Travelers 2009 Annual Report Download - page 212

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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4. FAIR VALUE MEASUREMENTS (Continued)
The following tables present the changes in the Level 3 fair value category for the years ended
December 31, 2009 and 2008.
Fixed Other
(in millions) Maturities Investments Total
Balance at December 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $154 $ 311 $ 465
Total realized and unrealized investment gains (losses):
Included in realized investment gains (losses)(1) . . . . . . . . . . . . . . . . (5) (4) (9)
Included in increases (decreases) in accumulated other changes in
equity from nonowner sources . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 73 84
Purchases, (sales), issuances and settlements . . . . . . . . . . . . . . . . . . . . 98 4 102
Gross transfers into Level 3 ................................ 9—9
Gross transfers out of Level 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27) (230) (257)
Balance at December 31, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . $240 $ 154 $ 394
Amount of total realized investment gains (losses) for the period
included in the consolidated statement of income attributable to
changes in the fair value of assets still held at the reporting date . . . . $— $ 7 $ 7
(1) Includes impairments on investments held at the end of the period as well as amortization on fixed
maturities.
Transfers out of Level 3 during 2009 included a $230 million transfer resulting from a private
common stock holding undergoing an initial public offering. The new public security has transfer
restrictions and is reported in Level 2.
Fixed Other
(in millions) Maturities Investments Total
Balance at December 31, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $181 $330 $511
Total realized and unrealized investment gains (losses):
Included in realized investment gains (losses)(1) . . . . . . . . . . . . . . . . . 1 2 3
Included in increases (decreases) in accumulated other changes in
equity from nonowner sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24) (28) (52)
Purchases, (sales), issuances and settlements . . . . . . . . . . . . . . . . . . . . . (18) 7 (11)
Gross transfers into Level 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 — 59
Gross transfers out of Level 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (45) — (45)
Balance at December 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . $154 $311 $465
Amount of total realized investment gains (losses) for the period
included in the consolidated statement of income attributable to
changes in the fair value of assets still held at the reporting date . . . . . $ — $ 10 $ 10
(1) Includes impairments on investments held at the end of the period as well as amortization on fixed
maturities.
200