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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, 2021
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 filer ý Accelerated 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 14, 2021 was 246,008,687.




The Travelers Companies, Inc.
 
Quarterly Report on Form 10-Q
 
For Quarterly Period Ended September 30, 2021
_________________________________________________________
 
TABLE OF CONTENTS
 
    Page
   
     
Item 1.  
     
 
Consolidated Statement of Income (Unaudited) — Three Months and Nine Months ended September 30, 2021 and 2020
3
     
 
Consolidated Statement of Comprehensive Income (Unaudited) — Three Months and Nine Months Ended September 30, 2021 and 2020
4
     
 
Consolidated Balance Sheet — September 30, 2021 (Unaudited) and December 31, 2020
5
     
 
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three Months and Nine Months Ended September 30, 2021 and 2020
6
     
 
Consolidated Statement of Cash Flows (Unaudited) — Nine Months Ended September 30, 2021 and 2020
7
     
 
8
     
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,
2021 2020 2021 2020
Revenues
Premiums $ 7,829  $ 7,380  $ 22,831  $ 21,564 
Net investment income 771  671  2,290  1,550 
Fee income 97  101  302  323 
Net realized investment gains (losses) 8  37  113  (48)
Other revenues 100  86  269  195 
Total revenues 8,805  8,275  25,805  23,584 
Claims and expenses
Claims and claim adjustment expenses 5,464  4,886  15,479  14,782 
Amortization of deferred acquisition costs 1,281  1,207  3,742  3,558 
General and administrative expenses 1,187  1,109  3,524  3,367 
Interest expense 87  87  252  256 
Total claims and expenses 8,019  7,289  22,997  21,963 
Income before income taxes 786  986  2,808  1,621 
Income tax expense 124  159  479  234 
Net income $ 662  $ 827  $ 2,329  $ 1,387 
Net income per share
Basic $ 2.65  $ 3.24  $ 9.24  $ 5.44 
Diluted $ 2.62  $ 3.23  $ 9.16  $ 5.41 
Weighted average number of common shares outstanding
Basic 247.7  253.3  250.1  253.5 
Diluted 250.1  254.3  252.4  254.5 
Cash dividends declared per common share $ 0.88  $ 0.85  $ 2.61  $ 2.52 

 









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


THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
(in millions)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Net income $ 662  $ 827  $ 2,329  $ 1,387 
Other comprehensive income (loss)
Changes in net unrealized gains on investment securities:
Having no credit losses recognized in the consolidated statement of income (686) 217  (1,749) 2,001 
Having credit losses recognized in the consolidated statement of income   (7)   (10)
Net changes in benefit plan assets and obligations 26  20  77  64 
Net changes in unrealized foreign currency translation (91) 79  (25) (137)
Other comprehensive income (loss) before income taxes (751) 309  (1,697) 1,918 
Income tax expense (benefit) (148) 53  (361) 420 
Other comprehensive income (loss), net of taxes (603) 256  (1,336) 1,498 
Comprehensive income $ 59  $ 1,083  $ 993  $ 2,885 
 


































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,
2021
December 31,
2020
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $73,614 and $68,830; allowance for expected credit losses of $2 and $2)
$ 77,040  $ 74,003 
Equity securities, at fair value (cost $398 and $387)
509  453 
Real estate investments 1,004  1,026 
Short-term securities 4,754  5,511 
Other investments 4,199  3,430 
Total investments 87,506  84,423 
Cash 818  721 
Investment income accrued 565  603 
Premiums receivable (net of allowance for expected credit
    losses of $102 and $105)
8,289  7,829 
Reinsurance recoverables (net of allowance for estimated uncollectible
  reinsurance of $142 and $146)
8,329  8,350 
Ceded unearned premiums 1,084  772 
Deferred acquisition costs 2,570  2,358 
Contractholder receivables (net of allowance for expected credit
   losses of $19 and $19)
4,024  4,242 
Goodwill 4,005  3,976 
Other intangible assets 309  317 
Other assets 3,207  3,173 
Total assets $ 120,706  $ 116,764 
Liabilities    
Claims and claim adjustment expense reserves $ 56,805  $ 54,521 
Unearned premium reserves 16,677  15,222 
Contractholder payables 4,043  4,261 
Payables for reinsurance premiums 621  356 
Deferred taxes 274  558 
Debt 7,290  6,550 
Other liabilities 6,522  6,095 
Total liabilities 92,232  87,563 
Shareholders’ equity    
Common stock (1,750.0 shares authorized; 246.0 and 252.4 shares issued and outstanding)
24,084  23,743 
Retained earnings 40,438  38,771 
Accumulated other comprehensive income 1,166  2,502 
Treasury stock, at cost (536.4 and 527.3 shares)
(37,214) (35,815)
Total shareholders’ equity 28,474  29,201 
Total liabilities and shareholders’ equity $ 120,706  $ 116,764 





