 306.3 72.3 0.1 — 378.5 — State, municipalities and political subdivisions 2,004.0 125.8 3.7 — 2,126.1 — U.S. corporate public securities 32,055.1 3,614.7 68.5 — 35,601.3 8.6 U.S. corporate private securities 7,228.9 503.2 47.2 — 7,684.9 — Foreign corporate public securities and foreign governments (1) 7,843.4 662.2 83.8 — 8,421.8 — Foreign corporate private securities (1) 7,428.7 502.4 23.8 — 7,907.3 — Residential mortgage-backed securities: Agency 5,743.1 370.5 10.6 55.6 6,158.6 — Non-Agency 1,164.8 155.1 11.3 34.7 1,343.3 39.3 Total Residential mortgage-backed securities 6,907.9 525.6 21.9 90.3 7,501.9 39.3 Commercial mortgage-backed securities 3,784.3 242.3 2.7 — 4,023.9 6.7 Other asset-backed securities 1,233.2 58.8 10.0 — 1,282.0 4.1 Total fixed maturities, including securities pledged 71,807.8 7,104.8 261.8 90.3 78,741.1 58.7 Less: Securities pledged 1,867.4 334.3 8.2 — 2,193.5 — Total fixed maturities 69,940.4 6,770.5 253.6 90.3 76,547.6 58.7 Equity securities: Common stock 152.0 0.5 0.3 — 152.2 — Preferred stock 95.8 37.3 — — 133.1 — Total equity securities 247.8 37.8 0.3 — 285.3 — Total fixed maturities and equity securities investments $ 70,188.2 $ 6,808.3 $ 253.9 $ 90.3 $ 76,832.9 $ 58.7 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. (3) Represents Other-than-Temporary-Impairments ("OTTI") reported as a component of Other comprehensive income (loss). (4) Amount excludes $717.2 of net unrealized gains on impaired available-for-sale securities. Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2015 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 3,136.4 $ 517.6 $ 5.0 $ — $ 3,649.0 $ — U.S. Government agencies and authorities 309.8 43.1 0.3 — 352.6 — State, municipalities and political subdivisions 1,337.8 26.2 17.8 — 1,346.2 — U.S. corporate public securities 32,794.3 1,647.4 825.7 — 33,616.0 9.6 U.S. corporate private securities 6,527.5 246.1 132.5 — 6,641.1 — Foreign corporate public securities and foreign governments (1) 8,129.1 267.9 373.4 — 8,023.6 — Foreign corporate private securities (1) 7,252.5 272.6 176.5 — 7,348.6 — Residential mortgage-backed securities: Agency 4,522.7 350.0 15.7 58.6 4,915.6 — Non-Agency 779.3 138.2 8.9 36.3 944.9 46.5 Total Residential mortgage-backed securities 5,302.0 488.2 24.6 94.9 5,860.5 46.5 Commercial mortgage-backed securities 3,967.8 133.6 8.8 — 4,092.6 6.7 Other asset-backed securities 1,097.8 58.1 13.5 — 1,142.4 4.4 Total fixed maturities, including securities pledged 69,855.0 3,700.8 1,578.1 94.9 72,072.6 67.2 Less: Securities pledged 1,082.1 79.7 49.2 — 1,112.6 — Total fixed maturities 68,772.9 3,621.1 1,528.9 94.9 70,960.0 67.2 Equity securities: Common stock 210.1 0.5 0.2 — 210.4 — Preferred stock 90.3 31.0 — — 121.3 — Total equity securities 300.4 31.5 0.2 — 331.7 — Total fixed maturities and equity securities investments $ 69,073.3 $ 3,652.6 $ 1,529.1 $ 94.9 $ 71,291.7 $ 67.2 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. (3) Represents OTTI reported as a component of Other comprehensive income (loss). (4) Amount excludes $639.1 of net unrealized gains on impaired available-for-sale securities. The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2016 , are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date. Amortized Cost Fair Value Due to mature: One year or less $ 2,154.4 $ 2,168.6 After one year through five years 13,491.0 14,325.3 After five years through ten years 18,948.0 20,135.4 After ten years 25,289.0 29,304.0 Mortgage-backed securities 10,692.2 11,525.8 Other asset-backed securities 1,233.2 1,282.0 Fixed maturities, including securities pledged $ 71,807.8 $ 78,741.1 The investment portfolio is monitored to maintain a diversified portfolio