Travelers 2010 Annual Report Download - page 113

Average Credit
(at December 31, 2009, in millions) Carrying Value Quality(1)
U.S. Treasury securities and obligations of U.S. Government and
government agencies and authorities ...................... $ 2,574 Aaa
Obligations of states, municipalities and political subdivisions:
Pre-refunded ...................................... $ 6,062 Aa1
All other ........................................ 35,271 Aa1
Total obligations of states, municipalities and political
subdivisions ................................... 41,333
Debt securities issued by foreign governments ................. 1,957 Aaa
Mortgage-backed securities, collateralized mortgage obligations and
pass-through securities ................................ 5,207 Aa1
All other corporate bonds and redeemable preferred stock:
Financial:
Bank ........................................... 2,107 Aa3
Insurance ........................................ 423 A2
Finance/leasing .................................... 113 Baa3
Brokerage and asset management ...................... 34 Baa2
Total financial ................................... 2,677
Industrial .......................................... 7,080 Baa1
Public utility ....................................... 1,737 A3
Sovereign corporate securities(2) ......................... 1,499 Aaa
Canadian municipal securities ........................... 669 Aa1
Commercial mortgage-backed securities and project loans(3) ..... 714 Aaa
Asset-backed and other ............................... 400 A3
Total all other corporate bonds and redeemable preferred
stock ........................................ 14,776
Total fixed maturities .............................. $65,847 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 $200 million of securities
guaranteed by the U.S. government and $36 million by government sponsored enterprises.
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