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,
2021 2020 2021 2020
Common stock        
Balance, beginning of period $ 24,002  $ 23,606  $ 23,743  $ 23,469 
Employee share-based compensation 45  214  64 
Compensation amortization under share-based plans and other changes
37  32  127  113 
Balance, end of period 24,084  23,646  24,084  23,646 
Retained earnings        
Balance, beginning of period 39,998  37,069  38,771  36,977 
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1, 2020
  —    (43)
Net income 662  827  2,329  1,387 
Dividends (220) (218) (660) (646)
Other (2) (2)
Balance, end of period 40,438  37,679  40,438  37,679 
Accumulated other comprehensive income, net of tax        
Balance, beginning of period 1,769  1,882  2,502  640 
Other comprehensive income (loss) (603) 256  (1,336) 1,498 
Balance, end of period 1,166  2,138  1,166  2,138 
Treasury stock, at cost        
Balance, beginning of period (36,613) (35,614) (35,815) (35,143)
Treasury stock acquired — share repurchase authorizations (600) —  (1,356) (425)
Net shares acquired related to employee share-based compensation plans
(1) —  (43) (46)
Balance, end of period (37,214) (35,614) (37,214) (35,614)
Total shareholders’ equity $ 28,474  $ 27,849  $ 28,474  $ 27,849 
Common shares outstanding        
Balance, beginning of period 249.5  253.2  252.4  255.5 
Treasury stock acquired — share repurchase authorizations (3.8) —  (8.8) (3.5)
Net shares issued under employee share-based compensation plans
0.3  0.1  2.4  1.3 
Balance, end of period 246.0  253.3  246.0  253.3 
 











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,
2021 2020
Cash flows from operating activities    
Net income $ 2,329  $ 1,387 
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses (113) 48 
Depreciation and amortization 662  577 
Deferred federal income tax expense (benefit) 61  (67)
Amortization of deferred acquisition costs 3,742  3,558 
Equity in (income) loss from other investments (774) 32 
Premiums receivable (462) (324)
Reinsurance recoverables 20  (150)
Deferred acquisition costs (3,955) (3,694)
Claims and claim adjustment expense reserves 2,299  2,673 
Unearned premium reserves 1,460  960 
Other 313  (382)
Net cash provided by operating activities 5,582  4,618 
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 6,523  5,241 
Proceeds from sales of investments:    
Fixed maturities 2,864  1,994 
Equity securities 74  76 
Real estate investments 7  — 
Other investments 275  184 
Purchases of investments:    
Fixed maturities (14,356) (9,951)
Equity securities (68) (80)
Real estate investments (22) (33)
Other investments (643) (321)
Net sales (purchases) of short-term securities 754  (1,387)
Securities transactions in course of settlement 407  522 
Acquisition, net of cash acquired (38) — 
Other (199) (222)
Net cash used in investing activities (4,422) (3,977)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (1,356) (425)
Treasury stock acquired — net employee share-based compensation (43) (46)
Dividends paid to shareholders (655) (643)
Issuance of debt 739  490 
Issuance of common stock — employee share options 256  72 
Net cash used in financing activities (1,059) (552)
Effect of exchange rate changes on cash (4) — 
Net increase in cash 97  89 
Cash at beginning of year 721  494 
Cash at end of period $ 818  $ 583 
Supplemental disclosure of cash flow information    
Income taxes paid $ 543  $ 413 
Interest paid $ 222  $ 226 



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, 2020 (the Company’s 2020 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

Income Taxes - Simplifying the Accounting for Income Taxes

In December 2019, the Financial Accounting Standards Board (FASB) issued updated guidance for the accounting for income taxes. The updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. The Company adopted the updated guidance for the quarter ended March 31, 2021. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

For additional information regarding accounting standards that the Company adopted during the periods presented, see note 1 of notes to the consolidated financial statements in the Company’s 2020 Annual Report.


