Travelers 2006 Annual Report Download - page 255

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
243
22. SELECTED QUARTERLY FINANCIAL DATA (Unaudited)
2006 (in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
Total revenues ................................$ 6,050$ 6 ,255$ 6 ,316 $ 6,469 $ 25,090
Total expenses.................................4,7124,9114,862 4,880 19,365
Income before income taxes.....................1,3381,3441,454 1,589 5,725
Income tax expense ............................332374 411 400 1,517
Net income ...................................$ 1,006$970$ 1 ,043 $ 1,189 $4,208
Net income per share:(1)
Basic.......................................$ 1.45 $ 1.40 $ 1.52 $ 1.75 $6.12
Diluted.....................................1.41 1.36 1.47 1.68 5.91
2005 (in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
Total revenues................................$ 6 ,105 $ 6,037$ 6 ,042 $ 6,181 $ 24,365
Total expenses. ................................ 4,9174,7436,050 5,984 21,694
Income (loss) from continuing operations before
income taxes ................................1,188 1,294(8) 197 2,671
Income tax expense (benefit) ....................311 363(83) 19 610
Income from continuing operations ..............877 93175178 2,061
Income (loss) from discontinued operations .......(665) 138 87 1 (439)
Net income ................................... $ 212$ 1 ,069 $ 162 $ 179 $1,622
Net income per share:(1)
Basic.......................................$ 0.31$ 1.59$ 0.24$ 0.26$ 2.39
Diluted..................................... 0.31 1.52 0.23 0.26 2.33
(1) Due to the averaging of shares, quarterly earnings per share may not add to the total for the full year.
23. EVENT (UNAUDITED) SUBSEQUENT TO THE DATE OF THE INDEPENDENT AUDITOR’S
REPORT
Effective February 26, 2007, The St. Paul Travelers Companies, Inc. amended its Articles of
Incorporation to change its name to The Travelers Companies, Inc. and, effective the same day, amended
its Bylaws to reflect the name change. As a result, references to the Company’s name in these financial
statements andnotes thereto have been changed, where applicable, to reflect the new Company name.