Travelers 2004 Annual Report Download - page 126

THE ST. PAUL TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(in millions, except per share data)
For the year ended December 31, 2004 2003 2002
Revenues
Premiums ......................................................... $19,038 $12,545 $11,155
Net investment income ............................................... 2,663 1,869 1,881
Fee income ........................................................ 706 560 455
Asset management .................................................. 390 ——
Net realized investment gains (losses) ................................... (39) 38 147
Recoveries from former affiliate ....................................... —— 520
Other revenues ..................................................... 176 127 112
Total revenues ................................................. 22,934 15,139 14,270
Claims and expenses
Claims and claim adjustment expenses .................................. 15,439 9,118 11,139
Amortization of deferred acquisition costs ............................... 2,978 1,984 1,810
General and administrative expenses .................................... 3,145 1,641 1,424
Interest expense .................................................... 244 167 157
Total claims and expenses ....................................... 21,806 12,910 14,530
Income (loss) before income taxes, minority interest and
cumulative effect of change in accounting principles ................... 1,128 2,229 (260)
Income tax expense (benefit) .......................................... 138 537 (477)
Minority interest, net of tax ........................................... 35 (4) 1
Income before cumulative effect of change in accounting principles ........ 955 1,696 216
Cumulative effect of change in accounting principles for goodwill and other
intangible assets, net of tax ......................................... —— (243)
Net income (loss) ................................................... $ 955 $ 1,696 $ (27)
Basic earnings (loss) per share
Income before cumulative effect of change in accounting principles ........... $ 1.56 $ 3.91 $ 0.52
Cumulative effect of change in accounting principles, net of tax .............. —— (0.59)
Net income (loss) ................................................... $ 1.56 $ 3.91 $ (0.07)
Diluted earnings (loss) per share
Income before cumulative effect of change in accounting principles ........... $ 1.53 $ 3.80 $ 0.52
Cumulative effect of change in accounting principles, net of tax .............. —— (0.59)
Net income (loss) ................................................... $ 1.53 $ 3.80 $ (0.07)
Weighted average number of common shares outstanding:
Basic ............................................................. 608.3 434.3 411.5
Diluted ........................................................... 628.3 453.3 412.3
See notes to consolidated financial statements.
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