Travelers 2011 Annual Report Download - page 199

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
3. INVESTMENTS (Continued)
Less than 12 months 12 months or longer Total
Gross Gross Gross
Fair Unrealized Fair Unrealized Fair Unrealized
(at December 31, 2010, in millions) Value Losses Value Losses Value Losses
Fixed maturities
U.S. Treasury securities and obligations of
U.S. government and government
agencies and authorities ............ $ 155 $ — $ — $— $ 155 $ —
Obligations of states, municipalities and
political subdivisions ............... 5,364 149 139 6 5,503 155
Debt securities issued by foreign
governments ..................... 419 4 13 — 432 4
Mortgage-backed securities, collateralized
mortgage obligations and pass-through
securities ....................... 77 1 420 35 497 36
All other corporate bonds ............ 1,230 32 185 19 1,415 51
Redeemable preferred stock ........... — — 3 — 3 —
Total fixed maturities .............. 7,245 186 760 60 8,005 246
Equity securities
Common stock ..................... 3 — 3 — 6 —
Non-redeemable preferred stock ........ 45 1 49 4 94 5
Total equity securities .............. 48 1 52 4 100 5
Total .......................... $7,293 $187 $812 $64 $8,105 $251
The following table summarizes, for all fixed maturities and equity securities reported at fair value
for which fair value is less than 80% of amortized cost at December 31, 2011, the gross unrealized
investment loss by length of time those securities have continuously been in an unrealized loss position
of greater than 20% of amortized cost:
Period For Which Fair Value Is Less Than 80% of Amortized Cost
Greater Than Greater Than
3 Months, 6 Months,
3 Months 6 Months 12 Months Greater Than
(in millions) or Less or Less or Less 12 Months Total
Fixed maturities:
Mortgage-backed securities ............ $ 2 $— $— $— $ 2
Other ........................... —56920
Total fixed maturities ............... 256922
Equity securities ..................... —————
Total .............................. $2 $5 $6 $9 $22
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