Valuation of investments CNA classifies its fixed maturity securities and its equity securities as either available-for-sale or trading, and as such, they are carried at fair value. Changes in fair value of trading securities are reported within net investment income on the Consolidated Statements of Operations. Changes in fair value related to available-for-sale securities are reported as a componant of other comprehensive in realized investment losses on the Consolidated Statements of Operations when a decline in value is determined by the Company to be other-than-temporary t valuations are adjusted and losses may be recognized as Net The following table provides a summary of fixed maturity and equity securities. Summary of Fixed Maturity and Equity Securities Cost or Gross December 31, 2011 (in millions) Gross Unrealized Losses Estimated Fair Value Amortized Cost Unrealized Gains Fixed maturity securities available-for-sale U.S. Treasury and obligations of government agencies Asset-backed: s 122 516 137 6.254 265 6,090 993 763 7.846 7.889 620 21,025 54 37.571 40 753 8,001 8,157 602 19492 Other asset-backed Total asset-backed States, municipalities and political subdivisions Foreign government Corporate and other bonds Redeemable preferred stock Total fixed Total fixed maturity securities trading Equity securities available-for-sale: Common stock Preferred stock Total equity securities available-for-sale Tota 159 142 410 1.603 70 maturity securities available-for-sale 36421 1,945 795 90 25 115 332 325 S 36,849 1.972 $ 804 38,017