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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________
FORM 10-Q
_________________________________________________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
___________________________________________________________________
 
Commission file number: 001-10898
___________________________________________________________________
The Travelers Companies, Inc.
(Exact name of registrant as specified in its charter)
 ____________________________________________________________________
Minnesota 41-0518860
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
485 Lexington Avenue
New York, NY 10017
(Address of principal executive offices) (Zip Code)
 (917) 778-6000
(Registrant’s telephone number, including area code)
_________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, without par value TRV New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.        Yes ý    No o 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).         
Yes ý    No o 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐    No ý 
The number of shares of the Registrant’s Common Stock, without par value, outstanding at July 17, 2023 was 228,942,328.



The Travelers Companies, Inc.
 
Quarterly Report on Form 10-Q
 
For Quarterly Period Ended June 30, 2023
_________________________________________________________
 
TABLE OF CONTENTS
 
  Page
  
   
Item 1. 
   
 
Consolidated Statement of Income (Loss) (Unaudited) — Three and Six Months Ended June 30, 2023 and 2022
   
 
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) — Three and Six Months Ended June 30, 2023 and 2022
   
 
Consolidated Balance Sheet — June 30, 2023 (Unaudited) and December 31, 2022
   
 
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three and Six Months Ended June 30, 2023 and 2022
   
 
Consolidated Statement of Cash Flows (Unaudited) — Six Months Ended June 30, 2023 and 2022
   
 
   
Item 2.
   
Item 3.
   
Item 4.
   
  
   
Item 1.
   
Item 1A.
   
Item 2.
   
Item 5.
   
Item 6.
   
 
   

2

PART 1 — FINANCIAL INFORMATION
 
Item 1.  FINANCIAL STATEMENTS
 
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (LOSS) (Unaudited)
(in millions, except per share amounts)
 
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Revenues
Premiums$9,216 $8,317 $18,070 $16,331 
Net investment income712 707 1,375 1,344 
Fee income106 100 212 203 
Net realized investment losses(35)(95)(29)(118)
Other revenues99 107 174 185 
Total revenues10,098 9,136 19,802 17,945 
Claims and expenses
Claims and claim adjustment expenses7,227 5,803 13,186 10,842 
Amortization of deferred acquisition costs1,519 1,365 2,981 2,675 
General and administrative expenses1,308 1,223 2,575 2,414 
Interest expense92 88 180 175 
Total claims and expenses10,146 8,479 18,922 16,106 
Income (loss) before income taxes(48)657 880 1,839 
Income tax expense (benefit)(34)106 (81)270 
Net income (loss)$(14)$551 $961 $1,569 
Net income (loss) per share
Basic$(0.07)$2.29 $4.14 $6.50 
Diluted$(0.07)$2.27 $4.09 $6.43 
Weighted average number of common shares outstanding
Basic229.7 238.4 230.6 239.7 
Diluted229.7 241.1 233.3 242.4 
Cash dividends declared per common share$1.00 0.931.931.81

 









The accompanying notes are an integral part of the consolidated financial statements.
3

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(in millions)
 
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Net income (loss)$(14)$551 $961 $1,569 
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income (loss)(903)(3,045)405 (7,874)
Having credit losses recognized in the consolidated statement of income (loss)— (2)— (3)
Net changes in benefit plan assets and obligations(4)11 (7)22 
Net changes in unrealized foreign currency translation94 (174)131 (172)
Other comprehensive income (loss) before income taxes(813)(3,210)529 (8,027)
Income tax expense (benefit)(190)(657)93 (1,679)
Other comprehensive income (loss), net of taxes(623)(2,553)436 (6,348)
Comprehensive income (loss)$(637)$(2,002)$1,397 $(4,779)
 


































The accompanying notes are an integral part of the consolidated financial statements.
4

