TRAVELERS COMPANIES, INC. | 2013 | FY | 3


CONSOLIDATING BALANCE SHEET (Unaudited)
At December 31, 2013

(in millions)
  TPC   Other
Subsidiaries
  Travelers(1)   Eliminations   Consolidated  

Assets

                               

Fixed maturities, available for sale, at fair value (amortized cost $62,196)

  $ 43,720   $ 20,199   $ 37   $   $ 63,956  

Equity securities, available for sale, at fair value (cost $686)

    329     484     130         943  

Real estate investments

    33     905             938  

Short-term securities

    1,867     492     1,523         3,882  

Other investments

    2,450     990     1         3,441  
                       

Total investments

    48,399     23,070     1,691         73,160  
                       

Cash

    137     154     3         294  

Investment income accrued

    499     231     4         734  

Premiums receivable

    4,124     2,001             6,125  

Reinsurance recoverables

    6,292     3,421             9,713  

Ceded unearned premiums

    712     89             801  

Deferred acquisition costs

    1,570     234             1,804  

Deferred taxes

    279     86     (62 )       303  

Contractholder receivables

    3,179     1,149             4,328  

Goodwill

    2,619     1,015             3,634  

Other intangible assets

    250     101             351  

Investment in subsidiaries

            28,616     (28,616 )    

Other assets

    2,010     357     198         2,565  
                       

Total assets

  $ 70,070   $ 31,908   $ 30,450   $ (28,616 ) $ 103,812  
                       
                       

Liabilities

                               

Claims and claim adjustment expense reserves

  $ 33,506   $ 17,389   $   $   $ 50,895  

Unearned premium reserves

    8,188     3,662             11,850  

Contractholder payables

    3,179     1,149             4,328  

Payables for reinsurance premiums

    127     171             298  

Debt

    692         5,654         6,346  

Other liabilities

    4,109     1,180     10         5,299  
                       

Total liabilities

    49,801     23,551     5,664         79,016  
                       

Shareholders' equity

                               

Common stock (1,750.0 shares authorized; 353.5 shares issued and outstanding)

        390     21,500     (390 )   21,500  

Additional paid-in capital

    11,634     6,502         (18,136 )    

Retained earnings

    7,868     1,042     24,281     (8,900 )   24,291  

Accumulated other comprehensive income

    767     423     810     (1,190 )   810  

Treasury stock, at cost (401.5 shares)

            (21,805 )       (21,805 )
                       

Total shareholders' equity

    20,269     8,357     24,786     (28,616 )   24,796  
                       

Total liabilities and shareholders' equity

  $ 70,070   $ 31,908   $ 30,450   $ (28,616 ) $ 103,812  
                       
                       

(1)
The Travelers Companies, Inc., excluding its subsidiaries.

CONSOLIDATING BALANCE SHEET (Unaudited)
At December 31, 2012

(in millions)
  TPC   Other
Subsidiaries
  Travelers(1)   Eliminations   Consolidated  

Assets

                               

Fixed maturities, available for sale, at fair value (amortized cost $60,829)

  $ 44,336   $ 21,019   $ 38   $   $ 65,393  

Equity securities, available for sale, at fair value (cost $462)

    153     386     106         645  

Real estate investments

    33     850             883  

Short-term securities

    1,187     338     1,958         3,483  

Other investments

    2,443     990     1         3,434  
                       

Total investments

    48,152     23,583     2,103         73,838  
                       

Cash

    177     151     2         330  

Investment income accrued

    507     240     5         752  

Premiums receivable

    3,944     1,928             5,872  

Reinsurance recoverables

    7,112     3,600             10,712  

Ceded unearned premiums

    698     158             856  

Deferred acquisition costs

    1,560     232             1,792  

Contractholder receivables

    3,540     1,266             4,806  

Goodwill

    2,411     954             3,365  

Other intangible assets

    268     113             381  

Investment in subsidiaries

            28,562     (28,562 )    

Other assets

    1,930     286     18         2,234  
                       

Total assets

  $ 70,299   $ 32,511   $ 30,690   $ (28,562 ) $ 104,938  
                       
                       

Liabilities

                               

Claims and claim adjustment expense reserves

  $ 33,598   $ 17,324   $   $   $ 50,922  

Unearned premium reserves

    7,751     3,490             11,241  

Contractholder payables

    3,540     1,266             4,806  

Payables for reinsurance premiums

    151     195             346  

Deferred taxes

    316     123     (101 )       338  

Debt

    1,191         5,159         6,350  

Other liabilities

    4,107     1,186     237         5,530  
                       

Total liabilities

    50,654     23,584     5,295         79,533  
                       

Shareholders' equity

                               

Common stock (1,750.0 shares authorized; 377.4 shares issued and outstanding)

        390     21,161     (390 )   21,161  

Additional paid-in capital

    11,135     6,501         (17,636 )    

Retained earnings

    6,404     1,113     21,342     (7,507 )   21,352  

Accumulated other comprehensive income

    2,106     923     2,236     (3,029 )   2,236  

Treasury stock, at cost (372.3 shares)

            (19,344 )       (19,344 )
                       

Total shareholders' equity

    19,645     8,927     25,395     (28,562 )   25,405  
                       

Total liabilities and shareholders' equity

  $ 70,299   $ 32,511   $ 30,690   $ (28,562 ) $ 104,938  
                       
                       

(1)
The Travelers Companies, Inc., excluding its subsidiaries.

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