Travelers 2009 Annual Report Download - page 210

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4. FAIR VALUE MEASUREMENTS (Continued)
Fair Value Hierarchy
The following tables present the level within the fair value hierarchy at which the Company’s
financial assets and financial liabilities are measured on a recurring basis at December 31, 2009 and
2008.
(at December 31, 2009, in millions) Total Level 1 Level 2 Level 3
Invested assets:
Fixed maturities
U.S. Treasury securities and obligations of U.S.
Government and government agencies and authorities . $ 2,574 $2,517 $ 57 $ —
Obligations of states, municipalities and political
subdivisions ............................... 41,333 — 41,232 101
Debt securities issued by foreign governments . . . . . . . . 1,957 — 1,957 —
Mortgage-backed securities, collateralized mortgage
obligations and pass-through securities . . . . . . . . . . . . 5,207 — 5,184 23
All other corporate bonds . . . . . . . . . . . . . . . . . . . . . . . 14,728 — 14,612 116
Redeemable preferred stock . . . . . . . . . . . . . . . . . . . . . 48 36 12 —
Total fixed maturities . . . . . . . . . . . . . . . . . . . . . . . . 65,847 2,553 63,054 240
Equity securities
Common stock............................... 219 219 — —
Non-redeemable preferred stock . . . . . . . . . . . . . . . . . . 232 138 94 —
Total equity securities . . . . . . . . . . . . . . . . . . . . . . . . 451 357 94 —
Other investments(1).......................... 413 46 213 154
Total .................................... $66,711 $2,956 $63,361 $394
(1) The amount in Level 3 includes $94 million of non-public stock purchase warrants of a
publicly-held company.
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