Travelers 2008 Annual Report Download - page 253

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
17. CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND
SUBSIDIARIES (Continued)
CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the year ended December 31, 2007
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Revenues
Premiums ........................ $14,507 $6,963 $ — $ — $21,470
Net investment income .............. 2,553 1,130 78 — 3,761
Fee income ....................... 506 2 — — 508
Net realized investment gains .......... 67 70 17 — 154
Other revenues .................... 42 81 12 (11) 124
Total revenues ................... 17,675 8,246 107 (11) 26,017
Claims and expenses
Claims and claim adjustment expenses . . . 8,375 4,022 — — 12,397
Amortization of deferred acquisition costs . 2,437 1,269 — — 3,706
General and administrative expenses ..... 2,263 1,039 50 — 3,352
Interest expense ................... 88 9 260 (11) 346
Total claims and expenses .......... 13,163 6,339 310 (11) 19,801
Income (loss) before income taxes ..... 4,512 1,907 (203) — 6,216
Income tax expense (benefit) .......... 1,207 455 (47) — 1,615
Equity in net income of subsidiaries ..... — — 4,757 (4,757) —
Net income ..................... $ 3,305 $1,452 $4,601 $(4,757) $ 4,601
(1) The Travelers Companies, Inc., excluding its subsidiaries.
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