Travelers 2003 Annual Report Download - page 87

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85
TRAVELERS PROPERTY CASUALTY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(in millions, except per share data)
For the year ended December 31, 2003 2002 2001
Revenues
Premiums $ 12,545.4 $ 11,155.3 $ 9,410.9
Net investment income 1,868.8 1,880.5 2,034.0
Fee income 560.0 454.9 347.4
Net realized investment gains 38.0 146.7 322.5
Recoveries from former affiliate - 520.0 -
Other revenues 127.0 112.3 115.7
Total revenues 15,139.2 14,269.7 12,230.5
Claims and expenses
Claims and claim adjustment expenses 9,118.4 11,138.5 7,764.7
Amortization of deferred acquisition costs 1,983.7 1,810.2 1,538.7
Interest expense 166.4 156.8 204.9
General and administrative expenses 1,641.3 1,424.0 1,333.2
Total claims and expenses 12,909.8 14,529.5 10,841.5
Income (loss) before federal income taxes, minority interest
and cumulative effect of changes in accounting principles 2,229.4 (259.8) 1,389.0
Federal income taxes (benefit) 537.4 (476.5) 326.8
Minority interest, net of tax (4.0) 1.1 -
Income before cumulative effect of changes in accounting principles 1,696.0 215.6 1,062.2
Cumulative effect of change in accounting principles for:
Goodwill and other intangible assets, net of tax
Derivative instruments and hedging activities, net of tax
-
-
(242.6)
-
-
4.5
Securitized financial assets, net of tax - - (1.3)
Net income (loss) $ 1,696.0 $ (27.0) $ 1,065.4
Basic earnings per share
Income before cumulative effect of changes in accounting principles $ 1.69 $ 0.23 $ 1.38
Cumulative effect of changes in accounting principles, net of tax - (0.26) 0.01
Net income (loss) $ 1.69 $ (0.03) $ 1.39
Diluted earnings per share
Income before cumulative effect of changes in accounting principles $ 1.68 $ 0.23 $ 1.38
Cumulative effect of changes in accounting principles, net of tax - (0.26) 0.01
Net income (loss) $ 1.68 $ (0.03) $ 1.39
Weighted average number of common shares outstanding 1,002.0
949.5 769.0
Weighted average number of common shares outstanding
and common stock equivalents
1,007.3
951.2
769.0
See notes to consolidated financial statements.