Travelers 2013 Annual Report Download - page 210

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, 2013 and
2012. An investment transferred between levels during a period is transferred at its fair value as of the
beginning of that period.
(at December 31, 2013, 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 .................. $ 2,315 $2,298 $ 17 $ —
Obligations of states, municipalities and political subdivisions . . 35,562 1 35,538 23
Debt securities issued by foreign governments ............. 2,577 — 2,577 —
Mortgage-backed securities, collateralized mortgage obligations
and pass-through securities ......................... 2,424 — 2,415 9
All other corporate bonds ............................ 20,940 — 20,726 214
Redeemable preferred stock .......................... 138 — 129 9
Total fixed maturities ............................. 63,956 2,299 61,402 255
Equity securities
Common stock ..................................... 610 610 — —
Non-redeemable preferred stock ......................... 333 138 195 —
Total equity securities ............................. 943 748 195 —
Other investments ................................... 53 19 — 34
Total ........................................ $64,952 $3,066 $61,597 $289
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