Travelers 2011 Annual Report Download - page 206

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4. FAIR VALUE MEASUREMENTS (Continued)
Fair Value Hierarchy
The following tables present the level within the fair value hierarchy at which the Company’s
financial assets and financial liabilities are measured on a recurring basis at December 31, 2011 and
2010.
(at December 31, 2011, in millions) Total Level 1 Level 2 Level 3
Invested assets:
Fixed maturities
U.S. Treasury securities and obligations of U.S.
government and government agencies and authorities . $ 2,497 $2,465 $ 32 $ —
Obligations of states, municipalities and political
subdivisions ............................... 39,022 — 39,002 20
Debt securities issued by foreign governments ........ 2,318 — 2,318 —
Mortgage-backed securities, collateralized mortgage
obligations and pass-through securities ............ 3,515 — 3,514 1
All other corporate bonds ....................... 16,850 — 16,621 229
Redeemable preferred stock ..................... 30 29 1 —
Total fixed maturities ........................ 64,232 2,494 61,488 250
Equity securities
Common stock ............................... 428 428 — —
Non-redeemable preferred stock .................. 131 96 35 —
Total equity securities ........................ 559 524 35 —
Other investments ............................ 86 42 — 44
Total .................................... $64,877 $3,060 $61,523 $294
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