Travelers 2009 Annual Report Download - page 258

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
18. CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND
SUBSIDIARIES (Continued)
CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the year ended December 31, 2008
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Revenues
Premiums ........................ $14,500 $7,079 $ — $ — $21,579
Net investment income . . . . . . . . . . . . . . 1,774 966 52 — 2,792
Fee income....................... 389 1 — — 390
Net realized investment gains (losses) . . . . (393) (49) 27 — (415)
Other revenues . . . . . . . . . . . . . . . . . . . . 93 41 5 (8) 131
Total revenues ................... 16,363 8,038 84 (8) 24,477
Claims and expenses
Claims and claim adjustment expenses . . . 8,543 4,450 — — 12,993
Amortization of deferred acquisition costs . 2,638 1,242 — — 3,880
General and administrative expenses . . . . . 2,397 1,089 32 — 3,518
Interest expense . . . . . . . . . . . . . . . . . . . 77 4 297 (8) 370
Total claims and expenses .......... 13,655 6,785 329 (8) 20,761
Income (loss) before income taxes ..... 2,708 1,253 (245) — 3,716
Income tax expense . . . . . . . . . . . . . . . . . 610 169 13 — 792
Equity in net income of subsidiaries . . . . . — — 3,182 (3,182) —
Net income ..................... $ 2,098 $1,084 $2,924 $(3,182) $ 2,924
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Net Realized Investment Gains (Losses)
Other-than-temporary impairment losses:
Total losses . . . . . . . . . . . . . . . . . . . . . $(302) $(113) $(5) $— $(420)
Portion of losses recognized in
accumulated other changes in equity
from nonowner sources . . . . . . . . . . . — — — — —
Other-than-temporary impairment
losses . . . . . . . . . . . . . . . . . . . . . . (302) (113) (5) — (420)
Other net realized investment gains
(losses)........................ (91) 64 32 — 5
Net realized investment gains
(losses) ................... $(393) $ (49) $27 $— $(415)
(1) The Travelers Companies, Inc., excluding its subsidiaries.
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