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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, 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 July 15, 2021 was 249,492,900.



The Travelers Companies, Inc.
 
Quarterly Report on Form 10-Q
 
For Quarterly Period Ended June 30, 2021
_________________________________________________________
 
TABLE OF CONTENTS
 
    Page
   
     
Item 1.  
     
 
Consolidated Statement of Income (Loss) (Unaudited) — Three Months and Six Months ended June 30, 2021 and 2020
3
     
 
Consolidated Statement of Comprehensive Income (Unaudited) — Three Months and Six Months Ended June 30, 2021 and 2020
4
     
 
Consolidated Balance Sheet — June 30, 2021 (Unaudited) and December 31, 2020
5
     
 
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) — Three Months and Six Months Ended June 30, 2021 and 2020
6
     
 
Consolidated Statement of Cash Flows (Unaudited) — Six Months Ended June 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 (LOSS) (Unaudited)
(in millions, except per share amounts)
 
Three Months Ended
June 30,		 Six Months Ended
June 30,
2021 2020 2021 2020
Revenues
Premiums $ 7,616  $ 6,955  $ 15,002  $ 14,184 
Net investment income 818  268  1,519  879 
Fee income 104  114  205  222 
Net realized investment gains (losses) 61  13  105  (85)
Other revenues 88  51  169  109 
Total revenues 8,687  7,401  17,000  15,309 
Claims and expenses
Claims and claim adjustment expenses 5,045  5,107  10,015  9,896 
Amortization of deferred acquisition costs 1,254  1,173  2,461  2,351 
General and administrative expenses 1,174  1,121  2,337  2,258 
Interest expense 83  85  165  169 
Total claims and expenses 7,556  7,486  14,978  14,674 
Income (loss) before income taxes 1,131  (85) 2,022  635 
Income tax expense (benefit) 197  (45) 355  75 
Net income (loss) $ 934  $ (40) $ 1,667  $ 560 
Net income (loss) per share
Basic $ 3.70  $ (0.16) $ 6.58  $ 2.19 
Diluted $ 3.66  $ (0.16) $ 6.53  $ 2.19 
Weighted average number of common shares outstanding
Basic 250.7  251.6  251.4  253.6 
Diluted 253.1  251.6  253.6  254.7 
Cash dividends declared per common share $ 0.88  $ 0.85  $ 1.73  $ 1.67 

 









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
June 30,		 Six Months Ended
June 30,
2021 2020 2021 2020
Net income (loss) $ 934  $ (40) $ 1,667  $ 560 
Other comprehensive income (loss)
Changes in net unrealized gains on investment securities:
Having no credit losses recognized in the consolidated statement of income (loss) 533  2,359  (1,063) 1,784 
Having credit losses recognized in the consolidated statement of income (loss) —  3  —  (3)
Net changes in benefit plan assets and obligations 26  21  51  44 
Net changes in unrealized foreign currency translation 40  52  66  (216)
Other comprehensive income (loss) before income taxes 599  2,435  (946) 1,609 
Income tax expense (benefit) 121  504  (213) 367 
Other comprehensive income (loss), net of taxes 478  1,931  (733) 1,242 
Comprehensive income $ 1,412  $ 1,891  $ 934  $ 1,802 
 


































