0001104659-13-055743.txt : 20130723 0001104659-13-055743.hdr.sgml : 20130723 20130723070154 ACCESSION NUMBER: 0001104659-13-055743 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 41 CONFORMED PERIOD OF REPORT: 20130723 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130723 DATE AS OF CHANGE: 20130723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRAVELERS COMPANIES, INC. CENTRAL INDEX KEY: 0000086312 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 410518860 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10898 FILM NUMBER: 13980285 BUSINESS ADDRESS: STREET 1: 385 WASHINGTON ST CITY: SAINT PAUL STATE: MN ZIP: 55102 BUSINESS PHONE: 6513107911 MAIL ADDRESS: STREET 1: 385 WASHINGTON STREET CITY: ST. PAUL STATE: MN ZIP: 55102 FORMER COMPANY: FORMER CONFORMED NAME: ST PAUL TRAVELERS COMPANIES INC DATE OF NAME CHANGE: 20040401 FORMER COMPANY: FORMER CONFORMED NAME: ST PAUL FIRE & MARINE INSURANCE CO/MD DATE OF NAME CHANGE: 19990219 FORMER COMPANY: FORMER CONFORMED NAME: ST PAUL COMPANIES INC/MN/ DATE OF NAME CHANGE: 19990219 8-K 1 a13-16821_18k.htm 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  July 23, 2013

 

The Travelers Companies, Inc.

(Exact name of registrant as specified in its charter)

 

Minnesota

 

001-10898

 

41-0518860

(State or other jurisdiction of
incorporation)

 

(Commission File Number)

 

(IRS Employer Identification
Number)

 

485 Lexington Avenue

New York, New York

 

10017

(Address of principal executive offices)

 

(Zip Code)

 

(917) 778-6000

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02.  Results of Operations and Financial Condition.

 

On July 23, 2013, The Travelers Companies, Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended June 30, 2013, and the availability of the Company’s second quarter financial supplement on the Company’s web site.  The press release and the financial supplement are furnished as Exhibits 99.1 and 99.2 to this Report and are hereby incorporated by reference in this Item 2.02.

 

As provided in General Instruction B.2 of Form 8-K, the information and exhibits contained in this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01.  Financial Statements and Exhibits.

 

            (d)

 

Exhibits.

 

 

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release, dated July 23, 2013, reporting results of operations (This exhibit is furnished and not filed.)

99.2

 

Second Quarter 2013 Financial Supplement of The Travelers Companies, Inc. (This exhibit is furnished and not filed.)

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Date:       July 23, 2013

THE TRAVELERS COMPANIES, INC.

 

 

 

By:

/s/ Matthew S. Furman

 

 

Name: Matthew S. Furman

 

 

Title: Senior Vice President

 

3



 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release, dated July 23, 2013, reporting results of operations (This exhibit is furnished and not filed.)

99.2

 

Second Quarter 2013 Financial Supplement of The Travelers Companies, Inc. (This exhibit is furnished and not filed.)

 

4


EX-99.1 2 a13-16821_1ex99d1.htm EX-99.1

Exhibit 99.1

 

GRAPHIC

 

NYSE: TRV

 

Travelers Reports Record Net Income per Diluted Share of $2.41, Up 91% from Prior Year Quarter

 

Operating Income per Diluted Share of $2.13, Up 69% from Prior Year Quarter

 

Return on Equity and Operating Return on Equity of 14.6% and 14.2%, Respectively

 

·             Net and operating income of $925 million and $816 million increased from $499 million and $495 million, respectively, in the prior year quarter.

 

·             Increase driven by lower catastrophe losses as well as continued improvement in underlying underwriting margins in all segments.

 

·             Net and operating income benefited $122 million after-tax from favorable tax and legal settlements. In addition, net income benefited $109 million after-tax from net realized investment gains.

 

·             Written rate gains continued to exceed expected loss cost trends in all segments.

 

·             Repurchased 3.6 million shares for $300 million in the quarter.

 

·             Adjusted book value per share (excludes after-tax net unrealized investment gains) of $62.12, up 5% from year-end 2012. Book value per share of $66.65, down 1% due to the impact of the increase in interest rates on net unrealized investment gains.

 

New York, July 23, 2013 — The Travelers Companies, Inc. today reported net income of $925 million, or $2.41 per diluted share, for the quarter ended June 30, 2013, compared to $499 million, or $1.26 per diluted share, in the prior year quarter. Operating income in the current quarter was $816 million, or $2.13 per diluted share, compared to $495 million, or $1.26 per diluted share, in the prior year quarter. The increase in net and operating income compared to the prior year quarter primarily resulted from lower catastrophe losses, higher underlying underwriting margins (i.e., excluding net favorable prior year reserve development and catastrophe losses), and favorable tax and legal settlements, partially offset by lower net investment income and lower net favorable prior year reserve development. Net income also benefited from higher net realized investment gains.

 

Consolidated Highlights

 

($ in millions, except for per share amounts, and after-tax,

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

except for premiums & revenues)

 

2013

 

2012

 

Change

 

2013

 

2012

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums

 

$

5,824

 

$

5,868

 

(1

)%

$

11,421

 

$

11,365

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

6,674

 

$

6,359

 

5

 

$

13,002

 

$

12,751

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

816

 

$

495

 

65

 

$

1,703

 

$

1,296

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

per diluted share

 

$

2.13

 

$

1.26

 

69

 

$

4.44

 

$

3.27

 

36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

925

 

$

499

 

85

 

$

1,821

 

$

1,305

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

per diluted share

 

$

2.41

 

$

1.26

 

91

 

$

4.75

 

$

3.29

 

44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

379.9

 

391.6

 

(3

)

380.8

 

393.5

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio

 

94.3

%

100.5

%

(6.2

)pts

91.4

%

96.3

%

(4.9

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underlying GAAP combined ratio

 

91.7

%

94.5

%

(2.8

)pts

91.3

%

94.6

%

(3.3

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating return on equity

 

14.2

%

9.0

%

5.2

pts

15.0

%

11.8

%

3.2

pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on equity

 

14.6

%

8.0

%

6.6

pts

14.4

%

10.5

%

3.9

pts

 

 

 

 

 

 

 

 

 

Change from

 

 

 

June 30,

 

December 31,

 

June 30,

 

December 31,

 

June 30,

 

 

 

2013

 

2012

 

2012

 

2012

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

66.65

 

$

67.31

 

$

64.90

 

(1

)%

3

%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted book value per share

 

62.12

 

59.09

 

57.18

 

5

 

9

 

 

See Glossary of Financial Measures for definitions and the statistical supplement for additional financial data.

 

1



 

“Results for the quarter were very strong, with net income of $925 million and return on equity of 14.6%,” commented Jay Fishman, Chairman and Chief Executive Officer.  “Operating return on equity was 14.2% for the quarter and 15.0% on a year-to-date basis, a significant improvement over prior year results primarily due to lower catastrophe losses and continued improvement in our underlying underwriting margins.

 

“We are very pleased with the pricing levels we achieved, which once again exceeded expected loss cost trends in all segments, while maintaining solid retentions.  Across our commercial insurance businesses, our ability to segment, price and select risk positions us well to continue to improve profitability.  In Personal Insurance, our strategy of seeking price increases and improved terms and conditions has improved profitability, but it has continued to negatively impact premiums.

 

“In June, we reached an agreement to acquire The Dominion of Canada General Insurance Company, part of our strategy of making targeted investments in attractive markets outside the United States. The Dominion will significantly improve Travelers’ market position and scale in Canada, and we are very enthusiastic about this opportunity.

 

“Given our focus on improving profitability, the underwriting results over recent quarters are gratifying. However, given the environment of low interest rates and volatile weather patterns, we will continue to seek higher margins. With improved returns as well as our strategy of returning excess capital to shareholders, we remain well positioned to deliver shareholder value,” concluded Mr. Fishman.

 

Consolidated Results

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

($ in millions and pre-tax, unless noted otherwise)

 

2013

 

2012

 

Change

 

2013

 

2012

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting gain (loss):

 

$

281

 

$

(62

)

$

343

 

$

883

 

$

331

 

$

552

 

Underwriting gain (loss) includes:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable prior year reserve development

 

192

 

221

 

(29

)

423

 

525

 

(102

)

Catastrophes, net of reinsurance

 

(340

)

(549

)

209

 

(439

)

(717

)

278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

687

 

738

 

(51

)

1,357

 

1,478

 

(121

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other, including interest expense

 

42

 

(72

)

114

 

(20

)

(138

)

118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before income taxes

 

1,010

 

604

 

406

 

2,220

 

1,671

 

549

 

Income tax expense

 

194

 

109

 

85

 

517

 

375

 

142

 

Operating income

 

816

 

495

 

321

 

1,703

 

1,296

 

407

 

Net realized investment gains after income taxes

 

109

 

4

 

105

 

118

 

9

 

109

 

Net Income

 

$

925

 

$

499

 

$

426

 

$

1,821

 

$

1,305

 

$

516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio

 

94.3

%

100.5

%

(6.2

)pts

91.4

%

96.3

%

(4.9

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact on GAAP combined ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable prior year reserve development

 

(3.5

)pts

(4.0

)pts

0.5

pts

(3.8

)pts

(4.8

)pts

1.0

pts

Catastrophes, net of reinsurance

 

6.1

pts

10.0

pts

(3.9

)pts

3.9

pts

6.5

pts

(2.6

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underlying GAAP combined ratio

 

91.7

%

94.5

%

(2.8

)pts

91.3

%

94.6

%

(3.3

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Insurance

 

$

3,068

 

$

3,026

 

1

%

$

6,328

 

$

6,126

 

3

%

Financial, Professional & International Insurance

 

849

 

840

 

1

 

1,496

 

1,444

 

4

 

Personal Insurance

 

1,907

 

2,002

 

(5

)

3,597

 

3,795

 

(5

)

Total

 

$

5,824

 

$

5,868

 

(1

)%

$

11,421

 

$

11,365

 

%

 

Second Quarter 2013 Results

(All comparisons vs. second quarter 2012, unless noted otherwise)

 

Net income of $925 million after-tax increased $426 million or 85% due to higher operating income and higher net realized investment gains after-tax. Operating income of $816 million after-tax increased $321 million or 65%, primarily reflecting improved underwriting results driven by lower catastrophes losses and higher underlying underwriting margins, as well as a $63 million benefit resulting from the resolution of prior year tax matters and a $59 million after-tax ($91 million pre-tax) gain from the settlement of a legal proceeding. These improvements were partially offset by lower net investment income and lower net favorable prior year reserve development.

