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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 September 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 October 13, 2023 was 228,399,446.



The Travelers Companies, Inc.
 
Quarterly Report on Form 10-Q
 
For Quarterly Period Ended September 30, 2023
_________________________________________________________
 
TABLE OF CONTENTS
 
  Page
  
Item 1. 
   
 
Consolidated Statement of Income (Unaudited) — Three and Nine Months Ended September 30, 2023 and 2022
   
 
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) — Three and Nine Months Ended September 30, 2023 and 2022
 
Consolidated Balance Sheet — September 30, 2023 (Unaudited) and December 31, 2022
   
 
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three and Nine Months Ended September 30, 2023 and 2022
   
 
Consolidated Statement of Cash Flows (Unaudited) — Nine Months Ended September 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 (Unaudited)
(in millions, except per share amounts)
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenues
Premiums$9,718 $8,615 $27,788 $24,946 
Net investment income769 593 2,144 1,937 
Fee income112 104 324 307 
Net realized investment losses(65)(93)(94)(211)
Other revenues101 84 275 269 
Total revenues10,635 9,303 30,437 27,248 
Claims and expenses
Claims and claim adjustment expenses7,149 6,088 20,335 16,930 
Amortization of deferred acquisition costs1,604 1,406 4,585 4,081 
General and administrative expenses1,312 1,193 3,887 3,607 
Interest expense98 88 278 263 
Total claims and expenses10,163 8,775 29,085 24,881 
Income before income taxes472 528 1,352 2,367 
Income tax expense (benefit)68 74 (13)344 
Net income$404 $454 $1,365 $2,023 
Net income per share
Basic$1.75 $1.91 $5.89 $8.43 
Diluted$1.74 $1.89 $5.83 $8.34 
Weighted average number of common shares outstanding
Basic228.8 235.4 230.0 238.3 
Diluted231.1 237.9 232.5 240.9 
Cash dividends declared per common share$1.00 $0.93 $2.93 $2.74 

 









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
September 30,		Nine Months Ended
September 30,
2023202220232022
Net income$404 $454 $1,365 $2,023 
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income(2,391)(3,204)(1,986)(11,078)
Having credit losses recognized in the consolidated statement of income— — — (3)
Net changes in benefit plan assets and obligations(3)12 (10)34 
Net changes in unrealized foreign currency translation(118)(251)13 (423)
Other comprehensive loss before income taxes(2,512)(3,443)(1,983)(11,470)
Income tax benefit(509)(690)(416)(2,369)
Other comprehensive loss, net of taxes(2,003)(2,753)(1,567)(9,101)
Comprehensive loss$(1,599)$(2,299)$(202)$(7,078)
 


































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

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
 
September 30,
2023		December 31,
2022
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $80,792 and $77,380; allowance for expected credit losses of $4 and $3)
$72,584 $71,160 
Equity securities, at fair value (cost $546 and $747)
573 807 
Real estate investments960 952 
Short-term securities4,488 3,470 
Other investments4,351 4,065 
Total investments82,956 80,454 
Cash593 799 
Investment income accrued623 650 
Premiums receivable (net of allowance for expected credit
    losses of $68 and $77)
10,345 8,922 
Reinsurance recoverables (net of allowance for estimated uncollectible
  reinsurance of $121 and $132)
8,267 8,063 
Ceded unearned premiums1,389 1,024 
Deferred acquisition costs3,330 2,836 
Deferred taxes2,393 1,877 
Contractholder receivables (net of allowance for expected credit
   losses of $20 and $17)
3,467 3,579 
Goodwill3,955 3,952 
Other intangible assets278 287 
Other assets3,788 3,274 
Total assets$121,384 $115,717 
Liabilities  
Claims and claim adjustment expense reserves$61,709 $58,649 
Unearned premium reserves21,058 18,240 
Contractholder payables3,487 3,596 
Payables for reinsurance premiums807 419 
Debt8,031 7,292 
Other liabilities6,314 5,961 
Total liabilities101,406 94,157 
Shareholders’ equity  
Common stock (1,750.0 shares authorized; 228.4 and 232.1 shares issued and outstanding)
24,831 24,565 
Retained earnings44,198 43,516 
Accumulated other comprehensive loss(8,012)(6,445)
Treasury stock, at cost (558.8 and 553.5 shares)
(41,039)(40,076)
Total shareholders’ equity19,978 21,560 
Total liabilities and shareholders’ equity$121,384 $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
September 30,		Nine Months Ended
September 30,
2023202220232022
Common stock    
Balance, beginning of period$24,776 $24,419 $24,565 $24,154 
Employee share-based compensation8 11 102 176 
Compensation amortization under share-based plans and other changes
47 42 164 142 
Balance, end of period24,831 24,472 24,831 24,472 
Retained earnings    
Balance, beginning of period44,026 42,684 43,516 41,555 
Net income404 454 1,365 2,023 
Dividends(232)(221)(683)(660)
Other— — — (1)
Balance, end of period44,198 42,917 44,198 42,917 
Accumulated other comprehensive income (loss), net of tax    
Balance, beginning of period(6,009)(5,155)(6,445)1,193 
Other comprehensive loss(2,003)(2,753)(1,567)(9,101)
Balance, end of period(8,012)(7,908)(8,012)(7,908)
Treasury stock, at cost    
Balance, beginning of period(40,938)(39,074)(40,076)(38,015)
Treasury stock acquired — share repurchase authorizations(100)(500)(900)(1,500)
Net shares acquired related to employee share-based compensation plans
(1)(1)(63)(60)
Balance, end of period(41,039)(39,575)(41,039)(39,575)
Total shareholders’ equity$19,978 $19,906 $19,978 $19,906 
Common shares outstanding    
Balance, beginning of period228.9 237.3 232.1 241.2 
Treasury stock acquired — share repurchase authorizations(0.6)(3.1)(5.0)(8.9)
Net shares issued under employee share-based compensation plans
0.1 0.1 1.3 2.0 
Balance, end of period228.4 234.3 228.4 234.3 
 











