| Investments (excluding Consolidated Investment Entities) | 20% < 20% > 20% < 20% > 20% March 31, 2017 Six months or less below amortized cost $ 12,505.0 $ 45.3 $ 330.6 $ 11.2 1,213 20 More than six months and twelve months or less below amortized cost 1,942.9 0.1 114.4 0.1 183 5 More than twelve months below amortized cost 1,055.2 117.8 59.9 34.9 266 12 Total $ 15,503.1 $ 163.2 $ 504.9 $ 46.2 1,662 37 December 31, 2016 Six months or less below amortized cost $ 17,729.6 $ 86.8 $ 554.6 $ 19.3 1,541 16 More than six months and twelve months or less below amortized cost 755.0 28.3 45.1 7.8 92 9 More than twelve months below amortized cost 1,086.7 124.4 76.5 36.3 267 12 Total $ 19,571.3 $ 239.5 $ 676.2 $ 63.4 1,900 37 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% March 31, 2017 U.S. Treasuries $ 468.3 $ — $ 8.1 $ — 28 — State, municipalities and political subdivisions 1,143.3 1.0 42.4 0.3 170 1 U.S. corporate public securities 5,804.9 39.1 172.4 9.3 505 2 U.S. corporate private securities 2,046.2 94.0 90.8 27.9 88 2 Foreign corporate public securities and foreign governments 1,394.2 15.1 46.7 4.5 125 5 Foreign corporate private securities 1,127.7 — * 44.3 — * 52 2 Residential mortgage-backed 1,986.5 12.2 63.2 3.6 423 22 Commercial mortgage-backed 1,119.3 0.1 31.9 0.1 147 1 Other asset-backed 412.7 1.7 5.1 0.5 124 2 Total $ 15,503.1 $ 163.2 $ 504.9 $ 46.2 1,662 37 December 31, 2016 U.S. Treasuries $ 1,075.3 $ — $ 13.9 $ — 33 — State, municipalities and political subdivisions 1,337.0 1.0 49.7 0.3 198 1 U.S. corporate public securities 6,947.1 67.7 215.5 16.1 577 4 U.S. corporate private securities 2,672.7 139.0 122.1 37.5 114 3 Foreign corporate public securities and foreign governments 2,131.4 20.3 94.1 4.8 192 4 Foreign corporate private securities 1,622.3 — * 74.1 — * 64 2 Residential mortgage-backed 2,127.8 6.6 67.5 2.2 451 19 Commercial mortgage-backed 1,088.9 3.2 32.7 2.0 140 3 Other asset-backed 568.8 1.7 6.6 0.5 131 1 Total $ 19,571.3 $ 239.5 $ 676.2 $ 63.4 1,900 37 * 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 March 31, 2017 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 3.3 0.9 0.1 0.2 Non-agency RMBS < 80% 180.8 3.5 8.2 0.8 Agency RMBS 1,870.5 7.8 57.7 2.6 Other ABS (Non-RMBS) 344.6 1.7 2.3 0.5 Total RMBS and Other ABS $ 2,399.2 $ 13.9 $ 68.3 $ 4.1 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses March 31, 2017 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 116.6 $ — $ 4.4 $ — Non-agency RMBS > 5% - 10% 8.3 — 0.3 — Non-agency RMBS > 0% - 5% 34.6 0.9 2.6 0.2 Non-agency RMBS 0% 24.6 3.5 1.0 0.8 Agency RMBS 1,870.5 7.8 57.7 2.6 Other ABS (Non-RMBS) 344.6 1.7 2.3 0.5 Total RMBS and Other ABS $ 2,399.2 $ 13.9 $ 68.3 $ 4.1 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses March 31, 2017 < 20% > 20% < 20% > 20% Fixed Rate $ 1,915.4 $ 4.1 $ 51.0 $ 1.3 Floating Rate 483.8 9.8 17.3 2.8 Total $ 2,399.2 $ 13.9 $ 68.3 $ 4.1 (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, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 5.3 — 0.3 — Non-agency RMBS < 80% 218.5 3.7 11.1 0.8 Agency RMBS 1,985.5 2.9 60.6 1.4 Other ABS (Non-RMBS) 487.3 1.7 2.1 0.5 Total RMBS and Other ABS $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 141.0 $ — $ 6.5 $ — Non-agency RMBS > 5% - 10% 10.7 — 0.4 — Non-agency RMBS > 0% - 5% 35.8 — 2.6 — Non-agency RMBS 0% 36.3 3.7 1.9 0.8 Agency RMBS 1,985.5 2.9 60.6 1.4 Other ABS (Non-RMBS) 487.3 1.7 2.1 0.5 Total RMBS and Other ABS $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% Fixed Rate $ 2,029.0 $ 2.5 $ 55.6 $ 0.8 Floating Rate 667.6 5.8 18.5 1.9 Total $ 