Cigna 2009 Annual Report Download - page 159
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139
Separate account assets
Fair values and changes in the fair values of separate account assets generally accrue directly to the policyholders and are excluded
from the Company’s revenues and expenses. As of December 31, 2009 and December 31, 2008 separate account assets were as
follows:
December 31, 2009
(In millions)
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3) Total
Guaranteed separate accounts (See Note 22) $ 275 $ 1,480 $ - $ 1,755
Non-guaranteed separate accounts (1) 1,883 3,100 550 5,533
Total separate account assets $ 2,158 $ 4,580 $ 550 $ 7,288
(1) Non-guaranteed separate accounts include $2.6 billion in assets supporting the Company's pension plan, including $517 million classified in Level 3.
December 31, 2008
(In millions)
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3) Total
Guaranteed separate accounts (See Note 22) $ 233 $ 1,557 $ - $ 1,790
Non-guaranteed separate accounts (1) 1,093 2,506 475 4,074
Total separate account assets $ 1,326 $ 4,063 $ 475 $ 5,864
(1) Non-guaranteed separate accounts include $1.5 billion in assets supporting the Company's pension plan, including $435 million classified in Level 3.
Separate account assets in Level 1 include exchange-listed equity securities. Level 2 assets primarily include:
x equity securities and corporate and structured bonds valued using recent trades of similar securities or pricing models that
discount future cash flows at estimated market interest rates as described above; and
x actively-traded institutional and retail mutual fund investments and separate accounts priced using the daily net asset value which
is the exit price.
Separate account assets classified in Level 3 include investments primarily in securities partnerships and real estate generally valued
based on the separate account’s ownership share of the equity of the investee including changes in the fair values of its underlying
investments.