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Investments | 3 Months Ended
--- | ---
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The Company’s consolidated investments are summarized as follows:
| December 31, 2014
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Carrying Value
Fixed-maturity securities, available-for sale |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 1,862.9 |  |  | $ | 8.3 |  |  | $ | (32.1 | ) |  | $ | 1,839.1 |  |  | $ | 1,839.1 |
Commercial mortgage-backed securities | 649.4 |  |  | 20.0 |  |  | (1.0 | ) |  | 668.4 |  |  | 668.4 |
Corporates | 9,265.8 |  |  | 550.6 |  |  | (95.0 | ) |  | 9,721.4 |  |  | 9,721.4 |
Hybrids | 1,268.7 |  |  | 55.6 |  |  | (22.8 | ) |  | 1,301.5 |  |  | 1,301.5 |
Municipals | 1,221.5 |  |  | 143.2 |  |  | (2.8 | ) |  | 1,361.9 |  |  | 1,361.9 |
Residential mortgage-backed securities | 2,095.4 |  |  | 124.6 |  |  | (18.1 | ) |  | 2,201.9 |  |  | 2,201.9 |
U.S. Government | 576.1 |  |  | 8.3 |  |  | (0.8 | ) |  | 583.6 |  |  | 583.6 |
Total fixed maturities | 16,939.8 |  |  | 910.6 |  |  | (172.6 | ) |  | 17,677.8 |  |  | 17,677.8 |
Equity securities |  |  |  |  |  |  |  |  |
Available-for-sale | 607.4 |  |  | 25.3 |  |  | (6.8 | ) |  | 625.9 |  |  | 625.9 |
Held for trading | 112.8 |  |  | 30.4 |  |  | (51.7 | ) |  | 91.5 |  |  | 91.5 |
Total equity securities | 720.2 |  |  | 55.7 |  |  | (58.5 | ) |  | 717.4 |  |  | 717.4 |
Derivatives | 191.4 |  |  | 124.0 |  |  | (9.2 | ) |  | 306.2 |  |  | 306.2 |
Asset-based loans | 791.9 |  |  | — |  |  | — |  |  | 791.9 |  |  | 791.9 |
Other invested assets | 247.0 |  |  | — |  |  | — |  |  | 247.0 |  |  | 247.0 |
Total investments | $ | 18,890.3 |  |  | $ | 1,090.3 |  |  | $ | (240.3 | ) |  | $ | 19,740.3 |  |  | $ | 19,740.3 |
| September 30, 2014
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Carrying Value
Fixed-maturity securities, available-for-sale |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 1,800.8 |  |  | $ | 10.9 |  |  | $ | (18.8 | ) |  | $ | 1,792.9 |  |  | $ | 1,792.9 |
Commercial mortgage-backed securities | 617.6 |  |  | 21.3 |  |  | (2.0 | ) |  | 636.9 |  |  | 636.9 |
Corporates | 9,345.5 |  |  | 499.2 |  |  | (48.9 | ) |  | 9,795.8 |  |  | 9,795.8 |
Hybrids | 1,279.1 |  |  | 52.2 |  |  | (15.2 | ) |  | 1,316.1 |  |  | 1,316.1 |
Municipals | 1,149.9 |  |  | 116.2 |  |  | (6.3 | ) |  | 1,259.8 |  |  | 1,259.8 |
Residential mortgage-backed securities | 1,984.8 |  |  | 140.3 |  |  | (11.1 | ) |  | 2,114.0 |  |  | 2,114.0 |
U.S. Government | 291.0 |  |  | 6.4 |  |  | (1.4 | ) |  | 296.0 |  |  | 296.0 |
Total fixed-maturity securities | 16,468.7 |  |  | 846.5 |  |  | (103.7 | ) |  | 17,211.5 |  |  | 17,211.5 |
Equity securities |  |  |  |  |  |  |  |  |
Available-for-sale | 645.7 |  |  | 23.0 |  |  | (5.1 | ) |  | 663.6 |  |  | 663.6 |
Held for trading | 141.2 |  |  | 8.2 |  |  | (44.9 | ) |  | 104.5 |  |  | 104.5 |
Total equity securities | 786.9 |  |  | 31.2 |  |  | (50.0 | ) |  | 768.1 |  |  | 768.1 |
Derivatives | 177.7 |  |  | 123.3 |  |  | (4.7 | ) |  | 296.3 |  |  | 296.3 |
Asset-based loans | 811.6 |  |  | — |  |  | — |  |  | 811.6 |  |  | 811.6 |
Other invested assets | 164.9 |  |  | 0.1 |  |  | — |  |  | 165.0 |  |  | 165.0 |
Total investments | $ | 18,409.8 |  |  | $ | 1,001.1 |  |  | $ | (158.4 | ) |  | $ | 19,252.5 |  |  | $ | 19,252.5 |
