Travelers 2007 Annual Report Download - page 79

Item 6. SELECTED FINANCIAL DATA
All data in the following table for 2003 represent historical data for TPC. For accounting purposes,
the merger of SPC and TPC was accounted for as a reverse acquisition with TPC treated as the
accounting acquirer. Accordingly, this transaction was accounted for as a purchase business
combination, using TPC’s historical financial information and applying fair value estimates to the
acquired assets, liabilities and commitments of SPC as of April 1, 2004. Historical results are not
necessarily indicative of results to be expected in the future.
At and for the year ended December 31,(1)
2007 2006 2005 2004 2003
(in millions, except per share amounts)
Total revenues ......................... $ 26,017 $ 25,090 $ 24,365 $ 22,544 $15,139
Income from continuing operations .......... $ 4,601 $ 4,208 $ 2,061 $ 867 $ 1,696
Income (loss) from discontinued operations .... —— (439) 88 —
Net income ........................... $ 4,601 $ 4,208 $ 1,622 $ 955 $ 1,696
Total investments ....................... $ 74,818 $ 72,268 $ 68,287 $ 64,368 $38,653
Total assets ........................... 115,224 115,292 113,736 111,246 64,872
Claims and claim adjustment expense reserves . . 57,700 59,288 61,090 59,070 34,573
Total debt ............................ 6,242 5,760 5,850 6,313 2,675
Total liabilities ......................... 88,608 90,157 91,433 90,045 52,885
Total shareholders’ equity ................. 26,616 25,135 22,303 21,201 11,987
Basic earnings per share:(2)
Income from continuing operations .......... $ 7.04 $ 6.12 $ 3.04 $ 1.42 $ 3.91
Income (loss) from discontinued operations(3) . —— (0.65) 0.14 —
Net income ........................... $ 7.04 $ 6.12 $ 2.39 $ 1.56 $ 3.91
Diluted earnings per share:(2)
Income from continuing operations .......... $ 6.86 $ 5.91 $ 2.95 $ 1.40 $ 3.80
Income (loss) from discontinued operations(3) . —— (0.62) 0.13 —
Net income ........................... $ 6.86 $ 5.91 $ 2.33 $ 1.53 $ 3.80
Year-end common shares outstanding(2) ...... 627.8 678.3 693.4 670.3 435.8
Per common share data:
Cash dividends(2) ...................... $ 1.13 $ 1.01 $ 0.91 $ 1.16 $ 0.65
Book value(2) ......................... $ 42.22 $ 36.86 $ 31.94 $ 31.35 $ 27.51
(1) On April 1, 2004, TPC merged with SPC, as a result of which TPC became a wholly-owned
subsidiary of SPC, and SPC changed its name to The St. Paul Travelers Companies, Inc. On
February 26, 2007, the name of the Company was changed to The Travelers Companies, Inc. All
financial information presented herein for the year ended December 31, 2004 reflects the accounts
of TPC for the three months ended March 31, 2004 and the consolidated accounts of SPC and
TPC for the nine months ended December 31, 2004.
(2) Earnings per share, year-end common shares outstanding, cash dividends per share and book value
per share were restated for 2003 to reflect the impact of the merger with SPC.
(3) In August 2005, the Company completed its divestiture of Nuveen Investments, Inc., its asset
management subsidiary acquired in the merger. Accordingly, the Company’s share of Nuveen
Investments’ results prior to the divestiture was classified as discontinued operations, along with
the net after-tax loss on disposal. Prior period results were reclassified to be consistent with the
2005 presentation.
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