 

2



 

Underwriting results

 

·                  The GAAP combined ratio improved 6.2 points to 94.3% due to lower catastrophes losses (3.9 points) and higher underlying underwriting margins (2.8 points), partially offset by lower net favorable prior year reserve development (0.5 points).

 

·                  Net favorable prior year reserve development occurred in all segments. Catastrophe losses resulted from wind and hail storms in several regions of the United States as well as flooding in Alberta, Canada.

 

·                  The underlying GAAP combined ratio improved 2.8 points to 91.7%, primarily resulting from earned rate increases exceeding loss cost trends in each segment.

 

Net investment income of $687 million decreased primarily due to lower reinvestment rates in the fixed income portfolio and lower private equity returns in the non-fixed income portfolio.

 

Net realized investment gains of $109 million after-tax ($167 million pre-tax) included an $87 million after-tax ($134 million pre-tax) gain related to a short position in U.S. Treasury futures contracts. The company closed this position by the end of the quarter.

 

Net written premiums of $5.824 billion decreased 1% as lower net written premiums in Personal Insurance were significantly offset by higher net written premiums in Business Insurance and Financial, Professional & International Insurance.

 

Year-to-Date 2013 Results

(All comparisons vs. year-to-date 2012, unless noted otherwise)

 

Net and operating income of $1.821 billion and $1.703 billion increased $516 million and $407 million, respectively, primarily reflecting the same factors discussed above for the second quarter.

 

Underwriting results

 

·                  The GAAP combined ratio improved 4.9 points to 91.4% due to higher underlying underwriting margins (3.3 points) and lower catastrophe losses (2.6 points), partially offset by lower net favorable prior year reserve development (1.0 point).

 

·                  Net favorable prior year reserve development occurred in all segments. Catastrophe losses included the second quarter 2013 events discussed above, as well as tornadoes and hail storms in the Southeastern United States in the first quarter 2013.

 

·                  The underlying GAAP combined ratio improved 3.3 points to 91.3%, primarily resulting from earned rate increases exceeding loss cost trends in each segment.

 

Net investment income decreased and net realized investment gains increased primarily reflecting the same factors discussed above for the second quarter.

 

Net written premiums of $11.421 billion were generally consistent with the prior year period as higher net written premiums in Business Insurance and Financial, Professional & International Insurance were offset by lower net written premiums in Personal Insurance.

 

Shareholders’ Equity

 

Shareholders’ equity of $24.890 billion decreased 3% from the end of first quarter 2013 and 2% from the end of the prior year primarily due to the impact of the increase in interest rates on net unrealized investment gains.  Included in shareholders’ equity were after-tax net unrealized investment gains of $1.692 billion, compared to $2.864 billion at the end of first quarter 2013 and $3.103 billion at the end of the prior year.  The company repurchased 3.6 million shares during the quarter and 7.3 million shares year-to-date under its existing share repurchase authorization at a total cost of $300 million and $600 million, respectively, leaving $1.559 billion of capacity under that authorization for future share

 

3



 

repurchases. Statutory surplus was $20.672 billion, and the ratio of debt-to-capital (excluding after-tax net unrealized investment gains) was 20.1%, well within its target range of 15% and 25%.

 

The Board of Directors declared a quarterly dividend of $0.50 per share. This dividend is payable September 30, 2013, to shareholders of record as of the close of business on September 10, 2013.

 

Business Insurance Segment Financial Results

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

($ in millions and pre-tax, unless noted otherwise)

 

2013

 

2012

 

Change

 

2013

 

2012

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting gain (loss)

 

$

100

 

$

(100

)

$

200

 

$

398

 

$

184

 

$

214

 

Underwriting gain (loss) includes:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable prior year reserve development

 

55

 

58

 

(3

)

168

 

306

 

(138

)

Catastrophes, net of reinsurance

 

(148

)

(252

)

104

 

(183

)

(305

)

122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

502

 

536

 

(34

)

989

 

1,068

 

(79

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

114

 

8

 

106

 

127

 

22

 

105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before income taxes

 

716

 

444

 

272

 

1,514

 

1,274

 

240

 

Income tax expense

 

137

 

82

 

55

 

345

 

300

 

45

 

Operating income

 

$

579

 

$

362

 

$

217

 

$

1,169

 

$

974

 

$

195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio

 

96.2

%

103.0

%

(6.8

)pts

92.9

%

96.3

%

(3.4

)pts

Impact on GAAP combined ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable prior year reserve development

 

(1.8

)pts

(2.0

)pts

0.2

pts

(2.8

)pts

(5.3

)pts

2.5

pts

Catastrophes, net of reinsurance

 

4.9

pts

8.8

pts

(3.9

)pts

3.1

pts

5.3

pts

(2.2

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underlying GAAP combined ratio

 

93.1

%

96.2

%

(3.1

)pts

92.6

%

96.3

%

(3.7

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums by market

 

 

 

 

 

 

 

 

 

 

 

 

 

Select Accounts

 

$

709

 

$

721

 

(2

)%

$

1,433

 

$

1,439

 

%

Commercial Accounts

 

732

 

717

 

2

 

1,640

 

1,578

 

4

 

National Accounts

 

242

 

226

 

7

 

519

 

461

 

13

 

Industry-Focused Underwriting

 

653

 

636

 

3

 

1,352

 

1,284

 

5

 

Target Risk Underwriting

 

500

 

486

 

3

 

948

 

915

 

4

 

Specialized Distribution

 

232

 

242

 

(4

)

436

 

450

 

(3

)

Other

 

 

(2

)

NM

 

 

(1

)

NM

 

Total

 

$

3,068

 

$

3,026

 

1

%

$

6,328

 

$

6,126

 

3

%

 

NM = Not Meaningful

 

Second Quarter 2013 Results

(All comparisons vs. second quarter 2012, unless noted otherwise)

 

Operating income of $579 million after-tax increased $217 million or 60%, primarily reflecting improved underwriting results driven by lower catastrophe losses and higher underlying underwriting margins, as well as a $59 million after-tax ($91 million pre-tax) gain from the settlement of a legal proceeding and a $43 million benefit resulting from the resolution of prior year tax matters. These improvements were partially offset by lower net investment income and lower net favorable prior year reserve development.

 

Underwriting results

 

·                  The GAAP combined ratio improved 6.8 points to 96.2% due to lower catastrophe losses (3.9 points) and higher underlying underwriting margins (3.1 points), partially offset by lower net favorable prior year development (0.2 points).

 

·                  Net favorable prior year reserve development resulted from better than expected loss experience related to the excess coverages of the general liability product line for accident years 2004 through 2009. These improvements were partially offset by a $42 million after-tax ($65 million pre-tax) increase to environmental reserves.

 

·                  The underlying GAAP combined ratio improved 3.1 points to 93.1%, primarily resulting from earned rate increases exceeding loss trends.

 

Business Insurance net written premiums of $3.068 billion increased 1% primarily driven by continued increases in renewal rate change. Retention rates remained strong and generally consistent with recent quarters. New business

 

4



 

volumes decreased modestly from the prior year quarter. Net written premiums also benefited from positive exposure change at renewal.

 

Year-to-Date 2013 Results

(All comparisons vs. year-to-date 2012, unless noted otherwise)

 

Operating income of $1.169 billion after-tax increased $195 million or 20%, primarily reflecting the same factors discussed above for the second quarter.

 

Underwriting results

 

·                  The GAAP combined ratio improved 3.4 points to 92.9% due to higher underlying underwriting results (3.7 points), and lower catastrophe losses (2.2 points), partially offset by lower net favorable prior year development (2.5 points).

 

·                  Net favorable prior year reserve development was primarily driven by the same factors as above for the second quarter as well as better than expected loss experience related to the property product line. Also included in net favorable prior year reserve development was a $42 million pre-tax ($27 million after-tax) charge that was precipitated by legislation in New York enacted in the first quarter 2013 related to the New York Fund for Reopened Cases for workers’ compensation.

 

·                  The underlying GAAP combined ratio improved 3.7 points to 92.6%, primarily resulting from earned rate increases exceeding loss trends.

 

Business Insurance net written premiums of $6.328 billion increased 3% driven by continued increases in renewal rate change. Retention rates remained strong and new business volumes increased modestly. Net written premiums also benefited from positive exposure change at renewal.