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,
2021		 December 31,
2020
(Unaudited)
Assets
Fixed maturities, available for sale, at fair value (amortized cost $71,465 and $68,830; allowance for expected credit losses of $2 and $2)
 $ 75,576  $ 74,003 
Equity securities, at fair value (cost $394 and $387)
 513  453 
Real estate investments 1,015  1,026 
Short-term securities 5,703  5,511 
Other investments 3,738  3,430 
Total investments 86,545  84,423 
Cash 689  721 
Investment income accrued 608  603 
Premiums receivable (net of allowance for expected credit
    losses of $105 and $105)
 8,555  7,829 
Reinsurance recoverables (net of allowance for estimated uncollectible
  reinsurance of $135 and $146)
 8,209  8,350 
Ceded unearned premiums 1,080  772 
Deferred acquisition costs 2,501  2,358 
Contractholder receivables (net of allowance for expected credit
   losses of $19 and $19)
 4,016  4,242 
Goodwill 4,020  3,976 
Other intangible assets 314  317 
Other assets 3,222  3,173 
Total assets $ 119,759  $ 116,764 
Liabilities    
Claims and claim adjustment expense reserves $ 55,906  $ 54,521 
Unearned premium reserves 16,210  15,222 
Contractholder payables 4,035  4,261 
Payables for reinsurance premiums 638  356 
Deferred taxes 415  558 
Debt 7,290  6,550 
Other liabilities 6,109  6,095 
Total liabilities 90,603  87,563 
Shareholders’ equity    
Common stock (1,750.0 shares authorized; 249.5 and 252.4 shares issued and outstanding)
 24,002  23,743 
Retained earnings 39,998  38,771 
Accumulated other comprehensive income 1,769  2,502 
Treasury stock, at cost (532.6 and 527.3 shares)
 (36,613) (35,815)
Total shareholders’ equity 29,156  29,201 
Total liabilities and shareholders’ equity $ 119,759  $ 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
June 30,		 Six Months Ended
June 30,
2021 2020 2021 2020
Common stock        
Balance, beginning of period $ 23,905  $ 23,542  $ 23,743  $ 23,469 
Employee share-based compensation 61  29  169  56 
Compensation amortization under share-based plans and other changes
 36  35  90  81 
Balance, end of period 24,002  23,606  24,002  23,606 
Retained earnings        
Balance, beginning of period 39,285  37,325  38,771  36,977 
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1, 2020
 —  —  —  (43)
Net income (loss) 934  (40) 1,667  560 
Dividends (224) (218) (440) (428)
Other 3  2  —  3 
Balance, end of period 39,998  37,069  39,998  37,069 
Accumulated other comprehensive income (loss), net of tax
        
Balance, beginning of period 1,291  (49) 2,502  640 
Other comprehensive income (loss) 478  1,931  (733) 1,242 
Balance, end of period 1,769  1,882  1,769  1,882 
Treasury stock, at cost        
Balance, beginning of period (36,212) (35,614) (35,815) (35,143)
Treasury stock acquired — share repurchase authorizations (400) —  (756) (425)
Net shares acquired related to employee share-based compensation plans
 (1) —  (42) (46)
Balance, end of period (36,613) (35,614) (36,613) (35,614)
Total shareholders’ equity $ 29,156  $ 26,943  $ 29,156  $ 26,943 
Common shares outstanding        
Balance, beginning of period 251.5  252.8  252.4  255.5 
Treasury stock acquired — share repurchase authorizations (2.6) —  (5.0) (3.5)
Net shares issued under employee share-based compensation plans
 0.6  0.4  2.1  1.2 
Balance, end of period 249.5  253.2  249.5  253.2 
 











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,
2021 2020
Cash flows from operating activities    
Net income $ 1,667  $ 560 
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses (105) 85 
Depreciation and amortization 450  391 
Deferred federal income tax expense (benefit) 57  (71)
Amortization of deferred acquisition costs 2,461  2,351 
Equity in (income) loss from other investments (513) 186 
Premiums receivable (718) (571)
Reinsurance recoverables 154  60 
Deferred acquisition costs (2,601) (2,453)
Claims and claim adjustment expense reserves 1,313  1,455 
Unearned premium reserves 968  643 
Other (94) (344)
Net cash provided by operating activities 3,039  2,292 
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 4,347  3,071 
Proceeds from sales of investments:    
Fixed maturities 2,482  1,220 
Equity securities 45  54 
Other investments 195  139 
Purchases of investments:    
Fixed maturities (9,462) (4,790)
Equity securities (41) (59)
Real estate investments (14) (24)
Other investments (221) (228)
Net purchases of short-term securities (194) (1,147)
Securities transactions in course of settlement 229  94 
Acquisition, net of cash acquired (38) — 
Other (113) (144)
Net cash used in investing activities (2,785) (1,814)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (756) (425)
Treasury stock acquired — net employee share-based compensation (42) (46)
Dividends paid to shareholders (436) (426)
Issuance of debt 739  490 
Issuance of common stock — employee share options 206  65 
Net cash used in financing activities (289) (342)
Effect of exchange rate changes on cash 3  (7)
Net increase (decrease) in cash (32) 129 
Cash at beginning of year 721  494 
Cash at end of period $ 689  $ 623 
Supplemental disclosure of cash flow information    
Income taxes paid $ 342  $ 17 
Interest paid $ 163  $ 166 




