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Schedule II
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule II
THE TRAVELERS COMPANIES, INC.
(Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT
(in millions)

CONDENSED STATEMENT OF INCOME

For the year ended December 31,
 
2019
 
2018
 
2017
Revenues
 
 
 
 
 
 
Net investment income
 
$
41

 
$
32

 
$
24

Net realized investment gains (losses) (1)
 
33

 
(13
)
 
66

Total revenues
 
74

 
19

 
90

Expenses
 
 
 
 
 
 
Interest
 
297

 
304

 
321

Other
 
21

 
20

 
25

Total expenses
 
318

 
324

 
346

Loss before income taxes and net income of subsidiaries
 
(244
)
 
(305
)
 
(256
)
Income tax benefit
 
(77
)
 
(114
)
 
(130
)
Loss before net income of subsidiaries
 
(167
)
 
(191
)
 
(126
)
Net income of subsidiaries
 
2,789

 
2,714

 
2,190

Net income
 
$
2,622

 
$
2,523

 
$
2,064

___________________________________________
(1) The parent company had no other-than-temporary impairment gains or losses recognized in net realized investment gains (losses) or in other comprehensive income during the years ended December 31, 2019, 2018 and 2017. 
The condensed financial statements should be read in conjunction with the notes to the condensed financial information of the registrant, as well as the consolidated financial statements and notes thereto.

See the Report of Independent Registered Public Accounting Firm.
SCHEDULE II

THE TRAVELERS COMPANIES, INC.
(Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT
(in millions)

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

For the year ended December 31,
 
2019
 
2018
 
2017
Net income
 
$
2,622

 
$
2,523

 
$
2,064

Other comprehensive income (loss)—parent company:
 
 
 
 
 
 
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income
 
4

 
—

 
(44
)
Net changes in benefit plan assets and obligations
 
35

 
(53
)
 
22

Other comprehensive income (loss) before income taxes and other comprehensive income (loss) of subsidiaries
 
39

 
(53
)
 
(22
)
Income tax expense (benefit)
 
12

 
(17
)
 
2

Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries
 
27

 
(36
)
 
(24
)
Other comprehensive income (loss) of subsidiaries
 
2,472

 
(1,434
)
 
436

Other comprehensive income (loss)
 
2,499

 
(1,470
)
 
412

Comprehensive income
 
$
5,121

 
$
1,053

 
$
2,476

The condensed financial statements should be read in conjunction with the notes to the condensed financial information of the registrant, as well as the consolidated financial statements and notes thereto.

See the Report of Independent Registered Public Accounting Firm.
SCHEDULE II

THE TRAVELERS COMPANIES, INC.
(Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT
(in millions)

CONDENSED BALANCE SHEET

At December 31,
 
2019
 
2018
Assets
 
 
 
 
Fixed maturities
 
$
91

 
$
84

Equity securities
 
209

 
171

Short-term securities
 
1,390

 
1,371

Investment in subsidiaries
 
30,028

 
26,993

Other assets
 
336

 
649

Total assets
 
$
32,054

 
$
29,268

Liabilities
 
 
 
 
Debt
 
$
5,865

 
$
5,871

Other liabilities
 
239

 
496

Total liabilities
 
6,104

 
6,367

Shareholders’ equity
 
 
 
 
Common stock (1,750.0 shares authorized; 255.5 and 263.7 shares issued, 255.5 and 263.6 shares outstanding)
 
23,469

 
23,144

Retained earnings
 
36,984

 
35,211

Accumulated other comprehensive income (loss)
 
640

 
(1,859
)
Treasury stock, at cost (522.1 and 510.9 shares)
 
(35,143
)
 
(33,595
)
Total shareholders’ equity
 
25,950

 
22,901

Total liabilities and shareholders’ equity
 
$
32,054

 
$
29,268

The condensed financial statements should be read in conjunction with the notes to the condensed financial information of the registrant, as well as the consolidated financial statements and notes thereto.

See the Report of Independent Registered Public Accounting Firm.
SCHEDULE II

THE TRAVELERS COMPANIES, INC.
(Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT
(in millions)

CONDENSED STATEMENT OF CASH FLOWS

For the year ended December 31,
 
2019
 
2018
 
2017
Cash flows from operating activities
 
 
 
 
 
 
Net income
 
$
2,622

 
$
2,523

 
$
2,064

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
Equity in net income of subsidiaries
 
(2,789
)
 
(2,714
)
 
(2,190
)
Dividends received from consolidated subsidiaries
 
2,459

 
2,258

 
2,289

Deferred federal income tax expense (benefit)
 
(2
)
 
28

 
40

Change in income taxes payable
 
3

 
100

 
3

Other
 
(79
)
 
(35
)
 
(174
)
Net cash provided by operating activities
 
2,214

 
2,160

 
2,032

Cash flows from investing activities
 
 
 
 
 
 
Net sales (purchases) of short-term securities
 
(19
)
 
(141
)
 
397

Other investments, net
 
(8
)
 
(7
)
 
(34
)
Acquisition, net of cash acquired
 
—

 
—

 
(477
)
Net cash used in investing activities
 
(27
)
 
(148
)
 
(114
)
Cash flows from financing activities
 
 
 
 
 
 
Treasury stock acquired—share repurchase authorization
 
(1,500
)
 
(1,270
)
 
(1,378
)
Treasury stock acquired—net employee share-based compensation
 
(48
)
 
(51
)
 
(62
)
Dividends paid to shareholders
 
(844
)
 
(814
)
 
(785
)
Payment of debt
 
(500
)
 
(600
)
 
(657
)
Issuance of debt
 
492

 
591

 
789

Issuance of common stock—employee share options
 
213

 
132

 
173

Net cash used in financing activities
 
(2,187
)
 
(2,012
)
 
(1,920
)
Net decrease in cash
 
—

 
—

 
(2
)
Cash at beginning of year
 
—

 
—

 
2

Cash at end of year
 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
Supplemental disclosure of cash flow information
 
 
 
 
 
 
Cash received during the year for taxes
 
$
78

 
$
283

 
$
173

Cash paid during the year for interest
 
$
291

 
$
300

 
$
320

The condensed financial statements should be read in conjunction with the notes to the condensed financial information of the registrant, as well as the consolidated financial statements and notes thereto.

See the Report of Independent Registered Public Accounting Firm.
SCHEDULE II

THE TRAVELERS COMPANIES, INC.
(Parent Company Only)

NOTES TO THE CONDENSED FINANCIAL INFORMATION OF REGISTRANT
1.
GUARANTEES
The Travelers Companies, Inc. (TRV) fully and unconditionally guarantees the payment of all principal, premiums, if any, and interest on certain debt obligations of its subsidiaries TPC and TIGHI.  The guarantees pertain to the $200 million 7.75% notes due 2026 and the $500 million 6.375% notes due 2033.
TRV also has contingent obligations for guarantees in connection with the selling of businesses to third parties, certain insurance obligations of a subsidiary and various indemnifications including indemnifications to service providers in the normal course of business.  The guarantees and indemnification clauses are often standard contractual terms and include indemnifications for breaches of representations and warranties and in some cases obligations arising from certain liabilities. The terms of these provisions vary in duration and nature. 
Certain of the guarantees and indemnifications described above have no stated or notional amounts or limitation to the maximum potential future payments. Accordingly, TRV is unable to provide an estimate of the maximum potential payments for such arrangements, and the likelihood for any payment under these guarantees is remote.