Travelers 2015 Annual Report Download - page 106

The carrying values of investments in fixed maturities classified as available for sale at
December 31, 2015 and 2014 were as follows:
2015 2014
Carrying Average Credit Carrying Average Credit
(at December 31, in millions) Value Quality(1) Value Quality(1)
U.S. Treasury securities and obligations of U.S.
government and government agencies and
authorities .............................. $ 2,194 Aaa/Aa1 $ 2,053 Aaa/Aa1
Obligations of states, municipalities and political
subdivisions:
Local general obligation ................... 13,318 Aaa/Aa1 13,005 Aaa/Aa1
Revenue .............................. 9,960 Aaa/Aa1 10,404 Aaa/Aa1
State general obligation ................... 2,073 Aa1 2,603 Aa1
Pre-refunded ........................... 6,060 Aa1 7,561 Aa1
Total obligations of states, municipalities and
political subdivisions .................. 31,411 33,573
Debt securities issued by foreign governments ...... 1,873 Aaa/Aa1 2,368 Aaa/Aa1
Mortgage-backed securities, collateralized mortgage
obligations and pass-through securities .......... 1,981 Aa3 2,213 Aa3
All other corporate bonds and redeemable preferred
stock:
Financial:
Bank ............................... 2,637 A1 2,567 A1
Insurance ............................ 623 A1 636 A1
Finance/leasing ........................ 42 Ba2 72 Baa2
Brokerage and asset management .......... 34 A1 34 A1
Total financial ....................... 3,336 3,309
Industrial ............................... 14,151 A3 14,180 A3
Public utility ............................. 2,311 A3 2,320 A2
Canadian municipal securities ................ 1,085 Aa1 1,194 Aa1
Sovereign corporate securities(2) .............. 696 Aaa 725 Aaa
Commercial mortgage-backed securities and project
loans(3) .............................. 865 Aaa 715 Aaa
Asset-backed and other ..................... 755 Aa2 824 Aa3
Total all other corporate bonds and
redeemable preferred stock ........... 23,199 23,267
Total fixed maturities .................. $60,658 Aa2 $63,474 Aa2
(1) Rated using external rating agencies or by the Company when a public rating does not exist.
(2) Sovereign corporate securities include corporate securities that are backed by a government and
include sovereign banks and securities issued under the Federal Ship Financing Programs.
(3) Included in commercial mortgage-backed securities and project loans at December 31, 2015 and
2014 were $295 million and $189 million of securities guaranteed by the U.S. government,
respectively, and $8 million and $13 million of securities guaranteed by government sponsored
enterprises, respectively.
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