Travelers 2003 Annual Report Download - page 12
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10
UNAUDITED PRO FORMA CONDENSED COMBINED
FINANCIAL STATEMENTS
The preliminary Unaudited Pro Forma Condensed Combined Balance Sheet as of December 31, 2003 combines the
historical consolidated balance sheets of SPC and TPC, giving effect to the merger as if it had been consummated on
December 31, 2003. The preliminary Unaudited Pro Forma Condensed Combined Income Statement for the year
ended December 31, 2003 combines the historical consolidated statements of income of SPC and TPC giving effect to
the merger as if it had occurred on January 1, 2003. We have adjusted the historical consolidated financial statements
to give effect to pro forma events that are (1) directly attributable to the merger, (2) factually supportable and (3) with
respect to the statement of income, expected to have a continuing impact on the combined results. You should read this
information in conjunction with the:
• accompanying notes to the preliminary Unaudited Pro Forma Condensed Combined Financial Statements;
• SPC’s separate historical financial statements as of and for the year ended December 31, 2003 included in
SPC’s Annual Report on Form 10-K for the year ended December 31, 2003;
• TPC’s separate historical financial statements as of and for the year ended December 31, 2003 included in
TPC’s Annual Report on Form 10-K for the year ended December 31, 2003.
The preliminary Unaudited Pro Forma Condensed Combined Financial Statements have been prepared for
informational purposes only. The preliminary Unaudited Pro Forma Condensed Combined Financial Statements are
not necessarily indicative of what the financial position or results of operations actually would have been had the
merger been completed at the dates indicated. In addition, the preliminary Unaudited Pro Forma Condensed Combined
Financial Statements do not purport to project the future financial position or operating results of the combined
company. The preliminary Unaudited Pro Forma Condensed Combined Financial Statements do not give consideration
to the impact of possible revenue enhancements, expense efficiencies, synergies or asset dispositions.
The preliminary Unaudited Pro Forma Condensed Combined Financial Statements have been prepared using the
purchase method of accounting with TPC treated as the accounting acquirer. Accordingly, TPC’s estimated cost to
acquire SPC has been allocated to the acquired assets, liabilities and commitments based upon their estimated fair
values at the dates indicated. The allocation of the purchase price is preliminary and is dependent upon certain
valuations and other studies that have not progressed to a stage where there is sufficient information to make a
definitive allocation. Accordingly, the final purchase accounting adjustments may be materially different from the
preliminary unaudited pro forma adjustments presented herein.