Included in accumulated other comprehensive income ("AOCI") were cumulative unrealized gains of $0.9 and unrealized losses of $1.9 related to the non-credit portion of other-than-temporary impairments ("OTTI") on non-agency residential mortgage-backed securities at December 31, 2014 and September 30, 2014, respectively. The non-agency residential mortgage-backed securities unrealized gains and losses represent the difference between amortized cost and fair value on securities that were previously impaired. There have been no impairments or write downs on any of the non-agency residential mortgage-backed securities purchased in 2014. Securities held on deposit with various state regulatory authorities had a fair value of $15,555.0 and $15,009.3 at December 31, 2014 and September 30, 2014, respectively. FGL Insurance is domesticated in Iowa and under Iowa regulations, insurance companies are required to hold securities on deposit in an amount no less than the company's legal reserve as prescribed by Iowa regulations. FGL held no non-income producing investments during three months ended December 31, 2014 and 2013. In accordance with FGL Insurance's Federal Home Loan Bank of Atlanta (“FHLB”) agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB agreement liabilities. The collateral investments had a fair value of $566.1 and $573.2 at December 31, 2014 and September 30, 2014, respectively. 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.
| December 31, 2014
| Amortized Cost |  | Fair Value
Corporates, Non-structured Hybrids, Municipal and U.S. Government securities: |  |  |
Due in one year or less | $ | 302.3 |  |  | $ | 304.4 |
Due after one year through five years | 2,786.2 |  |  | 2,830.0 |
Due after five years through ten years | 2,899.6 |  |  | 2,990.6 |
Due after ten years | 5,840.6 |  |  | 6,341.5 |
Subtotal | 11,828.7 |  |  | 12,466.5 |
Other securities which provide for periodic payments: |  |  |
Asset-backed securities | 1,862.9 |  |  | 1,839.1 |
Commercial-mortgage-backed securities | 649.4 |  |  | 668.4 |
Structured hybrids | 503.4 |  |  | 501.9 |
Residential mortgage-backed securities | 2,095.4 |  |  | 2,201.9 |
Total fixed maturity available-for-sale securities | $ | 16,939.8 |  |  | $ | 17,677.8 |
Securities in an Unrealized Loss Position The fair value and gross unrealized losses of available-for-sale securities, aggregated by investment category, were as follows:
| December 31, 2014
| Less than 12 months |  | 12 months or longer |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 834.2 |  |  | $ | (16.1 | ) |  | $ | 499.2 |  |  | $ | (16.0 | ) |  | $ | 1,333.4 |  |  | $ | (32.1 | )
Commercial-mortgage-backed securities | 57.9 |  |  | (0.5 | ) |  | 0.3 |  |  | (0.5 | ) |  | 58.2 |  |  | (1.0 | )
Corporates | 898.1 |  |  | (32.0 | ) |  | 1,339.0 |  |  | (63.0 | ) |  | 2,237.1 |  |  | (95.0 | )
Equities | 117.2 |  |  | (3.6 | ) |  | 50.9 |  |  | (3.2 | ) |  | 168.1 |  |  | (6.8 | )
Hybrids | 270.8 |  |  | (4.9 | ) |  | 234.4 |  |  | (17.9 | ) |  | 505.2 |  |  | (22.8 | )
Municipals | 9.4 |  |  | (0.1 | ) |  | 194.3 |  |  | (2.7 | ) |  | 203.7 |  |  | (2.8 | )
Residential mortgage-backed securities | 454.5 |  |  | (10.2 | ) |  | 227.0 |  |  | (7.9 | ) |  | 681.5 |  |  | (18.1 | )
U.S. Government | — |  |  | — |  |  | 58.8 |  |  | (0.8 | ) |  | 58.8 |  |  | (0.8 | )
