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Consolidating Financial Statements (Unaudited)
 12 Months Ended
Dec. 31, 2014
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure  
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure [Text Block]

18. CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

        The following consolidating financial statements of the Company have been prepared pursuant to Rule 3-10 of Regulation S-X. These consolidating financial statements have been prepared from the Company's financial information on the same basis of accounting as the consolidated financial statements. The Travelers Companies, Inc. has fully and unconditionally guaranteed certain debt obligations of TPC, which totaled $700 million at December 31, 2014.

        Prior to the merger of TPC and SPC 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, Travelers Insurance Group Holdings, Inc. (TIGHI). Concurrent with the merger, The Travelers Companies, Inc. 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.

CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the year ended December 31, 2014

(in millions)
  TPC   Other
Subsidiaries		   Travelers(2)   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:

(in millions)
  TPC   Other
Subsidiaries		   Travelers(2)   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  
(2)
The Travelers Companies, Inc., excluding its subsidiaries.

CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the year ended December 31, 2013

(in millions)
  TPC   Other
Subsidiaries		   Travelers(2)   Eliminations   Consolidated  

Revenues

                                

Premiums

   $ 15,262   $ 7,375   $ —   $ —   $ 22,637  

Net investment income

     1,830     879     7     —     2,716  

Fee income

     393     2     —     —     395  

Net realized investment gains(1)

     126     38     2     —     166  

Other revenues

     225     52     —     —     277  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     17,836     8,346     9     —     26,191  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Claims and expenses

                                

Claims and claim adjustment expenses

     8,817     4,490     —     —     13,307  

Amortization of deferred acquisition costs

     2,571     1,250     —     —     3,821  

General and administrative expenses

     2,570     1,174     13     —     3,757  

Interest expense

     53     —     308     —     361  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total claims and expenses

     14,011     6,914     321     —     21,246  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before income taxes          

     3,825     1,432     (312 )   —     4,945  

Income tax expense (benefit)

     1,054     388     (170 )   —     1,272  

Net income of subsidiaries

     —     —     3,815     (3,815 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

   $ 2,771   $ 1,044   $ 3,673   $ (3,815 ) $ 3,673  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Total other-than-temporary impairments (OTTI) for the year ended December 31, 2013, and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (loss) (OCI), were as follows:

(in millions)
  TPC   Other
Subsidiaries		   Travelers(2)   Eliminations   Consolidated  

Total OTTI losses

   $ (8 ) $ (2 ) $ —   $ —   $ (10 )

OTTI losses recognized in net realized investment gains

   $ (10 ) $ (5 ) $ —   $ —   $ (15 )

OTTI gains recognized in OCI

   $ 2   $ 3   $ —   $ —   $ 5  
(2)
The Travelers Companies, Inc., excluding its subsidiaries.

CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the year ended December 31, 2012

(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.

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
For the year ended December 31, 2014

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

Net income

   $ 2,780   $ 1,124   $ 3,692   $ (3,904 ) $ 3,692  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss):

                                

Changes in net unrealized gains on investment securities:

                                

Having no credit losses recognized in the consolidated statement of income

     681     289     6     —     976  

Having credit losses recognized in the consolidated statement of income          

     9     (7 )   —     —     2  

Net changes in benefit plan assets and obligations

     (15 )   (8 )   (471 )   —     (494 )

Net changes in unrealized foreign currency translation

     (173 )   (116 )   —     —     (289 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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

     502     158     (465 )   —     195  

Income tax expense (benefit)

     207     81     (163 )   —     125  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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

     295     77     (302 )   —     70  

Other comprehensive income of subsidiaries

     —     —     372     (372 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income

     295     77     70     (372 )   70  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

   $ 3,075   $ 1,201   $ 3,762   $ (4,276 ) $ 3,762  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
The Travelers Companies, Inc., excluding its subsidiaries.

