Travelers 2012 Annual Report Download - page 208

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4. FAIR VALUE MEASUREMENTS (Continued)
(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
The Company did not have any material transfers between Levels 1 and 2 during the year ended
December 31, 2011.
The following tables present the changes in the Level 3 fair value category for the years ended
December 31, 2012 and 2011.
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