American Express 2005 Annual Report Download - page 76

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A summary of the assets and liabilities of the discontin-
ued operations at December 31 is as follows:
(Millions) 2004
Assets:
Investments $ 39,134
Separate account assets 35,901
Deferred acquisition costs 3,838
Other assets 8,268
Total assets $ 87,141
Liabilities:
Insurance and annuity reserves $ 32,966
Investment certificate reserves 5,831
Separate account liabilities 35,901
Other liabilities 5,977
Total liabilities $ 80,675
Net Assets $ 6,466
Accumulated other comprehensive income, net of tax,
associated with discontinued operations at December 31,
2004 was $360 million, including $407 million of net
unrealized securities gains and $29 million of net unre-
alized derivative losses.
NOTE 3 Investments
The following is a summary of investments at December 31:
(Millions) 2005 2004
Available-for-Sale, at fair value
State and municipal obligations $ 7,120 $ 7,381
U.S. Government and
agencies obligations 5,033 4,060
Mortgage and other asset-
backed securities 3,838 4,322
Corporate debt securities 3,202 3,751
Foreign government bonds
and obligations 716 750
Other 1,194 1,171
Total Available-for-Sale, at
fair value 21,103 21,435
Trading, at fair value 231 240
Total Investments $ 21,334 $ 21,675
Available-for-Sale Investments
Investments classified as Available-for-Sale at December 31 are distributed by type as presented below:
2005 2004
(Millions) Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses Fair
Value Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses Fair
Value
State and municipal
obligations $ 6,832 $ 293 $ (5) $ 7,120 $ 6,982 $ 404 $ (5) $ 7,381
U.S. Government and
agencies obligations 5,080 1 (48) 5,033 4,109 1 (50) 4,060
Mortgage and other asset-
backed securities 3,900 13 (75) 3,838 4,295 50 (23) 4,322
Corporate debt securities 3,170 79 (47) 3,202 3,627 137 (13) 3,751
Foreign government bonds
and obligations 718 7 (9) 716 741 16 (7) 750
Other 1,184 10 — 1,194 1,158 13 — 1,171
Total $ 20,884 $ 403 $ (184) $ 21,103 $ 20,912 $ 621 $ (98) $ 21,435
Notes to Consolidated
Financial Statements
AXP / AR.2005
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