(1) The balance sheet data presented as of December 31, 1997 was derived from unaudited financial information not included herein.
UL product fees were $48.9 million for 2001, a decrease of $1.5 million from $50.4 million reported for 2000. The decrease is primarily due to reduced administrative, cost of insurance and surrender charges, and lower unearned revenue (amount assigned to the policyholders for future services) aggregating $1.5 million.
Other income was $15.3 million for 2001 compared to $12.1 million for 2000, an increase of $3.2 million, or 26.4%. The increase is primarily due to an increase in fees from supplemental contracts. These increased fees were the direct result of a higher balance of net assets under management on supplemental contracts in 2001.
Interest credited to policyholders' account balances was $65.9 million for 2001, an increase of $3.5 million, or 5.6%, from $62.4 million reported for 2000. The increase was primarily attributable to higher interest crediting of $5.5 million as a result of higher general account fund values, partially offset by lower interest crediting of $2.0 million due to the continued run-off of single premium deferred annuity ("SPDA") business.
due to higher projected maintenance expenses, and lower death claims. This was offset by $1.6 million less amortization of UL as a result of increased death claims. FPVA decreased by $1.3 million primarily due to lower levels of surrenders.
The yield on general account invested assets (including net realized gains and losses on investments) was 6.9%, 6.7%, and 7.1% for the years ended December 31, 2001, 2000, and 1999 respectively.
The following table presents the Company's fixed maturities by NAIC designation and the equivalent ratings of the Nationally Recognized Securities Rating Organizations as of December 31, 2001 and 2000, as well as the percentage, based on fair value, that each designation comprises.
Mortgage loans, consisting of commercial and agricultural loans, comprised 8.6% and 8.8% of total invested assets at December 31, 2001 and 2000, respectively. As of December 31, 2001 and 2000, commercial mortgage loans comprised $60.6 million and $49.0 million, or 45.6% and 42.2%, of total mortgage loan investments, respectively. Agricultural loans comprised $72.2 million and $67.1, million or 54.4% and 57.8%, of total mortgage loan investments, respectively.
Commercial mortgage loans are stated at their unpaid principal balances, net of valuation allowances for impairment. The Company provides valuation allowances for commercial mortgage loans when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Increases in such valuation allowances are recorded as realized investment losses and, accordingly, are reflected in the Company's results of operations. For the years ended December 31, 2001, 2000 and 1999, increases (decreases) in valuation allowances aggregated $(0.0) million, $(0.9) million, and $0.4 million, respectively. The carrying value of commercial mortgage loans at December 31, 2001 was $60.6 million, which is net of $0.7 million representing managements' best estimate of cumulative impairment losses at such date. However, there can be no assurance that additional provisions for impairment adjustments with respect to the real estate held for investment will not need to be made. Any such adjustments may have a material adverse effect on the Company's financial position and results of operations.