Travelers 2014 Annual Report Download - page 209

Table of Contents
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
The following table presents the carrying amount of the Company's goodwill by segment at December 31, 2014 and 2013:
Other Intangible Assets
The following tables present a summary of the Company's other intangible assets by major asset class at December 31, 2014 and 2013:
208
(in millions)
2014
2013
Business and International Insurance(1)
$
2,476
$
2,499
Bond & Specialty Insurance
495
495
Personal Insurance
613
613
Other
27
27
Total
$
3,611
$
3,634
(1) Includes goodwill associated with the Company's acquisition of Dominion in 2013, which is subject to the impact of changes
in foreign currency exchange rates.
(at December 31, 2014, in millions)
Gross
Carrying
Amount
Accumulated
Amortization
Net
Intangibles subject to amortization
Customer - related
$
460
$
446
$
14
Fair value adjustment on claims and claim adjustment expense
reserves, reinsurance recoverables and other contract
- related
intangibles(1)
209
136
73
Total intangible assets subject to amortization
669
582
87
Intangible assets not subject to amortization
217
—
217
Total other intangible assets
$
886
$
582
$
304
(at December 31, 2013, in millions)
Gross
Carrying
Amount
Accumulated
Amortization
Net
Intangibles subject to amortization
Customer - related
$
460
$
414
$
46
Fair value adjustment on claims and claim adjustment expense
reserves, reinsurance recoverables and other contract
- related
intangibles(1)
201
113
88
Total intangible assets subject to amortization
661
527
134
Intangible assets not subject to amortization
217
—
217
Total other intangible assets
$
878
$
527
$
351
(1) Fair value adjustments of $5 million and $191 million were recorded in connection with the acquisition of Dominion in 2013
and in connection with the merger of The St. Paul Companies, Inc. and Travelers Property Casualty Corp. in 2004,
respectively, and were based on management's estimate of nominal claims and claim adjustment expense reserves and
reinsurance recoverables. The method used calculated a risk adjustment to a risk
- free discounted reserve that