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
 
June 30,
2023		December 31,
2022
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $79,027 and $77,380; allowance for expected credit losses of $4 and $3)
$73,212 $71,160 
Equity securities, at fair value (cost $548 and $747)
587 807 
Real estate investments953 952 
Short-term securities3,892 3,470 
Other investments4,329 4,065 
Total investments82,973 80,454 
Cash605 799 
Investment income accrued649 650 
Premiums receivable (net of allowance for expected credit
    losses of $72 and $77)
10,327 8,922 
Reinsurance recoverables (net of allowance for estimated uncollectible
  reinsurance of $121 and $132)
8,121 8,063 
Ceded unearned premiums1,302 1,024 
Deferred acquisition costs3,212 2,836 
Deferred taxes1,846 1,877 
Contractholder receivables (net of allowance for expected credit
   losses of $20 and $17)
3,449 3,579 
Goodwill3,975 3,952 
Other intangible assets283 287 
Other assets3,831 3,274 
Total assets$120,573 $115,717 
Liabilities  
Claims and claim adjustment expense reserves$60,571 $58,649 
Unearned premium reserves20,214 18,240 
Contractholder payables3,469 3,596 
Payables for reinsurance premiums726 419 
Debt8,031 7,292 
Other liabilities5,707 5,961 
Total liabilities98,718 94,157 
Shareholders’ equity  
Common stock (1,750.0 shares authorized; 228.9 and 232.1 shares issued and outstanding)
24,776 24,565 
Retained earnings44,026 43,516 
Accumulated other comprehensive loss(6,009)(6,445)
Treasury stock, at cost (558.2 and 553.5 shares)
(40,938)(40,076)
Total shareholders’ equity21,855 21,560 
Total liabilities and shareholders’ equity$120,573 $115,717 





The accompanying notes are an integral part of the consolidated financial statements.
5

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(in millions)
 
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Common stock    
Balance, beginning of period$24,703 $24,348 $24,565 $24,154 
Employee share-based compensation26 30 94 165 
Compensation amortization under share-based plans and other changes
47 41 117 100 
Balance, end of period24,776 24,419 24,776 24,419 
Retained earnings    
Balance, beginning of period44,273 42,359 43,516 41,555 
Net income (loss)(14)551 961 1,569 
Dividends(233)(225)(451)(439)
Other— (1)— (1)
Balance, end of period44,026 42,684 44,026 42,684 
Accumulated other comprehensive income (loss), net of tax    
Balance, beginning of period(5,386)(2,602)(6,445)1,193 
Other comprehensive income (loss)(623)(2,553)436 (6,348)
Balance, end of period(6,009)(5,155)(6,009)(5,155)
Treasury stock, at cost    
Balance, beginning of period(40,538)(38,574)(40,076)(38,015)
Treasury stock acquired — share repurchase authorizations(400)(500)(800)(1,000)
Net shares acquired related to employee share-based compensation plans
— — (62)(59)
Balance, end of period(40,938)(39,074)(40,938)(39,074)
Total shareholders’ equity$21,855 $22,874 $21,855 $22,874 
Common shares outstanding    
Balance, beginning of period231.0 240.0 232.1 241.2 
Treasury stock acquired — share repurchase authorizations(2.2)(2.9)(4.4)(5.8)
Net shares issued under employee share-based compensation plans
0.1 0.2 1.2 1.9 
Balance, end of period228.9 237.3 228.9 237.3 
 











The accompanying notes are an integral part of the consolidated financial statements.
6