2,696.6 $ 8.3 $ 74.1 $ 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. As of March 31, 2017 the Company did not have any new commercial mortgage loan troubled debt restructuring and had one new private placement troubled debt restructuring with a pre-modification and post-modification carrying value of $22.4 . As of December 31, 2016 the Company had no new troubled debt restructurings for commercial mortgage loans or private placement bonds. As of March 31, 2017 and December 31, 2016 , 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: March 31, 2017 December 31, 2016 Impaired Non Impaired Total Impaired Non Impaired Total Commercial mortgage loans $ 4.5 $ 12,384.4 $ 12,388.9 $ 4.6 $ 11,723.7 $ 11,728.3 Collective valuation allowance for losses N/A (3.1 ) (3.1 ) N/A (3.1 ) (3.1 ) Total net commercial mortgage loans $ 4.5 $ 12,381.3 $ 12,385.8 $ 4.6 $ 11,720.6 $ 11,725.2 N/A - Not Applicable There were no impairments taken on the mortgage loan portfolio for the three months ended March 31, 2017 and 2016 . The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: March 31, 2017 December 31, 2016 Collective valuation allowance for losses, balance at January 1 $ 3.1 $ 3.2 Addition to (reduction of) allowance for losses — (0.1 ) Collective valuation allowance for losses, end of period $ 3.1 $ 3.1 The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: March 31, 2017 December 31, 2016 Impaired loans without allowances for losses $ 4.5 $ 4.6 Less: Allowances for losses on impaired loans — — Impaired loans, net $ 4.5 $ 4.6 Unpaid principal balance of impaired loans $ 6.0 $ 6.1 As of March 31, 2017 and December 31, 2016 , the Company did not have any impaired loans with allowances for losses. 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 March 31, 2017 and December 31, 2016 . There were no loans 30 days or less in arrears, with respect to principal and interest as of March 31, 2017 and December 31, 2016 . 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 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 table presents 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 March 31, 2017 2016 Impaired loans, average investment during the period (amortized cost) (1) $ 4.5 $ 13.5 Interest income recognized on impaired loans, on an accrual basis (1) 0.1 0.1 Interest income recognized on impaired loans, on a cash basis (1) 0.1 0.2 Interest income recognized on troubled debt restructured loans, on an accrual basis — 0.1 (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: March 31, 2017 (1) December 31, 2016 (1) Loan-to-Value Ratio: 0% - 50% $ 1,537.6 $ 1,366.3 > 50% - 60% 3,019.7 2,950.1 > 60% - 70% 6,980.6 6,560.7 > 70% - 80% 826.0 833.8 > 80% and above 25.0 17.4 Total Commercial mortgage loans $ 12,388.9 $ 11,728.3 (1) Balances do not include collective valuation allowance for losses. The following table presents the DSC ratios as of the dates indicated: March 31, 2017 (1) December 31, 2016 (1) Debt Service Coverage Ratio: Greater than 1.5x $ 9,835.7 $ 9,298.4 > 1.25x - 1.5x 1,362.5 1,247.3 > 1.0x - 1.25x 861.7 899.2 Less than 1.0x 204.4 181.4 Commercial mortgage loans secured by land or construction loans 124.6 102.0 Total Commercial mortgage loans $ 12,388.9 $ 11,728.3 (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: March 31, 2017 (1) December 31, 2016 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by U.S. Region: Pacific $ 2,845.3 22.9% $ 2,896.8 24.6 % South Atlantic 2,729.6 22.0% 2,646.0 22.6 % Middle Atlantic 2,089.0 16.9% 1,648.7 14.1 % West South Central 1,331.0 10.7% 1,236.1 10.5 % Mountain 