 

 

Financial, Professional & International Insurance Segment Financial Results

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

($ in millions and pre-tax, unless noted otherwise)

 

2013

 

2012

 

Change

 

2013

 

2012

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting gain

 

$

100

 

$

151

 

$

(51

)

$

228

 

$

239

 

$

(11

)

Underwriting gain includes:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable prior year reserve development

 

72

 

96

 

(24

)

130

 

142

 

(12

)

Catastrophes, net of reinsurance

 

(46

)

(4

)

(42

)

(46

)

(4

)

(42

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

91

 

99

 

(8

)

183

 

203

 

(20

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

5

 

5

 

 

10

 

13

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before income taxes

 

196

 

255

 

(59

)

421

 

455

 

(34

)

Income tax expense

 

42

 

73

 

(31

)

104

 

124

 

(20

)

Operating income

 

$

154

 

$

182

 

$

(28

)

$

317

 

$

331

 

$

(14

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio

 

86.3

%

80.0

%

6.3

pts

84.3

%

83.8

%

0.5

pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact on GAAP combined ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable prior year reserve development

 

(9.7

)pts

(12.5

)pts

2.8

pts

(8.8

)pts

(9.4

)pts

0.6

pts

Catastrophes, net of reinsurance

 

6.1

pts

0.4

pts

5.7

pts

3.1

pts

0.2

pts

2.9

pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underlying GAAP combined ratio

 

89.9

%

92.1

%

(2.2

)pts

90.0

%

93.0

%

(3.0

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums by market

 

 

 

 

 

 

 

 

 

 

 

 

 

Bond & Financial Products

 

$

531

 

$

524

 

1

%

$

926

 

$

881

 

5

%

International

 

318

 

316

 

1

 

570

 

563

 

1

 

Total

 

$

849

 

$

840

 

1

%

$

1,496

 

$

1,444

 

4

%

 

5



 

Second Quarter 2013 Results

(All comparisons vs. second quarter 2012, unless noted otherwise)

 

Operating income of $154 million after-tax decreased $28 million or 15% primarily reflecting lower underwriting results driven by higher catastrophe losses and lower net favorable prior year reserve development, as well as lower net investment income. These declines were partially offset by higher underlying underwriting margins and a $15 million benefit resulting from the resolution of prior year tax matters.

 

Underwriting results

 

·                  The GAAP combined ratio deteriorated 6.3 points to 86.3% due to higher catastrophe losses (5.7 points) and lower net favorable prior year reserve development (2.8 points), partially offset by higher underlying underwriting margins (2.2 points).

 

·                  Net favorable prior year reserve development primarily resulted from better than expected loss experience in the surety business for various accident years within Bond & Financial Products. Catastrophe losses primarily resulted from flooding in Alberta, Canada.

 

·                  The underlying GAAP combined ratio improved 2.2 points to 89.9%, primarily resulting from earned rate increases exceeding loss trends, as well as a lower level of large losses within International, partially offset by an increase in the expense ratio driven by legal expenses related to the recently announced agreement to acquire The Dominion of Canada General Insurance Company and lower earned premiums.

 

Financial, Professional & International Insurance net written premiums of $849 million increased 1%, primarily driven by Bond & Financial Products reflecting higher volumes in construction surety and renewal rate increases in management liability.

 

Year-to-Date 2013 Results

(All comparisons vs. year-to-date 2012, unless noted otherwise)

 

Operating income of $317 million after-tax decreased $14 million or 4%, primarily reflecting the same factors discussed above for the second quarter.

 

Underwriting results

 

·                  The GAAP combined ratio deteriorated 0.5 points to 84.3% due to higher catastrophe losses (2.9 points) and lower net favorable prior year development (0.6 points), largely offset by higher underlying underwriting margins (3.0 points).

 

·                  Net favorable prior year reserve development was primarily driven by the same factors as above for the second quarter as well as better than expected loss experience in several lines of business within International. Catastrophe losses were driven by the same factors as above for the second quarter.

 

·                  The underlying GAAP combined ratio improved 3.0 points to 90.0%, primarily resulting from earned rate increases exceeding loss trends, as well as a lower level of large losses within International.

 

Financial, Professional & International Insurance net written premiums of $1.496 billion increased 4%, primarily driven by the same factors discussed above for the second quarter, as well as lower reinsurance costs (resulting from price decreases and slightly higher retention levels).

 

6



 

Personal Insurance Segment Financial Results

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

($ in millions and pre-tax, unless noted otherwise)

 

2013

 

2012

 

Change

 

2013

 

2012

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting gain (loss)

 

$

81

 

$

(113

)

$

194

 

$

257

 

$

(92

)

$

349

 

Underwriting gain (loss) includes:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable prior year reserve development

 

65

 

67

 

(2

)

125

 

77

 

48

 

Catastrophes, net of reinsurance

 

(146

)

(293

)

147

 

(210

)

(408

)

198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

94

 

103

 

(9

)

185

 

207

 

(22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

15

 

16

 

(1

)

33

 

35

 

(2

)

Operating income before income taxes

 

190

 

6

 

184

 

475

 

150

 

325

 

Income tax expense (benefit)

 

48

 

(11

)

59

 

136

 

25

 

111

 

Operating income

 

$

142

 

$

17

 

$

125

 

$

339

 

$

125

 

$

214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio

 

94.5

%

104.8

%

(10.3

)pts

91.9

%

101.3

%

(9.4

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact on GAAP combined ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable prior year reserve development

 

(3.5

)pts

(3.5

)pts

pts

(3.4

)pts

(2.1

)pts

(1.3

)pts

Catastrophes, net of reinsurance

 

8.0

pts

15.3

pts

(7.3

)pts

5.7

pts

10.7

pts

(5.0

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underlying GAAP combined ratio

 

90.0

%

93.0

%

(3.0

)pts

89.6

%

92.7

%

(3.1

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency Automobile(1)

 

$

834

 

$

899

 

(7

)%

$

1,665

 

$

1,799

 

(7

)%

Agency Homeowners & Other(1)

 

1,033

 

1,064

 

(3

)

1,853

 

1,919

 

(3

)

Direct to Consumer

 

40

 

39

 

3

 

79

 

77

 

3

 

Total

 

$

1,907

 

$

2,002

 

(5

)%

$

3,597

 

$

3,795

 

(5

)%

 


(1) Represents business sold through agents, brokers and other intermediaries and excludes direct to consumer

 

Second Quarter 2013 Results

(All comparisons vs. second quarter 2012, unless noted otherwise)

 

Operating income of $142 million after-tax increased $125 million, primarily reflecting improved underwriting results driven by lower catastrophe losses and higher underlying underwriting margins, as well as a $5 million benefit resulting from the resolution of prior year tax matters. These improvements were slightly offset by lower net investment income.

 

Underwriting results

 

·                  The GAAP combined ratio improved 10.3 points to 94.5% due to lower catastrophe losses (7.3 points) and higher underlying underwriting margins (3.0 points).

 

·                  Net favorable prior year reserve development primarily resulted from better than expected loss experience in Homeowners & Other for accident year 2012 for both catastrophe and non-catastrophe weather-related losses and other non-weather-related losses.

 

·                  The underlying GAAP combined ratio improved 3.0 points to 90.0% primarily resulting from earned rate increases exceeding loss cost trends in both Automobile and Homeowners & Other, as well as lower non-catastrophe weather-related losses.

 

Personal Insurance net written premiums of $1.907 billion decreased 5% primarily due to lower new business volumes in both Automobile and Homeowners & Other, largely as a result of the company’s pricing strategy, increasing deductibles and other profitability improvement initiatives. Renewal premium change and retention rates in both Automobile and Homeowners & Other remained strong and generally consistent with recent quarters.

 

Year-to-Date 2013 Results

(All comparisons vs. year-to-date 2012, unless noted otherwise)

 

Operating results of $339 million increased $214 million after-tax, primarily reflecting the same factors discussed above for the second quarter, as well as an increase in net favorable prior year reserve development.

 

7



 

Underwriting results

 

·                  The GAAP combined ratio improved 9.4 points to 91.9% due to lower catastrophe losses (5.0 points), higher underlying underwriting margins (3.1 points) and higher net favorable prior year reserve development (1.3 points).

 

·                  Net favorable prior year reserve development was primarily driven by the same factors as above for the second quarter, as well as net favorable development in the first quarter of 2013 in the Homeowners & Other product line for accident year 2011 for both non-catastrophe weather-related losses and catastrophe losses.

 

·                  The underlying GAAP combined ratio improved 3.1 points to 89.6%, primarily resulting from earned rate increases exceeding loss cost trends and lower non-catastrophe weather-related losses.

 

Personal Insurance net written premiums of $3.597 billion decreased 5%, primarily due to the same factors discussed above for the second quarter.

 

Financial Supplement and Conference Call

 

The information in this press release should be read in conjunction with a financial supplement that is available on our website at www.travelers.com. Travelers management will discuss the contents of this release and other relevant topics via webcast at 9 a.m. Eastern (8 a.m. Central) on Tuesday, July 23, 2013. Prior to the webcast, a slide presentation pertaining to the quarterly earnings will be available on the company’s website. Following the live event, an audio playback of the webcast and the slide presentation will be available on the company’s website.

 

To view the slides or to listen to the webcast or the playback, visit the “Webcasts & Presentations” section of the Travelers investor relations website at http://investor.travelers.com.

 

About Travelers

 

The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. The company’s diverse business lines offer its customers a wide range of coverage sold primarily through independent agents and brokers. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and operations in the United States and selected International markets. For more information, visit www.travelers.com.