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
For the year ended December 31, 2013

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

Net income

   $ 2,771   $ 1,044   $ 3,673   $ (3,815 ) $ 3,673  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss):

                                

Changes in net unrealized gains on investment securities:

                                

Having no credit losses recognized in the consolidated statement of income          

     (1,982 )   (771 )   19     —     (2,734 )

Having credit losses recognized in the consolidated statement of income

     4     (1 )   —     —     3  

Net changes in benefit plan assets and obligations

     12     19     616     —     647  

Net changes in unrealized foreign currency translation

     (92 )   (20 )   —     —     (112 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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

     (2,058 )   (773 )   635     —     (2,196 )

Income tax expense (benefit)

     (719 )   (273 )   222     —     (770 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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

     (1,339 )   (500 )   413     —     (1,426 )

Other comprehensive loss of subsidiaries

     —     —     (1,839 )   1,839     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive loss

     (1,339 )   (500 )   (1,426 )   1,839     (1,426 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

   $ 1,432   $ 544   $ 2,247   $ (1,976 ) $ 2,247  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
The Travelers Companies, Inc., excluding its subsidiaries.

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
For the year ended December 31, 2012

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

Net income

   $ 1,857   $ 798   $ 2,473   $ (2,655 ) $ 2,473  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income:

                                

Changes in net unrealized gains on investment securities:

                                

Having no credit losses recognized in the consolidated statement of income          

     248     23     10     —     281  

Having credit losses recognized in the consolidated statement of income          

     57     24     —     —     81  

Net changes in benefit plan assets and obligations

     (6 )   (5 )   (58 )   —     (69 )

Net changes in unrealized foreign currency translation

     (19 )   62     —     —     43  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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

     280     104     (48 )   —     336  

Income tax expense (benefit)

     101     21     (17 )   —     105  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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

     179     83     (31 )   —     231  

Other comprehensive income of subsidiaries

     —     —     262     (262 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income

     179     83     231     (262 )   231  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

   $ 2,036   $ 881   $ 2,704   $ (2,917 ) $ 2,704  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
The Travelers Companies, Inc., excluding its subsidiaries.

CONSOLIDATING BALANCE SHEET (Unaudited)
At December 31, 2014

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

Assets

                                

Fixed maturities, available for sale, at fair value (amortized cost $60,801)

   $ 43,401   $ 20,043   $ 30   $ —   $ 63,474  

Equity securities, available for sale, at fair value (cost $579)

     236     522     141     —     899  

Real estate investments

     56     882     —     —     938  

Short-term securities

     2,128     706     1,530     —     4,364  

Other investments

     2,630     955     1     —     3,586  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total investments

     48,451     23,108     1,702     —     73,261  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash

     221     151     2     —     374  

Investment income accrued

     468     215     2     —     685  

Premiums receivable

     4,241     2,057     —     —     6,298  

Reinsurance recoverables

     6,156     3,104     —     —     9,260  

Ceded unearned premiums

     608     70     —     —     678  

Deferred acquisition costs

     1,622     213     —     —     1,835  

Deferred taxes

     23     (40 )   50     —     33  

Contractholder receivables

     3,306     1,056     —     —     4,362  

Goodwill

     2,602     1,009     —     —     3,611  

Other intangible assets

     216     88     —     —     304  

Investment in subsidiaries

     —     —     28,821     (28,821 )   —  

Other assets

     1,931     429     17     —     2,377  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 69,845   $ 31,460   $ 30,594   $ (28,821 ) $ 103,078  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Liabilities

                                

Claims and claim adjustment expense reserves

   $ 32,999   $ 16,851   $ —   $ —   $ 49,850  

Unearned premium reserves

     8,201     3,638     —     —     11,839  

Contractholder payables

     3,306     1,056     —     —     4,362  

Payables for reinsurance premiums

     194     142     —     —     336  

Debt

     692     —     5,657     —     6,349  

Other liabilities

     4,084     1,308     114     —     5,506  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     49,476     22,995     5,771     —     78,242  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Shareholders' equity

                                

Common stock (1,750.0 shares authorized; 322.2 shares issued and outstanding)

     —     390     21,843     (390 )   21,843  

Additional paid-in capital

     11,634     6,502     —     (18,136 )   —  

Retained earnings

     7,673     1,073     27,238     (8,733 )   27,251  

Accumulated other comprehensive income

     1,062     500     880     (1,562 )   880  

Treasury stock, at cost (437.3 shares)

     —     —     (25,138 )   —     (25,138 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total shareholders' equity

     20,369     8,465     24,823     (28,821 )   24,836  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and shareholders' equity

   $ 69,845   $ 31,460   $ 30,594   $ (28,821 ) $ 103,078  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
The Travelers Companies, Inc., excluding its subsidiaries.

