Maturities of Fixed-maturity Securities The amortized cost and fair value of fixed maturity available-for-sale securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.
| | | | | | | | | | June 30, 2013 | | Amortized Cost | | Fair Value | Corporates, Non-structured Hybrids, Municipal and U.S. Government securities: | | | | Due in one year or less | $ | 394.5 |
| | $ | 398.0 |
| Due after one year through five years | 2,720.5 |
| | 2,783.6 |
| Due after five years through ten years | 3,468.3 |
| | 3,528.8 |
| Due after ten years | 5,246.5 |
| | 5,379.5 |
| Subtotal | 11,829.8 |
| | 12,089.9 |
| Other securities which provide for periodic payments: | | | | Asset-backed securities | 1,416.2 |
| | 1,437.5 |
| Commercial-mortgage-backed securities | 496.5 |
| | 523.9 |
| Structured hybrids | 59.3 |
| | 62.1 |
| Agency residential mortgage-backed securities | 108.7 |
| | 111.0 |
| Non-agency residential mortgage-backed securities | 1,274.8 |
| | 1,353.9 |
| Total fixed maturity available-for-sale securities | $ | 15,185.3 |
| | $ | 15,578.3 |
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Securities in an Unrealized Loss Position FGL's available-for-sale securities with unrealized losses are reviewed for potential other-than-temporary impairments. In evaluating whether a decline in value is other-than-temporary, FGL considers several factors including, but not limited to the following: (1) the extent and the duration of the decline; (2) the reasons for the decline in value (credit event, currency or interest-rate related, including general credit spread widening); and (3) the financial condition of and near-term prospects of the issuer. FGL also considers the ability and intent to hold the investment for a period of time to allow for a recovery of value. FGL analyzes its ability to recover the amortized cost by comparing the net present value of cash flows expected to be collected with the amortized cost of the security. For mortgage-backed and asset-backed securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions, based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. For structured securities, the payment priority within the tranche structure is also considered. For all other debt securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. If the net present value is less than the amortized cost of the investment, an other-than-temporary impairment is recognized. FGL has concluded that the fair values of the securities presented in the table below were not other-than-temporarily impaired as of June 30, 2013.
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