Travelers 2010 Annual Report Download - page 112

The carrying values of investments in fixed maturities classified as available for sale at
December 31, 2010 and 2009 were as follows:
Average Credit
(at December 31, 2010, in millions) Carrying Value Quality(1)
U.S. Treasury securities and obligations of U.S. Government and
government agencies and authorities ...................... $ 2,008 Aaa
Obligations of states, municipalities and political subdivisions:
Pre-refunded ...................................... $ 7,291 Aa1
All other ........................................ 32,244 Aa1
Total obligations of states, municipalities and political
subdivisions ................................... 39,535
Debt securities issued by foreign governments ................. 2,202 Aaa
Mortgage-backed securities, collateralized mortgage obligations and
pass-through securities ................................ 4,164 Aa1
All other corporate bonds and redeemable preferred stock:
Financial:
Bank ........................................... 1,462 A1
Insurance ........................................ 351 A2
Finance/leasing .................................... 83 Baa3
Brokerage and asset management ...................... 30 Baa1
Total financial ................................... 1,926
Industrial .......................................... 7,711 Baa1
Public utility ....................................... 1,859 A3
Sovereign corporate securities(2) ......................... 1,800 Aaa
Canadian municipal securities ........................... 671 Aa1
Commercial mortgage-backed securities and project loans(3) ..... 549 Aaa
Asset-backed and other ............................... 395 Baa1
Total all other corporate bonds and redeemable preferred
stock ........................................ 14,911
Total fixed maturities .............................. $62,820 Aa2
(1) Rated using external rating agencies or by the Company when a public rating does not exist.
(2) Sovereign corporate securities include corporate securities that are backed by a government and
include sovereign banks and securities issued under the Temporary Liquidity Guaranty and the
Federal Ship Financing Programs.
(3) Included in commercial mortgage-backed securities and project loans are $146 million of securities
guaranteed by the U.S. government and $9 million by government sponsored enterprises.
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