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 notes to the consolidated financial statements in the Company’s 2020 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 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
2021        
Premiums $ 3,970  $ 806  $ 3,053  $ 7,829 
Net investment income 575  63  133  771 
Fee income 90    7  97 
Other revenues 69  5  26  100 
Total segment revenues (1)
$ 4,704  $ 874  $ 3,219  $ 8,797 
Segment income (loss) (1)
$ 558  $ 174  $ (2) $ 730 
2020        
Premiums $ 3,841  $ 723  $ 2,816  $ 7,380 
Net investment income 498  58  115  671 
Fee income 95  —  101 
Other revenues 58  21  86 
Total segment revenues (1)
$ 4,492  $ 788  $ 2,958  $ 8,238 
Segment income (1)
$ 365  $ 115  $ 392  $ 872 
_________________________________________________________
(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 equals net income excluding 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
2021        
Premiums $ 11,649  $ 2,325  $ 8,857  $ 22,831 
Net investment income 1,713  186  391  2,290 
Fee income 282    20  302 
Other revenues 179  17  73  269 
Total segment revenues (1)
$ 13,823  $ 2,528  $ 9,341  $ 25,692 
Segment income (1)
$ 1,518  $ 498  $ 433  $ 2,449 
2020        
Premiums $ 11,440  $ 2,083  $ 8,041  $ 21,564 
Net investment income 1,131  155  264  1,550 
Fee income 305  —  18  323 
Other revenues 125  17  53  195 
Total segment revenues (1)
$ 13,001  $ 2,255  $ 8,376  $ 23,632 
Segment income (1)
$ 596  $ 309  $ 738  $ 1,643 
_________________________________________________________
(1)Segment revenues for reportable business segments exclude net realized investment gains (losses) and revenues included in "interest expense and other." Segment income for reportable business segments equals net income excluding 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) 2021 2020 2021 2020
Revenue reconciliation        
Earned premiums        
Business Insurance:        
Domestic:        
Workers’ compensation $ 789  $ 851  $ 2,410  $ 2,568 
Commercial automobile 718  698  2,122  2,058 
Commercial property 582  522  1,669  1,544 
General liability 662  605  1,887  1,786 
Commercial multi-peril 939  891  2,708  2,660 
Other 17  15  45  38 
Total Domestic 3,707  3,582  10,841  10,654 
International 263  259  808  786 
Total Business Insurance 3,970  3,841  11,649  11,440 
Bond & Specialty Insurance:        
Domestic:        
Fidelity and surety 277  277  819  805 
General liability 365  310  1,043  893 
Other 54  60  165  178 
Total Domestic 696  647  2,027  1,876 
International 110  76  298  207 
Total Bond & Specialty Insurance 806  723  2,325  2,083 
Personal Insurance:        
Domestic:        
Automobile 1,445  1,391  4,220  3,896 
Homeowners and Other 1,437  1,262  4,122  3,659 
Total Domestic 2,882  2,653  8,342  7,555 
International 171  163  515  486 
Total Personal Insurance 3,053  2,816  8,857  8,041 
Total earned premiums 7,829  7,380  22,831  21,564 
Net investment income 771  671  2,290  1,550 
Fee income 97  101  302  323 
Other revenues 100  86  269  195 
Total segment revenues 8,797  8,238  25,692  23,632 
Net realized investment gains (losses) 8  37  113  (48)
Total revenues $ 8,805  $ 8,275  $ 25,805  $ 23,584 
Income reconciliation, net of tax        
Total segment income $ 730  $ 872  $ 2,449  $ 1,643 
Interest Expense and Other (1)
(75) (74) (216) (219)
Core income 655  798  2,233  1,424 
Net realized investment gains (losses) 7  29  88  (37)
Impact of changes in tax laws and/or tax rates (2)
  —  8  — 
Net income $ 662  $ 827  $ 2,329  $ 1,387 
_________________________________________________________
(1) The primary component of Interest Expense and Other was after-tax interest expense of $69 million for both the three months ended September 30, 2021 and 2020 and $199 million and $202 million for the nine months ended September 30, 2021 and 2020, respectively.
(2) Impact is recognized in the accounting period in which the change is enacted.
10

