Travelers 2015 Annual Report Download - page 246

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, 2014
Other
(in millions) TPC Subsidiaries TRV Eliminations Consolidated
Revenues
Premiums .......................... $16,097 $7,616 $ — $ — $23,713
Net investment income ................. 1,874 907 6 — 2,787
Fee income ......................... 436 2 — — 438
Net realized investment gains(1) .......... 12 64 3 — 79
Other revenues ...................... 125 20 — — 145
Total revenues ..................... 18,544 8,609 9 — 27,162
Claims and expenses
Claims and claim adjustment expenses ...... 9,274 4,596 — — 13,870
Amortization of deferred acquisition costs . . . 2,604 1,278 — — 3,882
General and administrative expenses ....... 2,743 1,194 15 — 3,952
Interest expense ...................... 48 — 321 — 369
Total claims and expenses ............. 14,669 7,068 336 — 22,073
Income (loss) before income taxes ....... 3,875 1,541 (327) — 5,089
Income tax expense (benefit) ............ 1,095 417 (115) — 1,397
Net income of subsidiaries .............. — — 3,904 (3,904) —
Net income ........................ $ 2,780 $1,124 $3,692 $(3,904) $ 3,692
(1) Total other-than-temporary impairments (OTTI) for the year ended December 31, 2014, 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 TRV Eliminations Consolidated
Total OTTI losses ......................... $(16) $(6) $— $— $(22)
OTTI losses recognized in net realized investment
gains ................................. $(19) $(7) $— $— $(26)
OTTI gains recognized in OCI ............... $ 3 $1 $— $— $ 4
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