Travelers 2009 Annual Report Download - page 211

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4. FAIR VALUE MEASUREMENTS (Continued)
(at December 31, 2008, 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 . $ 1,841 $1,784 $ 57 $ —
Obligations of states, municipalities and political
subdivisions ............................... 39,062 — 39,038 24
Debt securities issued by foreign governments . . . . . . . . 1,519 — 1,519 —
Mortgage-backed securities, collateralized mortgage
obligations and pass-through securities . . . . . . . . . . . . 6,059 — 6,057 2
All other corporate bonds . . . . . . . . . . . . . . . . . . . . . . . 12,737 — 12,609 128
Redeemable preferred stock . . . . . . . . . . . . . . . . . . . . . 57 29 28 —
Total fixed maturities . . . . . . . . . . . . . . . . . . . . . . . . 61,275 1,813 59,308 154
Equity securities
Common stock............................... 160 160 — —
Non-redeemable preferred stock . . . . . . . . . . . . . . . . . . 219 174 45 —
Total equity securities . . . . . . . . . . . . . . . . . . . . . . . . 379 334 45 —
Other investments(1).......................... 359 48 — 311
Total .................................... $62,013 $2,195 $59,353 $465
Other liabilities(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2 $ 2 $ — $ —
(1) The amount in Level 3 includes $87 million of non-public stock purchase warrants of a
publicly-held company.
(2) Other liabilities represent the fair value of a derivative used to hedge the net investment in a
foreign subsidiary.
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