 

From time to time, Travelers may use its website and/or social media outlets, such as Facebook and Twitter, as distribution channels of material company information.  Financial and other important information regarding the company is routinely accessible through and posted on our website at http://investor.travelers.com, our Facebook page at https://www.facebook.com/travelers and our Twitter account (@TRV_Insurance) at https://twitter.com/TRV_Insurance.  In addition, you may automatically receive email alerts and other information about Travelers when you enroll your email address by visiting the “Email Alert Service” section at http://investor.travelers.com.

 

Travelers has organized its businesses into the following reportable business segments:

 

Business Insurance: The Business Insurance segment offers a broad array of property and casualty insurance and insurance-related services to its clients primarily in the United States. Business Insurance is organized into the following six groups, which collectively comprise Business Insurance Core operations: Select Accounts; Commercial Accounts; National Accounts; Industry-Focused Underwriting including Construction, Technology, Public Sector Services, Oil & Gas and Agribusiness; Target Risk Underwriting including National Property, Inland Marine, Ocean Marine, Excess Casualty, Boiler & Machinery and Global Partner Services; and Specialized Distribution including Northland and National Programs. Business Insurance also includes the Special Liability Group (which manages the company’s asbestos and environmental liabilities) and the assumed reinsurance and certain other runoff operations, which collectively are referred to as Business Insurance Other.

 

Financial, Professional & International Insurance: The Financial, Professional & International Insurance segment includes surety and financial liability coverages, which primarily use credit-based underwriting processes, as well as property and casualty products that are primarily marketed on a domestic basis in the United Kingdom, Canada and the Republic of Ireland, and on an international basis through Lloyd’s. The businesses in Financial, Professional & International Insurance are Bond & Financial Products and International.

 

8



 

Personal Insurance: The Personal Insurance segment writes a broad range of property and casualty insurance covering individuals’ personal risks. The primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

 

* * * * *

 

Forward-Looking Statement

 

This press release contains, and management may make, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as “may”, “will”, “should”, “likely”, “anticipates”, “expects”, “intends”, “plans”, “projects”, “believes”, “estimates” and similar expressions are used to identify these forward-looking statements. Specifically, statements about the company’s share repurchase plans, expected margin improvement, future pension plan contributions and the potential impact of investment markets and other economic conditions on the company’s investment portfolio and underwriting results, among others, are forward looking, and the company may also make forward-looking statements about, among other things:

 

·                  its results of operations and financial condition (including, among other things, premium volume, premium rates, net and operating income, investment income and performance, loss costs, return on equity, and expected current returns and combined ratios);

·                  the sufficiency of the company’s asbestos and other reserves;

·                  the impact of emerging claims issues as well as other insurance and non-insurance litigation;

·                  the cost and availability of reinsurance coverage;

·                  catastrophe losses;

·                  the impact of investment, economic and underwriting market conditions;

·                  strategic initiatives, including initiatives to improve profitability and competitiveness; and

·                  the potential closing date and impact of its merger and acquisition transactions, including the acquisition of The Dominion of Canada General Insurance Company (The Dominion), and the financing plans related to such transactions.

 

The company cautions investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the company’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.

 

Some of the factors that could cause actual results to differ include, but are not limited to, the following:

 

·                  catastrophe losses could materially and adversely affect the company’s results of operations, its financial position and/or liquidity, and could adversely impact the company’s ratings, the company’s ability to raise capital and the availability and cost of reinsurance;

·                  during or following a period of financial market disruption or economic downturn, the company’s business could be materially and adversely affected;

·                  if actual claims exceed the company’s claims and claim adjustment expense reserves, or if changes in the estimated level of claims and claim adjustment expense reserves are necessary, the company’s financial results could be materially and adversely affected;

·                  the company’s investment portfolio may suffer reduced returns or material realized or unrealized losses;

·                  the company’s business could be harmed because of its potential exposure to asbestos and environmental claims and related litigation;

·                  the company is exposed to, and may face adverse developments involving, mass tort claims such as those relating to exposure to potentially harmful products or substances;

·                  the effects of emerging claim and coverage issues on the company’s business are uncertain;

·                  the intense competition that the company faces could harm its ability to maintain or increase its business volumes and profitability;

·                  the company may not be able to collect all amounts due to it from reinsurers, and reinsurance coverage may not be available to the company in the future at commercially reasonable rates or at all;

·                  the company is exposed to credit risk in certain of its business operations;

·                  within the United States, the company’s businesses are heavily regulated by the states in which it conducts business, including licensing and supervision, and changes in regulation may reduce the company’s profitability and limit its growth;

 

9



 

·                  changes in federal regulation could impose significant burdens on the company and otherwise adversely impact its results;

·                  a downgrade in the company’s claims-paying and financial strength ratings could adversely impact the company’s business volumes, adversely impact the company’s ability to access the capital markets and increase the company’s borrowing costs;

·                  the inability of the company’s insurance subsidiaries to pay dividends to the company’s holding company in sufficient amounts would harm the company’s ability to meet its obligations, pay future shareholder dividends or make future share repurchases;

·                  disruptions to the company’s relationships with its independent agents and brokers could adversely affect the company;

·                  the company’s efforts to develop new products or expand in targeted markets may not be successful and may create enhanced risks;

·                  changes in U.S. tax laws or in the tax laws of other jurisdictions in which the company operates could adversely impact the company;

·                  the company may be adversely affected if its pricing and capital models provide materially different indications than actual results;

·                  the company’s business success and profitability depend, in part, on effective information technology systems and on continuing to develop and implement improvements in technology;

·                  if the company experiences difficulties with technology, data security and/or outsourcing relationships, the company’s ability to conduct its business could be negatively impacted;

·                  the company is subject to a number of risks associated with its business outside the United States;

·                  new regulations outside of the U.S., including in the European Union, could adversely impact the company’s results of operations and limit its growth;

·                  acquisitions and integration of acquired businesses, including the company’s planned acquisition of The Dominion, may result in operating difficulties and other unintended consequences;

·                  changes to existing accounting standards may adversely impact the company’s reported results;

·                  the company could be adversely affected if its controls to ensure compliance with guidelines, policies and legal and regulatory standards are not effective;

·                  the company’s businesses may be adversely affected if it is unable to hire and retain qualified employees;

·                  loss of or significant restriction on the use of credit scoring in the pricing and underwriting of Personal Insurance products could reduce the company’s future profitability;

·                  the company’s repurchase plans depend on a variety of factors, including the company’s financial position, earnings, share price, catastrophe losses, maintaining capital levels commensurate with the company’s desired ratings from independent rating agencies, funding of the company’s qualified pension plan, capital requirements of the company’s operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions and other factors;

·                  the company may not achieve the anticipated benefits of its transactions or its strategic initiatives, including in Personal Insurance, or complete a transaction that is subject to closing conditions; and

·                  conditions in the capital markets may not be suitable for the company to incur additional indebtedness and/or to issue preferred stock to finance its merger and acquisition transactions, including the acquisition of The Dominion.

 

Our forward-looking statements speak only as of the date of this press release or as of the date they are made, and we undertake no obligation to update forward-looking statements. For a more detailed discussion of these factors, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent annual report on Form 10-K and our quarterly report on Form 10-Q filed with the Securities and Exchange Commission (SEC).

 

*****

 

GLOSSARY OF FINANCIAL MEASURES AND RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP MEASURES

 

The following measures are used by the company’s management to evaluate financial performance against historical results and establish targets on a consolidated basis. In some cases, these measures are considered non-GAAP financial measures under applicable SEC rules because they are not displayed as separate line items in the consolidated financial statements or are not required to be disclosed in the notes to financial statements or, in some cases, include or exclude

 

10



 

certain items not ordinarily included or excluded in the most comparable GAAP financial measure. Reconciliations of non-GAAP measures to their most directly comparable GAAP measures also follow.

 

In the opinion of the company’s management, a discussion of these measures provides investors, financial analysts, rating agencies and other financial statement users with a better understanding of the significant factors that comprise the company’s periodic results of operations and how management evaluates the company’s financial performance.  Internally, the company’s management uses these measures to evaluate performance against historical results, to establish financial targets on a consolidated basis and for other reasons, which are discussed below.

 

Some of these measures exclude net realized investment gains (losses), net of tax, and/or net unrealized investment gains (losses), net of tax, which can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends.

 

Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by the company’s management.

 

RECONCILIATION OF OPERATING INCOME AND CERTAIN OTHER NON-GAAP MEASURES TO NET INCOME

 

Operating income is net income excluding the after-tax impact of net realized investment gains and discontinued operations. Management uses operating income to analyze each segment’s performance and as a tool in making business decisions. Financial statement users also consider operating income when analyzing the results and trends of insurance companies. Operating earnings per share is operating income on a per common share basis.

