Travelers 2006 Annual Report Download - page 156

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REPORT OF INDEPENDENTREGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders
The Travelers Companies, Inc.:
We have audited the accompanying consolidated balance sheet of The Travelers Companies, Inc. and
subsidiaries as of December 31, 2006 and 2005, and the related consolidated statement of income, changes
in shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31,
2006. 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 assessingthe accounting principles used and significant estimates made
by management, as well as evaluating theoverall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the consolidatedfinancial statements referred to above present fairly, in all material
respects, the financial position of The Travelers Companies, Inc. and subsidiaries as of December 31, 2006
and 2005, and the results of their operations and their cash flows for each of the years in the three-year
period ended December 31, 2006, 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 Travelers Companies, Inc. and subsidiaries internal control
over financial reporting as of December31, 2006, based on criteria established inInternal Con trol—
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO), and our report dated February 23, 2007 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 23, 2007