Total available-for-sale securities | $ | 2,642.1 |  |  | $ | (67.4 | ) |  | $ | 2,603.9 |  |  | $ | (112.0 | ) |  | $ | 5,246.0 |  |  | $ | (179.4 | )
Total number of available-for-sale securities in an unrealized loss position |  |  | 378 |  |  |  |  | 328 |  |  |  |  | 706 |
| September 30, 2014
| Less than 12 months |  | 12 months or longer |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 825.8 |  |  | $ | (11.8 | ) |  | $ | 288.2 |  |  | $ | (7.0 | ) |  | $ | 1,114.0 |  |  | $ | (18.8 | )
Commercial mortgage-backed securities | 160.3 |  |  | (0.9 | ) |  | 0.4 |  |  | (1.1 | ) |  | 160.7 |  |  | (2.0 | )
Corporates | 816.6 |  |  | (16.3 | ) |  | 1,127.8 |  |  | (32.6 | ) |  | 1,944.4 |  |  | (48.9 | )
Equities | 180.4 |  |  | (2.2 | ) |  | 54.9 |  |  | (2.9 | ) |  | 235.3 |  |  | (5.1 | )
Hybrids | 258.2 |  |  | (2.3 | ) |  | 290.0 |  |  | (12.9 | ) |  | 548.2 |  |  | (15.2 | )
Municipals | — |  |  | — |  |  | 264.9 |  |  | (6.3 | ) |  | 264.9 |  |  | (6.3 | )
Residential mortgage-backed securities | 298.5 |  |  | (5.8 | ) |  | 177.6 |  |  | (5.3 | ) |  | 476.1 |  |  | (11.1 | )
U.S. Government | 37.3 |  |  | (0.1 | ) |  | 81.7 |  |  | (1.3 | ) |  | 119.0 |  |  | (1.4 | )
Total available-for-sale securities | $ | 2,577.1 |  |  | $ | (39.4 | ) |  | $ | 2,285.5 |  |  | $ | (69.4 | ) |  | $ | 4,862.6 |  |  | $ | (108.8 | )
Total number of available-for-sale securities in an unrealized loss position |  |  | 319 |  |  |  |  | 310 |  |  |  |  | 629 |
At December 31, 2014 and September 30, 2014, securities in an unrealized loss position were primarily concentrated in investment grade corporate debt instruments. At December 31, 2014 and September 30, 2014, securities with a fair value of $40.0 and $0.2, respectively, were depressed greater than 20% of amortized cost (excluding U.S. Government and U.S. Government sponsored agency securities), which represented less than 1% of the carrying values of all investments. For the three months ended December 31, 2014 and 2013, FGL recognized no material impairment losses in operations. The portion of other-than-temporary impairments recognized in AOCI is disclosed in the unaudited Condensed Consolidated Statements of Comprehensive Loss. Asset-based Loans Salus Capital Partners, LLC (“Salus”) portfolio of asset-based loans receivable, included in “Asset-based loans” in the unaudited Condensed Consolidated Balance Sheets as of December 31, 2014 and September 30, 2014, consisted of the following:
| December 31, 2014 |  | September 30, 2014
Asset-based loans, net of deferred fees, by major industry: |  |  |
Electronics | $ | 245.7 |  |  | $ | 245.4 |
Apparel | 198.2 |  |  | 191.6 |
Jewelry | 89.6 |  |  | 100.1 |
Home Furnishings | 57.2 |  |  | 71.7 |
Manufacturing | 54.1 |  |  | 56.9 |
Transportation | 45.3 |  |  | 44.3 |
Sporting Goods | 11.0 |  |  | 13.9 |
Other | 98.3 |  |  | 94.9 |
Total asset-based loans | 799.4 |  |  | 818.8 |
Less: Allowance for credit losses | 7.5 |  |  | 7.2 |
Total asset-based loans, net | $ | 791.9 |  |  | $ | 811.6 |
Salus establishes its allowance for credit losses through a provision for credit losses based on its evaluation of the credit quality of its loan portfolio. The following table presents the activity in its allowance for credit losses for the three months ended December 31, 2014 and 2013:
| Three months ended December 31,
