Travelers 2005 Annual Report Download - page 224

THE ST. PAUL TRAVELERS COMPANIES, INC.AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
212
21.CONSOLIDATING FINANCIAL STATEMENTS OF THE ST. PAUL TRAVELERS
COMPANIES, INC. AND SUBSIDIARIES (Continued)
CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the yearended December 31, 2004
(in millions) TPC
Other
Subsidiaries
St. Paul
Travelers (1) Eliminations Consolidated
Revenues
Premiums ......................... $ 13,682 $5,356 $— $— $ 19,038
Net investment income. ............. 2,063594 6—2,663
Fee income........................ 68224— —706
Net realized investment gains (losses). 175 (139)(75) — (39)
Other revenues .................... 130533(10) 176
Total revenues................. 16,732 5,888 (66) (10) 22,544
Claims and expenses
Claims and claim adjustment expenses9,266 6,173 —— 15,439
Amortization of deferred acquisition
costs............................ 2,188 790 —— 2,978
General and administrative expenses. 1,955 94252(4 ) 2,945
Interest expense. ................... 143— 99 (6)236
Total claims and expenses....... 13,552 7,905 151 (10) 21,598
Income (loss) from continuing
operationsbefore income taxes .... 3,180 (2,017) (217)— 946
Income tax expense (benefit)........ 856(715) (72) —69
Equity in earnings (loss) of subsidiaries,
net of tax........................ — (1) 1,027(1,026 ) —
Minority interest, net of tax.......... 10 —— —10
Income (loss) from continuing
operations....................... 2,314 (1,303) 882(1,026 ) 867
Discontinued operations
Operating income, net of taxes..... —1573—88
Gain on disposal, net of taxes ...... —— ———
Income from discontinued operations.— 1573— 88
Net income (loss) .................. $2,314 $ ( 1,288) $955 $ (1,026 ) $955
(1) The St. Paul Travelers Companies, Inc., excluding its subsidiaries.