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)
Nine Months Ended September 30,
20232022
Cash flows from operating activities  
Net income$1,365 $2,023 
Adjustments to reconcile net income to net cash provided by operating activities:  
Net realized investment losses94 211 
Depreciation and amortization552 639 
Deferred federal income tax benefit(107)(130)
Amortization of deferred acquisition costs4,585 4,081 
Equity in income from other investments(144)(319)
Premiums receivable(1,422)(861)
Reinsurance recoverables(204)185 
Deferred acquisition costs(5,079)(4,419)
Claims and claim adjustment expense reserves3,053 1,694 
Unearned premium reserves2,817 2,033 
Other97 (12)
Net cash provided by operating activities5,607 5,125 
Cash flows from investing activities  
Proceeds from maturities of fixed maturities4,909 5,481 
Proceeds from sales of investments:  
Fixed maturities4,619 3,951 
Equity securities117 104 
Real estate investments— 10 
Other investments166 242 
Purchases of investments:  
Fixed maturities(13,054)(12,100)
Equity securities(80)(112)
Real estate investments(46)(28)
Other investments(375)(414)
Net purchases of short-term securities(1,018)(107)
Securities transactions in the course of settlement60 214 
Acquisition, net of cash acquired— (4)
Other(335)(291)
Net cash used in investing activities(5,037)(3,054)
Cash flows from financing activities  
Treasury stock acquired — share repurchase authorizations(894)(1,500)
Treasury stock acquired — net employee share-based compensation(63)(60)
Dividends paid to shareholders(676)(656)
Issuance of debt738 — 
Issuance of common stock — employee share options117 205 
Net cash used in financing activities(778)(2,011)
Effect of exchange rate changes on cash2 (48)
Net increase (decrease) in cash(206)12 
Cash at beginning of year799 761 
Cash at end of period$593 $773 
Supplemental disclosure of cash flow information  
Income taxes paid $152 $663 
Interest paid$234 $234 

