Travelers 2013 Annual Report Download - page 250

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS (Continued)
(at December 31, 2012, in millions) Total Level 1 Level 2 Level 3
Invested assets:
Fixed maturities
Obligations of states, municipalities and political
subdivisions ......................... $ 7 $ — $ 7 $—
Debt securities issued by foreign governments . . 14 — 14 —
Mortgage-backed securities, collateralized
mortgage obligations and pass-through
securities ........................... 9 — 9 —
All other corporate bonds ................ 383 — 383 —
Total fixed maturities ................. 413 — 413 —
Mutual funds
Equity mutual funds .................... 1,143 1,143 — —
Bond mutual funds ..................... 406 406 — —
Total mutual funds .................... 1,549 1,549 — —
Equity securities ......................... 450 450 — —
Other investments(1) ..................... 6 — — 6
Cash and short-term securities
U.S. Treasury securities .................. 132 132 — —
Money market mutual funds ............... 22 22 — —
Other ............................... 287 17 270 —
Total cash and short-term securities ...... 441 171 270 —
Total ........................... $2,859 $2,170 $683 $ 6
(1) The fair value estimates of the two private equity funds comprising these investments are
determined by an external fund manager based on recent filings, operating results,
balance sheet stability, growth and other business and market sector fundamentals. Due
to the significant unobservable inputs in these valuations, the total fair value estimates are
disclosed in Level 3.
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