Travelers 2013 Annual Report Download - page 258

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, 2013
Other
(in millions) TPC Subsidiaries Travelers(2) Eliminations Consolidated
Revenues
Premiums ........................ $15,262 $7,375 $ — $ — $22,637
Net investment income .............. 1,830 879 7 — 2,716
Fee income ....................... 393 2 — — 395
Net realized investment gains(1) ........ 126 38 2 — 166
Other revenues .................... 225 52 — — 277
Total revenues ................... 17,836 8,346 9 — 26,191
Claims and expenses
Claims and claim adjustment expenses . . . 8,817 4,490 — — 13,307
Amortization of deferred acquisition costs . 2,571 1,250 — — 3,821
General and administrative expenses ..... 2,570 1,174 13 — 3,757
Interest expense ................... 53 — 308 — 361
Total claims and expenses .......... 14,011 6,914 321 — 21,246
Income (loss) before income taxes ..... 3,825 1,432 (312) — 4,945
Income tax expense (benefit) .......... 1,054 388 (170) — 1,272
Net income of subsidiaries ............ — — 3,815 (3,815) —
Net income ..................... $ 2,771 $1,044 $3,673 $(3,815) $ 3,673
(1) Total other-than-temporary impairment (OTTI) for the year ended December 31, 2013, 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) ............... $ (8) $(2) $— $— $(10)
OTTI losses recognized in net realized
investment gains .................... $(10) $(5) $— $— $(15)
OTTI gains recognized in OCI ........... $ 2 $3 $— $— $ 5
(2) The Travelers Companies, Inc., excluding its subsidiaries.
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