Travelers 2001 Annual Report Download - page 43

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The St. Paul Companies 2001 Annual Report 41
Consolidated Statements of Operations
the st. paul companies
Year ended December 31 2001 2000 1999
(In millions, except per share data)
revenues
Premiums earned $ 7,296 $ 5,592 $ 5,103
Net investment income 1,217 1,262 1,259
Asset management 359 356 340
Realized investment gains (losses) (94) 632 286
Other 165 130 161
Total revenues 8,943 7,972 7,149
expenses
Insurance losses and loss adjustment expenses 7,479 3,913 3,720
Policy acquisition expenses 1,589 1,396 1,321
Operating and administrative expenses 1,306 1,262 1,157
Total expenses 10,374 6,571 6,198
Income (loss) from continuing operations before income taxes (1,431) 1,401 951
Income tax expense (benefit) (422) 431 219
Income (loss) from continuing operations before cumulative effect
of accounting change (1,009) 970 732
Cumulative effect of accounting change, net of taxes —— (27)
Income (loss) from continuing operations (1,009) 970 705
Discontinued operations:
Operating income, net of taxes 19 43 35
Gain (loss) on disposal, net of taxes (98) (20) 94
Gain (loss) from discontinued operations (79) 23 129
Net Income (Loss) $ (1,088) $ 993 $ 834
basic earnings (loss) per common share
Income (loss) from continuing operations before cumulative effect $ (4.84) $ 4.39 $ 3.16
Cumulative effect of accounting change, net of taxes —— (0.12)
Gain (loss) from discontinued operations, net of taxes (0.38) 0.11 0.57
Net Income (Loss) $ (5.22) $ 4.50 $ 3.61
diluted earnings (loss) per common share
Income (loss) from continuing operations before cumulative effect $ (4.84) $ 4.14 $ 3.00
Cumulative effect of accounting change, net of taxes —— (0.11)
Gain (loss) from discontinued operations, net of taxes (0.38) 0.10 0.52
Net Income (Loss) $ (5.22) $ 4.24 $ 3.41
See notes to consolidated financial statements.