Travelers 2004 Annual Report Download - page 223

Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
The St. Paul Travelers Companies, Inc.:
Under date of March 16, 2005, we reported on the consolidated balance sheet of The St. Paul Travelers
Companies, Inc., and subsidiaries as of December 31, 2004 and 2003, and the related consolidated statements of
income (loss), changes in shareholders’ equity, and cash flows for each of the years in the three-year period
ended December 31, 2004, which are included in this Form 10-K. In connection with our audits of the
aforementioned consolidated financial statements, we also audited the related financial statement schedules as
listed in the accompanying index. These financial statement schedules are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these financial statement schedules based on our
audits.
In our opinion, such financial statement schedules, when considered in relation to the basic consolidated
financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.
As discussed in Note 1 to the consolidated financial statements, the Company changed its method of
accounting for goodwill and other intangible assets in 2002.
/s/ KPMG LLP
KPMG LLP
Minneapolis, Minnesota
March 16, 2005
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