1,145.5 9.2% 1,092.1 9.3 % East North Central 1,308.9 10.6% 1,274.3 10.9 % New England 220.0 1.8% 231.2 2.0 % West North Central 526.7 4.3% 508.9 4.3 % East South Central 192.9 1.6% 194.2 1.7 % Total Commercial mortgage loans $ 12,388.9 100.0 % $ 11,728.3 100.0 % (1) Balances do not include collective valuation allowance for losses. March 31, 2017 (1) December 31, 2016 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by Property Type: Retail $ 3,819.5 30.8 % $ 3,695.8 31.5 % Industrial 2,985.9 24.1 % 2,663.5 22.7 % Apartments 2,466.4 19.9 % 2,410.8 20.6 % Office 2,063.2 16.7 % 1,917.0 16.3 % Hotel/Motel 421.9 3.4 % 411.2 3.5 % Other 512.2 4.1 % 516.5 4.4 % Mixed Use 119.8 1.0 % 113.5 1.0 % Total Commercial mortgage loans $ 12,388.9 100.0 % $ 11,728.3 100.0 % (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: March 31, 2017 (1) December 31, 2016 (1) Year of Origination: 2017 $ 999.5 $ — 2016 2,372.3 2,349.6 2015 2,060.7 2,066.1 2014 1,861.7 1,860.3 2013 1,936.7 1,953.1 2012 1,092.4 1,241.4 2011 and prior 2,065.6 2,257.8 Total Commercial mortgage loans $ 12,388.9 $ 11,728.3 (1) Balances do not include collective valuation allowance for losses. Evaluating Securities for Other-Than-Temporary Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities and equity securities in accordance with its impairment policy in order to evaluate whether such investments are other-than-temporarily impaired. The following table i" id="sjs-B4">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 March 31, 2017 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 3,154.0 $ 465.6 $ 8.1 $ — $ 3,611.5 $ — U.S. Government agencies and authorities 253.6 48.2 — — 301.8 — State, municipalities and political subdivisions 2,298.9 37.9 42.7 — 2,294.1 — U.S. corporate public securities 31,367.7 2,240.4 181.7 — 33,426.4 — U.S. corporate private securities 7,912.0 268.9 118.7 — 8,062.2 — Foreign corporate public securities and foreign governments (1) 7,868.6 447.6 51.2 — 8,265.0 — Foreign corporate private securities (1) 7,546.4 330.6 44.3 — 7,832.7 — Residential mortgage-backed securities: Agency 5,135.2 252.5 60.3 37.7 5,365.1 — Non-Agency 1,110.3 142.2 6.5 25.6 1,271.6 28.8 Total Residential mortgage-backed securities 6,245.5 394.7 66.8 63.3 6,636.7 28.8 Commercial mortgage-backed securities 3,070.2 67.5 32.0 — 3,105.7 — Other asset-backed securities 1,428.4 46.5 5.6 — 1,469.3 3.7 Total fixed maturities, including securities pledged 71,145.3 4,347.9 551.1 63.3 75,005.4 32.5 Less: Securities pledged 2,019.5 178.8 11.0 — 2,187.3 — Total fixed maturities 69,125.8 4,169.1 540.1 63.3 72,818.1 32.5 Equity securities: Common stock 172.4 0.5 0.3 — 172.6 — Preferred stock 90.7 34.3 — — 125.0 — Total equity securities 263.1 34.8 0.3 — 297.6 — Total fixed maturities and equity securities investments $ 69,388.9 $ 4,203.9 $ 540.4 $ 63.3 $ 73,115.7 $ 32.5 (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 $523.2 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, 2016 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 3,452.0 $ 452.2 $ 13.9 $ — $ 3,890.3 $ — U.S. Government agencies and authorities 253.9 44.1 — — 298.0 — State, municipalities and political subdivisions 2,153.9 31.7 50.0 — 2,135.6 — U.S. corporate public securities 31,754.8 2,168.5 231.6 — 33,691.7 8.6 U.S. corporate private securities 7,724.9 242.7 159.6 — 7,808.0 — Foreign corporate public securities and foreign governments (1) 7,796.6 381.7 98.9 — 8,079.4 — Foreign corporate private securities (1) 7,557.1 302.8 74.1 — 7,785.8 — Residential mortgage-backed securities: Agency 5,318.4 269.7 62.0 