Travelers 2015 Annual Report Download - page 200

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. An investment transferred
between levels during a period is transferred at its fair value as of the beginning of that period.
(at December 31, 2015, 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 .................. $ 2,194 $2,194 $ — $ —
Obligations of states, municipalities and political subdivisions . . 31,411 — 31,398 13
Debt securities issued by foreign governments ............. 1,873 — 1,873 —
Mortgage-backed securities, collateralized mortgage obligations
and pass-through securities ......................... 1,981 — 1,957 24
All other corporate bonds ............................ 23,089 — 22,915 174
Redeemable preferred stock .......................... 110 3 100 7
Total fixed maturities ............................. 60,658 2,197 58,243 218
Equity securities
Public common stock ................................. 543 543 — —
Non-redeemable preferred stock ......................... 162 55 107 —
Total equity securities ............................. 705 598 107 —
Other investments ................................... 56 18 — 38
Total ........................................ $61,419 $2,813 $58,350 $256
During the year ended December 31, 2015, the Company’s transfers between Level 1 and Level 2
were not significant.
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