Travelers 2013 Annual Report Download - page 204

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
3. INVESTMENTS (Continued)
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, 2013, 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 ............ $— $— $— $— $—
Other ........................... 731314
Total fixed maturities ............... 731314
Equity securities ..................... —————
Total .......................... $7 $3 $1 $3 $14
These unrealized losses at December 31, 2013 represented less than 1% of the combined fixed
maturity and equity security portfolios on a pretax basis and less than 1% of shareholders’ equity on an
after-tax basis.
Impairment Charges
Impairment charges included in net realized investment gains in the consolidated statement of
income were as follows:
(for the year ended December 31, in millions) 2013 2012 2011
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government
agencies and authorities ......................................... $— $— $—
Obligations of states, municipalities and political subdivisions ................ ———
Debt securities issued by foreign governments ........................... ———
Mortgage-backed securities, collateralized mortgage obligations and pass-through
securities .................................................... 2413
All other corporate bonds ......................................... 345
Redeemable preferred stock ........................................ ———
Total fixed maturities ........................................... 5818
Equity securities
Common stock ................................................. 536
Non-redeemable preferred stock .................................... —1—
Total equity securities ........................................... 546
Other investments ................................................ 531
Total ....................................................... $15 $15 $25
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