on an ongoing basis. Credit risk is mitigated by monitoring concentrations by issuer, sector and geographic stratification and limiting exposure to any one issuer. As of September 30, 2016 and December 31, 2015 , the Company did no t have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company’s condensed consolidated Shareholders' equity. The following tables set forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Fair Value September 30, 2016 Communications $ 3,819.0 $ 529.5 $ 4.5 $ 4,344.0 Financial 8,039.1 763.6 20.7 8,782.0 Industrial and other companies 25,507.9 2,324.1 42.6 27,789.4 Energy 6,414.8 509.6 120.3 6,804.1 Utilities 8,008.7 892.7 26.4 8,875.0 Transportation 1,792.6 187.0 1.9 1,977.7 Total $ 53,582.1 $ 5,206.5 $ 216.4 $ 58,572.2 December 31, 2015 Communications $ 3,956.0 $ 251.0 $ 73.0 $ 4,134.0 Financial 7,937.8 473.0 53.2 8,357.6 Industrial and other companies 24,762.3 1,020.4 542.0 25,240.7 Energy 7,871.5 127.9 668.1 7,331.3 Utilities 7,540.3 457.4 89.8 7,907.9 Transportation 1,705.3 70.5 40.2 1,735.6 Total $ 53,773.2 $ 2,400.2 $ 1,466.3 $ 54,707.1 Fixed Maturities and Equity Securities The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the FVO. Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income (loss) ("AOCI") and presented net of related changes in Deferred policy acquisition costs ("DAC"), Value of business acquired ("VOBA") and Deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Condensed Consolidated Balance Sheets. The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Condensed Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. The Company invests in various categories of CMOs, including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of September 30, 2016 and December 31, 2015 , approximately 46.3% and 49.3% , respectively, of the Company's CMO holdings, were invested in the above mentioned types of CMOs such as interest-only or principal-only strips, that are subject to more prepayment and extension risk than traditional CMOs. Public corporate fixed maturity securities are distinguished from private corporate fixed maturity securities based upon the manner in which they are transacted. Public corporate fixed maturity securities are issued initially through market intermediaries on a registered basis or pursuant to Rule 144A under the Securities Act of 1933 (the "Securities Act") and are traded on the secondary market through brokers acting as principal. Private corporate fixed maturity securities are originally issued by borrowers directly to investors pursuant to Section 4(a)(2) of the Securities Act, and are traded in the secondary market directly with counterparties, either without the participation of a broker or in agency transactions. Securities Lending The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial collateral is required at a rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. As of September 30, 2016 and December 31, 2015 , the fair value of loaned securities was $1,442.0 and $466.4 , respectively, and is included in Securities pledged on the Condensed Consolidated Balance Sheets. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. As of September 30, 2016 and December 31, 2015 , cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $626.0 and $484.4 , respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Condensed Consolidated Balance Sheets. As of September 30, 2016 and December 31, 2015 , liabilities to return collateral of $626.0 and $484.4 , respectively, are included in Payables under securities loan agreements, including collateral held on the Condensed Consolidated Balance Sheets. During the first quarter of 2016 under an amendment to the securities