42.7 5,568.8 — Non-Agency 1,088.6 137.3 7.7 27.8 1,246.0 31.0 Total Residential mortgage-backed securities 6,407.0 407.0 69.7 70.5 6,814.8 31.0 Commercial mortgage-backed securities 3,320.7 72.9 34.7 — 3,358.9 — Other asset-backed securities 1,433.9 48.8 7.1 — 1,475.6 3.9 Total fixed maturities, including securities pledged 71,854.8 4,152.4 739.6 70.5 75,338.1 43.5 Less: Securities pledged 1,983.8 189.0 15.7 — 2,157.1 — Total fixed maturities 69,871.0 3,963.4 723.9 70.5 73,181.0 43.5 Equity securities: Common stock 151.3 0.5 0.3 — 151.5 — Preferred stock 90.5 32.2 — — 122.7 — Total equity securities 241.8 32.7 0.3 — 274.2 — Total fixed maturities and equity securities investments $ 70,112.8 $ 3,996.1 $ 724.2 $ 70.5 $ 73,455.2 $ 43.5 (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 $515.6 of net unrealized gains on impaired available-for-sale securities. The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2017 , 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 $ 2,229.1 $ 2,248.8 After one year through five years 13,549.2 14,171.8 After five years through ten years 17,921.3 18,335.9 After ten years 26,701.6 29,037.2 Mortgage-backed securities 9,315.7 9,742.4 Other asset-backed securities 1,428.4 1,469.3 Fixed maturities, including securities pledged $ 71,145.3 $ 75,005.4 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 March 31, 2017 and December 31, 2016 , 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 Total 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 March 31, 2017 Communications $ 3,829.5 $ 351.5 $ 17.3 $ 4,163.7 Financial 8,012.9 500.4 23.0 8,490.3 Industrial and other companies 25,758.6 1,360.8 175.2 26,944.2 Energy 6,009.4 400.0 74.7 6,334.7 Utilities 8,350.6 520.4 82.5 8,788.5 Transportation 1,702.9 106.0 12.5 1,796.4 Total $ 53,663.9 $ 3,239.1 $ 385.2 $ 56,517.8 December 31, 2016 Communications $ 3,778.7 $ 335.7 $ 20.8 $ 4,093.6 Financial 8,166.3 478.7 47.6 8,597.4 Industrial and other companies 25,679.5 1,259.5 256.9 26,682.1 Energy 6,250.2 380.7 93.5 6,537.4 Utilities 8,164.7 500.6 106.4 8,558.9 Transportation 1,785.6 103.6 17.5 1,871.7 Total $ 53,825.0 $ 3,058.8 $ 542.7 $ 56,341.1 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 March 31, 2017 and December 31, 2016 , approximately 48.2% and 48.0% , 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 March 31, 2017 and December 31, 2016 , the fair value of loaned securities was $1,420.9 and $1,403.8 , 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 March 31, 2017 and December 31, 2016 , cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $713.7 and $535.9 , respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Condensed Consolidated Balance Sheets. As of March 31, 2017 and December 31, 2016 , liabilities to return collateral of $713.7 and $535.9 , 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 on 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 March 31, 2017 and December 31, 2016 , the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $750.5 and $911.7 , respectively. The following table sets forth borrowings under securities lending transactions by class of collateral pledged for the dates indicated: March 31, 2017 (1)(2) December 31, 2016 (1)(2) U.S. Treasuries $ 736.9 $ 762.9 U.S. Government agencies and authorities 3.6 4.3 U.S. corporate public securities 461.5 468.4 Equity Securities 0.1 0.5 Short-term Investments 4.1 1.0 Foreign corporate public securities and foreign governments 258.0 210.5 Payables under securities loan agreements $ 1,464.2 $ 1,447.6 (1) As of March 31, 2017 and December 31, 2016 , borrowings under securities lending transactions include cash collateral of $713.7 and $535.9 , respectively. (2) As of March 31, 2017 and December 31, 2016 , borrowings under securities lending transactions include non-cash collateral of $750.5 and $911.7 , 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 March 31, 2017 : 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 $ 443.1 $ 7.8 $ 17.1 $ 0.3 $ — $ — $ 460.2 $ 8.1 State, municipalities and political subdivisions 885.3 28.1 192.8 11.8 23.5 2.8 1,101.6 42.7 U.S. corporate public securities 4,855.1 120.9 407.4 24.3 399.8 36.5 5,662.3 181.7 U.S. corporate private securities 1,578.8 55.8 189.0 19.3 253.7 43.6 2,021.5 118.7 Foreign corporate public securities and foreign governments 971.6 21.2 69.1 4.2 317.4 25.8 1,358.1 51.2 Foreign corporate private securities 777.3 20.4 222.3 20.7 83.8 3.2 1,083.4 44.3 Residential mortgage-backed 1,249.5 35.0 483.2 18.9 199.2 12.9 1,931.9 66.8 Commercial mortgage-backed 1,043.4 29.2 31.8 2.6 12.2 0.2 1,087.4 32.0 Other asset-backed 293.3 1.7 20.8 0.6 94.7 3.3 408.8 5.6 Total $ 12,097.4 $ 320.1 $ 1,633.5 $ 102.7 $ 1,384.3 $ 128.3 $ 15,115.2 $ 551.1 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, 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 $ 1,061.4 $ 13.9 $ — $ — $ — $ — $ 1,061.4 $ 13.9 State, municipalities and political subdivisions 1,264.7 46.9 — — 23.3 3.1 1,288.0 50.0 U.S. corporate public securities 6,236.0 172.1 38.4 2.5 508.8 57.0 6,783.2 231.6 U.S. corporate private securities 2,261.8 98.1 74.7 2.9 315.6 58.6 2,652.1 159.6 Foreign corporate public securities and foreign governments 1,596.8 49.0 59.8 4.9 396.2 45.0 2,052.8 98.9 Foreign corporate private securities 1,382.3 56.8 — — 165.9 17.3 1,548.2 74.1 Residential mortgage-backed 1,716.5 52.2 182.7 5.1 165.5 12.4 2,064.7 69.7 Commercial mortgage-backed 1,002.8 32.6 27.2 0.1 27.4 2.0 1,057.4 34.7 Other asset-backed 448.3 1.6 0.8 — * 114.3 5.5 563.4 7.1 Total $ 16,970.6 $ 523.2 $ 383.6 $ 15.5 $ 1,717.0 $ 200.9 $ 19,071.2 $ 739.6 * Less than $0.1. Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 91.5% and 89.5% of the average book value as of March 31, 2017 and December 31, 2016 , 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% March 31, 2017 Six months or less below amortized cost $ 12,505.0 $ 45.3 $ 330.6 $ 11.2 1,213 20 More than six months and twelve months or less below amortized cost 1,942.9 0.1 114.4 0.1 183 5 More than twelve months below amortized cost 1,055.2 117.8 59.9 34.9 266 12 Total $ 15,503.1 $ 163.2 $ 504.9 $ 46.2 1,662 37 December 31, 2016 Six months or less below amortized cost $ 17,729.6 $ 86.8 $ 554.6 $ 19.3 1,541 16 More than six months and twelve months or less below amortized cost 755.0 28.3 45.1 7.8 92 9 More than twelve months below amortized cost 1,086.7 124.4 76.5 36.3 267 12 Total $ 19,571.3 $ 239.5 $ 676.2 $ 63.4 1,900 37 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% March 31, 2017 U.S. Treasuries $ 468.3 $ — $ 8.1 $ — 28 — State, municipalities and political subdivisions 1,143.3 1.0 42.4 0.3 170 1 U.S. corporate public securities 5,804.9 39.1 172.4 9.3 505 2 U.S. corporate private securities 2,046.2 94.0 90.8 27.9 88 2 Foreign corporate public securities and foreign governments 1,394.2 15.1 46.7 4.5 125 5 Foreign corporate private securities 1,127.7 — * 44.3 — * 52 2 Residential mortgage-backed 1,986.5 12.2 63.2 3.6 423 22 Commercial mortgage-backed 1,119.3 0.1 31.9 0.1 147 1 Other asset-backed 412.7 1.7 5.1 0.5 124 2 Total $ 15,503.1 $ 163.2 $ 504.9 $ 46.2 1,662 37 December 31, 2016 U.S. Treasuries $ 1,075.3 $ — $ 