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 STATEMENT OF CASH FLOWS (Unaudited)
For the twelve months ended December 31, 2014

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

Cash flows from operating activities

                                

Net income

   $ 2,780   $ 1,124   $ 3,692   $ (3,904 ) $ 3,692  

Net adjustments to reconcile net income to net cash provided by operating activities

     343     (293 )   118     (167 )   1  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by operating activities

     3,123     831     3,810     (4,071 )   3,693  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from investing activities

                                

Proceeds from maturities of fixed maturities

     6,625     4,258     11     —     10,894  

Proceeds from sales of investments:

                                

Fixed maturities

     595     453     1     —     1,049  

Equity securities

     111     43     4     —     158  

Real estate investments

     1     14     —     —     15  

Other investments

     477     378     —     —     855  

Purchases of investments:

                                

Fixed maturities

     (6,856 )   (4,465 )   (4 )   —     (11,325 )

Equity securities

     (3 )   (42 )   (7 )   —     (52 )

Real estate investments

     (22 )   (26 )   —     —     (48 )

Other investments

     (405 )   (149 )   —     —     (554 )

Net sales (purchases) of short-term securities

     (268 )   (223 )   (7 )   —     (498 )

Securities transactions in course of settlement

     44     38     —     —     82  

Acquisition, net of cash acquired

     (9 )   (3 )   —           (12 )

Other

     (350 )   (8 )   —     —     (358 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by (used in) investing activities

     (60 )   268     (2 )   —     206  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from financing activities

                                

Treasury stock acquired—share repurchase authorization

     —     —     (3,275 )   —     (3,275 )

Treasury stock acquired—net employee share-based compensation

     —     —     (57 )   —     (57 )

Dividends paid to shareholders

     —     —     (729 )   —     (729 )

Issuance of common stock—employee share options

     —     —     195     —     195  

Excess tax benefits from share-based payment arrangements

     —     —     57     —     57  

Dividends paid to parent company

     (2,978 )   (1,093 )   —     4,071     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used in financing activities

     (2,978 )   (1,093 )   (3,809 )   4,071     (3,809 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash

     (1 )   (9 )   —     —     (10 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net increase (decrease) in cash

     84     (3 )   (1 )   —     80  

Cash at beginning of year

     137     154     3     —     294  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash at end of year

   $ 221   $ 151   $ 2   $ —   $ 374  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Supplemental disclosure of cash flow information

                                

Income taxes paid (received)

   $ 947   $ 336   $ (136 ) $ —   $ 1,147  

Interest paid

   $ 47   $ —   $ 318   $ —   $ 365  
(1)
The Travelers Companies, Inc., excluding its subsidiaries.

CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the twelve months ended December 31, 2013

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

Cash flows from operating activities

                                

Net income

   $ 2,771   $ 1,044   $ 3,673   $ (3,815 ) $ 3,673  

Net adjustments to reconcile net income to net cash provided by operating activities

     (497 )   413     (1,665 )   1,892     143  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by operating activities

     2,274     1,457     2,008     (1,923 )   3,816  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from investing activities

                                

Proceeds from maturities of fixed maturities

     5,484     2,419     1     —     7,904  

Proceeds from sales of investments:

                                

Fixed maturities

     989     641     5     —     1,635  

Equity securities

     45     41     —     —     86  

Real estate investments

     —     18     —     —     18  

Other investments

     489     273     —     —     762  

Purchases of investments:

                                

Fixed maturities

     (6,260 )   (3,201 )   (6 )   —     (9,467 )

Equity securities

     (21 )   (34 )   (2 )   —     (57 )

Real estate investments

     (1 )   (106 )   —     —     (107 )

Other investments

     (320 )   (126 )   —     —     (446 )

