Prior to the merger of TPC and The St. Paul Companies, Inc. in 2004, TPC fully and unconditionally guaranteed the payment of all principal, premiums, if any, and interest on certain debt obligations of its wholly-owned subsidiary, TIGHI. Concurrent with the merger, TRV fully and unconditionally assumed such guarantee obligations of TPC. TPC is deemed to have no assets or operations independent of TIGHI. Consolidating financial information for TIGHI has not been presented herein because such financial information would be substantially the same as the financial information provided for TPC.



(in millions)	TPC		Other Subsidiaries		TRV			Eliminations			Consolidated
Revenues
Premiums	$	4,923	$	2,256	$	—		$	—		$	7,179
Net investment income	428		185		9			—			622
Fee income	120		1		—			—			121
Net realized investment gains ⁽¹⁾	7		16		—			—			23
Other revenues	36		32		—			—			68
Total revenues	5,514		2,490		9			—			8,013

Claims and expenses
Claims and claim adjustment expenses	3,555		1,675		—			—			5,230
Amortization of deferred acquisition costs	791		378		—			—			1,169
General and administrative expenses	752		341		5			—			1,098
Interest expense	12		—		72			—			84
Total claims and expenses	5,110		2,394		77			—			7,581
Income (loss) before income taxes	404		96		(68		)	—			432
Income tax expense (benefit)	42		12		(18		)	—			36
Net income of subsidiaries	—		—		446			(446		)	—
Net income	$	362	$	84	$	396		$	(446	)	$	396



(in millions)	TPC		Other Subsidiaries		TRV			Eliminations			Consolidated
Revenues
Premiums	$	4,715	$	2,167	$	—		$	—		$	6,882
Net investment income	444		193		9			—			646
Fee income	108		1		—			—			109
Net realized investment gains ⁽¹⁾	13		9		7			—			29
Other revenues	29		30		—			(2		)	57
Total revenues	5,309		2,400		16			(2		)	7,723

Claims and expenses
Claims and claim adjustment expenses	3,149		1,506		—			—			4,655
Amortization of deferred acquisition costs	757		360		—			—			1,117
General and administrative expenses	728		326		7			(2		)	1,059
Interest expense	12		—		74			—			86
Total claims and expenses	4,646		2,192		81			(2		)	6,917
Income (loss) before income taxes	663		208		(65		)	—			806
Income tax expense (benefit)	104		36		(43		)	—			97
Net income of subsidiaries	—		—		731			(731		)	—
Net income	$	559	$	172	$	709		$	(731	)	$	709



(in millions)	TPC		Other Subsidiaries		TRV			Eliminations			Consolidated
Revenues
Premiums	$	14,398	$	6,624	$	—		$	—		$	21,022
Net investment income	1,299		521		32			—			1,852
Fee income	345		1		—			—			346
Net realized investment gains (1)	43		37		21			—			101
Other revenues	105		92		—			—			197
Total revenues	16,190		7,275		53			—			23,518
Claims and expenses
Claims and claim adjustment expenses	9,827		4,666		—			—			14,493
Amortization of deferred acquisition costs	2,276		1,144		—			—			3,420
General and administrative expenses	2,242		1,023		15			—			3,280
Interest expense	36		—		225			—			261
Total claims and expenses	14,381		6,833		240			—			21,454
Income (loss) before income taxes	1,809		442		(187		)	—			2,064
Income tax expense (benefit)	310		66		(61		)	—			315
Net income of subsidiaries	—		—		1,875			(1,875		)	—
Net income	$	1,499	$	376	$	1,749		$	(1,875	)	$	1,749



(in millions)	TPC		Other Subsidiaries		TRV			Eliminations			Consolidated
Revenues
Premiums	$	13,760	$	6,354	$	—		$	—		$	20,114
Net investment income	1,268		553		23			—			1,844
Fee income	323		1		—			—			324
Net realized investment gains (1)	33		13		8			—			54
Other revenues	69		85		—			(4		)	150
Total revenues	15,453		7,006		31			(4		)	22,486
Claims and expenses
Claims and claim adjustment expenses	9,123		4,390		—			—			13,513
Amortization of deferred acquisition costs	2,189		1,070		—			—			3,259
General and administrative expenses	2,223		997		18			(4		)	3,234
Interest expense	36		—		229			—			265
Total claims and expenses	13,571		6,457		247			(4		)	20,271
Income (loss) before income taxes	1,882		549		(216		)	—			2,215
Income tax expense (benefit)	314		89		(90		)	—			313
Net income of subsidiaries	—		—		2,028			(2,028		)	—
Net income	$	1,568	$	460	$	1,902		$	(2,028	)	$	1,902



