GE 2015 Annual Report Download - page 181
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FINANCIAL STATEMENTS INVESTMENT SECURITIES
GE 2015 FORM 10-K 153
NOTE 3. INVESTMENT SECURITIES
Substantially all of our investment securities are classified as available-for-sale and comprise mainly investment-grade debt securities
supporting obligations to annuitants and policyholders in our run-off insurance operations. We do not have any securities classified as
held-to-maturity.
2015 2014
Gross Gross Gross Gross
Amortized unrealized unrealized Estimated Amortized unrealized unrealized Estimated
December 31
(
In millions
)
cos
t
g
ains losses fair value cos
t
g
ains losses fair value
GE
Debt
U.S. corporate $ 2 $ - $ - $ 3 $ 12 $ - $ - $ 12
Corporate ± non-U.S. 1 - - 1 1 - - 1
U.S. government and federal
agency 49 - - 49 - - - -
Equity 87 13 (2) 98 69 4 (2) 71
139 14 (2) 151 82 4 (2) 84
GE Capital
Debt
U.S. corporate 19,971 2,669 (285) 22,355 19,801 3,961 (70) 23,692
State and municipal 3,910 407 (73) 4,245 4,116 554 (52) 4,618
Mortgage and asset-backed(a) 2,995 157 (35) 3,116 4,478 328 (29) 4,777
Corporate ± non-U.S. 759 96 (9) 846 844 109 (1) 952
Government ± non-U.S. 279 136 - 415 362 129 - 491
U.S. government and federal
agency 623 104 - 727 705 56 - 761
Equity 112 16 (4) 123 112 23 (1) 134
28,648 3,585 (407) 31,827 30,417 5,160 (153) 35,425
Eliminations (4) - - (4) (4) - - (4)
Total $ 28,783 $ 3,599 $ (409) $ 31,973 $ 30,496 $ 5,164 $ (155) $ 35,505
(a) Included residential mortgage-backed securities substantially collateralized by U.S. mortgages. At December 31, 2015, $587 million related to
securities issued by government-sponsored entities and $30 million related to securities of private-label issuers. Securities issued by private-
label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions.
The fair value of investment securities decreased to $31,973 million at December 31, 2015, from $35,505 million at December 31,
2014, primarily due to a decline in unrealized gains resulting from higher interest rates, and net sales, primarily related to mortgage-
backed securities.
GE 2015 FORM 10-K 153