Travelers 2011 Annual Report Download - page 274

Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
The Travelers Companies, Inc.:
Under date of February 16, 2012, we reported on the consolidated balance sheet of The Travelers
Companies, Inc. and subsidiaries (the Company) as of December 31, 2011 and 2010, and the related
consolidated statements of income, changes in shareholders’ equity, and cash flows for each of the
years in the three-year period ended December 31, 2011, which are included in this Form 10-K. In
connection with our audits of the aforementioned consolidated financial statements, we also audited the
related financial statement schedules as listed in the accompanying index. These financial statement
schedules are the responsibility of the Company’s management. Our responsibility is to express an
opinion on these financial statement schedules based on our audits.
In our opinion, such financial statement schedules, when considered in relation to the basic
consolidated financial statements taken as a whole, present fairly, in all material respects, the
information set forth therein.
As discussed in Note 1 to the consolidated financial statements, the Company changed its method
of accounting for other-than-temporary impairments of debt securities as of April 1, 2009 due to the
adoption of new FASB guidance.
/s/ KPMG LLP
KPMG LLP
New York, New York
February 16, 2012
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