Travelers 2006 Annual Report Download - page 157

See notes to consolidated financial statements.
145
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share data)
For theyear ended December 31, 2006 2005 2004
Revenues
Premiums....................................................... $20,760 $20,341 $ 19,038
Net investment income........................................... 3,517 3,165 2,663
Fee income ..................................................... 591 664 706
Net realized investment gains(losses) .............................. 11 17 (39)
Other revenues .................................................. 211 178 176
Total revenues.............................................. 25,090 24,365 22,544
Claims and expenses
Claims and claim adjustment expenses. ............................. 12,244 14,927 15,439
Amortizationof deferred acquisition costs .......................... 3,339 3,252 2,978
General and administrative expenses ............................... 3,458 3,229 2,945
Interest expense................................................. 324 286 236
Total claims and expenses .................................... 19,365 21,694 21,598
Income from continuing operations before income taxes and
minority interest ............................................ 5,725 2,671 946
Income tax expense .............................................. 1,517 610 69
Minority interest, net of tax....................................... ——10
Incomefrom continuing operations .............................. 4,208 2,061 867
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 .................................................... $4,208 $1,622 $ 955
Basic earnings per share
Income fromcontinuing operations ................................ $ 6.12 $3.04 $ 1.42
Income (loss) from discontinued operations......................... —(0.65)0.14
Net income .................................................... $ 6.12 $2.39 $ 1.56
Diluted earnings per share
Income fromcontinuing operations ................................ $ 5.91 $2.95 $ 1.40
Income (loss) from discontinued operations ......................... —(0.62)0.13
Net income .................................................... $ 5.91 $2.33 $ 1.53
Weighted average number of common shares outstanding:
Basic........................................................... 687.1 676.3 608.3
Diluted ......................................................... 716.7 712.8 628.3