Travelers 2004 Annual Report Download - page 64

All amounts in the table represent shares repurchased to cover payroll withholding taxes in connection with
the vesting of restricted stock awards and exercises of stock options, and shares used to cover the exercise price
of certain stock options that were exercised.
Item 6. SELECTED FINANCIAL DATA
All data in the following table for the years 2000 through 2003 represent historical data for TPC. For
accounting purposes, the merger of SPC and TPC was accounted for as a reverse acquisition with TPC treated as
the accounting acquirer. Accordingly, this transaction was accounted for as a purchase business combination,
using TPC’s historical financial information and applying fair value estimates to the acquired assets, liabilities
and commitments of SPC as of April 1, 2004.
At and for the year ended December 31, (1)
2004 2003 2002 2001 2000
(in millions, except per share amounts)
Total revenues ................................... $ 22,934 $15,139 $14,270 $12,231 $11,071
Income before cumulative effect of changes in accounting
principles ..................................... $ 955 $ 1,696 $ 216 $ 1,062 $ 1,312
Cumulative effect of changes in accounting principles, net
of tax(2) ...................................... —— (243) 3 —
Net income (loss) ................................. $ 955 $ 1,696 $ (27) $ 1,065 $ 1,312
Total investments ................................. $ 64,710 $38,653 $38,425 $32,619 $30,754
Total assets ...................................... 111,815 64,872 64,138 57,778 53,850
Claims and claim adjustment expense reserves .......... 59,070 34,573 33,736 30,737 28,442
Total debt ....................................... 6,624 2,675 2,544 2,078 3,005
Total liabilities(3) ................................. 90,614 52,885 53,100 46,192 43,736
Company-obligated mandatorily redeemable securities of
subsidiary trusts holding solely junior subordinated debt
securities of TIGHI .............................. —— 900 900 900
Total shareholders’ equity .......................... 21,201 11,987 10,137 10,686 9,214
Basic earnings (loss) per share:(4)
Income before cumulative effect of changes in accounting
principles ..................................... $ 1.56 $ 3.91 $ 0.52 $ 3.18 $ 3.95
Cumulative effect of changes in accounting principles, net
oftax......................................... —— (0.59) 0.02 —
Reported net income (loss) .......................... 1.56 3.91 (0.07) 3.20 3.95
Goodwill amortization ............................. —— — 0.21 0.18
Adjusted earnings (loss) per share .................... $ 1.56 $ 3.91 $ (0.07) $ 3.41 $ 4.13
Diluted earnings (loss) per share:(4)
Income before cumulative effect of changes in accounting
principles ..................................... $ 1.53 $ 3.80 $ 0.52 $ 3.18 $ 3.95
Cumulative effect of changes in accounting principles, net
oftax......................................... —— (0.59) 0.02 —
Reported net income (loss) .......................... 1.53 3.80 (0.07) 3.20 3.95
Goodwill amortization ............................. —— — 0.21 0.18
Adjusted earnings (loss) per share .................... $ 1.53 $ 3.80 $ (0.07) $ 3.41 $ 4.13
Year-end common shares outstanding(4)(5) ............ 670.3 435.8 435.1 333.3 333.3
Per common share data:
Cash dividends(4)(6) .............................. $ 1.16 $ 0.65 $ 12.07 $ 1.22 $ —
Book value(4) .................................... $ 31.35 $ 27.51 $ 23.30 $ 32.07 $ 27.64
(1) On April 1, 2004, Travelers Property Casualty Corp. (TPC) merged with a subsidiary of The St. Paul
Companies, Inc. (SPC), as a result of which TPC became a wholly-owned subsidiary of SPC and SPC
changed its name to The St. Paul Travelers Companies, Inc. On October 1, 2001, TPC purchased The
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