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(in millions)
Six Months Ended June 30,
20232022
Cash flows from operating activities  
Net income$961 $1,569 
Adjustments to reconcile net income to net cash provided by operating activities:  
Net realized investment losses29 118 
Depreciation and amortization383 444 
Deferred federal income tax benefit(64)(28)
Amortization of deferred acquisition costs2,981 2,675 
Equity in income from other investments(85)(295)
Premiums receivable(1,389)(1,071)
Reinsurance recoverables(41)(84)
Deferred acquisition costs(3,351)(2,917)
Claims and claim adjustment expense reserves1,794 1,272 
Unearned premium reserves1,935 1,398 
Other(592)(440)
Net cash provided by operating activities2,561 2,641 
Cash flows from investing activities  
Proceeds from maturities of fixed maturities3,031 3,697 
Proceeds from sales of investments:  
Fixed maturities3,115 2,701 
Equity securities90 84 
Other investments100 173 
Purchases of investments:  
Fixed maturities(7,663)(7,998)
Equity securities(50)(86)
Real estate investments(26)(16)
Other investments(255)(252)
Net sales (purchases) of short-term securities(418)257 
Securities transactions in the course of settlement15 236 
Acquisition, net of cash acquired— (4)
Other(251)(159)
Net cash used in investing activities(2,312)(1,367)
Cash flows from financing activities  
Treasury stock acquired — share repurchase authorizations(794)(1,000)
Treasury stock acquired — net employee share-based compensation(62)(59)
Dividends paid to shareholders(447)(436)
Issuance of debt738 — 
Issuance of common stock — employee share options110 194 
Net cash used in financing activities(455)(1,301)
Effect of exchange rate changes on cash12 (24)
Net decrease in cash(194)(51)
Cash at beginning of year799 761 
Cash at end of period$605 $710 
Supplemental disclosure of cash flow information  
Income taxes paid $139 $552 
Interest paid$175 $174 

The accompanying notes are an integral part of the consolidated financial statements.
7
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1.     BASIS OF PRESENTATION AND ACCOUNTING POLICIES
 
Basis of Presentation
 
The interim consolidated financial statements include the accounts of The Travelers Companies, Inc. (together with its subsidiaries, the Company). These financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) and are unaudited.  In the opinion of the Company’s management, all adjustments necessary for a fair presentation have been reflected.  Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted.  All material intercompany transactions and balances have been eliminated.  The accompanying interim consolidated financial statements and related notes should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the Company’s 2022 Annual Report).
 
The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period.  Actual results could differ from those estimates.

Adoption of Accounting Standards

For information regarding accounting standards that the Company adopted during the periods presented, see note 1 of the notes to the consolidated financial statements in the Company’s 2022 Annual Report.

Income Taxes

The Company recognized a one-time tax benefit of $211 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item impacted by the repeal of Internal Revenue Code Section 847, which related to the discounting of property-casualty loss reserves.