Net sales (purchases) of short-term securities

     (272 )   (52 )   435     —     111  

Securities transactions in course of settlement

     (2 )   24     (1 )   —     21  

Acquisition, net of cash acquired

     (773 )   (224 )   —           (997 )

Other

     (365 )   (8 )   —     —     (373 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by (used in) investing activities

     (1,007 )   (335 )   432     —     (910 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from financing activities

                                

Payment of debt

     (500 )   —     —     —     (500 )

Issuance of debt

     —     —     494     —     494  

Dividends paid to shareholders

     —     —     (729 )   —     (729 )

Issuance of common stock—employee share options

     —     —     206     —     206  

Treasury stock acquired—share repurchase authorization

     —     —     (2,400 )   —     (2,400 )

Treasury stock acquired—net employee share-based compensation

     —     —     (61 )   —     (61 )

Excess tax benefits from share-based payment arrangements

     —     —     51     —     51  

Dividends paid to parent company

     (1,307 )   (1,116 )   —     2,423     —  

Capital contributions, loans and other transactions between subsidiaries

     500     —     —     (500 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used in financing activities

     (1,307 )   (1,116 )   (2,439 )   1,923     (2,939 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash

     —     (3 )   —     —     (3 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net increase (decrease) in cash

     (40 )   3     1     —     (36 )

Cash at beginning of year

     177     151     2     —     330  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash at end of year

   $ 137   $ 154   $ 3   $ —   $ 294  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Supplemental disclosure of cash flow information

                                

Income taxes paid (received)

   $ 942   $ 325   $ (210 ) $ —   $ 1,057  

Interest paid

   $ 60   $ —   $ 295   $ —   $ 355  
(1)
The Travelers Companies, Inc., excluding its subsidiaries.

CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the twelve months ended December 31, 2012

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

Cash flows from operating activities

                                

Net income

   $ 1,857   $ 798   $ 2,473   $ (2,655 ) $ 2,473  

Net adjustments to reconcile net income to net cash provided by operating activities

     715     7     (700 )   735     757  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by operating activities

     2,572     805     1,773     (1,920 )   3,230  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from investing activities

                                

Proceeds from maturities of fixed maturities

     5,905     2,462     2     —     8,369  

Proceeds from sales of investments:

                                

Fixed maturities

     730     355     2     —     1,087  

Equity securities

     21     16     —     —     37  

Real estate investments

     —     53     —     —     53  

Other investments

     555     280     —     —     835  

Purchases of investments:

                                

Fixed maturities

     (7,361 )   (3,077 )   (9 )   —     (10,447 )

Equity securities

     (18 )   (28 )   (2 )   —     (48 )

Real estate investments

     —     (95 )   —     —     (95 )

Other investments

     (371 )   (163 )   —     —     (534 )

Net sales (purchases) of short-term securities

     (308 )   44     381     —     117  

Securities transactions in course of settlement

     14     (36 )   (1 )   —     (23 )

Other

     (323 )   —     —     —     (323 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by (used in) investing activities

     (1,156 )   (189 )   373     —     (972 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from financing activities

                                

Payment of debt

     —     —     (258 )   —     (258 )

Dividends paid to shareholders

     —     —     (694 )   —     (694 )

Issuance of common stock—employee share options

     —     —     295     —     295  

Treasury stock acquired—share repurchase authorization

     —     —     (1,474 )   —     (1,474 )

Treasury stock acquired—net employee share-based compensation

     —     —     (53 )   —     (53 )

Excess tax benefits from share-based payment arrangements

     —     —     38     —     38  

Dividends paid to parent company

     (1,353 )   (567 )   —     1,920     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used in financing activities

     (1,353 )   (567 )   (2,146 )   1,920     (2,146 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash

     —     4     —     —     4  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net increase in cash

     63     53     —     —     116  

Cash at beginning of year

     114     98     2     —     214  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash at end of year

   $ 177   $ 151   $ 2   $ —   $ 330  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Supplemental disclosure of cash flow information

                                

Income taxes paid (received)

   $ 287   $ 108   $ (207 ) $ —   $ 188  

Interest paid

   $ 73   $ —   $ 302   $ —   $ 375  
(1)
The Travelers Companies, Inc., excluding its subsidiaries.