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
2.    SEGMENT INFORMATION, Continued
(in millions) September 30,
2021
December 31,
2020
Asset reconciliation    
Business Insurance $ 90,661  $ 88,422 
Bond & Specialty Insurance 10,313  9,420 
Personal Insurance 19,028  18,328 
Total assets by reportable segment 120,002  116,170 
Other assets (1)
704  594 
Total consolidated assets $ 120,706  $ 116,764 
 _________________________________________________________
(1)The primary components of other assets at both September 30, 2021 and December 31, 2020 were accrued 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 Cost Allowance for Expected Credit Losses Gross Unrealized Fair Value
(at September 30, 2021, in millions) Gains Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$ 3,908  $   $ 27  $ 20  $ 3,915 
Obligations of states, municipalities and political subdivisions:
Local general obligation 18,064    1,022  72  19,014 
Revenue 10,785    660  36  11,409 
State general obligation 1,170    66  3  1,233 
Pre-refunded 3,885    218    4,103 
Total obligations of states, municipalities and political subdivisions
33,904    1,966  111  35,759 
Debt securities issued by foreign governments 1,037    12  5  1,044 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
1,727    89  1  1,815 
All other corporate bonds 33,026  2  1,598  129  34,493 
Redeemable preferred stock 12    2    14 
Total $ 73,614  $ 2  $ 3,694  $ 266  $ 77,040 

11

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
  Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Fair Value
(at December 31, 2020, in millions) Gains Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
$ 2,111  $ —  $ 38  $ —  $ 2,149 
Obligations of states, municipalities and political subdivisions:
 
Local general obligation 17,289  —  1,370  18,657 
Revenue 11,806  —  909  —  12,715 
State general obligation 1,343  —  101  —  1,444 
Pre-refunded 3,325  —  219  —  3,544 
Total obligations of states, municipalities and political subdivisions
33,763  —  2,599  36,360 
Debt securities issued by foreign governments 1,028  —  26  —  1,054 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
2,222  —  139  —  2,361 
All other corporate bonds 29,683  2,382  32,054 
Redeemable preferred stock 23  —  —  25 
Total $ 68,830  $ $ 5,186  $ 11  $ 74,003 
 
Pre-refunded bonds of $4.10 billion and $3.54 billion at September 30, 2021 and December 31, 2020, respectively, were bonds for which states or municipalities have established irrevocable trusts, 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 sales of fixed maturities classified as available for sale were $2.86 billion and $1.99 billion during the nine months ended September 30, 2021 and 2020, respectively. Gross gains of $56 million and $52 million and gross losses of $5 million and $3 million were realized on those sales during the nine months ended September 30, 2021 and 2020, respectively.
 
Equity Securities
 
The cost and fair value of investments in equity securities were as follows:
    Fair
(at September 30, 2021, in millions) Cost Gross Gains Gross Losses Value
Public common stock $ 367  $ 105  $ 5  $ 467 
Non-redeemable preferred stock 31  11    42 
Total $ 398  $ 116  $ 5  $ 509 
 
    Fair
(at December 31, 2020, in millions) Cost Gross Gains Gross Losses Value
Public common stock $ 352  $ 70  $ 12  $ 410 
Non-redeemable preferred stock 35  —  43 
Total $ 387  $ 78  $ 12  $ 453 
 
For the nine months ended September 30, 2021 and 2020, the Company recognized $45 million and $(14) million of net gains (losses) on equity securities still held as of September 30, 2021 and 2020, 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, 2021 and December 31, 2020, the aggregate fair value and gross unrealized loss by 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 notes to the consolidated financial statements in the Company’s 2020 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 notes to the consolidated financial statements in the Company’s 2020 Annual Report to determine whether a credit loss impairment exists.
  Less than 12 months 12 months or longer Total
(at September 30, 2021, 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
$ 1,804  $ 20  $ 5  $   $ 1,809  $ 20 
Obligations of states, municipalities and political subdivisions
5,143  107  116  4  5,259  111 
Debt securities issued by foreign governments
391  5  2    393  5 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
233  1  1    234  1 
All other corporate bonds 5,831  121  189  8  6,020  129 
Total $ 13,402  $ 254  $ 313  $ 12  $ 13,715  $ 266 
 