2.    SEGMENT INFORMATION

Nature of Operations
 
The Company’s results are reported in the following three business segments — Business Insurance, Bond & Specialty Insurance and Personal Insurance. These segments reflect the manner in which the Company’s businesses are currently managed and represent an aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten. For more information regarding the Company’s nature of operations, see the “Nature of Operations” section of note 1 of the notes to the consolidated financial statements in the Company’s 2022 Annual Report.
8
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
2.    SEGMENT INFORMATION, Continued
The following tables summarize the components of the Company’s revenues, income (loss) and total assets by reportable business segments:
(For the three months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2023    
Premiums$4,644 $911 $3,661 $9,216 
Net investment income509 78 125 712 
Fee income98 — 8 106 
Other revenues67 7 25 99 
Total segment revenues (1)
$5,318 $996 $3,819 $10,133 
Segment income (loss) (1)
$402 $230 $(538)$94 
2022    
Premiums$4,218 $851 $3,248 $8,317 
Net investment income521 64 122 707 
Fee income93 — 7 100 
Other revenues85 4 18 107 
Total segment revenues (1)
$4,917 $919 $3,395 $9,231 
Segment income (loss) (1)
$666 $228 $(193)$701 
________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income (loss) for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
(For the six months ended June 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2023    
Premiums$9,121 $1,786 $7,163 $18,070 
Net investment income982 151 242 1,375 
Fee income197 — 15 212 
Other revenues114 12 48 174 
Total segment revenues (1)
$10,414 $1,949 $7,468 $19,831 
Segment income (loss) (1)
$1,158 $437 $(455)$1,140 
2022    
Premiums$8,289 $1,671 $6,371 $16,331 
Net investment income989 123 232 1,344 
Fee income189 — 14 203 
Other revenues138 8 39 185 
Total segment revenues (1)
$9,605 $1,802 $6,656 $18,063 
Segment income (1)
$1,335 $445 $32 $1,812 
_______________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in “interest expense and other.” Segment income (loss) for reportable business segments excludes the after-tax impact of net realized investment gains (losses) and income (loss) from “interest expense and other.”
9
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
2.    SEGMENT INFORMATION, Continued
Business Segment Reconciliations
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2023202220232022
Revenue reconciliation    
Earned premiums    
Business Insurance:    
Domestic:    
Workers’ compensation$858 $864 $1,708 $1,694 
Commercial automobile798 735 1,559 1,448 
Commercial property760 638 1,469 1,246 
General liability748 700 1,508 1,388 
Commercial multi-peril1,145 1,010 2,245 1,977 
Other16 16 34 33 
Total Domestic4,325 3,963 8,523 7,786 
International319 255 598 503 
Total Business Insurance4,644 4,218 9,121 8,289 
Bond & Specialty Insurance:    
Domestic:    
Fidelity and surety325 295 631 569 
General liability406 385 804 758 
Other57 54 111 109 
Total Domestic788 734 1,546 1,436 
International123 117 240 235 
Total Bond & Specialty Insurance911 851 1,786 1,671 
Personal Insurance:    
Domestic:    
Automobile1,688 1,511 3,312 2,969 
Homeowners and Other1,814 1,570 3,538 3,066 
Total Domestic3,502 3,081 6,850 6,035 
International159 167 313 336 
Total Personal Insurance3,661 3,248 7,163 6,371 
Total earned premiums9,216 8,317 18,070 16,331 
Net investment income712 707 1,375 1,344 
Fee income106 100 212 203 
Other revenues99 107 174 185 
Total segment revenues10,133 9,231 19,831 18,063 
Net realized investment losses(35)(95)(29)(118)
Total revenues$10,098 $9,136 $19,802 $17,945 
Income reconciliation, net of tax    
Total segment income$94 $701 $1,140 $1,812 
Interest Expense and Other (1)
(79)(76)(155)(150)
Core income15 625 985 1,662 
Net realized investment losses(29)(74)(24)(93)
Net income (loss)$(14)$551 $961 $1,569 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $72 million and $69 million for the three months ended June 30, 2023 and 2022, respectively, and $142 million and $138 million for the six months ended June 30, 2023 and 2022, respectively.
10
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
2.    SEGMENT INFORMATION, Continued
(in millions)June 30,
2023		December 31,
2022
Asset reconciliation  
Business Insurance$89,737 $86,522 
Bond & Specialty Insurance10,926 10,119 
Personal Insurance19,076 18,275 
Total assets by reportable segment119,739 114,916 
Other assets (1)
834 801 
Total consolidated assets$120,573 $115,717 
 _________________________________________________________
(1)The primary components of other assets at both June 30, 2023 and December 31, 2022 were the over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.

3.      INVESTMENTS
 
Fixed Maturities
 
The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows:
 Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(at June 30, 2023, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$6,420 $— $— $346 $6,074 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation18,886 — 33 1,600 17,319 
Revenue10,141 — 25 772 9,394 
State general obligation1,194 — 2 76 1,120 
Pre-refunded1,593 — 5 2 1,596 
Total obligations of U.S. states, municipalities and political subdivisions31,814 — 65 2,450 29,429 
Debt securities issued by foreign governments1,084 — — 56 1,028 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
4,463 — 11 222 4,252 
Corporate and all other bonds35,246 4 23 2,836 32,429 
Total$79,027 $4 $99 $5,910 $73,212 

