Travelers 2012 Annual Report Download - page 299

Return on equity is the ratio of net income (loss) less preferred dividends
to average shareholders’ equity for the periods presented. Average shareholders’
equity is (a) the sum of total shareholders’ equity excluding preferred stock at the
beginning and end of each of the quarters for the period presented divided by
(b) the number of quarters in the period presented times two.
Operating return on equity is the ratio of operating income (loss) less
preferred dividends to adjusted average shareholders’ equity for the periods
presented. Adjusted shareholders’ equity is shareholders’ equity excluding net
unrealized investment gains (losses), net of tax, net realized investment gains
(losses), net of tax, for the period presented and preferred stock. 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
The Travelers Companies Inc 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 Meeting of Shareholders will be held 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
The Travelers Companies Inc common stock is listed on the New York
Stock Exchange NYSE and is publicly traded under the ticker symbol “TRV”
The following tables set forth the quarterly high and low closing sales prices
of The Travelers Companies Inc common stock as well as the amount of
quarterly 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 tables below 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 sixyear period ending 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)     
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     
Shareholders’ equity      
Calculation of operating return on equity
Operating income,
less preferred dividends      
Adjusted average
shareholders’ equity      
Operating return on equity % % % % % %
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