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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