Travelers 2013 Annual Report Download - page 211

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4. FAIR VALUE MEASUREMENTS (Continued)
During the year ended December 31, 2013, the Company had transfers of $31 million of
redeemable preferred stock and $54 million of non-redeemable preferred stock from Level 1 to
Level 2.
(at December 31, 2012, 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 .................. $ 2,222 $2,205 $ 17 $ —
Obligations of states, municipalities and political subdivisions . . 38,681 — 38,653 28
Debt securities issued by foreign governments ............. 2,257 — 2,257 —
Mortgage-backed securities, collateralized mortgage obligations
and pass-through securities ......................... 2,997 — 2,992 5
All other corporate bonds ............................ 19,203 — 19,006 197
Redeemable preferred stock .......................... 33 32 1 —
Total fixed maturities ............................. 65,393 2,237 62,926 230
Equity securities
Common stock ..................................... 510 510 — —
Non-redeemable preferred stock ......................... 135 92 43 —
Total equity securities ............................. 645 602 43 —
Other investments ................................... 100 46 — 54
Total ........................................ $66,138 $2,885 $62,969 $284
During the year ended December 31, 2012, the Company had transfers of $4 million of
non-redeemable preferred stock from Level 1 to Level 2.
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