Travelers 2011 Annual Report Download - page 117
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Debt Securities Issued by Foreign Governments
The following table shows the geographic distribution of the Company’s long-term fixed maturity
investments in debt securities issued by foreign governments at December 31, 2011.
Carrying Average Credit
(at December 31, 2011, in millions) Value Quality(1)
Foreign Government:
United Kingdom ............................... $ 993 Aaa
Canada ...................................... 971 Aaa
Germany .................................... 119 Aaa
Norway ..................................... 80 Aaa
All Others(2)(3) ............................... 155 Aa1
Total ...................................... $2,318
(1) Rated using external rating agencies or by the Company when a public rating does not
exist.
(2) Includes $2 million of sovereign debt issued by Spain with an average credit rating of
Aa3. The Company does not have direct exposure to sovereign debt issued by the
Republic of Ireland, Italy, Greece or Portugal.
(3) No other country accounted for 2.5% or more of total debt securities issued by foreign
governments.
The following table shows the Company’s Eurozone exposure at December 31, 2011 to all debt
securities issued by foreign governments, financial companies, sovereign corporations (including
sovereign banks) whose securities are backed by the respective country’s government and all other
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