Travelers 2003 Annual Report Download - page 3
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To St. Paul Travelers Shareholders,
The year 2003 was significant for The St. Paul Companies and Travelers Property Casualty
for many reasons — most notably, for our decision to combine both companies, creating
St. Paul Travelers. Our merger transaction was premised on the combination of two well-
positioned companies to create one of great strength. We firmly believe that as a result, we have
the opportunity to create a new entity that will be much more than the sum of its former parts.
Throughout 2003, Travelers and The St. Paul each implemented business strategies focused
on long-term, profitable growth with leading independent agents and brokers. We enjoyed
generally favorable market conditions, which resulted in successful execution of both
companies’ strategies.
For the year ended Dec. 31, 2003:
• Travelers Property Casualty produced a very strong performance, with net income of
$1.7 billion. This generated a return on shareholders’ equity of 15.3 percent for the year.
• The St. Paul Companies delivered improved results in ongoing businesses but continued
to be impacted by prior-year reserve issues largely related to runoff businesses. The
company produced net income of $661 million and returned 10.6 percent on shareholders’
equity for the year.
St. Paul Travelers Companies 2003 Annual Report 1
Jay S. Fishman Robert I. Lipp
President & CEO Chairman