Travelers 2007 Annual Report Download - page 122

directors authorized an additional $5 billion for share repurchases. Under these authorizations,
repurchases may be made from time to time in the open market, pursuant to preset trading plans
meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, in private
transactions or otherwise. The authorizations do not have a stated expiration date. The timing and
actual number of shares to be repurchased in the future will depend on a variety of factors, including
corporate and regulatory requirements, price, catastrophe losses and other market conditions. The
following table summarizes repurchase activity in 2007 and remaining repurchase capacity at
December 31, 2007.
Number of Remaining capacity
shares Cost of shares Average price paid under share repurchase
Quarterly Period Ending purchased repurchased per share program
March 31, 2007 .............. 13,889,773 $ 725,070,439 $52.20 $3,153,874,729
June 30, 2007 ............... 11,390,800 621,499,960 54.56 2,532,374,769
September 30, 2007 ........... 11,751,435 600,233,261 51.08 1,932,141,508
December 31, 2007 ........... 19,008,213 999,954,837 52.61 932,186,671
Total .................... 56,040,221 $2,946,758,497 $52.58 $ 932,186,671
Since the inception of the repurchase authorizations in May 2006, the Company has repurchased a
cumulative total of 78.8 million shares for a total cost of $4.07 billion, or $51.61 per share, through
December 31, 2007.
In 2007, 2006 and 2005, the Company acquired 1.7 million, 1.2 million and 0.8 million shares,
respectively, of common stock from employees as treasury stock primarily to cover payroll withholding
taxes related to the vesting of restricted stock awards and exercises of stock options.
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