Travelers 2005 Annual Report Download - page 142

See notes to consolidated financial statements.
130
THE ST. PAUL TRAVELERS COMPANIES, INC.AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share data)
For the year ended December 31,2005 2004 2003
Revenues
Premiums ....................................................... $ 2 0,341 $ 1 9,038 $ 1 2,545
Net investment income. ........................................... 3,165 2,663 1,869
Fee income...................................................... 664 706 560
Net realized investment gains (losses)............................... 17 (39 ) 38
Other revenues .................................................. 178 176 127
Total revenues............................................... 24,365 22,544 15,139
Claims and expenses
Claims and claim adjustment expenses .............................. 14,927 15,439 9,118
Amortization of deferred acquisition costs. .......................... 3,252 2,978 1,984
General and administrative expenses ............................... 3,229 2,945 1,641
Interest expense. ................................................. 286 236 167
Total claims and expenses..................................... 21,694 21,598 12,910
Incomefrom continuing operations before income taxes and minority
interest ..................................................... 2,671 946 2,229
Income tax expense............................................... 610 69 537
Minority interest, net of tax........................................ —10 (4)
Incomefrom continuing operations .............................. 2,061 867 1,696
Discontinued operations:
Operating income (loss),net of taxes ............................. (663 )88 —
Gain on disposal, net of taxes .................................... 224 — —
Income (loss) from discontinued operations ....................... (439 )88 —
Net income.................................................... $1,622
$ 955 $1,696
Basic earnings per share
Income from continuingoperations. ................................ $3.04 $1.42 $3.91
Income (loss) from discontinued operations ......................... (0.65 )0.14 —
Net income.................................................... $2.39
$1.56 $3.91
Diluted earnings per share
Income from continuingoperations. ................................ $2.95 $1.40 $3.80
Income (loss) from discontinued operations ......................... (0.62 )0.13 —
Net income.................................................... $2.33
$1.53 $3.80
Weighted average number of common shares outstanding:
Basic ........................................................... 676.3 608.3 434.3
Diluted ......................................................... 712.8 628.3 453.3