Travelers 2011 Annual Report Download - page 192

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
2. SEGMENT INFORMATION (Continued)
Business Segment Reconciliations
(for the year ended December 31, in millions) 2011 2010 2009
Revenue reconciliation
Earned premiums
Business Insurance:
Workers’ compensation .................................... $ 2,899 $ 2,489 $ 2,457
Commercial automobile ................................... 1,940 1,912 1,956
Property .............................................. 1,607 1,669 1,761
General liability ......................................... 1,738 1,739 1,899
Commercial multi-peril .................................... 3,126 2,958 2,894
Other ................................................ 17 (1) 1
Total Business Insurance ................................. 11,327 10,766 10,968
Financial, Professional & International Insurance:
Fidelity and surety ....................................... 970 1,020 1,012
General liability ......................................... 832 866 908
International ........................................... 1,218 1,276 1,255
Other ................................................ 154 155 158
Total Financial, Professional & International Insurance ............ 3,174 3,317 3,333
Personal Insurance:
Automobile ............................................ 3,720 3,693 3,696
Homeowners and Other ................................... 3,869 3,656 3,421
Total Personal Insurance ................................. 7,589 7,349 7,117
Total earned premiums .................................. 22,090 21,432 21,418
Net investment income ....................................... 2,879 3,059 2,776
Fee income ............................................... 296 287 306
Other revenues ............................................. 127 130 153
Total operating revenues for reportable segments ..................... 25,392 24,908 24,653
Other revenues ............................................. (1) (60) 10
Net realized investment gains ................................... 55 264 17
Total consolidated revenues ................................. $25,446 $25,112 $24,680
Income reconciliation, net of tax
Total operating income for reportable segments ...................... $ 1,669 $ 3,361 $ 3,833
Interest Expense and Other(1) .................................. (279) (318) (233)
Total operating income .................................... 1,390 3,043 3,600
Net realized investment gains ................................... 36 173 22
Total consolidated net income ............................... $ 1,426 $ 3,216 $ 3,622
(1) The primary component of Interest Expense and Other is after-tax interest expense of $251 million,
$252 million and $248 million in 2011, 2010 and 2009, respectively. Interest Expense and Other in 2010
included $39 million of after-tax expenses related to the Company’s purchase and retirement of a
significant portion of its 6.25% fixed-to-floating rate junior subordinated debentures. Interest Expense
and Other in 2009 included a benefit of $28 million from the favorable resolution of various prior year
tax matters.
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