| 2014 |  | 2013
Allowance for credit losses: |  |  |
Balance at beginning of period | $ | 7.2 |  |  | $ | 5.2 |
Provision for credit losses | 0.3 |  |  | 1.8 |
Balance at end of period | $ | 7.5 |  |  | $ | 7.0 |
Credit Quality Indicators Salus monitors credit quality as indicated by various factors and utilizes such information in its evaluation of the adequacy of the allowance for credit losses. As of December 31, 2014 and September 30, 2014, Salus had no outstanding loans that were considered delinquent by Salus. As of December 31, 2014 and September 30, 2014, there were no outstanding loans that had been individually considered impaired, as all loans were in current payment status.
| Internal Risk Rating
| Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total
December 31, 2014 | $ | 209.1 |  |  | $ | 108.5 |  |  | $ | 481.8 |  |  | $ | — |  |  | $ | 799.4 |
September 30, 2014 | $ | 195.3 |  |  | $ | 372.7 |  |  | $ | 250.8 |  |  | $ | — |  |  | $ | 818.8 |
At December 31, 2014, approximately $250.0 of par value or 31.6% of the Company’s total Asset-based loans, net balance represent a term loan receivable from a national electronics retailer. The aforementioned receivable balance is collateralized by various assets including inventory, real estate, receivables, machinery and equipment and intellectual property rights. The net exposure is $150.0 as there is non-qualifying participation of $100.0 by a third party. The Company believes that this receivable is adequately collateralized, however, as part of the Salus' monitoring process, the Company changed the internal risk rating of this loan from special mention to substandard. The Company has assessed the adequacy of its allowance for loan assets and believes the level of allowance for loan losses to be adequate to mitigate inherent losses in the portfolio. Mortgage Loans on Real Estate Included in Other invested assets on the unaudited Condensed Consolidated Balance Sheets were Commercial mortgage loans ("CMLs") of $206.8 and $136.2, or approximately 1.0% and 0.7% of the Company's total investments as of December 31, 2014 and September 30, 2014, respectively. FGL primarily makes mortgage loans on income producing properties including hotels, industrial properties, retail buildings, multifamily properties and office buildings. FGL diversifies its CML portfolio by geographic region and property type to reduce concentration risk. Subsequent to origination, FGL continuously evaluates CMLs based on relevant current information to ensure properties are performing at a consistent and acceptable level to secure the related debt. The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:
| December 31, 2014 |  | September 30, 2014
| Gross Carrying Value |  | % of Total |  | Gross Carrying Value |  | % of Total
Property Type: |  |  |  |  |  |  |
Industrial- General | $ | 20.0 |  |  | 9.7 | % |  | $ | — |  |  | — | %
Industrial- Warehouse | 47.7 |  |  | 23.1 | % |  | 48.0 |  |  | 35.2 | %
Multifamily | 29.9 |  |  | 14.5 | % |  | 37.8 |  |  | 27.8 | %
Office | 76.0 |  |  | 36.7 | % |  | 44.6 |  |  | 32.7 | %
Retail | 33.2 |  |  | 16.0 | % |  | 5.8 |  |  | 4.3 | %
Total | $ | 206.8 |  |  | 100.0 | % |  | $ | 136.2 |  |  | 100.0 | %
US Region: |  |  |  |  |  |  |
East North Central | $ | 64.3 |  |  | 31.1 | % |  | $ | 27.8 |  |  | 20.4 | %
