XML 73 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statement of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities      
Net income $ 3,692us-gaap_ProfitLoss $ 3,673us-gaap_ProfitLoss $ 2,473us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment gains (79)us-gaap_RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments [1] (166)us-gaap_RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments [1] (51)us-gaap_RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments [1]
Depreciation and amortization 864us-gaap_OtherDepreciationAndAmortization 867us-gaap_OtherDepreciationAndAmortization 827us-gaap_OtherDepreciationAndAmortization
Deferred federal income tax expense 121us-gaap_DeferredFederalIncomeTaxExpenseBenefit 167us-gaap_DeferredFederalIncomeTaxExpenseBenefit 223us-gaap_DeferredFederalIncomeTaxExpenseBenefit
Amortization of deferred acquisition costs 3,882us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense 3,821us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense 3,910us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense
Equity in income from other investments (486)us-gaap_IncomeLossFromEquityMethodInvestments (357)us-gaap_IncomeLossFromEquityMethodInvestments (342)us-gaap_IncomeLossFromEquityMethodInvestments
Premiums receivable (207)us-gaap_IncreaseDecreaseInPremiumsReceivable 54us-gaap_IncreaseDecreaseInPremiumsReceivable (138)us-gaap_IncreaseDecreaseInPremiumsReceivable
Reinsurance recoverables 400us-gaap_IncreaseDecreaseInReinsuranceRecoverable 1,284us-gaap_IncreaseDecreaseInReinsuranceRecoverable 453us-gaap_IncreaseDecreaseInReinsuranceRecoverable
Deferred acquisition costs (3,926)trv_ChangeInDeferredAcquisitionCosts (3,759)trv_ChangeInDeferredAcquisitionCosts (3,914)trv_ChangeInDeferredAcquisitionCosts
Claims and claim adjustment expense reserves (704)trv_IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve (2,057)trv_IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve (540)trv_IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
Unearned premium reserves 73us-gaap_IncreaseDecreaseInUnearnedPremiums 27us-gaap_IncreaseDecreaseInUnearnedPremiums 123us-gaap_IncreaseDecreaseInUnearnedPremiums
Other operating activities 63us-gaap_OtherOperatingActivitiesCashFlowStatement 262us-gaap_OtherOperatingActivitiesCashFlowStatement 206us-gaap_OtherOperatingActivitiesCashFlowStatement
Net cash provided by operating activities 3,693us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 3,816us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 3,230us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities      
Proceeds from maturities of fixed maturities 10,894us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 7,904us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 8,369us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Proceeds from sales of investments:      
Fixed maturities 1,049us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt 1,635us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt 1,087us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
Equity securities 158us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity 86us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity 37us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
Real estate investments 15trv_ProceedsFromSalesOfInvestmentsRealEstate 18trv_ProceedsFromSalesOfInvestmentsRealEstate 53trv_ProceedsFromSalesOfInvestmentsRealEstate
Other investments 855us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments 762us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments 835us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments
Purchases of investments:      
Fixed maturities (11,325)us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt (9,467)us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt (10,447)us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt
Equity securities (52)us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity (57)us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity (48)us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity
Real estate investments (48)us-gaap_PaymentsToAcquireRealEstateHeldForInvestment (107)us-gaap_PaymentsToAcquireRealEstateHeldForInvestment (95)us-gaap_PaymentsToAcquireRealEstateHeldForInvestment
Other investments (554)us-gaap_PaymentsToAcquireOtherInvestments (446)us-gaap_PaymentsToAcquireOtherInvestments (534)us-gaap_PaymentsToAcquireOtherInvestments
Net sales (purchases) of short-term securities (498)us-gaap_PaymentsForProceedsFromAvailableforsaleSecuritiesShortterm 111us-gaap_PaymentsForProceedsFromAvailableforsaleSecuritiesShortterm 117us-gaap_PaymentsForProceedsFromAvailableforsaleSecuritiesShortterm
Securities transactions in course of settlement 82trv_SecuritiesTransactionsInCourseOfSettlement 21trv_SecuritiesTransactionsInCourseOfSettlement (23)trv_SecuritiesTransactionsInCourseOfSettlement
Acquisition, net of cash acquired (12)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (997)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired  
Other investing activities (358)us-gaap_PaymentsForProceedsFromOtherInvestingActivities (373)us-gaap_PaymentsForProceedsFromOtherInvestingActivities (323)us-gaap_PaymentsForProceedsFromOtherInvestingActivities
Net cash provided by (used in) investing activities 206us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (910)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (972)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities      
Treasury stock acquired - share repurchase authorization (3,275)trv_TreasuryStockAcquiredShareRepurchaseAuthorization (2,400)trv_TreasuryStockAcquiredShareRepurchaseAuthorization (1,474)trv_TreasuryStockAcquiredShareRepurchaseAuthorization
Treasury stock acquired - net employee share-based compensation (57)trv_TreasuryStockAcquiredNetEmployeeShareBasedCompensation (61)trv_TreasuryStockAcquiredNetEmployeeShareBasedCompensation (53)trv_TreasuryStockAcquiredNetEmployeeShareBasedCompensation
Dividends paid to shareholders (729)us-gaap_PaymentsOfOrdinaryDividends (729)us-gaap_PaymentsOfOrdinaryDividends (694)us-gaap_PaymentsOfOrdinaryDividends
Issuance of common stock - employee share options 195us-gaap_ProceedsFromStockOptionsExercised 206us-gaap_ProceedsFromStockOptionsExercised 295us-gaap_ProceedsFromStockOptionsExercised
Payment of debt   (500)us-gaap_RepaymentsOfOtherDebt (258)us-gaap_RepaymentsOfOtherDebt
Issuance of debt   494us-gaap_ProceedsFromDebtNetOfIssuanceCosts  
Excess tax benefits from share-based payment arrangements 57us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 51us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 38us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net cash used in financing activities (3,809)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (2,939)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (2,146)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Effect of exchange rate changes on cash (10)us-gaap_EffectOfExchangeRateOnCashContinuingOperations (3)us-gaap_EffectOfExchangeRateOnCashContinuingOperations 4us-gaap_EffectOfExchangeRateOnCashContinuingOperations
Net increase (decrease) in cash 80us-gaap_CashPeriodIncreaseDecrease (36)us-gaap_CashPeriodIncreaseDecrease 116us-gaap_CashPeriodIncreaseDecrease
Cash at beginning of year 294us-gaap_Cash 330us-gaap_Cash 214us-gaap_Cash
Cash at end of year 374us-gaap_Cash 294us-gaap_Cash 330us-gaap_Cash
Supplemental disclosure of cash flow information      
Income taxes paid 1,147us-gaap_IncomeTaxesPaidNet 1,057us-gaap_IncomeTaxesPaidNet 188us-gaap_IncomeTaxesPaidNet
Interest paid $ 365us-gaap_InterestPaid $ 355us-gaap_InterestPaid $ 375us-gaap_InterestPaid
[1] Total other-than-temporary impairment (OTTI) gains (losses) were $(22) million, $(10) million and $27 million for the years ended December 31, 2014, 2013 and 2012, respectively. Of total OTTI, credit losses of $(26) million, $(15) million and $(15) million for the years ended December 31, 2014, 2013 and 2012 respectively, were recognized in net realized investment gains. In addition, unrealized gains from other changes in total OTTI of $4 million, $5 million and $42 million for the years ended December 31, 2014, 2013 and 2012, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.