Travelers 2007 Annual Report Download - page 192
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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
3. INVESTMENTS (Continued)
grade assets as those securities rated below investment grade by external rating agencies, or the
equivalent by the Company’s investment advisors when a public rating does not exist. Such assets
include publicly traded below investment grade bonds and certain other privately issued bonds that are
classified as below investment grade loans.
The Company monitors creditworthiness of counterparties to financial instruments by using
controls that include credit approvals, limits and other monitoring procedures.
Net Investment Income
(for the year ended December 31, in millions) 2007 2006 2005
Gross investment income
Fixed maturities ............................... $2,893 $2,738 $2,530
Equity securities ............................... 29 30 41
Short-term securities ............................ 279 285 182
Real estate ................................... 64 46 58
Other investments ............................. 555 481 427
Gross investment income ....................... 3,820 3,580 3,238
Investment expenses ............................ 59 63 73
Net investment income ........................ $3,761 $3,517 $3,165
Net Realized and Unrealized Investment Gains (Losses)
Net realized investment gains (losses) for the periods were as follows:
(for the year ended December 31, in millions) 2007 2006 2005
Net realized investment gains (losses)
Fixed maturities ................................... $5 $(33) $ —
Equity securities ................................... 221 34
Real estate ....................................... (9) —19
Venture capital .................................... 91 49 (4)
Other investments (excluding venture capital) .............. 65 (26) (32)
Net realized investment gains ........................ $154 $11 $17
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