Middle Atlantic | 18.0 |  |  | 8.7 | % |  | 10.9 |  |  | 8.0 | %
Pacific | 61.2 |  |  | 29.6 | % |  | 61.5 |  |  | 45.1 | %
South Atlantic | 37.5 |  |  | 18.1 | % |  | — |  |  | — | %
West North Central | 5.8 |  |  | 2.8 | % |  | 5.8 |  |  | 4.3 | %
West South Central | 20.0 |  |  | 9.7 | % |  | 30.2 |  |  | 22.2 | %
Total | $ | 206.8 |  |  | 100.0 | % |  | $ | 136.2 |  |  | 100.0 | %
FGL has a CML portfolio with 100% of all CMLs having a loan-to-value ("LTV") ratio of less than 75% at December 31, 2014 and September 30, 2014. As of December 31, 2014 all CMLs are current and have not experienced credit or other events which would require the recording of an impairment loss. FGL has not established a collective or specific CML valuation allowance as of December 31, 2014. 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. The following table presents the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated loan-to-value ratios at December 31, 2014 and September 30, 2014:
| Debt-Service Coverage Ratios |  | Total Amount |  | % of Total |  | Estimated Fair Value |  | % of Total
| >1.25 |  | 1.00 - 1.25 |  | N/A (a) |
December 31, 2014
LTV Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 50% | $ | 44.3 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | 45.1 |  |  | 21.8 | % |  | $ | 45.1 |  |  | 21.8 | %
50% to 60% | 51.4 |  |  | — |  |  | — |  |  | 51.4 |  |  | 24.9 | % |  | 51.4 |  |  | 24.9 | %
60% to 75% | 90.3 |  |  | 20.0 |  |  | — |  |  | 110.3 |  |  | 53.3 | % |  | 110.3 |  |  | 53.3 | %
Total mortgage loans on real estate | $ | 186.0 |  |  | $ | 20.0 |  |  | $ | 0.8 |  |  | $ | 206.8 |  |  | 100.0 | % |  | $ | 206.8 |  |  | 100.0 | %
September 30, 2014
LTV Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 50% | $ | 44.6 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | 45.4 |  |  | 33.3 | % |  | $ | 45.4 |  |  | 33.3 | %
50% to 60% | 19.9 |  |  | — |  |  | — |  |  | 19.9 |  |  | 14.6 | % |  | 19.9 |  |  | 14.6 | %
60% to 75% | 70.9 |  |  | — |  |  | — |  |  | 70.9 |  |  | 52.1 | % |  | 70.9 |  |  | 52.1 | %
Total mortgage loans on real estate | $ | 135.4 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | 136.2 |  |  | 100.0 | % |  | $ | 136.2 |  |  | 100.0 | %
(a) N/A - Current financial information not available. FGL recognizes a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. At December 31, 2014, FGL had no CMLs that were delinquent in principal or interest payments. The following provides the current and past due composition of FGL's CMLs on real estate:
| December 31, 2014 |  | September 30, 2014
Current to 30 days | $ | 206.8 |  |  | $ | 136.2 |
Total carrying value | $ | 206.8 |  |  | $ | 136.2 |
As of December 31, 2014, FGL's CML portfolio had no impairments, modifications or troubled debt restructuring. Net Investment Income The major sources of “Net investment income” on the accompanying Condensed Consolidated Statements of Operations were as follows:
| Three months ended December 31,
| 2014 |  | 2013
Fixed maturity available-for-sale securities | $ | 212.8 |  |  | $ | 191.8 |
Equity available-for-sale securities | 9.9 |  |  | 4.5 |
Policy loans | 0.2 |  |  | 0.2 |
Invested cash and short-term investments | — |  |  | 0.1 |
Asset-based loans | 9.3 |  |  | 7.4 |
Other investments | 3.1 |  |  | 0.8 |
Gross investment income | 235.3 |  |  | 204.8 |