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 (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
2021        
Premiums $ 3,880  $ 776  $ 2,960  $ 7,616 
Net investment income 615  64  139  818 
Fee income 97  —  7  104 
Other revenues 57  7  24  88 
Total segment revenues (1)
 $ 4,649  $ 847  $ 3,130  $ 8,626 
Segment income (1)
 $ 643  $ 187  $ 121  $ 951 
2020        
Premiums $ 3,735  $ 693  $ 2,527  $ 6,955 
Net investment income 180  42  46  268 
Fee income 108  —  6  114 
Other revenues 36  5  10  51 
Total segment revenues (1)
 $ 4,059  $ 740  $ 2,589  $ 7,388 
Segment income (loss) (1)
 $ (58) $ 72  $ 10  $ 24 
_________________________________________________________
(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 (loss) excluding 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
2021        
Premiums $ 7,679  $ 1,519  $ 5,804  $ 15,002 
Net investment income 1,138  123  258  1,519 
Fee income 192  —  13  205 
Other revenues 110  12  47  169 
Total segment revenues (1)
 $ 9,119  $ 1,654  $ 6,122  $ 16,895 
Segment income (1)
 $ 960  $ 324  $ 435  $ 1,719 
2020        
Premiums $ 7,599  $ 1,360  $ 5,225  $ 14,184 
Net investment income 633  97  149  879 
Fee income 210  —  12  222 
Other revenues 67  10  32  109 
Total segment revenues (1)
 $ 8,509  $ 1,467  $ 5,418  $ 15,394 
Segment income (1)
 $ 231  $ 194  $ 346  $ 771 
(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
June 30,		 Six Months Ended
June 30,
(in millions) 2021 2020 2021 2020
Revenue reconciliation        
Earned premiums        
Business Insurance:        
Domestic:        
Workers’ compensation $ 810  $ 818  $ 1,621  $ 1,717 
Commercial automobile 709  676  1,404  1,360 
Commercial property 556  514  1,087  1,022 
General liability 618  580  1,225  1,181 
Commercial multi-peril 899  883  1,769  1,769 
Other 14  11  28  23 
Total Domestic 3,606  3,482  7,134  7,072 
International 274  253  545  527 
Total Business Insurance 3,880  3,735  7,679  7,599 
Bond & Specialty Insurance:        
Domestic:        
Fidelity and surety 276  271  542  528 
General liability 347  296  678  583 
Other 55  60  111  118 
Total Domestic 678  627  1,331  1,229 
International 98  66  188  131 
Total Bond & Specialty Insurance 776  693  1,519  1,360 
Personal Insurance:        
Domestic:        
Automobile 1,405  1,154  2,775  2,505 
Homeowners and Other 1,377  1,221  2,685  2,397 
Total Domestic 2,782  2,375  5,460  4,902 
International 178  152  344  323 
Total Personal Insurance 2,960  2,527  5,804  5,225 
Total earned premiums 7,616  6,955  15,002  14,184 
Net investment income 818  268  1,519  879 
Fee income 104  114  205  222 
Other revenues 88  51  169  109 
Total segment revenues 8,626  7,388  16,895  15,394 
Other revenues —  —  —  — 
Net realized investment gains (losses) 61  13  105  (85)
Total revenues $ 8,687  $ 7,401  $ 17,000  $ 15,309 
Income reconciliation, net of tax        
Total segment income $ 951  $ 24  $ 1,719  $ 771 
Interest Expense and Other (1)
 (72) (74) (141) (145)
Core income (loss) 879  (50) 1,578  626 
Net realized investment gains (losses) 47  10  81  (66)
Impact of changes in tax laws and/or tax rates (2)
 8  —  8  — 
Net income (loss) $ 934  $ (40) $ 1,667  $ 560 
_________________________________________________________
(1) The primary component of Interest Expense and Other was after-tax interest expense of $65 million and $67 million for the three months ended June 30, 2021 and 2020, respectively, and $130 million and $133 million for the six months ended June 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) June 30,
2021		 December 31,
2020
Asset reconciliation    
Business Insurance $ 90,219  $ 88,422 
Bond & Specialty Insurance 10,073  9,420 
Personal Insurance 18,846  18,328 
Total assets by reportable segment 119,138  116,170 
Other assets (1)
 621  594 
Total consolidated assets $ 119,759  $ 116,764 
 _________________________________________________________
(1)The primary components of other assets at both June 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 June 30, 2021, in millions) Gains Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities
 $ 3,560  $ —  $ 38  $ 8  $ 3,590 
Obligations of states, municipalities and political subdivisions:
Local general obligation 17,590  —  1,188  24  18,754 
Revenue 11,048  —  787  12  11,823 
State general obligation 1,324  —  85  1  1,408 
Pre-refunded 3,482  —  205  —  3,687 
Total obligations of states, municipalities and political subdivisions
 33,444  —  2,265  37  35,672 
Debt securities issued by foreign governments 1,024  —  15  3  1,036 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
 1,722  —  99  1  1,820 
All other corporate bonds 31,703  2  1,813  70  33,444 
Redeemable preferred stock 12  —  2  —  14 
Total $ 71,465  $ 2  $ 4,232  $ 119  $ 75,576 