lending program, the Company began accepting non-cash collateral in the form of securities. The securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected in the Company’s Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of September 30, 2016 , the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $870.6 . As of December 31, 2015 , the Company did no t retain any securities as collateral. The following table sets forth borrowings under securities lending transactions by class of collateral pledged for the dates indicated: September 30, 2016 (1) December 31, 2015 U.S. Treasuries $ 714.7 $ — U.S. Government agencies and authorities 4.7 — U.S. corporate public securities 534.6 265.4 Foreign corporate public securities and foreign governments 242.6 219.0 Payables under securities loan agreements $ 1,496.6 $ 484.4 (1) Borrowings under securities lending transactions include both cash and non-cash collateral of $626.0 and $870.6 , respectively. The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program. Unrealized Capital Losses Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of September 30, 2016 : Six Months or Less Below Amortized Cost More Than Six Months and Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 50.0 $ 0.1 $ — $ — $ — $ — $ 50.0 $ 0.1 U.S. Government agencies and authorities — — — — 50.6 0.1 50.6 0.1 State, municipalities and political subdivisions 181.2 2.5 — — 25.2 1.2 206.4 3.7 U.S. corporate public securities 615.7 9.4 15.9 0.9 607.3 58.2 1,238.9 68.5 U.S. corporate private securities 251.8 4.6 19.1 0.9 317.4 41.7 588.3 47.2 Foreign corporate public securities and foreign governments 197.9 6.2 33.7 3.0 501.3 74.6 732.9 83.8 Foreign corporate private securities 238.6 5.5 27.7 0.8 188.0 17.5 454.3 23.8 Residential mortgage-backed 654.5 4.4 135.6 4.0 219.4 13.5 1,009.5 21.9 Commercial mortgage-backed 169.4 0.4 57.4 0.6 3.6 1.7 230.4 2.7 Other asset-backed 36.2 0.3 5.3 — * 196.9 9.7 238.4 10.0 Total $ 2,395.3 $ 33.4 $ 294.7 $ 10.2 $ 2,109.7 $ 218.2 $ 4,799.7 $ 261.8 * Less than $0.1. Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2015 : Six Months or Less Below Amortized Cost More Than Six Months and Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 482.2 $ 5.0 $ — $ — $ — $ — $ 482.2 $ 5.0 U.S. Government agencies and authorities 49.3 0.3 — — — — 49.3 0.3 State, municipalities and political subdivisions 415.4 4.7 340.2 12.4 1.2 0.7 756.8 17.8 U.S. corporate public securities 5,072.0 201.3 6,196.9 481.9 642.9 142.5 11,911.8 825.7 U.S. corporate private securities 989.0 27.7 945.8 82.9 103.3 21.9 2,038.1 132.5 Foreign corporate public securities and foreign governments 2,101.4 83.9 1,291.2 151.6 472.2 137.9 3,864.8 373.4 Foreign corporate private securities 1,410.4 114.2 569.2 46.0 56.8 16.3 2,036.4 176.5 Residential mortgage-backed 306.3 4.0 198.0 4.1 350.0 16.5 854.3 24.6 Commercial mortgage-backed 502.9 4.3 112.5 3.0 1.3 1.5 616.7 8.8 Other asset-backed 183.8 0.6 18.2 0.1 185.4 12.8 387.4 13.5 Total $ 11,512.7 $ 446.0 $ 9,672.0 $ 782.0 $ 1,813.1 $ 350.1 $ 22,997.8 $ 1,578.1 Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 90.6% and 83.8% of the average book value as of September 30, 2016 and December 31, 2015 , respectively. Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% September 30, 2016 Six months or less below amortized cost $ 2,954.0 $ 6.7 $ 86.9 $ 1.7 299 12 More than six months and twelve months or less below amortized cost 552.7 187.8 22.5 51.7 97 18 More than twelve months below amortized cost 1,260.1 100.2 63.9 35.1 282 13 Total $ 4,766.8 $ 294.7 $ 173.3 $ 88.5 678 43 December 31, 2015 Six months or less below amortized cost $ 11,792.1 $ 1,863.4 $ 394.6 $ 524.5 1,051 130 More than six months and twelve months or less below amortized cost 9,465.3 48.3 518.0 23.2 737 5 More than twelve months below amortized cost 1,351.5 55.3 102.5 15.3 322 8 Total $ 22,608.9 $ 1,967.0 $ 1,015.1 $ 563.0 2,110 143 Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% September 30, 2016 U.S. Treasuries $ 50.1 $ — $ 0.1 $ — 5 — U.S. Government agencies and authorities 50.7 — 0.1 — 1 — State, municipalities and political subdivisions 209.1 1.0 3.4 0.3 37 1 U.S. corporate public securities 1,242.9 64.5 50.7 17.8 121 4 U.S. corporate private securities 541.5 94.0 21.2 26.0 21 2 Foreign corporate public securities and foreign governments 697.3 119.4 45.0 38.8 66 11 Foreign corporate private securities 478.1 — * 23.8 — * 19 2 Residential mortgage-backed 1,022.0 9.4 19.1 2.8 318 17 Commercial mortgage-backed 229.0 4.1 0.4 2.3 20 4 Other asset-backed 246.1 2.3 9.5 0.5 70 2 Total $ 4,766.8 $ 294.7 $ 173.3 $ 88.5 678 43 December 31, 2015 U.S. Treasuries $ 487.2 $ — $ 5.0 $ — 21 — U.S. Government agencies and authorities 49.6 — 0.3 — 1 — State, municipalities and political subdivisions 772.6 2.0 17.1 0.7 117 3 U.S. corporate public securities 11,712.1 1,025.4 542.7 283.0 955 73 U.S. corporate private securities 2,006.6 164.0 85.1 47.4 92 4 Foreign corporate public securities and foreign governments 3,570.1 668.1 173.9 199.5 331 48 Foreign corporate private securities 2,115.3 97.6 148.3 28.2 86 5 Residential mortgage-backed 875.1 3.8 22.7 1.9 327 7 Commercial mortgage-backed 622.7 2.8 7.3 1.5 56 1 Other asset-backed 397.6 3.3 12.7 0.8 124 2 Total $ 22,608.9 $ 1,967.0 $ 1,015.1 $ 563.0 2,110 143 * Less than $0.1. The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for residential mortgage-backed securities ("RMBS") and Other ABS in a gross unrealized loss position as of the dates indicated: Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses September 30, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% 3.6 — 0.1 — Non-agency RMBS 80% - 90% 32.2 — 2.3 — Non-agency RMBS < 80% 314.9 4.9 16.2 1.0 Agency RMBS 843.0 5.1 8.7 1.9 Other ABS (Non-RMBS) 74.4 1.7 1.3 0.4 Total RMBS and Other ABS $ 1,268.1 $ 11.7 $ 28.6 $ 3.3 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses September 30, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 247.2 $ 0.6 $ 11.0 $ 0.1 Non-agency RMBS > 5% - 10% 16.8 — 0.8 — Non-agency RMBS > 0% - 5% 34.7 — 2.4 — Non-agency RMBS 0% 52.0 4.3 4.4 0.9 Agency RMBS 843.0 5.1 8.7 1.9 Other ABS (Non-RMBS) 74.4 1.7 1.3 0.4 Total RMBS and Other ABS $ 1,268.1 $ 11.7 $ 28.6 $ 3.3 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses September 30, 2016 < 20% > 20% < 20% > 20% Fixed Rate $ 704.2 $ 2.9 $ 8.6 $ 0.8 Floating Rate 563.9 8.8 20.0 2.5 Total $ 1,268.1 $ 11.7 $ 28.6 $ 3.3 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% 4.2 — 0.2 — Non-agency RMBS 80% - 90% 50.7 — 2.3 — Non-agency RMBS < 80% 306.4 1.5 17.5 0.3 Agency RMBS 704.2 3.8 13.8 1.9 Other ABS (Non-RMBS) 207.2 1.8 1.6 0.5 Total RMBS and Other ABS $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 270.3 $ 1.5 $ 14.3 $ 0.3 Non-agency RMBS > 5% - 10% 20.9 — 0.4 — Non-agency RMBS > 0% - 5% 36.9 — 2.4 — Non-agency RMBS 0% 33.2 — 2.9 — Agency RMBS 704.2 3.8 13.8 1.9 Other ABS (Non-RMBS) 207.2 1.8 1.6 0.5 Total RMBS and Other ABS $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% Fixed Rate $ 802.9 $ 2.4 $ 14.0 $ 0.6 Floating Rate 469.8 4.7 21.4 2.1 Total $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Investments with fair values less than amortized cost are included in the Company's other-than-temporary impairments analysis. Impairments were recognized as disclosed in the "Evaluating Securities for Other-Than-Temporary Impairments" section