Cigna 2014 Annual Report Download - page 115
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PART II
ITEM 8. Financial Statements and Supplementary Data
The fair values of plan assets by category and by the fair value hierarchy as defined by GAAP are as follows. See Note 10 for further details
regarding how the Company determines fair value, including the level within the fair value hierarchy and the procedures the Company uses to
validate fair value measurements.
Quoted Prices in Significant
Active Markets for Significant Other Unobservable
Identical Assets Observable Inputs Inputs
December 31, 2014
(In millions)
(Level 1) (Level 2) (Level 3) Total
Plan assets at fair value:
Fixed maturities:
Federal government and agency $ 1 $ 1 $ – $ 2
Corporate – 1,025 35 1,060
Mortgage and other asset-backed – 21 3 24
Fund investments and pooled separate accounts
(1)
– 744 3 747
TOTAL FIXED MATURITIES 1 1,791 41 1,833
Equity securities:
Domestic 640 5 73 718
International, including funds and pooled separate accounts
(1)
131 241 7 379
TOTAL EQUITY SECURITIES 771 246 80 1,097
Real estate, including pooled separate accounts
(1)
– – 331 331
Commercial mortgage loans – – 110 110
Securities partnerships – – 357 357
Hedge funds – – 283 283
Guaranteed deposit account contract – – 44 44
Cash equivalents – 115 – 115
TOTAL PLAN ASSETS AT FAIR VALUE $ 772 $ 2,152 $ 1,246 $ 4,170
(1) A pooled separate account has several participating benefit plans and each owns a share of the total pool of investments.
Quoted Prices in Significant
Active Markets for Significant Other Unobservable
Identical Assets Observable Inputs Inputs
December 31, 2013
(In millions)
(Level 1) (Level 2) (Level 3) Total
Plan assets at fair value:
Fixed maturities:
Federal government and agency $ – $ 2 $ – $ 2
Corporate – 725 24 749
Mortgage and other asset-backed – 18 5 23
Fund investments and pooled separate accounts
(1)
– 1,019 3 1,022
TOTAL FIXED MATURITIES – 1,764 32 1,796
Equity securities:
Domestic 824 – 35 859
International, including funds and pooled separate accounts
(1)
187 124 7 318
TOTAL EQUITY SECURITIES 1,011 124 42 1,177
Real estate, including pooled separate accounts
(1)
– – 251 251
Commercial mortgage loans – – 88 88
Securities partnerships – – 304 304
Hedge funds – – 360 360
Guaranteed deposit account contract – – 44 44
Cash equivalents – 69 – 69
TOTAL PLAN ASSETS AT FAIR VALUE $ 1,011 $ 1,957 $ 1,121 $ 4,089
(1) A pooled separate account has several participating benefit plans and each owns a share of the total pool of investments.
CIGNA CORPORATION - 2014 Form 10-K 83