Travelers 2012 Annual Report Download - page 255

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, 2012
Other
(in millions) TPC Subsidiaries Travelers(2) Eliminations Consolidated
Revenues
Premiums ........................ $15,158 $7,199 $ — $ — $22,357
Net investment income .............. 1,912 968 9 — 2,889
Fee income ....................... 321 2 — — 323
Net realized investment gains(1) ........ 29 22 — — 51
Other revenues .................... 87 34 (1) — 120
Total revenues ................... 17,507 8,225 8 — 25,740
Claims and expenses
Claims and claim adjustment expenses . . . 9,908 4,768 — — 14,676
Amortization of deferred acquisition costs . 2,636 1,274 — — 3,910
General and administrative expenses ..... 2,445 1,161 4 — 3,610
Interest expense ................... 73 — 305 — 378
Total claims and expenses .......... 15,062 7,203 309 — 22,574
Income (loss) before income taxes ..... 2,445 1,022 (301) — 3,166
Income tax expense (benefit) .......... 588 224 (119) — 693
Net income of subsidiaries ............ — — 2,655 (2,655) —
Net income ..................... $ 1,857 $ 798 $2,473 $(2,655) $ 2,473
(1) Total other-than-temporary impairment (OTTI) for the year ended December 31, 2012, and the
amounts comprising total OTTI that were recognized in net realized investment gains and in other
comprehensive income (OCI) were as follows:
Other
(in millions) TPC Subsidiaries Travelers(2) Eliminations Consolidated
Total OTTI gains ..................... $18 $ 9 $— $— $27
OTTI losses recognized in net realized
investment gains .................... $(9) $(6) $— $— $(15)
OTTI gains recognized in OCI ............ $27 $15 $— $— $42
(2) The Travelers Companies, Inc., excluding its subsidiaries.
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