 

Reconciliation of Operating Income less Preferred Dividends to Net Income

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

($ in millions, pre-tax)

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

1,010

 

$

604

 

$

2,220

 

$

1,671

 

Net realized investment gains

 

167

 

4

 

177

 

14

 

Net income

 

$

1,177

 

$

608

 

$

2,397

 

$

1,685

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

($ in millions, after-tax)

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

816

 

$

495

 

$

1,703

 

$

1,296

 

Net realized investment gains

 

109

 

4

 

118

 

9

 

Net income

 

$

925

 

$

499

 

$

1,821

 

$

1,305

 

 

 

 

Twelve Months Ended December 31,

 

($ in millions, after-tax)

 

2012

 

2011

 

2010

 

2009

 

2008

 

2007

 

2006

 

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income, less preferred dividends

 

$

2,441

 

$

1,389

 

$

3,040

 

$

3,597

 

$

3,191

 

$

4,496

 

$

4,195

 

$

2,020

 

Preferred dividends

 

 

1

 

3

 

3

 

4

 

4

 

5

 

6

 

Operating income

 

2,441

 

1,390

 

3,043

 

3,600

 

3,195

 

4,500

 

4,200

 

2,026

 

Net realized investment gains (losses)

 

32

 

36

 

173

 

22

 

(271

)

101

 

8

 

35

 

Income from continuing operations

 

2,473

 

1,426

 

3,216

 

3,622

 

2,924

 

4,601

 

4,208

 

2,061

 

Discontinued operations

 

 

 

 

 

 

 

 

(439

)

Net income

 

$

2,473

 

$

1,426

 

$

3,216

 

$

3,622

 

$

2,924

 

$

4,601

 

$

4,208

 

$

1,622

 

 

11



 

Reconciliation of Operating Earnings per Share to Net Income per Share on a Basic and Diluted Basis

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

Operating income

 

$

2.15

 

$

1.27

 

$

4.49

 

$

3.30

 

Net realized investment gains

 

0.29

 

 

0.31

 

0.02

 

Net income

 

$

2.44

 

$

1.27

 

$

4.80

 

$

3.32

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

 

 

 

 

Operating income

 

$

2.13

 

$

1.26

 

$

4.44

 

$

3.27

 

Net realized investment gains

 

0.28

 

 

0.31

 

0.02

 

Net income

 

$

2.41

 

$

1.26

 

$

4.75

 

$

3.29

 

 

Reconciliation of Operating Income by Segment to Total Operating Income

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

($ in millions, after-tax)

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Business Insurance

 

$

579

 

$

362

 

$

1,169

 

$

974

 

Financial, Professional & International Insurance

 

154

 

182

 

317

 

331

 

Personal Insurance

 

142

 

17

 

339

 

125

 

Total segment operating income

 

875

 

561

 

1,825

 

1,430

 

Interest Expense and Other

 

(59

)

(66

)

(122

)

(134

)

Total operating income

 

$

816

 

$

495

 

$

1,703

 

$

1,296

 

 

RECONCILIATION OF ADJUSTED SHAREHOLDERS’ EQUITY TO SHAREHOLDERS’ EQUITY AND OPERATING RETURN ON EQUITY TO RETURN ON EQUITY

 

Average shareholders’ equity is (a) the sum of total shareholders’ equity excluding preferred stock at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two. Adjusted shareholders’ equity is shareholders’ equity excluding net unrealized investment gains (losses), net of tax, net realized investment gains (losses), net of tax, for the period presented, preferred stock and discontinued operations. Adjusted average shareholders’ equity is average shareholders’ equity excluding net unrealized investment gains (losses), net of tax, for all quarters included in the calculation and, for each quarterly period included in the calculation, that quarter’s net realized investment gains (losses), net of tax.

 

12



 

Reconciliation of Adjusted Shareholders’ Equity to Shareholders’ Equity

 

 

 

As of June 30,

 

($ in millions)

 

2013

 

2012

 

 

 

 

 

 

 

Adjusted shareholders’ equity

 

$

23,080

 

$

22,060

 

Net unrealized investment gains, net of tax

 

1,692

 

2,980

 

Net realized investment gains, net of tax

 

118

 

9

 

Shareholders’ equity

 

$

24,890

 

$

25,049

 

 

 

 

As of December 31,

 

($ in millions)

 

2012

 

2011

 

2010

 

2009

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted shareholders’ equity

 

$

22,270

 

$

21,570

 

$

23,375

 

$

25,458

 

$

25,647

 

$

25,783

 

$

24,545

 

$

22,227

 

$

20,087

 

Net unrealized investment gains (losses), net of tax

 

3,103

 

2,871

 

1,859

 

1,856

 

(146

)

620

 

453

 

327

 

866

 

Net realized investment gains (losses), net of tax

 

32

 

36

 

173

 

22

 

(271

)

101

 

8

 

35

 

(28

)

Preferred stock

 

 

 

68

 

79

 

89

 

112

 

129

 

153

 

188

 

Discontinued operations

 

 

 

 

 

 

 

 

(439

)

88

 

Shareholders’ equity

 

$

25,405

 

$

24,477

 

$

25,475

 

$

27,415

 

$

25,319

 

$

26,616

 

$

25,135

 

$

22,303

 

$

21,201

 

 

Return on equity is the ratio of annualized net income less preferred dividends to average shareholders’ equity for the periods presented. Operating return on equity is the ratio of annualized operating income less preferred dividends to adjusted average shareholders’ equity for the periods presented. In the opinion of the company’s management, these are important indicators of how well management creates value for its shareholders through its operating activities and its capital management.

 

Calculation of Operating Return on Equity and Return on Equity

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

($ in millions, after-tax)

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Annualized operating income

 

$

3,261

 

$

1,982

 

$

3,406

 

$

2,592

 

Adjusted average shareholders’ equity

 

22,910

 

22,050

 

22,711

 

21,934

 

Operating return on equity

 

14.2

%

9.0

%

15.0

%

11.8

%

 

 

 

 

 

 

 

 

 

 

Annualized net income

 

$

3,697

 

$

1,993

 

$

3,641

 

$

2,609

 

Average shareholders’ equity

 

25,243

 

24,961

 

25,372

 

24,818

 

Return on equity

 

14.6

%

8.0

%

14.4

%

10.5

%

 

Average annual operating return on equity over a period is the ratio of:

a) the sum of operating income less preferred dividends for the periods presented to

b) the sum of: 1) the sum of the adjusted average shareholders’ equity for all full years in the period presented, and 2) for partial years in the period presented, the number of quarters in that partial year divided by four, multiplied by the adjusted average shareholders’ equity of the partial year.

 

Calculation of Average Annual Operating Return on Equity from January 1, 2005 through June 30, 2013

 



 

Six Months Ended

 

 

 

 

 

June 30,

 

Twelve Months Ended December 31,

 

($ in millions)

 

2013

 

2012

 

2012

 

2011

 

2010

 

2009

 

2008

 

2007

 

2006

 

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income, less preferred dividends

 

$

1,703

 

$

1,296

 

$

2,441

 

$

1,389

 

$

3,040

 

$

3,597

 

$

3,191

 

$

4,496

 

$

4,195

 

$

2,020

 

Annualized operating income

 

3,406

 

2,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted average shareholders’ equity

 

22,711

 

21,934

 

22,158

 

22,806

 

24,285

 

25,777

 

25,668

 

25,350

 

23,381

 

21,118

 

Operating return on equity

 

15.0

%

11.8

%

11.0

%

6.1

%

12.5

%

14.0

%

12.4

%

17.7

%

17.9

%

9.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average annual operating return on equity for the period January 1, 2005 through June 30, 2013

 

12.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF PRE-TAX UNDERWRITING GAIN EXCLUDING CERTAIN ITEMS TO NET INCOME

 

Underwriting gain (loss) is net earned premiums and fee income less claims and claim adjustment expenses and insurance-related expenses. In the opinion of the company’s management, it is important to measure the profitability of each segment excluding the results of investing activities, which are managed separately from the insurance business.

 

13



 

This measure is used to assess each segment’s business performance and as a tool in making business decisions.  Pre-tax underwriting gain, excluding the impact of catastrophes and net favorable prior year loss reserve development, is the underwriting gain (loss) adjusted to exclude claims and claim adjustment expenses, reinstatement premiums and assessments related to catastrophes and loss reserve development related to time periods prior to the current year. In the opinion of the company’s management, this measure is meaningful to users of the financial statements to understand the company’s periodic earnings and the variability of earnings caused by the unpredictable nature (i.e., the timing and amount) of catastrophes and loss reserve development. This measure is also referred to as underlying underwriting margin or underlying underwriting gain (loss).

 

A catastrophe is a severe loss, resulting from natural and man-made events, including risks such as fire, earthquake, windstorm, explosion, terrorism and other similar events. Each catastrophe has unique characteristics, and catastrophes are not predictable as to timing or amount. Their effects are included in net and operating income and claims and claim adjustment expense reserves upon occurrence. A catastrophe may result in the payment of reinsurance reinstatement premiums and assessments from various pools. In the opinion of the company’s management, a discussion of the impact of catastrophes is meaningful to users of the financial statements to understand the company’s periodic earnings and the variability in periodic earnings caused by the unpredictable nature of catastrophes.

 

Net favorable (unfavorable) prior year loss reserve development is the increase or decrease in incurred claims and claim adjustment expenses as a result of the re-estimation of claims and claim adjustment expense reserves at successive valuation dates for a given group of claims, which may be related to one or more prior years. In the opinion of the company’s management, a discussion of loss reserve development is meaningful to users of the financial statements as it allows them to assess the impact between prior and current year development on incurred claims and claim adjustment expenses, net and operating income (loss), and changes in claims and claim adjustment expense reserve levels from period to period.