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 September 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2023    
Premiums$4,956 $935 $3,827 $9,718 
Net investment income551 86 132 769 
Fee income102 — 10 112 
Other revenues71 6 24 101 
Total segment revenues (1)
$5,680 $1,027 $3,993 $10,700 
Segment income (loss) (1)
$468 $265 $(193)$540 
2022    
Premiums$4,353 $877 $3,385 $8,615 
Net investment income426 65 102 593 
Fee income96 — 8 104 
Other revenues56 6 22 84 
Total segment revenues (1)
$4,931 $948 $3,517 $9,396 
Segment income (loss) (1)
$471 $242 $(111)$602 
________________________________________________________
(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 nine months ended September 30, in millions) Business
Insurance		Bond & Specialty
Insurance		Personal
Insurance		Total
Reportable
Segments
2023    
Premiums$14,077 $2,721 $10,990 $27,788 
Net investment income1,533 237 374 2,144 
Fee income299 — 25 324 
Other revenues185 18 72 275 
Total segment revenues (1)
$16,094 $2,976 $11,461 $30,531 
Segment income (loss) (1)
$1,626 $702 $(648)$1,680 
2022    
Premiums$12,642 $2,548 $9,756 $24,946 
Net investment income1,415 188 334 1,937 
Fee income285 — 22 307 
Other revenues194 14 61 269 
Total segment revenues (1)
$14,536 $2,750 $10,173 $27,459 
Segment income (loss) (1)
$1,806 $687 $(79)$2,414 
_______________________________________________________
(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
September 30,		Nine Months Ended
September 30,
(in millions)2023202220232022
Revenue reconciliation    
Earned premiums    
Business Insurance:    
Domestic:    
Workers’ compensation$876 $872 $2,584 $2,566 
Commercial automobile816 754 2,375 2,202 
Commercial property828 668 2,297 1,914 
General liability804 728 2,312 2,116 
Commercial multi-peril1,211 1,057 3,456 3,034 
Other21 19 55 52 
Total Domestic4,556 4,098 13,079 11,884 
International400 255 998 758 
Total Business Insurance4,956 4,353 14,077 12,642 
Bond & Specialty Insurance:    
Domestic:    
Fidelity and surety333 307 964 876 
General liability414 396 1,218 1,154 
Other57 57 168 166 
Total Domestic804 760 2,350 2,196 
International131 117 371 352 
Total Bond & Specialty Insurance935 877 2,721 2,548 
Personal Insurance:    
Domestic:    
Automobile1,772 1,575 5,084 4,544 
Homeowners and Other1,896 1,648 5,434 4,714 
Total Domestic3,668 3,223 10,518 9,258 
International159 162 472 498 
Total Personal Insurance3,827 3,385 10,990 9,756 
Total earned premiums9,718 8,615 27,788 24,946 
Net investment income769 593 2,144 1,937 
Fee income112 104 324 307 
Other revenues101 84 275 269 
Total segment revenues10,700 9,396 30,531 27,459 
Net realized investment losses(65)(93)(94)(211)
Total revenues$10,635 $9,303 $30,437 $27,248 
Income reconciliation, net of tax    
Total segment income$540 $602 $1,680 $2,414 
Interest Expense and Other (1)
(86)(76)(241)(226)
Core income454 526 1,439 2,188 
Net realized investment losses(50)(72)(74)(165)
Net income$404 $454 $1,365 $2,023 
_________________________________________________________
(1)The primary component of Interest Expense and Other was after-tax interest expense of $78 million and $70 million for the three months ended September 30, 2023 and 2022, respectively, and $220 million and $208 million for the nine months ended September 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)September 30,
2023		December 31,
2022
Asset reconciliation  
Business Insurance$89,980 $86,522 
Bond & Specialty Insurance11,088 10,119 
Personal Insurance19,454 18,275 
Total assets by reportable segment120,522 114,916 
Other assets (1)
862 801 
Total consolidated assets$121,384 $115,717 
 _________________________________________________________
(1)The primary components of other assets at both September 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 September 30, 2023, in millions)GainsLosses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$6,575 $— $— $363 $6,212 
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation18,358 — 1 2,675 15,684 
Revenue9,750 — 2 1,275 8,477 
State general obligation1,174 — — 137 1,037 
Pre-refunded1,048 — 1 9 1,040 
Total obligations of U.S. states, municipalities and political subdivisions30,330 — 4 4,096 26,238 
Debt securities issued by foreign governments1,037 — 1 56 982 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
6,927 — 7 411 6,523 
Corporate and all other bonds35,923 4 16 3,306 32,629 
Total$80,792 $4 $28 $8,232 $72,584 
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 $1.04 billion and $2.34 billion at September 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 $4.62 billion and $3.95 billion during the nine months ended September 30, 2023 and 2022, respectively. Gross gains of $26 million and $17 million and gross losses of $93 million and $52 million were realized on those sales during the nine months ended September 30, 2023 and 2022, respectively.
Equity Securities
The cost and fair value of investments in equity securities were as follows:
  
(at September 30, 2023, in millions)CostGross GainsGross LossesFair Value
Common stock$502 $65 $40 $527 
Non-redeemable preferred stock44 2 — 46 
Total$546 $67 $40 $573 
(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 nine months ended September 30, 2023 and 2022, the Company recognized $11 million and $110 million of net losses on equity securities still held as of September 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 September 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 September 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
$2,979 $32 $3,083 $331 $6,062 $363 
Obligations of U.S. states, municipalities and political subdivisions12,050 703 13,625 3,393 25,675 4,096 
Debt securities issued by foreign governments
201 6 769 50 970 56 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
5,032 162 1,373 249 6,405 411 
Corporate and all other bonds5,680 167 26,034 3,139 31,714 3,306 
Total $25,942 $1,070 $44,884 $7,162 $70,826 $8,232 
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 September 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 September 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
$17 $— $— $— $17 
Obligations of U.S. states, municipalities and political subdivisions948 167 140 1,024 2,279 
Debt securities issued by foreign governments
— 1