below. The Company evaluates non-agency RMBS and ABS for "other-than-temporary impairments" each quarter based on actual and projected cash flows, after considering the quality and updated loan-to-value ratios reflecting current home prices of underlying collateral, forecasted loss severity, the payment priority within the tranche structure of the security and amount of any credit enhancements. The Company's assessment of current levels of cash flows compared to estimated cash flows at the time the securities were acquired (typically pre-2008) indicates the amount and the pace of projected cash flows from the underlying collateral has generally been lower and slower, respectively. However, since cash flows are typically projected at a trust level, the impairment review incorporates the security's position within the trust structure as well as credit enhancement remaining in the trust to determine whether an impairment is warranted. Therefore, while lower and slower cash flows will impact the trust, the effect on the valuation of a particular security within the trust will also be dependent upon the trust structure. Where the assessment continues to project full recovery of principal and interest on schedule, the Company has not recorded an impairment. Based on this analysis, the Company determined that the remaining investments in an unrealized loss position were not other-than-temporarily impaired and therefore no further other-than-temporary impairment was necessary. Troubled Debt Restructuring The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For the nine months ended September 30, 2016 , and for the year ended December 31, 2015 , the Company had no new troubled debt restructurings for private placement bonds or commercial mortgage loans. As of September 30, 2016 and December 31, 2015 , the Company did no t have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default. Mortgage Loans on Real Estate The Company's mortgage loans on real estate are all commercial mortgage loans held for investment, which are reported at amortized cost, less impairment write-downs and allowance for losses. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk. The following table summarizes the Company's investment in mortgage loans as of the dates indicated: September 30, 2016 December 31, 2015 Impaired Non Impaired Total Impaired Non Impaired Total Commercial mortgage loans $ 4.6 $ 11,474.1 $ 11,478.7 $ 20.2 $ 10,430.5 $ 10,450.7 Collective valuation allowance for losses N/A (3.0 ) (3.0 ) N/A (3.2 ) (3.2 ) Total net commercial mortgage loans $ 4.6 $ 11,471.1 $ 11,475.7 $ 20.2 $ 10,427.3 $ 10,447.5 N/A - Not Applicable There were no impairments taken on the mortgage loan portfolio for the three and nine months ended September 30, 2016 and 2015 . The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: September 30, 2016 December 31, 2015 Collective valuation allowance for losses, balance at January 1 $ 3.2 $ 2.8 Addition to (reduction of) allowance for losses (0.2 ) 0.4 Collective valuation allowance for losses, end of period $ 3.0 $ 3.2 The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: September 30, 2016 December 31, 2015 Impaired loans without allowances for losses $ 4.6 $ 20.2 Less: Allowances for losses on impaired loans — — Impaired loans, net $ 4.6 $ 20.2 Unpaid principal balance of impaired loans $ 6.1 $ 21.7 The following table presents information on restructured loans as of the dates indicated: September 30, 2016 December 31, 2015 Troubled debt restructured loans $ — $ 15.3 The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. The Company's policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until the loan is brought