Travelers 2011 Annual Report Download - page 112

The carrying values of investments in fixed maturities classified as available for sale at
December 31, 2011 and 2010 were as follows:
Average Credit
(at December 31, 2011, in millions) Carrying Value Quality(1)
U.S. Treasury securities and obligations of U.S. government and
government agencies and authorities ...................... $ 2,497 Aaa/Aa1
Obligations of states, municipalities and political subdivisions:
Pre-refunded ...................................... $ 7,332 Aa1
All other ........................................ 31,690 Aa1
Total obligations of states, municipalities and political
subdivisions ................................... 39,022
Debt securities issued by foreign governments ................. 2,318 Aaa
Mortgage-backed securities, collateralized mortgage obligations and
pass-through securities ................................ 3,515 Aa3
All other corporate bonds and redeemable preferred stock:
Financial:
Bank ........................................... 1,452 A1
Insurance ........................................ 386 A2
Finance/leasing .................................... 42 Baa3
Brokerage and asset management ...................... 39 A3
Total financial ................................... 1,919
Industrial .......................................... 9,961 Baa1
Public utility ....................................... 2,116 A3
Sovereign corporate securities(2) ......................... 1,407 Aaa
Canadian municipal securities ........................... 639 Aa1
Commercial mortgage-backed securities and project loans(3) ..... 446 Aaa
Asset-backed and other ............................... 392 Baa1
Total all other corporate bonds and redeemable preferred
stock ........................................ 16,880
Total fixed maturities .............................. $64,232 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 $66 million of securities
guaranteed by the U.S. government and $15 million by government sponsored enterprises.
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