  Less than 12 months 12 months or longer Total
(at December 31, 2020, 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
$ 92  $ —  $ —    $ —  $ 92  $ — 
Obligations of states, municipalities and political subdivisions
245  —    —  245 
Debt securities issued by foreign governments
—  —    —  — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
20  —    —  21  — 
All other corporate bonds 681  97    778 
Total $ 1,045  $ $ 98    $ $ 1,143  $ 11 
 
At September 30, 2021, the amount of gross unrealized losses for all fixed maturity investments reported at fair value for which fair value was less than 80% of amortized cost was not significant.
 
13

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
Credit Impairment Charges
 
The following tables present changes in the allowance for expected credit losses on fixed maturities classified as available for sale for the category of All Other Corporate Bonds (no other categories of fixed maturities currently have an allowance for expected credit losses):
Fixed Maturities
At and For the Three Months Ended September 30, 2021 At and For the Three Months Ended September 30, 2020
(in millions) All Other Corporate Bonds All Other Corporate Bonds
Balance, beginning of period $ 2  $
Additions for expected credit losses on securities where no credit losses were previously recognized
 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized
1  (3)
Reductions due to sales/defaults of credit-impaired securities
(1) (2)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell (1)
  — 
Balance, end of period $ 2  $
(1)Credit impairment charges recognized in net realized investment gains (losses) for each of the three months ended September 30, 2021 and 2020 included $0 million of credit losses on fixed maturity securities which the Company had the intent to sell. An allowance for expected credit losses was not previously recorded for these securities.
Fixed Maturities
At and For the Nine Months Ended September 30, 2021 At and For the Nine Months Ended September 30, 2020
(in millions) All Other Corporate Bonds All Other Corporate Bonds
Balance, beginning of period $ 2  $ — 
Additions for expected credit losses on securities where no credit losses were previously recognized 1 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized   (3)
Reductions due to sales/defaults of credit-impaired securities (1) (2)
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell (1)
  — 
Balance, end of period $ 2  $
(1)Credit impairment charges recognized in net realized investment gains (losses) for the nine months ended September 30, 2021 and 2020 included $0 million and $14 million, respectively, of credit losses on fixed maturity securities which the Company had the intent to sell. An allowance for expected credit losses was not previously recorded for these securities.

Total net credit impairment charges included in net realized investment gains (losses) in the consolidated statement of income were $1 million and $(4) million for the three months ended September 30, 2021 and 2020, respectively, and $1 million and $58 million for the nine months ended September 30, 2021 and 2020, respectively. Additionally, net realized investment gains (losses) in the first nine months of 2020 included $40 million of realized losses related to the other-than-temporary impairment of the carrying value of an equity method investment included in other investments. Credit losses related to the fixed maturity portfolio for both the three months and nine months ended September 30, 2021 and 2020 represented less than 1% of the fixed maturity portfolio on a pre-tax basis and less than 1% of shareholders’ equity on an after-tax basis. 
14

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
3.    INVESTMENTS, Continued
Other Investments

Included in other investments are private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting and typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income from these other investments is generally reflected in the Company's financial statements on a quarter lag basis.
 
4.    FAIR VALUE MEASUREMENTS
 
The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance.  The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available.  The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable.  In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions.  The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety.  The three levels of the hierarchy are as follows:
 
Level 1 - Unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access.
Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.
Level 3 - Valuations based on models where significant inputs are not observable.  The unobservable inputs reflect the Company’s own assumptions about the inputs that market participants would use.
 
Valuation of Investments Reported at Fair Value in Financial Statements
 
The Company utilized a pricing service to estimate fair value measurements for approximately 99% of its fixed maturities at both September 30, 2021 and December 31, 2020.
 