11
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
 Amortized CostAllowance for Expected Credit LossesGross UnrealizedFair Value
(at December 31, 2022, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$5,798 $— $3 $363 $5,438 
Obligations of U.S. states, municipalities and political subdivisions: 
Local general obligation19,615 — 33 1,825 17,823 
Revenue11,076 — 29 907 10,198 
State general obligation1,104 — 3 88 1,019 
Pre-refunded2,323 — 17 1 2,339 
Total obligations of U.S. states, municipalities and political subdivisions34,118 — 82 2,821 31,379 
Debt securities issued by foreign governments1,049 — — 55 994 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
2,178 — 13 200 1,991 
Corporate and all other bonds34,237 3 37 2,913 31,358 
Total$77,380 $3 $135 $6,352 $71,160 
 
Pre-refunded bonds of $1.60 billion and $2.34 billion at June 30, 2023 and December 31, 2022, respectively, were bonds for which U.S. states or municipalities have established irrevocable trusts that are almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities.  These trusts were created to fund the payment of principal and interest due under the bonds.
 
Proceeds from the sales of fixed maturities classified as available for sale were $3.12 billion and $2.70 billion during the six months ended June 30, 2023 and 2022, respectively. Gross gains of $19 million and $10 million and gross losses of $51 million and $8 million were realized on those sales during the six months ended June 30, 2023 and 2022, respectively.
 
Equity Securities
 
The cost and fair value of investments in equity securities were as follows:
  
(at June 30, 2023, in millions)CostGross GainsGross LossesFair Value
Common stock$504 $79 $42 $541 
Non-redeemable preferred stock44 2 — 46 
Total$548 $81 $42 $587 

(at December 31, 2022, in millions)CostGross GainsGross LossesFair Value
Common stock$706 $89 $32 $763 
Non-redeemable preferred stock41 3 — 44 
Total$747 $92 $32 $807 
 
For the six months ended June 30, 2023 and 2022, the Company recognized $3 million and $(85) million of net gains (losses) on equity securities still held as of June 30, 2023 and 2022, respectively.

12
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
Unrealized Investment Losses
 
The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position at June 30, 2023 and December 31, 2022, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position.  The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of the notes to the consolidated financial statements in the Company’s 2022 Annual Report.  The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s 2022 Annual Report to determine whether a credit loss impairment exists.

Less than 12 months12 months or longerTotal
(at June 30, 2023, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities      
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$4,119 $76 $1,900 $270 $6,019 $346 
Obligations of U.S. states, municipalities and political subdivisions9,891 146 13,014 2,304 22,905 2,450 
Debt securities issued by foreign governments
234 6 781 50 1,015 56 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
2,686 47 1,161 175 3,847 222 
Corporate and all other bonds10,116 315 20,698 2,521 30,814 2,836 
Total $27,046 $590 $37,554 $5,320 $64,600 $5,910 
 
Less than 12 months12 months or longerTotal
(at December 31, 2022, in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Fixed maturities  
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$2,835 $100 $1,679  $263 $4,514 $363 
Obligations of U.S. states, municipalities and political subdivisions19,251 1,975 3,134  846 22,385 2,821 
Debt securities issued by foreign governments
604 22 367  33 971 55 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
1,414 128 316  72 1,730 200 
Corporate and all other bonds24,080 1,635 6,096  1,278 30,176 2,913 
Total $48,184 $3,860 $11,592  $2,492 $59,776 $6,352 
 
13
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
The following tables summarize, for all fixed maturities reported at fair value for which fair value was less than 80% of amortized cost at June 30, 2023 and December 31, 2022, the gross unrealized investment loss by length of time those securities have continuously been in an unrealized loss position of greater than 20% of amortized cost:

 Period For Which Fair Value is Less Than 80% of Amortized Cost
(at June 30, 2023, in millions)3 months or lessGreater than 3 months, 6 months or lessGreater than 6 months, 12 months or lessGreater than 12 monthsTotal
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$— $— $— $— $— 
Obligations of U.S. states, municipalities and political subdivisions160 105 223 586 1,074 
Debt securities issued by foreign governments
2 — — — 2 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
44