Travelers 2005 Annual Report Download - page 226

THE ST. PAUL TRAVELERS COMPANIES, INC.AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
214
21.CONSOLIDATING FINANCIAL STATEMENTS OF THE ST. PAUL TRAVELERS
COMPANIES, INC. AND SUBSIDIARIES (Continued)
CONSOLIDATING BALANCE SHEET (Unaudited)
At December 31, 2004
(in millions) TPC
Other
Subsidiaries
St. Paul
Travelers(1) Eliminations Consolidated
Assets
Fixed maturities, available for sale at fair value (including
$2,603 subjectto securities lending and repurchase
agreements) (amortized cost $53,017) .................. $ 34,347 $ 19,895 $32$ (5)$54,269
Equitysecurities, at fair value (cost $687) ................. 601 83 75 —759
Real estate ........................................... 2771 ——773
Mortgage loans ....................................... 148 43 ——191
Short-term securities ................................... 2,695 2,122 127 — 4,944
Otherinvestments..................................... 2,151 1,220 61 —3,432
Total investments.................................. 39,944 24,134 295 (5 )64,368
Cash................................................. 166 79 17 —262
Investment income accrued............................. 410 261 3(3) 671
Premiumsreceivable ................................... 4,115 2,086 ——6,201
Reinsurancerecoverables............................... 11,058 7,996 ——19,054
Ceded unearned premiums............................. 716 849 ——1,565
Deferred acquisition costs.............................. 1,033 526 ——1,559
Deferred tax asset..................................... 924 849 596 (171 )2,198
Contractholder receivables............................. 3,986 1,643 ——5,629
Goodwill............................................. 2,412 1,152 ——3,564
Intangible assets....................................... 356 706 ——1,062
Net assets of discontinued operations.................... —345 1,696 — 2,041
Investment insubsidiaries.............................. ——22,042 (22,042 )—
Other assets .......................................... 1,698 1,743 361 (730 )3,072
Total assets ....................................... $ 66,818 $ 42,369 $ 25,010 $ (22,951 )$ 1 11,246
Liabilities
Claims and claim adjustment expense reserves. ............ $35,796 $23,274 $—$—$59,070
Unearned premium reserves............................ 7,162 4,148 ——11,310
Contractholder payables................................ 3,986 1,643 ——5,629
Payables for reinsurancepremiums ...................... 202 694 ——896
Debt................................................. 2,624 183 3,809 (303 )6,313
Other liabilities....................................... 4,784 2,445 —(402 )6,827
Total liabilities.................................... 54,554 32,387 3,809 (705 )90,045
Shareholders’ equity
Preferred stock:
Savings Plan—convertible preferred stock (0.6shares
issued and outstanding) ............................. —29193 (29 )193
Guaranteed obligation—Stock Ownership Plan .......... —— (5)— (5)
Common stock (1,750.0 shares authorized; 670.7 shares
issued; 670.3 shares outstanding). ...................... 4752 17,414 (756 )17,414
Additional paid-in capital............................... 8,694 7,921 —(16,615 )—
Retained earnings..................................... 2,774 1,235 2,744 (4,009 )2,744
Accumulated other changes in equity from nonowner sources .. 865 83 952 (948 )952
Treasurystock, atcost (0.4 shares) ....................... (14) —(14) 14 (14)
Unearnedcompensation................................ (58) —(83 )58(83)
Minority interest ...................................... (1)(38) —39—
Total shareholders’ equity........................... 12,264 9,982 21,201 (22,246 )21,201
Total liabilities and shareholders’ equity .............. $ 66,818 $ 42,369 $ 25,010 $ (22,951 )$ 1 11,246
(1) The St. Paul Travelers Companies, Inc., excluding its subsidiaries.