Travelers 2014 Annual Report Download - page 242
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Table of Contents
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS (Continued)
241
(at December 31, 2013, in millions)
Total
Level 1
Level 2
Level 3
Invested assets:
Fixed maturities
Obligations of states, municipalities and
political subdivisions
$
18
$
—
$
18
$
—
Debt securities issued by foreign
governments
14
—
14
—
Mortgage
-
backed securities,
collateralized mortgage obligations
and pass
-
through securities
11
—
11
—
All other corporate bonds
447
—
447
—
Total fixed maturities
490
—
490
—
Mutual funds
Equity mutual funds
1,355
1,355
—
—
Bond mutual funds
446
446
—
—
Total mutual funds
1,801
1,801
—
—
Equity securities
571
570
1
—
Other investments(1)
4
—
—
4
Cash and short
-
term securities
U.S. Treasury securities
122
122
—
—
Money market mutual funds
19
19
—
—
Other
196
31
165
—
Total cash and short
-
term
securities
337
172
165
—
Total
$
3,203
$
2,543
$
656
$
4
(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.