Travelers 2004 Annual Report Download - page 127

THE ST. PAUL TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
At December 31, 2004 2003
Assets
Fixed maturities, available for sale at fair value (including $2,603 and $696 subject to
securities lending and repurchase agreements) (amortized cost $53,004 and $31,479) . . . $ 54,256 $33,046
Equity securities, at fair value (cost $720 and $673) ................................ 791 733
Real estate ................................................................ 773 2
Mortgage loans ............................................................. 191 211
Short-term securities ........................................................ 5,142 2,138
Other investments .......................................................... 3,557 2,523
Total investments .................................................. 64,710 38,653
Cash ..................................................................... 274 352
Investment income accrued ................................................... 671 362
Premiums receivable ........................................................ 6,201 4,090
Reinsurance recoverables ..................................................... 19,054 11,174
Ceded unearned premiums .................................................... 1,522 939
Deferred acquisition costs .................................................... 1,559 965
Deferred tax asset ........................................................... 2,011 678
Contractholder receivables .................................................... 5,629 3,121
Goodwill .................................................................. 5,281 2,412
Intangible assets ............................................................ 1,701 422
Other assets ............................................................... 3,202 1,704
Total assets ....................................................... $111,815 $64,872
Liabilities
Claims and claim adjustment expense reserves .................................... $ 59,070 $34,573
Unearned premium reserves ................................................... 11,310 7,111
Contractholder payables ...................................................... 5,629 3,121
Payables for reinsurance premiums ............................................. 853 403
Debt ..................................................................... 6,624 2,675
Payables for securities lending and repurchase agreements .......................... —711
Other liabilities ............................................................. 7,128 4,291
Total liabilities .................................................... 90,614 52,885
Shareholders’ equity
Preferred stock:
Stock Ownership Plan—convertible preferred stock (0.6 shares issued and
outstanding) ......................................................... 193 —
Guaranteed obligation—Stock Ownership Plan ............................... (5) —
Common stock (1,750.0 shares authorized; 670.7 and 437.8 shares issued;
670.3 and 435.8 shares outstanding) .......................................... 17,414 10
Additional paid-in capital ..................................................... —8,705
Retained earnings ........................................................... 2,744 2,290
Accumulated other changes in equity from nonowner sources ........................ 952 1,086
Treasury stock, at cost (0.4 and 2.0 shares) ....................................... (14) (74)
Unearned compensation ...................................................... (83) (30)
Total shareholders’ equity ........................................... 21,201 11,987
Total liabilities and shareholders’ equity .............................. $111,815 $64,872
See notes to consolidated financial statements.
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