current. There were no mortgage loans in the Company's portfolio in process of foreclosure as of September 30, 2016 and December 31, 2015 . There were no mortgage loans 30 days or less in arrears, with respect to principal and interest as of September 30, 2016 . There were two loans 30 days or less in arrears, with respect to principal and interest as of December 31, 2015 , with a total amortized cost of $3.1 . Commercial loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made to either apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved. The following tables present information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated: Three Months Ended September 30, 2016 2015 Impaired loans, average investment during the period (amortized cost) (1) $ 4.7 $ 33.7 Interest income recognized on impaired loans, on an accrual basis (1) 0.1 0.5 Interest income recognized on impaired loans, on a cash basis (1) 0.1 0.5 Interest income recognized on troubled debt restructured loans, on an accrual basis — 0.4 (1) Includes amounts for Troubled debt restructured loans. Nine Months Ended September 30, 2016 2015 Impaired loans, average investment during the period (amortized cost) (1) $ 12.4 $ 48.9 Interest income recognized on impaired loans, on an accrual basis (1) 0.3 2.0 Interest income recognized on impaired loans, on a cash basis (1) 0.4 2.3 Interest income recognized on troubled debt restructured loans, on an accrual basis 0.1 1.7 (1) Includes amounts for Troubled debt restructured loans. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. The following table presents the LTV ratios as of the dates indicated: September 30, 2016 (1) December 31, 2015 (1) Loan-to-Value Ratio: 0% - 50% $ 1,357.7 $ 1,388.0 > 50% - 60% 2,909.0 2,694.1 > 60% - 70% 6,326.1 5,670.2 > 70% - 80% 869.3 679.6 > 80% and above 16.6 18.8 Total Commercial mortgage loans $ 11,478.7 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. The following table presents the DSC ratios as of the dates indicated: September 30, 2016 (1) December 31, 2015 (1) Debt Service Coverage Ratio: Greater than 1.5x $ 9,106.5 $ 8,112.1 > 1.25x - 1.5x 1,639.2 1,489.5 > 1.0x - 1.25x 493.6 550.3 Less than 1.0x 158.6 158.6 Commercial mortgage loans secured by land or construction loans 80.8 140.2 Total Commercial mortgage loans $ 11,478.7 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated: September 30, 2016 (1) December 31, 2015 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by U.S. Region: Pacific $ 2,884.6 25.1% $ 2,605.3 24.9 % South Atlantic 2,637.1 23.0% 2,318.9 22.2 % Middle Atlantic 1,609.9 14.0% 1,499.1 14.3 % West South Central 1,172.9 10.2% 1,103.7 10.6 % Mountain 978.9 8.5% 924.2 8.8 % East North Central 1,243.4 10.9% 1,103.3 10.6 % New England 233.3 2.0% 222.8 2.1 % West North Central 522.2 4.6% 488.8 4.7 % East South Central 196.4 1.7% 184.6 1.8 % Total Commercial mortgage loans $ 11,478.7 100.0 % $ 10,450.7 100.0 % (1) Balances do not include collective valuation allowance for losses. September 30, 2016 (1) December 31, 2015 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by Property Type: Retail $ 3,731.5 32.5 % $ 3,672.8 35.1 % Industrial 2,530.4 22.1 % 2,161.3 20.7 % Apartments 2,345.3 20.4 % 1,942.9 18.6 % Office 1,851.6 16.1 % 1,617.7 15.5 % Hotel/Motel 407.8 3.6 % 425.0 4.1 % Other 498.0 4.3 % 525.9 5.0 % Mixed Use 114.1 1.0 % 105.1 1.0 % Total Commercial mortgage loans $ 11,478.7 100.0 % $ 10,450.7 100.0 % (1) Balances do not include collective valuation allowance for losses. The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated: September 30, 2016 (1) December 31, 2015 (1) Year of Origination: 2016 $ 1,888.2 $ — 2015 2,071.5 2,114.0 2014 1,867.0 |
