Travelers 2002 Annual Report Download - page 62

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CONSOLIDATED BALANCE SHEETS
The St. Paul Companies
December 31 2002 2001
(In millions)
ASSETS
Investments:
Fixed income $17,188 $15,911
Real estate and mortgage loans 874 972
Venture capital 581 859
Equities 394 1,410
Securities on loan 806 775
Other investments 738 98
Short-term investments 2,152 2,153
Total investments 22,733 22,178
Cash 315 151
Reinsurance recoverables:
Unpaid losses 7,777 6,848
Paid losses 522 351
Ceded unearned premiums 806 667
Receivables:
Underwriting premiums 2,658 3,123
Interest and dividends 247 260
Other 170 247
Deferred policy acquisition costs 554 628
Deferred income taxes 1,267 1,248
Office properties and equipment 459 486
Goodwill and intangible assets 1,013 690
Other assets 1,399 1,444
Total Assets $39,920 $38,321
LIABILITIES
Insurance reserves:
Losses and loss adjustment expenses $22,626 $22,101
Unearned premiums 3,816 3,957
Total insurance reserves 26,442 26,058
Debt 2,713 2,130
Payables:
Reinsurance premiums 957 943
Accrued expenses and other 963 1,036
Securities lending collateral 822 790
Other liabilities 1,388 1,357
Total Liabilities 33,285 32,314
Company-obligated mandatorily redeemable preferred securities of
trusts holding solely subordinated debentures of the company 889 893
SHAREHOLDERS’ EQUITY
Preferred:
SOP convertible preferred stock 105 111
Guaranteed obligation-SOP (40) (53)
Total Preferred Shareholders’ Equity 65 58
Common:
Common stock 2,606 2,192
Retained earnings 2,473 2,500
Accumulated other comprehensive income, net of taxes:
Unrealized appreciation on investments 671 442
Unrealized loss on foreign currency translation (68) (76)
Unrealized loss on derivatives (1) (2)
Total accumulated other comprehensive income 602 364
Total Common Shareholders’ Equity 5,681 5,056
Total Shareholders’ Equity 5,746 5,114
Total Liabilities, Redeemable Preferred Securities of Trusts and Shareholders’ Equity $39,920 $38,321
See notes to consolidated financial statements.
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