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2008 First Quarter Financial Highlights
Investment Results
As of March 31, 2008
Through the first quarter 2008, we continued our track record of strong diversification and quality in our general account assets. We have no significant quality concerns on the basis of underperforming assets, and our exposure to below investment grade fixed maturity securities remained low compared to our peer group.
Our portfolio consists primarily of high-quality fixed maturity securities and mortgages. As of March 31, 2008, two bonds were in default. Mortgage delinquencies were zero.
Over the past years, Minnesota Life’s portfolio performance has been affected by a relatively high investment in common stock and private equity. These investments have had a positive impact on our performance since the recovery of the markets following the downturn in 2001 and 2002. However, the markets have begun to negatively impact performance at the end of 2007 through first quarter 2008.
Bonds**
The yield on our bond portfolio was
6.05 percent as of March 31, 2008
Demonstrating the high quality of our bonds, 97.5 percent of our Bond portfolio is classified as investment grade, according to Standards established by the National Association of Insurance Commissioners. Two bonds were in default as of March 31, 2008, representing less than 0.01 percent of invested assets.
Diversification is a key to our success. Our bond portfolio consists of Investments in 520 companies, and the largest single issue represents 0.9 percent of invested assets.
Mortgages
The yield on our mortgage portfolio was
7.46 percent as of March 31, 2008.
We invest in mortgage obligations with safe, predictable cash flows and competitive returns. Investments are highly diversified consisting of high-quality commercial mortgages.
Our mortgage portfolio includes investments in all regions of the country with no significant concentration in any one state. Our largest single loan represents 0.3 percent of invested assets.
Reflecting the quality of our holdings, there were no delinquencies at first quarter 2008.
| * | As presented in our Statutory financial statements. |
| ** | The National Association of Insurance Commissioners classifies bonds into six categories based on their level of risk, ranging from investment grade, the highest quality, to noninvestment grade issues; this distribution includes short-term bonds. |
| † | Source: A.M. Best |
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