(in millions)	TPC			Other Subsidiaries			TRV		Eliminations			Consolidated
Net income	$	362		$	84		$	396	$	(446	)	$	396

Other comprehensive income:
Changes in net unrealized gains on investment securities:
Having no credit losses recognized in the consolidated statement of income	427			177			1		—			605
Having credit losses recognized in the consolidated statement of income	(3		)	—			—		—			(3		)
Net changes in benefit plan assets and obligations	—			2			12		—			14
Net changes in unrealized foreign currency translation	(33		)	(42		)	—		—			(75		)
Other comprehensive income before income taxes and other comprehensive income of subsidiaries	391			137			13		—			541
Income tax expense	85			37			—		—			122
Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries	306			100			13		—			419
Other comprehensive income of subsidiaries	—			—			406		(406		)	—
Other comprehensive income	306			100			419		(406		)	419
Comprehensive income	$	668		$	184		$	815	$	(852	)	$	815



(in millions)	TPC			Other Subsidiaries			TRV			Eliminations			Consolidated
Net income	$	559		$	172		$	709		$	(731	)	$	709

Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income	(299		)	(115		)	—			—			(414		)
Having credit losses recognized in the consolidated statement of income	(8		)	(3		)	—			—			(11		)
Net changes in benefit plan assets and obligations	—			1			21			—			22
Net changes in unrealized foreign currency translation	6			(6		)	—			—			—
Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries	(301		)	(123		)	21			—			(403		)
Income tax expense (benefit)	(67		)	(24		)	3			—			(88		)
Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries	(234		)	(99		)	18			—			(315		)
Other comprehensive loss of subsidiaries	—			—			(333		)	333			—
Other comprehensive loss	(234		)	(99		)	(315		)	333			(315		)
Comprehensive income	$	325		$	73		$	394		$	(398	)	$	394



(in millions)	TPC			Other Subsidiaries			TRV		Eliminations			Consolidated
Net income	$	1,499		$	376		$	1,749	$	(1,875	)	$	1,749
Other comprehensive income:
Changes in net unrealized gains on investment securities:
Having no credit losses recognized in the consolidated statement of income	2,192			933			4		—			3,129
Having credit losses recognized in the consolidated statement of income	(2		)	—			—		—			(2		)
Net changes in benefit plan assets and obligations	—			2			38		—			40
Net changes in unrealized foreign currency translation	9			(29		)	—		—			(20		)
Other comprehensive income before income taxes and other comprehensive income of subsidiaries	2,199			906			42		—			3,147
Income tax expense	460			197			6		—			663
Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries	1,739			709			36		—			2,484
Other comprehensive income of subsidiaries	—			—			2,448		(2,448		)	—
Other comprehensive income	1,739			709			2,484		(2,448		)	2,484
Comprehensive income	$	3,238		$	1,085		$	4,233	$	(4,323	)	$	4,233



(in millions)	TPC			Other Subsidiaries			TRV			Eliminations			Consolidated
Net income	$	1,568		$	460		$	1,902		$	(2,028	)	$	1,902
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income	(1,346		)	(568		)	(1		)	—			(1,915		)
Having credit losses recognized in the consolidated statement of income	(19		)	(6		)	—			—			(25		)
Net changes in benefit plan assets and obligations	—			1			64			—			65
Net changes in unrealized foreign currency translation	(96		)	(56		)	—			—			(152		)
Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries	(1,461		)	(629		)	63			—			(2,027		)
Income tax expense (benefit)	(300		)	(122		)	9			—			(413		)
Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries	(1,161		)	(507		)	54			—			(1,614		)
Other comprehensive loss of subsidiaries	—			—			(1,668		)	1,668			—
Other comprehensive loss	(1,161		)	(507		)	(1,614		)	1,668			(1,614		)
Comprehensive income (loss)	$	407		$	(47	)	$	288		$	(360	)	$	288



(in millions)	TPC		Other Subsidiaries			TRV			Eliminations			Consolidated
Assets
Fixed maturities, available for sale, at fair value (amortized cost $65,021)	$	46,887	$	21,033		$	91		$	—		$	68,011
Equity securities, at fair value (cost $375)	103		114			195			—			412
Real estate investments	1		962			—			—			963
Short-term securities	2,485		653			1,459			—			4,597
Other investments	2,682		754			1			—			3,437
Total investments	52,158		23,516			1,746			—			77,420
Cash	220		288			—			—			508
Investment income accrued	397		176			2			—			575
Premiums receivable	5,491		2,631			—			—			8,122
Reinsurance recoverables	6,416		1,746			—			—			8,162
Ceded unearned premiums	746		111			—			—			857
Deferred acquisition costs	2,133		188			—			—			2,321
Contractholder receivables	4,792		10			—			—			4,802
Goodwill	2,580		1,358			—			(9		)	3,929
Other intangible assets	219		110			—			—			329
Investment in subsidiaries	—		—			29,665			(29,665		)	—
Other assets	2,332		252			632			—			3,216
Total assets	$	77,484	$	30,386		$	32,045		$	(29,674	)	$	110,241

