Travelers 2013 Annual Report Download - page 87

ISSUER PURCHASES OF EQUITY SECURITIES
The table below sets forth information regarding repurchases by the Company of its common stock
during the periods indicated.
Approximate
dollar value of
Total number of shares that may
shares purchased yet be purchased
Total number Average as part of under the
of shares price paid publicly announced plans or programs
Period Beginning Period Ending purchased per share plans or programs (in millions)
Oct. 1, 2013 Oct. 31, 2013 .......... 1,529,140 $86.98 1,528,341 $5,626
Nov. 1, 2013 Nov. 30, 2013 ......... 5,129,458 88.40 5,127,287 5,173
Dec. 1, 2013 Dec. 31, 2013 .......... 4,701,332 88.13 4,695,930 4,759
Total ........................... 11,359,930 88.09 11,351,558 4,759
The Company’s board of directors has approved common share repurchase authorizations under
which repurchases may be made from time to time in the open market, pursuant to pre-set trading
plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, in private
transactions or otherwise. The authorizations do not have a stated expiration date. The timing and
actual number of shares to be repurchased in the future will depend on a variety of factors, including
the Company’s financial position, earnings, share price, catastrophe losses, maintaining capital levels
commensurate with the Company’s desired ratings from independent rating agencies, funding of the
Company’s qualified pension plan, capital requirements of the Company’s operating subsidiaries, legal
requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions
and related financings), market conditions and other factors. In October 2013, the board of directors
approved a share repurchase authorization that added an additional $5.0 billion of repurchase capacity.
The Company acquired 8,372 shares during the three months ended December 31, 2013 that were
not part of the publicly announced share repurchase authorization. These shares consisted of shares
retained to cover payroll withholding taxes in connection with the vesting of restricted stock awards and
shares used by employees to cover the exercise price of certain stock options that were exercised.
Information relating to compensation plans under which the Company’s equity securities are
authorized for issuance is set forth in Part III—Item 12 of this Report.
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