Travelers 2014 Annual Report Download - page 250

Table of Contents
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
249
(in millions)
TPC
Other
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 impairments (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 (loss) (OCI), were as follows:
(in millions)
TPC
Other
Subsidiaries
Travelers(2)
Eliminations
Consolidated
Total OTTI 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.