Liabilities
Claims and claim adjustment expense reserves	$	35,445	$	16,167		$	—		$	—		$	51,612
Unearned premium reserves	10,412		4,500			—			—			14,912
Contractholder payables	4,792		10			—			—			4,802
Payables for reinsurance premiums	342		231			—			—			573
Deferred taxes	306		(147		)	29			—			188
Debt	693		—			5,865			—			6,558
Other liabilities	4,497		956			536			—			5,989
Total liabilities	56,487		21,717			6,430			—			84,634

Shareholders’ equity
Common stock (1,750.0 shares authorized; 258.1 shares issued and outstanding)	—		584			23,432			(584		)	23,432
Additional paid-in capital	11,634		7,046			—			(18,680		)	—
Retained earnings	8,185		776			36,325			(8,969		)	36,317
Accumulated other comprehensive income	1,178		263			625			(1,441		)	625
Treasury stock, at cost (519.3 shares)	—		—			(34,767		)	—			(34,767		)
Total shareholders’ equity	20,997		8,669			25,615			(29,674		)	25,607
Total liabilities and shareholders’ equity	$	77,484	$	30,386		$	32,045		$	(29,674	)	$	110,241



(in millions)	TPC			Other Subsidiaries			TRV			Eliminations			Consolidated
Assets
Fixed maturities, available for sale, at fair value (amortized cost $63,601)	$	43,683		$	19,697		$	84		$	—		$	63,464
Equity securities, at fair value (cost $382)	105			92			171			—			368
Real estate investments	2			902			—			—			904
Short-term securities	1,855			759			1,371			—			3,985
Other investments	2,746			810			1			—			3,557
Total investments	48,391			22,260			1,627			—			72,278
Cash	181			192			—			—			373
Investment income accrued	434			187			3			—			624
Premiums receivable	5,089			2,417			—			—			7,506
Reinsurance recoverables	5,904			2,466			—			—			8,370
Ceded unearned premiums	522			56			—			—			578
Deferred acquisition costs	1,930			190			—			—			2,120
Deferred taxes	167			302			(24		)	—			445
Contractholder receivables	3,867			918			—			—			4,785
Goodwill	2,578			1,368			—			(9		)	3,937
Other intangible assets	224			121			—			—			345
Investment in subsidiaries	—			—			26,993			(26,993		)	—
Other assets	2,220			15			669			(32		)	2,872
Total assets	$	71,507		$	30,492		$	29,268		$	(27,034	)	$	104,233

Liabilities
Claims and claim adjustment expense reserves	$	34,093		$	16,575		$	—		$	—		$	50,668
Unearned premium reserves	9,414			4,141			—			—			13,555
Contractholder payables	3,867			918			—			—			4,785
Payables for reinsurance premiums	169			120			—			—			289
Debt	693			32			5,871			(32		)	6,564
Other liabilities	4,133			849			496			—			5,478
Total liabilities	52,369			22,635			6,367			(32		)	81,339

Shareholders’ equity
Common stock (1,750.0 shares authorized; 263.7 shares issued and 263.6 shares outstanding)	—			401			23,144			(401		)	23,144
Additional paid-in capital	11,634			7,023			—			(18,657		)	—
Retained earnings	8,065			879			35,211			(8,951		)	35,204
Accumulated other comprehensive loss	(561		)	(446		)	(1,859		)	1,007			(1,859		)
Treasury stock, at cost (510.9 shares)	—			—			(33,595		)	—			(33,595		)
Total shareholders’ equity	19,138			7,857			22,901			(27,002		)	22,894
Total liabilities and shareholders’ equity	$	71,507		$	30,492		$	29,268		$	(27,034	)	$	104,233