 

Reconciliation of Pre-tax Underwriting Gain (Excluding the Impact of Catastrophes and Net Favorable Prior Year Loss Reserve Development) to Net Income

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

($ in millions, after-tax except as noted)

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Pre-tax underwriting gain excluding the impact of catastrophes and net favorable prior year loss reserve development

 

$

429

 

$

266

 

$

899

 

$

523

 

Pre-tax impact of catastrophes

 

(340

)

(549

)

(439

)

(717

)

Pre-tax impact of net favorable prior year loss reserve development

 

192

 

221

 

423

 

525

 

Pre-tax underwriting gain (loss)

 

281

 

(62

)

883

 

331

 

Income tax expense (benefit) on underwriting results

 

46

 

(15

)

263

 

130

 

Underwriting gain (loss)

 

235

 

(47

)

620

 

201

 

Net investment income

 

551

 

589

 

1,093

 

1,182

 

Other, including interest expense

 

30

 

(47

)

(10

)

(87

)

Operating income

 

816

 

495

 

1,703

 

1,296

 

Net realized investment gains

 

109

 

4

 

118

 

9

 

Net income

 

$

925

 

$

499

 

$

1,821

 

$

1,305

 

 

GAAP COMBINED RATIO AND ADJUSTMENTS FOR UNDERLYING GAAP COMBINED RATIO

 

GAAP combined ratio is the sum of the loss and loss adjustment expense ratio (loss and LAE ratio) and the underwriting expense ratio. For GAAP, the loss and LAE ratio is the ratio of incurred losses and loss adjustment expenses reduced by an allocation of fee income to net earned premiums. The underwriting expense ratio is the ratio of underwriting expenses incurred reduced by an allocation of fee income, and billing and policy fees and other to net earned premiums. A GAAP combined ratio under 100% generally indicates an underwriting profit.  A GAAP combined ratio over 100% generally indicates an underwriting loss. The GAAP combined ratio is an operating statistic that includes GAAP measures in the numerator and the denominator.

 

Underlying GAAP combined ratio represents the GAAP combined ratio excluding the impact of net prior year reserve development and catastrophes.  In the opinion of the company’s management, this measure is

 

14



 

meaningful to users of the financial statements to understand the company’s periodic underwriting profitability and the variability of underwriting profitability caused by the unpredictable nature of catastrophes and loss reserve development.

 

Calculation of the GAAP Combined Ratio

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

($ in millions, pre-tax)

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expense ratio

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses

 

$

3,530

 

$

3,786

 

$

6,683

 

$

7,150

 

Less:

 

 

 

 

 

 

 

 

 

Policyholder dividends

 

13

 

11

 

23

 

23

 

Allocated fee income

 

27

 

11

 

69

 

46

 

Loss ratio numerator

 

$

3,490

 

$

3,764

 

$

6,591

 

$

7,081

 

 

 

 

 

 

 

 

 

 

 

Underwriting expense ratio

 

 

 

 

 

 

 

 

 

Amortization of deferred acquisition costs

 

$

950

 

$

976

 

$

1,898

 

$

1,947

 

General and administrative expenses (G&A)

 

931

 

893

 

1,846

 

1,777

 

Less:

 

 

 

 

 

 

 

 

 

G&A included in Interest Expense and Other

 

7

 

5

 

11

 

12

 

Allocated fee income

 

55

 

48

 

110

 

95

 

Billing and policy fees and other

 

25

 

25

 

49

 

52

 

Expense ratio numerator

 

$

1,794

 

$

1,791

 

$

3,574

 

$

3,565

 

 

 

 

 

 

 

 

 

 

 

Earned premium

 

$

5,603

 

$

5,529

 

$

11,120

 

$

11,052

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio (1)

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expense ratio

 

62.3

%

68.1

%

59.3

%

64.1

%

Underwriting expense ratio

 

32.0

%

32.4

%

32.1

%

32.2

%

Combined ratio

 

94.3

%

100.5

%

91.4

%

96.3

%

 


(1)   For purposes of computing GAAP ratios, billing and policy fees and other (which are a component of other revenues) are allocated as a reduction of underwriting expenses.  In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses.

 

ADJUSTMENT TO NET WRITTEN PREMIUMS FOR THE IMPACT OF CHANGES IN FOREIGN EXCHANGE RATES

 

Adjusting for the impact of changes in foreign exchange rates allows the effect of foreign exchange rate differences to be isolated in the analysis of changes in various financial statement line items that are translated from a local currency to the company’s reporting currency, U.S. dollars. The impact is determined by assuming constant foreign exchange rates between periods as illustrated in the reconciliation below. In the opinion of the company’s management, this is useful in an analysis of the results of the International market and the Financial, Professional & International (FP&II) segment.

 

15



 

Reconciliation of the Impact of Changes in Foreign Exchange Rates on International Net Written Premiums to International Net Written Premiums

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

($ in millions)

 

2013

 

2012

 

Change

 

2013

 

2012

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums - holding foreign exchange rates constant

 

$

322

 

$

316

 

2

%

$

575

 

$

563

 

2

%

Impact of changes in foreign exchange rates

 

(4

)

 

 

 

 

(5

)

 

 

 

 

Net written premiums

 

$

318

 

$

316

 

1

%

$

570

 

$

563

 

1

%

 

Reconciliation of the Impact of Changes in Foreign Exchange Rates on FP&II Net Written Premiums to FP&II Net Written Premiums

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

($ in millions)

 

2013

 

2012

 

Change

 

2013

 

2012

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums - holding foreign exchange rates constant

 

$

853

 

$

840

 

2

%

$

1,501

 

$

1,444

 

4

%

Impact of changes in foreign exchange rates

 

(4

)

 

 

 

 

(5

)

 

 

 

 

Net written premiums

 

$

849

 

$

840

 

1

%

$

1,496

 

$

1,444

 

4

%

 

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO BOOK VALUE PER SHARE AND SHAREHOLDERS’ EQUITY

 

Book value per share is total common shareholders’ equity divided by the number of common shares outstanding. Adjusted book value per share is total common shareholders’ equity excluding the after-tax impact of net unrealized investment gains and losses, divided by the number of common shares outstanding. In the opinion of the company’s management, adjusted book value is useful in an analysis of a property casualty company’s book value as it removes the effect of changing prices on invested assets (i.e., net unrealized investment gains (losses), net of tax), which do not have an equivalent impact on unpaid claims and claim adjustment expense reserves. Tangible book value per share is adjusted book value per share excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding. In the opinion of the company’s management, tangible book value per share is useful in an analysis of a property casualty company’s book value on a nominal basis as it removes certain effects of purchase accounting (i.e., goodwill and other intangible assets), in addition to the effect of changing prices on invested assets.

 

16



 

Reconciliation of Tangible and Adjusted Shareholders’ Equity to Shareholders’ Equity

 

 

 

As of

 

 

 

June 30,

 

December 31,

 

June 30,

 

($ in millions, except per share amounts)

 

2013

 

2012

 

2012

 

 

 

 

 

 

 

 

 

Tangible shareholders’ equity

 

$

19,523

 

$

18,604

 

$

18,346

 

Goodwill

 

3,365

 

3,365

 

3,365

 

Other intangible assets

 

358

 

381

 

405

 

Less: Impact of deferred tax on other intangible assets

 

(48

)

(48

)

(47

)

Adjusted shareholders’ equity

 

23,198

 

22,302

 

22,069

 

Net unrealized investment gains, net of tax

 

1,692

 

3,103

 

2,980

 

Shareholders’ equity

 

$

24,890

 

$

25,405

 

$

25,049

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

373.5

 

377.4

 

386.0

 

 

 

 

 

 

 

 

 

Tangible book value per share

 

$

52.28

 

$

49.29

 

$

47.53

 

Adjusted book value per share

 

62.12

 

59.09

 

57.18

 

Book value per share

 

66.65

 

67.31

 

64.90

 

 

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO TOTAL CAPITALIZATION

 

Total capitalization is the sum of total shareholders’ equity and debt. Debt-to-capital ratio excluding net unrealized gain on investments is the ratio of debt to total capitalization excluding the after-tax impact of net unrealized investment gains and losses. In the opinion of the company’s management, the debt to capital ratio is useful in an analysis of the company’s financial leverage.

 

Reconciliation of Total Debt and Equity Excluding Net Unrealized Investment Gain to Total Capitalization

 

 

 

As of

 

 

 

June 30,

 

December 31,

 

June 30,

 

($ in millions)

 

2013

 

2012

 

2012

 

 

 

 

 

 

 

 

 

Debt

 

$

5,852

 

$

6,350

 

$

6,349

 

Shareholders’ equity

 

24,890

 

25,405

 

25,049

 

Total capitalization

 

30,742

 

31,755

 

31,398

 

Net unrealized investment gains, net of tax

 

1,692

 

3,103

 

2,980

 

Total capitalization excluding net unrealized gain on investments, net of tax

 

$

29,050

 

$

28,652

 

$

28,418

 

 

 

 

 

 

 

 

 

Debt-to-capital ratio

 

19.0

%

20.0

%

20.2

%

Debt-to-capital ratio excluding net unrealized investment gains, net of tax

 

20.1

%

22.2

%

22.3

%

 

OTHER DEFINITIONS

 

Gross written premiums reflect the direct and assumed contractually determined amounts charged to policyholders for the effective period of the contract based on the terms and conditions of the insurance contract. Net written premiums reflect gross written premiums less premiums ceded to reinsurers. These are GAAP measures.

 

For the Business Insurance and Financial, Professional and International Insurance segments, retention is the amount of premium available for renewal that was retained, excluding rate and exposure changes. For the Personal Insurance segment, retention is the ratio of the expected number of renewal policies that will be retained throughout the annual policy period to the number of available renewal base policies. For all of the segments, renewal rate change represents the estimated change in average premium on policies that renew, excluding exposure changes. Exposure is the measure of risk used in the pricing of an insurance product. The change in exposure is the amount of change in premium on

 

17



 

policies that renew attributable to the change in portfolio risk. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. New business volume is the amount of written premium related to new policyholders and additional products sold to existing policyholders.  These are operating statistics, which are subject to change based upon a number of factors, including changes in actuarial estimates.  For the Business Insurance segment, retention, renewal premium change and new business volumes exclude National Accounts and Business Insurance-Other.

