Travelers 2004 Annual Report Download - page 206

THE ST. PAUL TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
21. CONSOLIDATING FINANCIAL STATEMENTS OF THE ST. PAUL TRAVELERS COMPANIES,
INC. AND SUBSIDIARIES, Continued
CONSOLIDATING BALANCE SHEET (Unaudited)
At December 31, 2004
(in millions) TPC
Other
Subsidiaries
St. Paul
Travelers (1) Eliminations Consolidated
Assets
Fixed maturities, available for sale at fair value (including $2,603
subject to securities lending and repurchase agreements)
(amortized cost $53,004) ............................... $34,334 $19,895 $ 32 $ (5) $ 54,256
Equity securities, at fair value (cost $720) ................... 614 102 75 — 791
Real estate ............................................ 2 771 — — 773
Mortgage loans ........................................ 148 43 — — 191
Short-term securities .................................... 2,695 2,320 127 — 5,142
Other investments ...................................... 2,151 1,345 61 — 3,557
Total investments .................................. 39,944 24,476 295 (5) 64,710
Cash ................................................. 166 91 17 — 274
Investment income accrued ............................... 410 261 3 (3) 671
Premiums receivable .................................... 4,115 2,086 — — 6,201
Reinsurance recoverables ................................ 11,058 7,996 — — 19,054
Ceded unearned premiums ............................... 716 806 — — 1,522
Deferred acquisition costs ................................ 1,033 526 — — 1,559
Deferred tax asset ...................................... 924 662 596 (171) 2,011
Contractholder receivables ............................... 3,986 1,643 — — 5,629
Goodwill ............................................. 2,412 2,869 — — 5,281
Intangible assets ........................................ 356 1,345 — — 1,701
Investment in subsidiaries ................................ — 1 23,738 (23,739) —
Other assets ........................................... 1,698 1,873 (72) (297) 3,202
Total assets ....................................... $66,818 $44,635 $24,577 $(24,215) $111,815
Liabilities
Claims and claim adjustment expense reserves ............... $35,796 $23,274 $ — $ — $ 59,070
Unearned premium reserves .............................. 7,162 4,148 — — 11,310
Contractholder payables ................................. 3,986 1,643 — — 5,629
Payables for reinsurance premiums ......................... 202 651 — — 853
Debt ................................................. 2,624 494 3,809 (303) 6,624
Other liabilities ........................................ 4,784 2,746 (433) 31 7,128
Total liabilities .................................... 54,554 32,956 3,376 (272) 90,614
Shareholders’ equity
Preferred stock:
Stock Ownership Plan—convertible preferred stock (0.6
shares issued and outstanding) ...................... — 29 193 (29) 193
Guaranteed obligation—Stock Ownership Plan ........... — — (5) — (5)
Common stock (1,750.0 shares authorized; 670.7 shares issued;
670.3 shares outstanding) .............................. 4 753 17,414 (757) 17,414
Additional paid-in capital ................................ 8,694 8,932 — (17,626) —
Retained earnings ...................................... 2,774 2,000 2,744 (4,774) 2,744
Accumulated other changes in equity from nonowner sources .... 865 86 952 (951) 952
Treasury stock, at cost (0.4 shares) ......................... (14) — (14) 14 (14)
Unearned compensation ................................. (58) — (83) 58 (83)
Minority interest ....................................... (1) (121) — 122 —
Total shareholders’ equity .......................... 12,264 11,679 21,201 (23,943) 21,201
Total liabilities and shareholders’ equity .............. $66,818 $44,635 $24,577 $(24,215) $111,815
(1) The St. Paul Travelers Companies, Inc., excluding its subsidiaries.
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