Travelers 2006 Annual Report Download - page 248

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
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21. CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND
SUBSIDIARIES (Continued)
CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the year ended December 31, 2005
(in millions) TPC
Other
Subsidiaries Travelers(1) Eliminations Consolidated
Revenues
Premiums..........................$ 1 3,494 $6,847 $—$— $20,341
Net investment income ..............2,191 953 21 — 3,165
Fee income ........................661 3 —— 664
Net realized investment gains (losses) .35(21) 3 — 17
Other revenues .....................166 12 11 (11 ) 178
Total revenues................. 16,547 7,794 35 (11 ) 24,365
Claims and expenses
Claims and claim adjustment expenses. 9,8355,092 —— 14,927
Amortization of deferred acquisition
costs ............................ 2,038 1,214 —— 3,252
General and administrative expenses..2,198 1,010 32 (11 ) 3,229
Interest expense ....................142 (2) 146— 286
Total claims and expenses ....... 14,213 7,314 178(11 ) 21,694
Income (loss) from continuing
operations before income taxes ..... 2,334 480 (143)— 2,671
Income tax expense (benefit) .........565 72 (27) — 610
Equity in earnings of subsidiaries, net
of tax............................ — — 2,215 (2,215 ) —
Income (loss) from continuing
operations ....................... 1,769 408 2,099(2,215 ) 2,061
Discontinued operations
Operating loss, net of taxes ........ — (82) (581)— (663)
Gain on disposal, net of taxes ...... — 120 104— 224
Income (loss) from discontinued
operations ....................... — 38 (477)— (439)
Net income.........................$ 1,769 $446 $1,622$(2,215 ) $1,622
(1) The Travelers Companies, Inc., excluding its subsidiaries.