 

An insurance company’s statutory surplus represents the excess of its assets over its liabilities in accordance with the statutory accounting practices required by state laws and regulations.

 

Holding company liquidity is the total funds available at the holding company level to fund general corporate purposes, primarily the payment of shareholder dividends and debt service.  These funds consist of total cash, short-term invested assets and other readily marketable securities held by the holding company.

 

For a glossary of other financial terms used in this press release, we refer you to the company’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission.

 

###

 

Contacts

 

Media:

 

Institutional Investors:

 

Individual Investors:

Patrick Linehan

 

Gabriella Nawi

 

Marc Parr

917.778.6267

 

917.778.6844, or

 

860.277.0779

 

 

Andrew Hersom

 

 

 

 

860.277.0902

 

 

 

18


EX-99.2 3 a13-16821_1ex99d2.htm EX-99.2

Exhibit 99.2

 

The Travelers Companies, Inc.

Financial Supplement - Second Quarter 2013

 

 

 

Page Number

 

Consolidated Results

 

 

 

Financial Highlights

 

1

 

Reconciliation to Net Income and Earnings Per Share

 

2

 

Statement of Income

 

3

 

Net Income by Major Component and Combined Ratio

 

4

 

Operating Income

 

5

 

Selected Statistics - Property and Casualty Operations

 

6

 

Written and Earned Premiums - Property and Casualty Operations

 

7

 

 

 

 

 

Business Insurance

 

 

 

Operating Income

 

8

 

Operating Income by Major Component and Combined Ratio

 

9

 

Selected Statistics

 

10

 

Net Written Premiums

 

11

 

 

 

 

 

Financial, Professional & International Insurance

 

 

 

Operating Income

 

12

 

Operating Income by Major Component and Combined Ratio

 

13

 

Selected Statistics

 

14

 

Net Written Premiums

 

15

 

 

 

 

 

Personal Insurance

 

 

 

Operating Income (Loss)

 

16

 

Operating Income (Loss) by Major Component and Combined Ratio

 

17

 

Selected Statistics

 

18

 

Selected Statistics - Agency Automobile

 

19

 

Selected Statistics - Agency Homeowners and Other

 

20

 

Selected Statistics - Direct to Consumer

 

21

 

 

 

 

 

Supplemental Detail

 

 

 

Interest Expense and Other

 

22

 

Consolidated Balance Sheet

 

23

 

Investment Portfolio

 

24

 

Investment Portfolio - Fixed Maturities Data

 

25

 

Investment Income

 

26

 

Net Realized and Unrealized Investment Gains

 

27

 

Reinsurance Recoverables

 

28

 

Net Reserves for Losses and Loss Adjustment Expense

 

29

 

Asbestos and Environmental Reserves

 

30

 

Capitalization

 

31

 

Statutory to GAAP Shareholders’ Equity Reconciliation

 

32

 

Statement of Cash Flows

 

33

 

Statement of Cash Flows (continued)

 

34

 

 

 

 

 

Glossary of Financial Measures and Description of Reportable Business Segments

 

35

 

 

The information included in the Financial Supplement is unaudited. This document should be read in conjunction with the Company’s Form 10-Q which will be filed with the Securities and Exchange Commission.

 

Index

 



 

The Travelers Companies, Inc.

Financial Highlights

($ and shares in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

806

 

$

499

 

$

864

 

$

304

 

$

896

 

$

925

 

$

1,305

 

$

1,821

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.04

 

$

1.27

 

$

2.23

 

$

0.79

 

$

2.36

 

$

2.44

 

$

3.32

 

$

4.80

 

Diluted

 

$

2.02

 

$

1.26

 

$

2.21

 

$

0.78

 

$

2.33

 

$

2.41

 

$

3.29

 

$

4.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

801

 

$

495

 

$

867

 

$

278

 

$

887

 

$

816

 

$

1,296

 

$

1,703

 

Operating income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.03

 

$

1.27

 

$

2.24

 

$

0.72

 

$

2.33

 

$

2.15

 

$

3.30

 

$

4.49

 

Diluted

 

$

2.01

 

$

1.26

 

$

2.22

 

$

0.72

 

$

2.31

 

$

2.13

 

$

3.27

 

$

4.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on equity

 

13.1

%

8.0

%

13.6

%

4.7

%

14.1

%

14.6

%

10.5

%

14.4

%

Operating return on equity

 

14.7

%

9.0

%

15.5

%

5.0

%

15.8

%

14.2

%

11.8

%

15.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets, at period end

 

$

104,838

 

$

104,330

 

$

105,445

 

$

104,938

 

$

103,897

 

$

101,900

 

$

104,330

 

$

101,900

 

Total equity, at period end

 

$

24,872

 

$

25,049

 

$

25,905

 

$

25,405

 

$

25,596

 

$

24,890

 

$

25,049

 

$

24,890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share, at period end

 

$

63.81

 

$

64.90

 

$

67.81

 

$

67.31

 

$

68.00

 

$

66.65

 

$

64.90

 

$

66.65

 

Less: Net unrealized investment gains, net of tax

 

7.28

 

7.72

 

8.68

 

8.22

 

7.61

 

4.53

 

7.72

 

4.53

 

Adjusted book value per share, at period end

 

$

56.53

 

$

57.18

 

$

59.13

 

$

59.09

 

$

60.39

 

$

62.12

 

$

57.18

 

$

62.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding (basic)

 

392.0

 

388.0

 

384.0

 

381.0

 

377.7

 

375.9

 

390.0

 

376.8

 

Weighted average number of common shares outstanding and common stock equivalents (diluted)

 

395.8

 

391.6

 

387.9

 

385.3

 

381.9

 

379.9

 

393.5

 

380.8

 

Common shares outstanding at period end

 

389.8

 

386.0

 

382.0

 

377.4

 

376.4

 

373.5

 

386.0

 

373.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock dividends declared

 

$

162

 

$

181

 

$

179

 

$

178

 

$

176

 

$

191

 

$

343

 

$

367

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock repurchased:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under Board of Directors authorization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

6.0

 

5.6

 

5.4

 

5.4

 

3.7

 

3.6

 

11.6

 

7.3

 

Cost

 

$

350

 

$

350

 

$

350

 

$

400

 

$

300

 

$

300

 

$

700

 

$

600

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

0.8

 

 

 

0.1

 

0.7

 

 

0.8

 

0.7

 

Cost

 

$

52

 

$

1

 

$

 

$

2

 

$

58

 

$

1

 

$

53

 

$

59

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

1



 

The Travelers Companies, Inc.

Reconciliation to Net Income and Earnings Per Share

($ and shares in millions, except earnings per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

801

 

$

495

 

$

867

 

$

278

 

$

887

 

$

816

 

$

1,296

 

$

1,703

 

Net realized investment gains (losses)

 

5

 

4

 

(3

)

26

 

9

 

109

 

9

 

118

 

Net income

 

$

806

 

$

499

 

$

864

 

$

304

 

$

896

 

$

925

 

$

1,305

 

$

1,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

2.03

 

$

1.27

 

$

2.24

 

$

0.72

 

$

2.33

 

$

2.15

 

$

3.30

 

$

4.49

 

Net realized investment gains (losses)

 

0.01

 

 

(0.01

)

0.07

 

0.03

 

0.29

 

0.02

 

0.31

 

Net income

 

$

2.04

 

$

1.27

 

$

2.23

 

$

0.79

 

$

2.36

 

$

2.44

 

$

3.32

 

$

4.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

2.01

 

$

1.26

 

$

2.22

 

$

0.72

 

$

2.31

 

$

2.13

 

$

3.27

 

$

4.44

 

Net realized investment gains (losses)

 

0.01

 

 

(0.01

)

0.06

 

0.02

 

0.28

 

0.02

 

0.31

 

Net income

 

$

2.02

 

$

1.26

 

$

2.21

 

$

0.78

 

$

2.33

 

$

2.41

 

$

3.29

 

$

4.75

 

 

Adjustments to net income and weighted average shares for net income EPS calculations: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

Basic and Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income, as reported

 

$

806

 

$

499

 

$

864

 

$

304

 

$

896

 

$

925

 

$

1,305

 

$

1,821

 

Participating share-based awards - allocated income

 

(6

)

(4

)

(6

)

(2

)

(6

)

(7

)

(10

)

(14

)

Net income available to common shareholders - basic and diluted

 

$

800

 

$

495

 

$

858

 

$

302

 

$

890

 

$

918

 

$

1,295

 

$

1,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

392.0

 

388.0

 

384.0

 

381.0

 

377.7

 

375.9

 

390.0

 

376.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

392.0

 

388.0

 

384.0

 

381.0

 

377.7

 

375.9

 

390.0

 

376.8

 

Weighted average effects of dilutive securities - stock options and performance shares

 

3.8

 

3.6

 

3.9

 

4.3

 

4.2

 

4.0

 

3.5

 

4.0

 

Diluted weighted average shares outstanding

 

395.8

 

391.6

 

387.9

 

385.3

 

381.9

 

379.9

 

393.5

 

380.8

 

 


(1)  Adjustments to net income and weighted average shares for net income EPS calculations can generally be used for the operating income EPS calculations.

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

2



 

The Travelers Companies, Inc.

