TRAVELERS COMPANIES, INC. | 2013 | FY | 3

 

CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the year ended December 31, 2013

(in millions)
  TPC   Other
Subsidiaries		   Travelers(2)   Eliminations   Consolidated  

Revenues

                                

Premiums

   $ 15,262   $ 7,375   $ —   $ —   $ 22,637  

Net investment income

     1,830     879     7     —     2,716  

Fee income

     393     2     —     —     395  

Net realized investment gains(1)

     126     38     2     —     166  

Other revenues

     225     52     —     —     277  
                       

Total revenues

     17,836     8,346     9     —     26,191  
                       

Claims and expenses

                                

Claims and claim adjustment expenses

     8,817     4,490     —     —     13,307  

Amortization of deferred acquisition costs

     2,571     1,250     —     —     3,821  

General and administrative expenses

     2,570     1,174     13     —     3,757  

Interest expense

     53     —     308     —     361  
                       

Total claims and expenses

     14,011     6,914     321     —     21,246  
                       

Income (loss) before income taxes          

     3,825     1,432     (312 )   —     4,945  

Income tax expense (benefit)

     1,054     388     (170 )   —     1,272  

Net income of subsidiaries

     —     —     3,815     (3,815 )   —  
                       

Net income

   $ 2,771   $ 1,044   $ 3,673   $ (3,815 ) $ 3,673  
                       
                       
(1)
Total other-than-temporary impairment (OTTI) for the year ended December 31, 2013, and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (OCI), were as follows:

(in millions)
  TPC   Other
Subsidiaries		   Travelers(2)   Eliminations   Consolidated  

Total OTTI gains (losses)

   $ (8 ) $ (2 ) $ —   $ —   $ (10 )

OTTI losses recognized in net realized investment gains

   $ (10 ) $ (5 ) $ —   $ —   $ (15 )

OTTI gains recognized in OCI

   $ 2   $ 3   $ —   $ —   $ 5  
(2)
The Travelers Companies, Inc., excluding its subsidiaries.

CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the year ended December 31, 2012

(in millions)
  TPC   Other
Subsidiaries		   Travelers(2)   Eliminations   Consolidated  

Revenues

                                

Premiums

   $ 15,158   $ 7,199   $ —   $ —   $ 22,357  

Net investment income

     1,912     968     9     —     2,889  

Fee income

     321     2     —     —     323  

Net realized investment gains(1)

     29     22     —     —     51  

Other revenues

     87     34     (1 )   —     120  
                       

Total revenues

     17,507     8,225     8     —     25,740  
                       

Claims and expenses

                                

Claims and claim adjustment expenses

     9,908     4,768     —     —     14,676  

Amortization of deferred acquisition costs

     2,636     1,274     —     —     3,910  

General and administrative expenses

     2,445     1,161     4     —     3,610  

Interest expense

     73     —     305     —     378  
                       

Total claims and expenses

     15,062     7,203     309     —     22,574  
                       

Income (loss) before income taxes          

     2,445     1,022     (301 )   —     3,166  

Income tax expense (benefit)

     588     224     (119 )   —     693  

Net income of subsidiaries

     —     —     2,655     (2,655 )   —  
                       

Net income

   $ 1,857   $ 798   $ 2,473   $ (2,655 ) $ 2,473  
                       
                       
(1)
Total other-than-temporary impairment (OTTI) for the year ended December 31, 2012, and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (OCI), were as follows:

(in millions)
  TPC   Other
Subsidiaries		   Travelers(2)   Eliminations   Consolidated  

Total OTTI gains

   $ 18   $ 9   $ —   $ —   $ 27  

OTTI losses recognized in net realized investment gains

   $ (9 ) $ (6 ) $ —   $ —   $ (15 )

OTTI gains recognized in OCI

   $ 27   $ 15   $ —   $ —   $ 42  
(2)
The Travelers Companies, Inc., excluding its subsidiaries.

CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the year ended December 31, 2011

(in millions)
  TPC   Other
Subsidiaries		   Travelers(2)   Eliminations   Consolidated  

Revenues

                                

Premiums

   $ 14,903   $ 7,187   $ —   $ —   $ 22,090  

Net investment income

     1,933     938     8     —     2,879  

Fee income

     294     2     —     —     296  

Net realized investment gains (losses)(1)

     10     50     (5 )   —     55  

Other revenues

     103     23     —     —     126  
                       

Total revenues

     17,243     8,200     3     —     25,446  
                       

Claims and expenses

                                

Claims and claim adjustment expenses

     10,906     5,370     —     —     16,276  

Amortization of deferred acquisition costs

     2,594     1,282     —     —     3,876  

General and administrative expenses

     2,377     1,152     27     —     3,556  

Interest expense

     73     —     313     —     386  
                       

Total claims and expenses

     15,950     7,804     340     —     24,094  
                       

Income (loss) before income taxes          

     1,293     396     (337 )   —     1,352  

Income tax expense (benefit)

     111     14     (199 )   —     (74 )

Net income of subsidiaries

     —     —     1,564     (1,564 )   —  
                       

Net income

   $ 1,182   $ 382   $ 1,426   $ (1,564 ) $ 1,426  
                       
                       
(1)
Total other-than-temporary impairment (OTTI) for the year ended December 31, 2011, and the amounts comprising total OTTI that were recognized in net realized investment gains (losses) and in other comprehensive income (OCI), were as follows:

(in millions)
  TPC   Other
Subsidiaries		   Travelers(2)   Eliminations   Consolidated  

Total OTTI gains

   $ 15   $ 15   $ —   $ —   $ 30  

OTTI losses recognized in net realized investment gains (losses)

   $ (15 ) $ (10 ) $ —   $ —   $ (25 )

OTTI gains recognized in OCI

   $ 30   $ 25   $ —   $ —   $ 55  
(2)
The Travelers Companies, Inc., excluding its subsidiaries.

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