External investment expense | (4.5 | ) |  | (3.6 | )
Net investment income | $ | 230.8 |  |  | $ | 201.2 |
Net investment gains “Net investment gains” reported on the accompanying unaudited Condensed Consolidated Statements of Operations were as follows:
| Three months ended December 31,
| 2014 |  | 2013
Net realized (losses) gains on fixed maturity available-for-sale securities | $ | (1.8 | ) |  | $ | 9.8 |
Realized gains on equity securities | 3.2 |  |  | 5.4 |
Net realized gains on securities | 1.4 |  |  | 15.2 |
Realized gains on certain derivative instruments | 45.0 |  |  | 66.8 |
Unrealized gains on certain derivative instruments | 0.5 |  |  | 60.6 |
Change in fair value of other embedded derivatives | 0.6 |  |  | — |
Change in fair value of derivatives | 46.1 |  |  | 127.4 |
Realized gains (losses) on other invested assets | 4.5 |  |  | (0.7 | )
Net investment gains | $ | 52.0 |  |  | $ | 141.9 |
For the three months ended December 31, 2014, principal repayments, calls, tenders, and proceeds from the sale of fixed maturity available-for-sale securities totaled $809.6, gross gains on such sales totaled $10.5 and gross losses totaled $14.3. The proceeds from the sale of fixed maturity available-for sale securities exclude maturities and repayments for the three months ended December 31, 2014. For the three months ended December 31, 2013, principal repayments, calls, tenders, and proceeds from the sale of fixed maturity available-for-sale securities totaled $1,705.9, gross gains on such sales totaled $21.8 and gross losses totaled $12.0. The proceeds from the sale of fixed maturity available-for sale securities exclude maturities and repayments for the three months ended December 31, 2013. Cash flows from consolidated investing activities by security classification were as follows:
| Three months ended December 31,
| 2014 |  | 2013
Proceeds from investments sold, matured or repaid: |  |  |
Available-for-sale | $ | 854.1 |  |  | $ | 1,705.9 |
Derivatives and other | 128.1 |  |  | 114.4 |
| $ | 982.2 |  |  | $ | 1,820.3 |
Cost of investments acquired: |  |  |
Available-for-sale | $ | (1,371.8 | ) |  | $ | (2,598.5 | )
Trading (acquired for holding) | — |  |  | (4.4 | )
Derivatives and other | (154.2 | ) |  | (125.3 | )
| $ | (1,526.0 | ) |  | $ | (2,728.2 | )
Concentrations of Investments As of December 31, 2014 and September 30, 2014, the Company’s most significant investment in one industry, excluding U.S. Government securities, was the Company’s investment securities in the banking industry with a fair value of $2,217.7 or 11.2% and $2,240.3, or 11.6%, of the Company's invested assets portfolio, respectively. FGL’s holdings in this industry includes investments in 80 different issuers with the top ten investments accounting for 39.3% of the total holdings in this industry. As of December 31, 2014 and September 30, 2014, the Company had investments in 6 and 4 issuers that exceeded 10% of the Company's stockholders’ equity with a fair value of $1,011.0 and $768.5, or 5.1% and 4.0% of the invested assets portfolio, respectively. Additionally, the Company’s largest concentration in any single issuer as of December 31, 2014 and September 30, 2014, had a fair value of $250.0 or 1.3% of the Company's invested assets portfolio.

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