For the nine months ended September 30, 2019



(in millions)	TPC			Other Subsidiaries			TRV			Eliminations			Consolidated
Cash flows from operating activities
Net income	$	1,499		$	376		$	1,749		$	(1,875	)	$	1,749
Net adjustments to reconcile net income to net cash provided by operating activities	1,502			604			(47		)	(15		)	2,044
Net cash provided by operating activities	3,001			980			1,702			(1,890		)	3,793
Cash flows from investing activities
Proceeds from maturities of fixed maturities	3,404			1,482			9			—			4,895
Proceeds from sales of investments:
Fixed maturities	1,142			658			1			—			1,801
Equity securities	42			57			—			—			99
Other investments	261			85			—			—			346
Purchases of investments:
Fixed maturities	(5,551		)	(2,670		)	(13		)	—			(8,234		)
Equity securities	(1		)	(57		)	(4		)	—			(62		)
Real estate investments	—			(95		)	—			—			(95		)
Other investments	(323		)	(46		)	—			—			(369		)
Net sales (purchases) of short-term securities	(630		)	101			(88		)	—			(617		)
Securities transactions in course of settlement	312			120			—			—			432
Other	(239		)	(4		)	—			—			(243		)
Net cash used in investing activities	(1,583		)	(369		)	(95		)	—			(2,047		)
Cash flows from financing activities
Treasury stock acquired — share repurchase authorization	—			—			(1,125		)	—			(1,125		)
Treasury stock acquired — net employee share-based compensation	—			—			(47		)	—			(47		)
Dividends paid to shareholders	—			—			(633		)	—			(633		)
Payment of debt	—			(32		)	(500		)	32			(500		)
Issuance of debt	—			—			492			—			492
Issuance of common stock — employee share options	—			—			206			—			206
Dividends paid to parent company	(1,379		)	(479		)	—			1,858			—
Net cash used in financing activities	(1,379		)	(511		)	(1,607		)	1,890			(1,607		)
Effect of exchange rate changes on cash	—			(4		)	—			—			(4		)
Net increase in cash	39			96			—			—			135
Cash at beginning of year	181			192			—			—			373
Cash at end of period	$	220		$	288		$	—		$	—		$	508
Supplemental disclosure of cash flow information
Income taxes paid (received)	$	333		$	118		$	(84	)	$	—		$	367
Interest paid	$	40		$	—		$	191		$	—		$	231

For the nine months ended September 30, 2018



(in millions)	TPC			Other Subsidiaries			TRV			Eliminations			Consolidated
Cash flows from operating activities
Net income	$	1,568		$	460		$	1,902		$	(2,028	)	$	1,902
Net adjustments to reconcile net income to net cash provided by operating activities	1,156			373			(126		)	127			1,530
Net cash provided by operating activities	2,724			833			1,776			(1,901		)	3,432
Cash flows from investing activities
Proceeds from maturities of fixed maturities	4,197			1,439			19			—			5,655
Proceeds from sales of investments:
Fixed maturities	2,219			965			1			—			3,185
Equity securities	39			82			6			—			127
Real estate investments	—			8			—			—			8
Other investments	198			72			—			—			270
Purchases of investments:
Fixed maturities	(7,625		)	(3,215		)	(22		)	—			(10,862		)
Equity securities	(3		)	(74		)	(9		)	—			(86		)
Real estate investments	(1		)	(56		)	—			—			(57		)
Other investments	(329		)	(63		)	—			—			(392		)
Net sales (purchases) of short-term securities	364			209			(117		)	—			456
Securities transactions in course of settlement	113			60			—			—			173
Acquisition, net of cash acquired	—			(4		)	—			—			(4		)
Other	(225		)	(7		)	—			—			(232		)
Net cash used in investing activities	(1,053		)	(584		)	(122		)	—			(1,759		)
Cash flows from financing activities
Treasury stock acquired — share repurchase authorization	—			—			(1,100		)	—			(1,100		)
Treasury stock acquired — net employee share-based compensation	—			—			(51		)	—			(51		)
Dividends paid to shareholders	—			—			(611		)	—			(611		)
Payment of debt	—			—			(600		)	—			(600		)
Issuance of debt	—			7			591			(7		)	591
Issuance of common stock — employee share options	—			—			117			—			117
Dividends paid to parent company	(1,653		)	(255		)	—			1,908			—
Net cash used in financing activities	(1,653		)	(248		)	(1,654		)	1,901			(1,654		)
Effect of exchange rate changes on cash	(1		)	(3		)	—			—			(4		)
Net increase (decrease) in cash	17			(2		)	—			—			15
Cash at beginning of year	157			187			—			—			344
Cash at end of period	$	174		$	185		$	—		$	—		$	359
Supplemental disclosure of cash flow information
Income taxes paid (received)	$	198		$	172		$	(126	)	$	—		$	244
Interest paid	$	40		$	—		$	185		$	—		$	225