Travelers 2004 Annual Report Download - page 156

THE ST. PAUL TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
6. INVESTMENTS
Fixed Maturities
The Company’s investment portfolio includes the fixed maturities, equity securities, and other investments
acquired in the merger at their fair values as of the merger date. The fair value at acquisition became the new cost
basis for these investments.
The amortized cost and fair value of investments in fixed maturities classified as available for sale were as
follows:
(at December 31, 2004, in millions)
Amortized
Cost
Gross Unrealized Fair
ValueGains Losses
Mortgage-backed securities, collateralized mortgage obligations and
pass-through securities ....................................... $ 8,543 $ 169 $ 34 $ 8,678
U.S. Treasury securities and obligations of U.S. Government and
government agencies and authorities ............................ 3,015 40 22 3,033
Obligations of states, municipalities and political subdivisions ......... 26,034 857 50 26,841
Debt securities issued by foreign governments ...................... 1,846 19 4 1,861
All other corporate bonds ...................................... 13,383 361 99 13,645
Redeemable preferred stock ..................................... 183 16 1 198
Total ................................................... $53,004 $1,462 $210 $54,256
(at December 31, 2003, in millions)
Mortgage-backed securities, collateralized mortgage obligations and
pass-through securities ....................................... $ 7,498 $ 248 $ 8 $ 7,738
U.S. Treasury securities and obligations of U.S. Government and
government agencies and authorities ............................ 1,343 41 — 1,384
Obligations of states, municipalities and political subdivisions ......... 14,616 813 2 15,427
Debt securities issued by foreign governments ...................... 243 16 3 256
All other corporate bonds ...................................... 7,537 475 27 7,985
Redeemable preferred stock ..................................... 242 16 2 256
Total ................................................... $31,479 $1,609 $ 42 $33,046
The amortized cost and fair value of fixed maturities by contractual maturity follow. Actual maturities will
differ from contractual maturities because borrowers may have the right to call or prepay obligations with or
without call or prepayment penalties.
(at December 31, 2004, in millions)
Amortized
Cost
Fair
Value
Due in one year or less ....................................................... $ 2,495 $ 2,499
Due after 1 year through 5 years ............................................... 10,607 10,772
Due after 5 years through 10 years ............................................. 14,345 14,730
Due after 10 years .......................................................... 17,014 17,577
44,461 45,578
Mortgage-backed securities ................................................... 8,543 8,678
Total ................................................................. $53,004 $54,256
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