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  2  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  2  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  2,382  9  32,054 
Redeemable preferred stock 23  —  2  —  25 
Total $ 68,830  $ 2  $ 5,186  $ 11  $ 74,003 
 
Pre-refunded bonds of $3.69 billion and $3.54 billion at June 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 $2.48 billion and $1.22 billion during the six months ended June 30, 2021 and 2020, respectively. Gross gains of $43 million and $31 million and gross losses of $5 million and $1 million were realized on those sales during the six months ended June 30, 2021 and 2020, respectively.
 
Equity Securities
 
The cost and fair value of investments in equity securities were as follows:
    Fair
(at June 30, 2021, in millions) Cost Gross Gains Gross Losses Value
Public common stock $ 359  $ 111  $ 3  $ 467 
Non-redeemable preferred stock 35  11  —  46 
Total $ 394  $ 122  $ 3  $ 513 
 
    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  8  —  43 
Total $ 387  $ 78  $ 12  $ 453 
 
For the six months ended June 30, 2021 and 2020, the Company recognized $51 million and $(33) million of net gains (losses) on equity securities still held as of June 30, 2021 and 2020, respectively. Net realized losses on equity securities still held for the first six months of 2020 were driven by the impact of changes in fair value attributable to the disruption in global financial markets associated with the global pandemic beginning in March 2020.

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, 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 June 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
 $ 451  $ 8  $ —  $ —  $ 451  $ 8 
Obligations of states, municipalities and political subdivisions
 2,719  37  —  —  2,719  37 
Debt securities issued by foreign governments
 273  3  —  —  273  3 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
 45  1  1  —  46  1 
All other corporate bonds 3,007  68  64  2  3,071  70 
Total $ 6,495  $ 117  $ 65  $ 2  $ 6,560  $ 119 
 
  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  2  —    —  245  2 
Debt securities issued by foreign governments
 7  —  —    —  7  — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
 20  —  1    —  21  — 
All other corporate bonds 681  6  97    3  778  9 
Total $ 1,045  $ 8  $ 98    $ 3  $ 1,143  $ 11 
 
At June 30, 2021, the Company had no fixed maturity investments reported at fair value for which fair value was less than 80% of amortized cost.
 
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 June 30, 2021 At and For the Three Months Ended June 30, 2020
(in millions) All Other Corporate Bonds All Other Corporate Bonds
Balance, beginning of period $ 2  $ 4 
Additions for expected credit losses on securities where no credit losses were previously recognized
 1  4 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized
 (1) — 
Reductions due to sales/defaults of credit-impaired securities
 —  — 
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  $ 8 
(1)Credit impairment charges recognized in net realized investment gains (losses) for the three months ended June 30, 2021 and 2020 included $0 million and $2 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.
Fixed Maturities
At and For the Six Months Ended June 30, 2021 At and For the Six Months Ended June 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  8 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized (1) — 
Reductions due to sales/defaults of credit-impaired securities —  — 
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  $ 8 
(1)Credit impairment charges recognized in net realized investment gains (losses) for the six months ended June 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 (loss) were $0 million and $46 million for the three months ended June 30, 2021 and 2020, respectively and $0 million and $62 million for the six months ended June 30, 2021 and 2020, respectively. Credit losses related to the fixed maturity portfolio for the three months and six months ended June 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 June 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. 

