Travelers 2006 Annual Report Download - page 249

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, 2004
(in millions) TPC
Other
Subsidiaries Travelers(1) Eliminations Consolidated
Revenues
Premiums.......................... $13,682 $5,356 $— $— $ 19,038
Net investment income..............2,063 594 6—2,663
Fee income ........................682 24 ——706
Net realized investment gains (losses) .175 (139) (75) — (39)
Other revenues.....................130 53 3(10) 176
Total revenues ................. 16,732 5,888 (66) (10 ) 22,544
Claims and expenses
Claims and claim adjustment expenses. 9,266 6,173 — — 15,439
Amortization of deferred acquisition
costs ............................ 2,188 790 — — 2,978
General and administrative expenses .. 1,955 942 52 (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
operations before 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
Income from discontinued operations .— 1573 — 88
Net income (loss) ...................$ 2,314 $ (1,288) $955 $ ( 1,026 ) $ 955
(1) The Travelers Companies, Inc., excluding its subsidiaries.