13.9 $ — 33 — State, municipalities and political subdivisions 1,337.0 1.0 49.7 0.3 198 1 U.S. corporate public securities 6,947.1 67.7 215.5 16.1 577 4 U.S. corporate private securities 2,672.7 139.0 122.1 37.5 114 3 Foreign corporate public securities and foreign governments 2,131.4 20.3 94.1 4.8 192 4 Foreign corporate private securities 1,622.3 — * 74.1 — * 64 2 Residential mortgage-backed 2,127.8 6.6 67.5 2.2 451 19 Commercial mortgage-backed 1,088.9 3.2 32.7 2.0 140 3 Other asset-backed 568.8 1.7 6.6 0.5 131 1 Total $ 19,571.3 $ 239.5 $ 676.2 $ 63.4 1,900 37 * 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 March 31, 2017 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 3.3 0.9 0.1 0.2 Non-agency RMBS < 80% 180.8 3.5 8.2 0.8 Agency RMBS 1,870.5 7.8 57.7 2.6 Other ABS (Non-RMBS) 344.6 1.7 2.3 0.5 Total RMBS and Other ABS $ 2,399.2 $ 13.9 $ 68.3 $ 4.1 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses March 31, 2017 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 116.6 $ — $ 4.4 $ — Non-agency RMBS > 5% - 10% 8.3 — 0.3 — Non-agency RMBS > 0% - 5% 34.6 0.9 2.6 0.2 Non-agency RMBS 0% 24.6 3.5 1.0 0.8 Agency RMBS 1,870.5 7.8 57.7 2.6 Other ABS (Non-RMBS) 344.6 1.7 2.3 0.5 Total RMBS and Other ABS $ 2,399.2 $ 13.9 $ 68.3 $ 4.1 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses March 31, 2017 < 20% > 20% < 20% > 20% Fixed Rate $ 1,915.4 $ 4.1 $ 51.0 $ 1.3 Floating Rate 483.8 9.8 17.3 2.8 Total $ 2,399.2 $ 13.9 $ 68.3 $ 4.1 (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, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 5.3 — 0.3 — Non-agency RMBS < 80% 218.5 3.7 11.1 0.8 Agency RMBS 1,985.5 2.9 60.6 1.4 Other ABS (Non-RMBS) 487.3 1.7 2.1 0.5 Total RMBS and Other ABS $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 141.0 $ — $ 6.5 $ — Non-agency RMBS > 5% - 10% 10.7 — 0.4 — Non-agency RMBS > 0% - 5% 35.8 — 2.6 — Non-agency RMBS 0% 36.3 3.7 1.9 0.8 Agency RMBS 1,985.5 2.9 60.6 1.4 Other ABS (Non-RMBS) 487.3 1.7 2.1 0.5 Total RMBS and Other ABS $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% Fixed Rate $ 2,029.0 $ 2.5 $ 55.6 $ 0.8 Floating Rate 667.6 5.8 18.5 1.9 Total $ 2,696.6 $ 8.3 $ 74.1 $ 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. As of March 31, 2017 the Company did not have any new commercial mortgage loan troubled debt restructuring and had one new private placement troubled debt restructuring with a pre-modification and post-modification carrying value of $22.4 . As of December 31, 2016 the Company had no new troubled debt restructurings for commercial mortgage loans or private placement bonds. As of March 31, 2017 and December 31, 2016 , 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: March 31, 2017 December 31, 2016 Impaired Non Impaired Total Impaired Non Impaired Total Commercial mortgage loans $ 4.5 $ 12,384.4 $ 12,388.9 $ 4.6 $ 11,723.7 $ 11,728.3 Collective valuation allowance for losses N/A (3.1 ) (3.1 ) N/A (3.1 ) (3.1 ) Total net commercial mortgage loans $ 4.5 $ 12,381.3 $ 12,385.8 $ 4.6 $ 11,720.6 $ 11,725.2 N/A - Not Applicable There were no impairments taken on the mortgage loan portfolio for the three months ended March 31, 2017 and 2016 . The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: March 31, 2017 December 31, 2016 Collective valuation allowance for losses, balance at January 1 $ 3.1 $ 3.2 Addition to (reduction of) allowance for losses — (0.1 ) Collective valuation allowance for losses, end of period $ 3.1 $ 3.1 The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: March 31, 2017 December 31, 2016 Impaired loans without allowances for losses $ 4.5 $ 4.6 Less: Allowances for losses on impaired loans — — Impaired loans, net $ 4.5 $ 4.6 Unpaid principal balance of impaired loans $ 6.0 $ 6.1 As of March 31, 2017 and December 31, 2016 , the Company did not have any impaired loans with allowances for losses. 