Travelers 2011 Annual Report Download - page 292

Return on equity is the ratio of net income (loss) less preferred dividends
to average shareholders’ equity for the periods presented.
Operating return on equity is the ratio of operating income (loss) less
preferred dividends to adjusted average shareholders’ equity for the
periods presented. Adjusted average shareholders’ equity is average
shareholders’ equity excluding net unrealized investment gains (losses),
net of tax, and that period’s net realized investment gains (losses),
net of tax.
Shareholders’ Information
Your Dividends
Travelers has paid cash dividends without interruption for  years
Our most recent quarterly dividend of  per share was declared on
January   payable March   to shareholders of record as
of March  
Automatic Dividend Reinvestment Program
This program provides a convenient opportunity for our shareholders
to increase their holding of Travelers common stock An explanatory
brochure and enrollment card may be obtained by calling our stock
transfer agent Wells Fargo Bank NA at  or mailing a
request to the address below
Stock Transfer Agent and Registrar
For address changes dividend checks direct deposits of dividends
account consolidations registration changes lost stock certifi cates and
general stock holding questions please contact
Wells Fargo Bank NA
Shareowner Services
PO Box 
Saint Paul MN 
Toll Free 
Outside US and Canada 
wellsfargocom/shareownerservices
Financial Information Available
Travelers makes available free of charge on its website all of its fi lings
that are made electronically with the SEC including Forms K Q
and K To access these fi lings go to travelerscom  For Investors 
SEC Filings
Requests for additional information may be directed to
The Travelers Companies Inc Investor Relations MS
One Tower Square Attn Marc Parr
Hartford CT  
mparr@travelerscom
Annual Meeting of Shareholders
The annual shareholders’ meeting will be on May   at the Hartford
Marriott Downtown  Columbus Boulevard Hartford CT 
In April we plan to send proxy materials or a notice of internet
availability of proxy materials to shareholders of record as of the close
of business on March   The notice provides instructions on
where to access our Proxy Statement and Annual Report as well as how
to vote your shares electronically The notice also includes instructions
on how to request a printed copy of our proxy materials
Stock Price and Dividend Rate
Our common stock is traded on The New York Stock Exchange NYSE
under the symbol “TRV”
The following tables set forth the high and low closing sales prices of
Travelers common stock and the amount of cash dividends declared per
share for years  and 
 High Low
Cash Dividend
Declared
First Quarter
  
Second Quarter
  
Third Quarter
  
Fourth Quarter
  

First Quarter   
Second Quarter   
Third Quarter   
Fourth Quarter   
Additional Information
We have included the following tables to provide a reconciliation of the following items used in this Annual Report i operating income less preferred
dividends to net income and ii adjusted shareholders’ equity to shareholders’ equity which are components of the operating return on equity and return
on equity ratios for the sevenyear period ending December   Also we have included the components of the calculation of average operating
return on equity from January   through December  
Twelve months ended December 
(Dollars in millions, after-tax)       
Reconciliation of operating income less
preferred dividends to net income
Operating income, less
preferred dividends       
Preferred dividends  
Operating income       
Net realized investment
gains (losses)       
Income from continuing
operations       
Discontinued operations  
Net income       
As of December 
(Dollars in millions)        
Reconciliation of adjusted shareholders’ equity to shareholders’ equity
Adjusted shareholders’
equity        
Net unrealized investment
gains (losses), net of tax        
Net realized investment
gains (losses), net of tax        
Preferred stock       
Discontinued operations       
Shareholders’ equity        
Calculation of average annual operating return on equity
from January   through December  
Operating income,
less preferred dividends       
Adjusted average
shareholders’ equity       
Operating return on equity % % % % % % %
Average annual operating return on equity
for the period January   through December   %
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