Travelers 2007 Annual Report Download - page 158

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share data)
For the year ended December 31, 2007 2006 2005
Revenues
Premiums .............................................. $21,470 $20,760 $20,341
Net investment income ..................................... 3,761 3,517 3,165
Fee income ............................................. 508 591 664
Net realized investment gains ................................ 154 11 17
Other revenues .......................................... 124 211 178
Total revenues ........................................ 26,017 25,090 24,365
Claims and expenses
Claims and claim adjustment expenses .......................... 12,397 12,244 14,927
Amortization of deferred acquisition costs ....................... 3,706 3,339 3,252
General and administrative expenses ........................... 3,352 3,458 3,229
Interest expense .......................................... 346 324 286
Total claims and expenses ............................... 19,801 19,365 21,694
Income from continuing operations before income taxes ........... 6,216 5,725 2,671
Income tax expense ....................................... 1,615 1,517 610
Income from continuing operations .......................... 4,601 4,208 2,061
Discontinued operations:
Operating loss, net of taxes ................................ —— (663)
Gain on disposal, net of taxes .............................. —— 224
Loss from discontinued operations ........................... —— (439)
Net income ............................................ $ 4,601 $ 4,208 $ 1,622
Basic earnings per share
Income from continuing operations ............................ $ 7.04 $ 6.12 $ 3.04
Loss from discontinued operations ............................ —— (0.65)
Net income ............................................ $ 7.04 $ 6.12 $ 2.39
Diluted earnings per share
Income from continuing operations ............................ $ 6.86 $ 5.91 $ 2.95
Loss from discontinued operations ............................ —— (0.62)
Net income ............................................ $ 6.86 $ 5.91 $ 2.33
Weighted average number of common shares outstanding:
Basic .................................................. 652.7 687.1 676.3
Diluted ................................................ 672.3 716.7 712.8
See notes to consolidated financial statements.
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