While the vast majority of the Company’s fixed maturities are included in Level 2, the Company holds a number of municipal bonds and corporate bonds which are not valued by the pricing service and estimates the fair value of these bonds using either another internal pricing matrix, a present value income approach, or a broker quote (collectively, the other methodologies). The other methodologies include some unobservable inputs that are significant to the valuation.  Due to the limited amount of observable market information available in the estimation of fair value, the Company includes the fair value estimates for bonds that are valued using the other methodologies in Level 3. 

Additionally, the Company held investments in non-public common and preferred equity securities that are reported in other investments. Fair value estimates for these investments are determined either internally or by an external fund manager based on the impact of recent observable transactions on the investment’s equity, 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 Company includes the fair value estimate of $343 million and $35 million for these investments at September 30, 2021 and December 31, 2020, respectively, in the amounts disclosed in Level 3.

For more information regarding the valuation of the Company’s fixed maturities, equity securities and other investments, see note 4 of notes to the consolidated financial statements in the Company’s 2020 Annual Report.

Other Liabilities

The Company has a put/call option that was entered into in connection with a business acquisition that allows the Company to acquire the remaining shares of the acquired company at a future date. The fair value of the put/call option at September 30, 2021 and December 31, 2020 was $4 million and $5 million, respectively, and was determined using an internal model and is
15

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
4.    FAIR VALUE MEASUREMENTS, Continued
based on the acquired company's financial performance, adjusted for a risk margin and discounted to present value. The Company includes the fair value estimate of the put/call option in Level 3.
 
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.
   
(at September 30, 2021, 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
$ 3,915  $ 3,915  $   $  
Obligations of states, municipalities and political subdivisions
35,759  5  35,750  4 
Debt securities issued by foreign governments 1,044    1,044   
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
1,815    1,734  81 
All other corporate bonds 34,493  4  34,346  143 
Redeemable preferred stock 14    14   
Total fixed maturities 77,040  3,924  72,888  228 
Equity securities        
Public common stock 467  467     
Non-redeemable preferred stock 42  16  26   
Total equity securities 509  483  26   
Other investments 361  18    343 
Total $ 77,910  $ 4,425  $ 72,914  $ 571 
Other liabilities $ 4  $   $   $ 4 
16

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
4.    FAIR VALUE MEASUREMENTS, Continued
 
(at December 31, 2020, 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
$ 2,149  $ 2,149  $ —  $ — 
Obligations of states, municipalities and political subdivisions
36,360  —  36,349  11 
Debt securities issued by foreign governments 1,054  —  1,054  — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
2,361  —  2,361  — 
All other corporate bonds 32,054  —  31,899  155 
Redeemable preferred stock 25  22  — 
Total fixed maturities 74,003  2,152  71,685  166 
Equity securities        
Public common stock 410  410  —  — 
Non-redeemable preferred stock 43  18  25  — 
Total equity securities 453  428  25  — 
Other investments 52  17  —  35 
Total $ 74,508  $ 2,597  $ 71,710  $ 201 
Other liabilities $ $ —  $ —  $
 
Level 3 investments increased during the nine months ended September 30, 2021, primarily driven by an increase in Other Investments. There was no other significant activity in Level 3 of the hierarchy during the nine months ended September 30, 2021 or the year ended December 31, 2020.

Financial Instruments Disclosed, But Not Carried, At Fair Value
 
The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized.
(at September 30, 2021, in millions) Carrying
Value
Fair
Value
Level 1 Level 2 Level 3
Financial assets          
Short-term securities $ 4,754  $ 4,754  $ 663  $ 4,040  $ 51 
Financial liabilities          
Debt $ 7,190  $ 9,131  $   $ 9,131  $  
Commercial paper $ 100  $ 100  $   $ 100  $  
 
(at December 31, 2020, in millions) Carrying
Value
Fair
Value
Level 1 Level 2 Level 3
Financial assets          
Short-term securities $ 5,511  $ 5,511  $ 630  $ 4,829  $ 52 
Financial liabilities          
Debt $ 6,450  $ 8,976  $ —  $ 8,976  $ — 
Commercial paper $ 100  $ 100  $ —  $ 100  $ — 

17

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
4.    FAIR VALUE MEASUREMENTS, Continued
The Company had no material assets or liabilities that were measured at fair value on a non-recurring basis during the nine months ended September 30, 2021 or the year ended December 31, 2020.

