Travelers 2012 Annual Report Download - page 257

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, 2010
Other
(in millions) TPC Subsidiaries Travelers(2) Eliminations Consolidated
Revenues
Premiums ........................ $14,445 $6,987 $ — $ — $21,432
Net investment income .............. 2,078 970 11 — 3,059
Fee income ....................... 285 2 — — 287
Net realized investment gains(1) ........ 57 200 7 — 264
Other revenues .................... 111 20 (60) (1) 70
Total revenues ................... 16,976 8,179 (42) (1) 25,112
Claims and expenses
Claims and claim adjustment expenses . . . 8,786 4,424 — — 13,210
Amortization of deferred acquisition costs . 2,548 1,254 — — 3,802
General and administrative expenses ..... 2,306 1,086 14 — 3,406
Interest expense ................... 74 — 315 (1) 388
Total claims and expenses .......... 13,714 6,764 329 (1) 20,806
Income (loss) before income taxes ..... 3,262 1,415 (371) — 4,306
Income tax expense (benefit) .......... 798 382 (90) — 1,090
Net income of subsidiaries ............ — — 3,497 (3,497) —
Net income ..................... $ 2,464 $1,033 $3,216 $(3,497) $ 3,216
(1) Total other-than-temporary impairment (OTTI) for the year ended December 31, 2010, 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 (losses) ............... $10 $ (3) $— $— $ 7
OTTI losses recognized in net realized
investment gains .................... $(12) $(14) $— $— $(26)
OTTI gains recognized in OCI ........... $22 $11 $— $— $33
(2) The Travelers Companies, Inc., excluding its subsidiaries.
245