Travelers 2011 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, 2011
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Revenues
Premiums ........................ $14,903 $7,187 $ — $ — $22,090
Net investment income .............. 1,933 938 8 — 2,879
Fee income ....................... 294 2 — — 296
Net realized investment gains (losses) .... 10 50 (5) — 55
Other revenues .................... 103 23 — — 126
Total revenues ................... 17,243 8,200 3 — 25,446
Claims and expenses
Claims and claim adjustment expenses . . . 10,906 5,370 — — 16,276
Amortization of deferred acquisition costs . 2,594 1,282 — — 3,876
General and administrative expenses ..... 2,377 1,152 27 — 3,556
Interest expense ................... 73 — 313 — 386
Total claims and expenses .......... 15,950 7,804 340 — 24,094
Income (loss) before income taxes ..... 1,293 396 (337) — 1,352
Income tax expense (benefit) .......... 111 14 (199) — (74)
Equity in net income of subsidiaries ..... — — 1,564 (1,564) —
Net income ..................... $ 1,182 $ 382 $1,426 $(1,564) $ 1,426
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Net Realized Investment Gains (Losses)
Other-than-temporary impairment losses:
Total gains ...................... $15 $15 $— $— $30
Non-credit component of impairments
recognized in accumulated other
changes in equity from nonowner
sources ....................... (30) (25) — — (55)
Other-than-temporary impairment
losses ....................... (15) (10) — — (25)
Other net realized investment gains (losses) 25 60 (5) — 80
Net realized investment gains
(losses) .................... $10 $50 $(5) $— $55
(1) The Travelers Companies, Inc., excluding its subsidiaries.
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