Travelers 2005 Annual Report Download - page 141

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
The St. Paul Travelers Companies, Inc.:
We have audited the accompanying consolidated balance sheet of The St. Paul Travelers
Companies, Inc. and subsidiaries as of December 31, 2005 and 2004, and the related consolidated
statements of income, changes in shareholders’ equity, and cash flows for each of the years in the three-
year period ended December 31, 2005. These consolidated financial statements are the responsibility of
the Company’s management. Our responsibility is to express an opinion on these consolidated financial
statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of The St. Paul Travelers Companies, Inc. and subsidiaries as of
December 31, 2005 and 2004, and the results of their operations and their cash flows for each of the years
in the three-year period ended December 31, 2005, in conformity with U.S. generally accepted accounting
principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the effectiveness of The St. Paul Travelers Companies, Inc. and subsidiaries
internal control over financial reporting as of December 31, 2005, based on criteria established in Internal
Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO), and our report dated February 27, 2006 expressed an unqualified opinion on
management’s assessment of, and the effective operation of, internal control over financial reporting.
/s/ KPMG LLP
KPMG LLP
Minneapolis, Minnesota
February 27, 2006