5.    ALLOWANCE FOR EXPECTED CREDIT LOSSES

Premiums Receivable

The following tables present the balances of premiums receivable, net of the allowance for expected credit losses, at September 30, 2021 and 2020, and the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2021 and 2020.
At and For the Three Months Ended September 30, 2021 At and For the Three Months Ended September 30, 2020
(in millions) Premiums Receivable, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Premiums Receivable, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses
 
Balance, beginning of period $ 8,555  $ 105  $ 8,459  $ 94 
Current period change for expected credit losses 15  17 
Write-offs of uncollectible premiums receivable 18  15 
Balance, end of period $ 8,289  $ 102  $ 8,225  $ 96 

At and For the Nine Months Ended September 30, 2021 At and For the Nine Months Ended September 30, 2020
(in millions) Premiums Receivable, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Premiums Receivable, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses
 
Balance, beginning of period $ 7,829  $ 105  $ 7,909  $ 49 
Current period change for expected credit losses 45  84 
Write-offs of uncollectible premiums receivable 48  37 
Balance, end of period $ 8,289  $ 102  $ 8,225  $ 96 

Reinsurance Recoverables

The following tables present the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, at September 30, 2021 and 2020, and the changes in the allowance for estimated uncollectible reinsurance for the three and nine months ended September 30, 2021 and 2020.
18

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
5.    ALLOWANCE FOR EXPECTED CREDIT LOSSES, Continued
At and For the Three Months Ended September 30, 2021 At and For the Three Months Ended September 30, 2020
(in millions) Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance Allowance for Estimated Uncollectible Reinsurance Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance Allowance for Estimated Uncollectible Reinsurance
 
Balance, beginning of period $ 8,209  $ 135  $ 8,093  $ 156 
Current period change for estimated uncollectible reinsurance 7  (16)
Write-offs of uncollectible reinsurance recoverables   — 
Balance, end of period $ 8,329  $ 142  $ 8,317  $ 140 

At and For the Nine Months Ended September 30, 2021 At and For the Nine Months Ended September 30, 2020
(in millions) Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance Allowance for Estimated Uncollectible Reinsurance Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance Allowance for Estimated Uncollectible Reinsurance
 
Balance, beginning of period $ 8,350  $ 146  $ 8,235  $ 92 
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1, 2020
  53 
Current period change for estimated uncollectible reinsurance (4) (5)
Write-offs of uncollectible reinsurance recoverables   — 
Balance, end of period $ 8,329  $ 142  $ 8,317  $ 140 

Of the total reinsurance recoverables at September 30, 2021, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance, $5.77 billion, or 86%, were rated by A.M. Best Company.  The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 94% were rated A- or better. The remaining 14% of reinsurance recoverables were comprised of the following: 7% related to captive insurance companies, 1% related to the Company’s participation in voluntary pools and 6% related to balances of companies not rated by A.M. Best Company.  Certain of the Company's reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.

19

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
5.    ALLOWANCE FOR EXPECTED CREDIT LOSSES, Continued
Contractholder Receivables

The following tables present the balances of contractholder receivables, net of the allowance for expected credit losses, at September 30, 2021 and 2020, and the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2021 and 2020.
At and For the Three Months Ended September 30, 2021 At and For the Three Months Ended September 30, 2020
(in millions) Contractholder Receivables, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Contractholder Receivables, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses
 
Balance, beginning of period $ 4,016  $ 19  $ 4,314  $ 22 
Current period change for expected credit losses   — 
Write-offs of uncollectible contractholder receivables  
Balance, end of period $ 4,024  $ 19  $ 4,347  $ 21 

At and For the Nine Months Ended September 30, 2021 At and For the Nine Months Ended September 30, 2020
(in millions) Contractholder Receivables, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Contractholder Receivables, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses
 
Balance, beginning of period $ 4,242  $ 19  $ 4,599  $ 20 
Current period change for expected credit losses  
Write-offs of uncollectible contractholder receivables