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 March 31, 2017 and December 31, 2016 . There were no loans 30 days or less in arrears, with respect to principal and interest as of March 31, 2017 and December 31, 2016 . 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 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 table presents 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 March 31, 2017 2016 Impaired loans, average investment during the period (amortized cost) (1) $ 4.5 $ 13.5 Interest income recognized on impaired loans, on an accrual basis (1) 0.1 0.1 Interest income recognized on impaired loans, on a cash basis (1) 0.1 0.2 Interest income recognized on troubled debt restructured loans, on an accrual basis — 0.1 (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: March 31, 2017 (1) December 31, 2016 (1) Loan-to-Value Ratio: 0% - 50% $ 1,537.6 $ 1,366.3 > 50% - 60% 3,019.7 2,950.1 > 60% - 70% 6,980.6 6,560.7 > 70% - 80% 826.0 833.8 > 80% and above 25.0 17.4 Total Commercial mortgage loans $ 12,388.9 $ 11,728.3 (1) Balances do not include collective valuation allowance for losses. The following table presents the DSC ratios as of the dates indicated: March 31, 2017 (1) December 31, 2016 (1) Debt Service Coverage Ratio: Greater than 1.5x $ 9,835.7 $ 9,298.4 > 1.25x - 1.5x 1,362.5 1,247.3 > 1.0x - 1.25x 861.7 899.2 Less than 1.0x 204.4 181.4 Commercial mortgage loans secured by land or construction loans 124.6 102.0 Total Commercial mortgage loans $ 12,388.9 $ 11,728.3 (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: March 31, 2017 (1) December 31, 2016 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by U.S. Region: Pacific $ 2,845.3 22.9% $ 2,896.8 24.6 % South Atlantic 2,729.6 22.0% 2,646.0 22.6 % Middle Atlantic 2,089.0 16.9% 1,648.7 14.1 % West South Central 1,331.0 10.7% 1,236.1 10.5 % Mountain 1,145.5 9.2% 1,092.1 9.3 % East North Central 1,308.9 10.6% 1,274.3 10.9 % New England 220.0 1.8% 231.2 2.0 % West North Central 526.7 4.3% 508.9 4.3 % East South Central 192.9 1.6% 194.2 1.7 % Total Commercial mortgage loans $ 12,388.9 100.0 % $ 11,728.3 100.0 % (1) Balances do not include collective valuation allowance for losses. March 31, 2017 (1) December 31, 2016 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by Property Type: Retail $ 3,819.5 30.8 % $ 3,695.8 31.5 % Industrial 2,985.9 24.1 % 2,663.5 22.7 % Apartments 2,466.4 19.9 % 2,410.8 20.6 % Office 2,063.2 16.7 % 1,917.0 16.3 % Hotel/Motel 421.9 3.4 % 411.2 3.5 % Other 512.2 4.1 % 516.5 4.4 % Mixed Use 119.8 1.0 % 113.5 1.0 % Total Commercial mortgage loans $ 12,388.9 100.0 % $ 11,728.3 100.0 % (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: March 31, 2017 (1) December 31, 2016 (1) Year of Origination: 2017 $ 999.5 $ — 2016 2,372.3 2,349.6 2015 2,060.7 2,066.1 2014 1,861.7 1,860.3 2013 1,936.7 1,953.1 2012 1,092.4 1,241.4 2011 and prior 2,065.6 2,257.8 Total Commercial mortgage loans $ 12,388.9 $ 11,728.3 (1) Balances do not include collective valuation allowance for losses. Evaluating Securities for Other-Than-Temporary Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities and equity securities in accordance with its impairment policy in order to evaluate whether such investments are other-than-temporarily impaired. The following table i |
