Notes to the consolidated financial statements of Aegon N.V.  Note 4 192 prospects of the issuers in relation to the severity and duration of the unrealized loss and does not consider those investments to be  impaired as of December 31, 2013.  The Consumer Non-Cyclical sub-sector encompasses various industries ranging from consumer products to supermarkets. The more  significant of these sub-sectors from an unrealized loss perspective are food and beverage and pharmaceuticals. The slow growth  environment in food and beverage combined with improved balance sheets resulted in an increase in acquisition activity and  shareholder friendly activity. Volumes were challenged, but largely offset by previous price increases and tight cost controls, along with  relatively benign input cost inflation. While starting to show signs of stabilization, the Pharmaceutical sector continues to deal with  patent cliff issues. As drugs roll off patent, generic competition takes market share and pulls down margins. Additionally, shareholder  friendly activities in the form of increased dividends and share repurchases continue. Merger and acquisition activity is increasing in  the sector, at times resulting in additional leverage. Finally, some companies have analyzed their business models and decided to  spin-off business lines, in an effort to concentrate on their core competencies. In certain instances, this has resulted in smaller, less  diversified companies. Aegon evaluated the near-term prospects of the issuers and it is believed that the contractual terms of these  investments will be met and these investments are not impaired as of December 31, 2013. There are no individual issuers rated below investment grade in the corporate – industrial sector which have unrealized loss positions  greater than EUR 25 million. Aegon Americas, Aegon the Netherlands and Aegon UK’s government issued available-for-sale debt securities include emerging market  sovereign bonds, US Treasury bonds, agency and state bonds. All of the issuers in the sovereign sector continue to make payments in  accordance with their bond agreements. Aegon evaluated the near-term prospects of the issuers and it is believed that the contractual  terms of these investments will be met and these investments are not impaired as of December 31, 2013.  There are no individual issuers rated below investment grade in the sovereign sector which have unrealized loss positions greater than  EUR 25 million. The table below shows the composition by maturity of all debt securities, available-for-sale, in an unrealized loss position held by  Aegon Americas, Aegon the Netherlands and Aegon UK.  Annual Report 2013 Unrealized loss by maturity Sovereign December 31, 2013 December 31, 2012 Carrying value of  securities with  gross unrealized  losses Gross unrealized  losses Carrying value of  securities with gross unrealized  losses Gross unrealized  losses One year or less 406 (8) 939 (22) Over 1 thru 5 years 2,955 (100) 2,938 (198) Over 5 thru 10 years 6,196 (327) 2,251 (286) Over 10 years 12,736 (1,140) 5,462 (835) Total 22,293 (1,575) 11,590 (1,341)