Travelers 2005 Annual Report Download - page 223

THE ST. PAUL TRAVELERS COMPANIES, INC.AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
211
21.CONSOLIDATING FINANCIAL STATEMENTS OF THE ST. PAUL TRAVELERS
COMPANIES, INC. AND SUBSIDIARIES (Continued)
CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the yearended December 31, 2005
(in millions) TPC
Other
Subsidiaries
St. Paul
Travelers(1) Eliminations Consolidated
Revenues
Premiums .......................... $ 13,494 $ 6,847$—$—$ 2 0,341
Net investment income. .............. 2,191953 21 —3,165
Fee income......................... 6613 ——664
Net realized investment gains (losses).. 35 (21) 3 — 17
Other revenues ..................... 1661211(11) 178
Total revenues.................. 16,547 7,79435(11 ) 24,365
Claims and expenses
Claims and claim adjustment expenses. 9,835 5,092— — 14,927
Amortization of deferred acquisition
costs............................. 2,038 1,214 —— 3,252
General and administrative expenses..2,198 1,010 32 (11
) 3,229
Interest expense. .................... 142(2) 146—
286
Total claims and expenses........ 14,213 7,314 178 (11) 21,694
Income (loss) from continuing
operationsbefore income taxes ..... 2,334 480 (143)— 2,671
Income tax expense (benefit)......... 56572(27) —610
Equity in earnings of subsidiaries, net of
tax.............................. — —2,215(2,215 ) —
Income (loss) from continuing
operations........................ 1,769 408 2,099(2,215 ) 2,061
Discontinued operations
Operating loss, net of taxes ......... —(82) (581)—(663)
Gain on disposal, net of taxes ....... —120 104—224
Income (loss) from discontinued
operations........................ — 38 (477)—(439)
Net income......................... $ 1,769$ 446 $ 1,622 $ (2,215) $1,622
(1) The St. Paul Travelers Companies, Inc., excluding its subsidiaries.