Travelers 2014 Annual Report Download - page 251

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, 2012
250
(in millions)
TPC
Other
Subsidiaries
Travelers(2)
Eliminations
Consolidated
Revenues
Premiums
$
15,158
$
7,199
$
—
$
—
$
22,357
Net investment income
1,912
968
9
—
2,889
Fee income
321
2
—
—
323
Net realized investment gains(1)
29
22
—
—
51
Other revenues
87
34
(1
)
—
120
Total revenues
17,507
8,225
8
—
25,740
Claims and expenses
Claims and claim adjustment
expenses
9,908
4,768
—
—
14,676
Amortization of deferred
acquisition costs
2,636
1,274
—
—
3,910
General and administrative
expenses
2,445
1,161
4
—
3,610
Interest expense
73
—
305
—
378
Total claims and expenses
15,062
7,203
309
—
22,574
Income (loss) before income
taxes
2,445
1,022
(301
)
—
3,166
Income tax expense (benefit)
588
224
(119
)
—
693
Net income of subsidiaries
—
—
2,655
(2,655
)
—
Net income
$
1,857
$
798
$
2,473
$
(2,655
)
$
2,473
(1) Total other - than - temporary impairments (OTTI) for the year ended December 31, 2012, and the amounts comprising total
OTTI that were recognized in net realized investment gains and in other comprehensive income (OCI), were as follows:
(in millions)
TPC
Other
Subsidiaries
Travelers(2)
Eliminations
Consolidated
Total OTTI gains
$
18
$
9
$
—
$
—
$
27
OTTI losses recognized in net
realized investment gains
$
(9
)
$
(6
)
$
—
$
—
$
( 15
)
OTTI gains recognized in OCI
$
27
$
15
$
—
$
—
$
42
(2) The Travelers Companies, Inc., excluding its subsidiaries.