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 June 30, 2021 and December 31, 2020 was $4 million and $5 million, respectively, and was determined using an internal model and is 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.
15
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
4.    FAIR VALUE MEASUREMENTS, Continued
   
(at June 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
 $ 3,590  $ 3,590  $ —  $ — 
Obligations of states, municipalities and political subdivisions
 35,672  —  35,668  4 
Debt securities issued by foreign governments 1,036  —  1,036  — 
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities
 1,820  —  1,806  14 
All other corporate bonds 33,444  —  33,299  145 
Redeemable preferred stock 14  —  14  — 
Total fixed maturities 75,576  3,590  71,823  163 
Equity securities        
Public common stock 467  467  —  — 
Non-redeemable preferred stock 46  21  25  — 
Total equity securities 513  488  25  — 
Other investments 53  18  —  35 
Total $ 76,142  $ 4,096  $ 71,848  $ 198 
Other liabilities $ 4  $ —  $ —  $ 4 
 
(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  3  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 $ 5  $ —  $ —  $ 5 
 
16
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
4.    FAIR VALUE MEASUREMENTS, Continued
There was no significant activity in Level 3 of the hierarchy during the six months ended June 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 June 30, 2021, in millions) Carrying
Value		 Fair
Value		 Level 1 Level 2 Level 3
Financial assets          
Short-term securities $ 5,703  $ 5,703  $ 831  $ 4,814  $ 58 
Financial liabilities          
Debt $ 7,190  $ 9,258  $ —  $ 9,258  $ — 
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  $ — 
The Company had no material assets or liabilities that were measured at fair value on a non-recurring basis during the six months ended June 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 June 30, 2021 and 2020, and the changes in the allowance for expected credit losses for the three and six months ended June 30, 2021 and 2020.
At and For the Three Months Ended June 30, 2021 At and For the Three Months Ended June 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 $ 8,167  $ 110  $ 8,202  $ 78 
Current period change for expected credit losses 14  24 
Write-offs of uncollectible premiums receivable 19  8 
Balance, end of period $ 8,555  $ 105  $ 8,459  $ 94 

17
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
5.    ALLOWANCE FOR EXPECTED CREDIT LOSSES, Continued
At and For the Six Months Ended June 30, 2021 At and For the Six Months Ended June 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 30  67 
Write-offs of uncollectible premiums receivable 30  22 
Balance, end of period $ 8,555  $ 105  $ 8,459  $ 94 

Reinsurance Recoverables

The following tables present the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, at June 30, 2021 and 2020, and the changes in the allowance for estimated uncollectible reinsurance for the three and six months ended June 30, 2021 and 2020.
At and For the Three Months Ended June 30, 2021 At and For the Three Months Ended June 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 $ 8,345  $ 142  $ 8,152  $ 149 
Current period change for estimated uncollectible reinsurance (7) 7 
Write-offs of uncollectible reinsurance recoverables —  — 
Balance, end of period $ 8,209  $ 135  $ 8,093  $ 156 

At and For the Six Months Ended June 30, 2021 At and For the Six Months Ended June 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 (11) 11 
Write-offs of uncollectible reinsurance recoverables —  — 
Balance, end of period $ 8,209  $ 135  $ 8,093  $ 156 

Of the total reinsurance recoverables at June 30, 2021, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance, $5.72 billion, or 87%, 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
18
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
5.    ALLOWANCE FOR EXPECTED CREDIT LOSSES, Continued
Company, 94% were rated A- or better. The remaining 13% of reinsurance recoverables were comprised of the following: 6% 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.

Contractholder Receivables

The following tables present the balances of contractholder receivables, net of the allowance for expected credit losses, at June 30, 2021 and 2020, and the changes in the allowance for expected credit losses for the three and six months ended June 30, 2021 and 2020.
At and For the Three Months Ended June 30, 2021 At and For the Three Months Ended June 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 $ 4,271  $ 19  $ 4,634  $ 20 
Current period change for expected credit losses —  2 
Write-offs of uncollectible contractholder receivables —  — 
Balance, end of period $ 4,016  $ 19  $ 4,314  $ 22 

At and For the Six Months Ended June 30, 2021 At and For the Six Months Ended June 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 —  2 
Write-offs of uncollectible contractholder receivables —