Travelers 2012 Annual Report Download - page 113

The carrying values of investments in fixed maturities classified as available for sale at
December 31, 2012 and 2011 were as follows:
2012 2011
Carrying Average Credit Carrying Average Credit
(at December 31, in millions) Value Quality(1) Value Quality(1)
U.S. Treasury securities and obligations of U.S.
government and government agencies and
authorities .............................. $ 2,222 Aaa/Aa1 $ 2,497 Aaa/Aa1
Obligations of states, municipalities and political
subdivisions::
Pre-refunded ........................... 9,025 Aa1 7,332 Aa1
All other .............................. 29,656 Aa1 31,690 Aa1
Total obligations of states, municipalities and
political subdivisions .................. 38,681 39,022
Debt securities issued by foreign governments ...... 2,257 Aaa 2,318 Aaa
Mortgage-backed securities, collateralized mortgage
obligations, and pass-through securities .......... 2,997 A1 3,515 Aa3
All other corporate bonds and redeemable preferred
stock:
Financial:
Bank ............................... 1,808 A1 1,452 A1
Insurance ............................ 433 A1 386 A2
Finance/leasing ........................ 39 Baa3 42 Baa3
Brokerage and asset management .......... 34 A2 39 A3
Total financial ....................... 2,314 1,919
Industrial ............................... 12,076 A3 9,961 Baa1
Public utility ............................. 2,151 A3 2,116 A3
Sovereign corporate securities(2) .............. 1,011 Aaa 1,407 Aaa
Canadian municipal securities ................ 643 Aa1 639 Aa1
Commercial mortgage-backed securities and project
loans(3) .............................. 453 Aaa 446 Aaa
Asset-backed and other ..................... 588 A2 392 Baa1
Total all other corporate bonds and
redeemable preferred stock ........... 19,236 16,880
Total fixed maturities .................. $65,393 Aa2 $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 at December 31, 2012 and
2011 are $50 million and $66 million of securities guaranteed by the U.S. government, respectively,
and $14 million and $15 million by government sponsored enterprises, respectively.
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