Travelers 2003 Annual Report Download - page 2

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One company with the experience of two —
that’s St. Paul Travelers.
St. Paul Travelers was formed in April 2004 through the merger
of The St. Paul Companies and Travelers Property Casualty, two
of the nation’s leading property casualty insurance companies.
The company offers insurance to a wide variety of businesses and
other organizations, as well as individuals, through independent
insurance agents and brokers. The company also holds a
79 percent majority interest in Nuveen Investments.
Now the second-largest commercial U.S. property casualty insurance
company in terms of direct written premium, St. Paul Travelers has
total pro forma assets of approximately $109 billion, shareholders’
equity of $20 billion and a total capital base of $26 billion.
Contents
1 Letter from the Chairman and the CEO
5 Financial Highlights
6 St. Paul Travelers at a Glance
7 Management Team
8 Board of Directors
9 Financial Section
9Introduction
10 Unaudited Pro Forma Condensed Combined
Financial Statements
21 Forward-Looking Statements
22 Business Description
32 Management’s Discussion and Analysis of Financial Condition
and Results of Operations
84 Independent Auditors’ Report
85 Consolidated Financial Statements
ibc Shareholders’ Information