 

Statement of Income - Consolidated

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

$

5,523

 

$

5,529

 

$

5,666

 

$

5,639

 

$

5,517

 

$

5,603

 

$

11,052

 

$

11,120

 

Net investment income

 

740

 

738

 

722

 

689

 

670

 

687

 

1,478

 

1,357

 

Fee income

 

82

 

59

 

92

 

90

 

97

 

82

 

141

 

179

 

Net realized investment gains (losses)

 

10

 

4

 

(2

)

39

 

10

 

167

 

14

 

177

 

Other revenues

 

37

 

29

 

34

 

20

 

34

 

135

 

66

 

169

 

Total revenues

 

6,392

 

6,359

 

6,512

 

6,477

 

6,328

 

6,674

 

12,751

 

13,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses

 

3,364

 

3,786

 

3,359

 

4,167

 

3,153

 

3,530

 

7,150

 

6,683

 

Amortization of deferred acquisition costs

 

971

 

976

 

986

 

977

 

948

 

950

 

1,947

 

1,898

 

General and administrative expenses

 

884

 

893

 

904

 

929

 

915

 

931

 

1,777

 

1,846

 

Interest expense

 

96

 

96

 

93

 

93

 

92

 

86

 

192

 

178

 

Total claims and expenses

 

5,315

 

5,751

 

5,342

 

6,166

 

5,108

 

5,497

 

11,066

 

10,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

1,077

 

608

 

1,170

 

311

 

1,220

 

1,177

 

1,685

 

2,397

 

Income tax expense

 

271

 

109

 

306

 

7

 

324

 

252

 

380

 

576

 

Net income

 

$

806

 

$

499

 

$

864

 

$

304

 

$

896

 

$

925

 

$

1,305

 

$

1,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other-than-temporary impairments (OTTI)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total OTTI gains (losses)

 

$

 

$

11

 

$

17

 

$

(1

)

$

 

$

(1

)

$

11

 

$

(1

)

OTTI losses recognized in net realized investment gains (losses)

 

$

(4

)

$

(4

)

$

(3

)

$

(4

)

$

(5

)

$

(2

)

$

(8

)

$

(7

)

OTTI gains recognized in other comprehensive income

 

$

4

 

$

15

 

$

20

 

$

3

 

$

5

 

$

1

 

$

19

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate on net investment income

 

19.9

%

20.2

%

20.0

%

19.2

%

19.2

%

19.7

%

20.0

%

19.4

%

Net investment income (after-tax)

 

$

593

 

$

589

 

$

578

 

$

556

 

$

542

 

$

551

 

$

1,182

 

$

1,093

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophes, net of reinsurance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

168

 

$

549

 

$

91

 

$

1,054

 

$

99

 

$

340

 

$

717

 

$

439

 

After-tax

 

$

109

 

$

357

 

$

59

 

$

689

 

$

65

 

$

221

 

$

466

 

$

286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior year reserve development - favorable (unfavorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

304

 

$

221

 

$

193

 

$

222

 

$

231

 

$

192

 

$

525

 

$

423

 

After-tax

 

$

200

 

$

147

 

$

129

 

$

146

 

$

154

 

$

125

 

$

347

 

$

279

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

3



 

The Travelers Companies, Inc.

Net Income by Major Component and Combined Ratio - Consolidated

($ in millions, net of tax)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting gain (loss)

 

$

248

 

$

(47

)

$

327

 

$

(232

)

$

385

 

$

235

 

$

201

 

$

620

 

Net investment income

 

593

 

589

 

578

 

556

 

542

 

551

 

1,182

 

1,093

 

Other, including interest expense

 

(40

)

(47

)

(38

)

(46

)

(40

)

30

 

(87

)

(10

)

Operating income

 

801

 

495

 

867

 

278

 

887

 

816

 

1,296

 

1,703

 

Net realized investment gains (losses)

 

5

 

4

 

(3

)

26

 

9

 

109

 

9

 

118

 

Net income

 

$

806

 

$

499

 

$

864

 

$

304

 

$

896

 

$

925

 

$

1,305

 

$

1,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio (1) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expense ratio

 

60.1

%

68.1

%

58.4

%

73.0

%

56.2

%

62.3

%

64.1

%

59.3

%

Underwriting expense ratio

 

32.1

%

32.4

%

31.9

%

32.4

%

32.3

%

32.0

%

32.2

%

32.1

%

Combined ratio

 

92.2

%

100.5

%

90.3

%

105.4

%

88.5

%

94.3

%

96.3

%

91.4

%

GAAP combined ratio excluding incremental impact of direct to consumer initiative

 

91.4

%

99.8

%

89.3

%

104.6

%

87.8

%

93.8

%

95.6

%

90.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of catastrophes on combined ratio

 

3.1

%

10.0

%

1.6

%

18.7

%

1.8

%

6.1

%

6.5

%

3.9

%

Impact of prior year reserve development on combined ratio

 

-5.5

%

-4.0

%

-3.4

%

-4.0

%

-4.1

%

-3.5

%

-4.8

%

-3.8

%

 


(1)  Before policyholder dividends.

(2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses.  In addition, fee income is allocated as a reduction of losses and loss adjustment expenses

and underwriting expenses as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

Billing and policy fees and other

 

$

27

 

$

25

 

$

24

 

$

22

 

$

24

 

$

25

 

$

52

 

$

49

 

Fee income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expenses

 

$

35

 

$

11

 

$

40

 

$

38

 

$

42

 

$

27

 

$

46

 

$

69

 

Underwriting expenses

 

47

 

48

 

52

 

52

 

55

 

55

 

95

 

110

 

Total fee income

 

$

82

 

$

59

 

$

92

 

$

90

 

$

97

 

$

82

 

$

141

 

$

179

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

4



 

The Travelers Companies, Inc.

Operating Income - Consolidated

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

$

5,523

 

$

5,529

 

$

5,666

 

$

5,639

 

$

5,517

 

$

5,603

 

$

11,052

 

$

11,120

 

Net investment income

 

740

 

738

 

722

 

689

 

670

 

687

 

1,478

 

1,357

 

Fee income

 

82

 

59

 

92

 

90

 

97

 

82

 

141

 

179

 

Other revenues

 

37

 

29

 

34

 

20

 

34

 

135

 

66

 

169

 

Total revenues

 

6,382

 

6,355

 

6,514

 

6,438

 

6,318

 

6,507

 

12,737

 

12,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses

 

3,364

 

3,786

 

3,359

 

4,167

 

3,153

 

3,530

 

7,150

 

6,683

 

Amortization of deferred acquisition costs

 

971

 

976

 

986

 

977

 

948

 

950

 

1,947

 

1,898

 

General and administrative expenses

 

884

 

893

 

904

 

929

 

915

 

931

 

1,777

 

1,846

 

Interest expense

 

96

 

96

 

93

 

93

 

92

 

86

 

192

 

178

 

Total claims and expenses

 

5,315

 

5,751

 

5,342

 

6,166

 

5,108

 

5,497

 

11,066

 

10,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before income taxes

 

1,067

 

604

 

1,172

 

272

 

1,210

 

1,010

 

1,671

 

2,220

 

Income tax expense (benefit)

 

266

 

109

 

305

 

(6

)

323

 

194

 

375

 

517

 

Operating income

 

$

801

 

$

495

 

$

867

 

$

278

 

$

887

 

$

816

 

$

1,296

 

$

1,703

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate on net investment income

 

19.9

%

20.2

%

20.0

%

19.2

%

19.2

%

19.7

%

20.0

%

19.4

%

Net investment income (after-tax)

 

$

593

 

$

589

 

$

578

 

$

556

 

$

542

 

$

551

 

$

1,182

 

$

1,093

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophes, net of reinsurance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

168

 

$

549

 

$

91

 

$

1,054

 

$

99

 

$

340

 

$

717

 

$

439

 

After-tax

 

$

109

 

$

357

 

$

59

 

$

689

 

$

65

 

$

221

 

$

466

 

$

286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior year reserve development - favorable (unfavorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

304

 

$

221

 

$

193

 

$

222

 

$

231

 

$

192

 

$

525

 

$

423

 

After-tax

 

$

200

 

$

147

 

$

129

 

$

146

 

$

154

 

$

125

 

$

347

 

$

279

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

5



 

The Travelers Companies, Inc.

Selected Statistics - Property and Casualty Operations

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

Statutory underwriting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

6,073

 

$

6,240

 

$

6,271

 

$

5,725

 

$

6,188

 

$

6,247

 

$

12,313

 

$

12,435

 

Net written premiums

 

$

5,497

 

$

5,868

 

$

5,697

 

$

5,385

 

$

5,597

 

$

5,824

 

$

11,365

 

$

11,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

5,523

 

$

5,529

 

$

5,666

 

$

5,639

 

$

5,517

 

$

5,603

 

$

11,052

 

$

11,120

 

Losses and loss adjustment expenses

 

3,318

 

3,791

 

3,310

 

4,119

 

3,070

 

3,490

 

7,109

 

6,560

 

Underwriting expenses

 

1,797

 

1,838

 

1,840

 

1,780

 

1,799

 

1,808

 

3,635

 

3,607

 

Statutory underwriting gain (loss)

 

408

 

(100

)

516

 

(260

)

648

 

305

 

308

 

953

 

Policyholder dividends

 

12

 

11

 

11

 

12

 

10

 

13

 

23

 

23

 

Statutory underwriting gain (loss) after policyholder dividends

 

$

396

 

$

(111

)

$

505

 

$

(272

)

$

638

 

$

292

 

$

285

 

$

930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other statutory statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserves for losses and loss adjustment expenses

 

$

40,791

 

$

40,925

 

$

40,528

 

$

40,656

 

$

40,215

 

$

40,145

 

$

40,925

 

$

40,145

 

Increase (decrease) in reserves

 

$

(108

)

$

134

 

$

(397

)

$

128

 

$

(441

)

$

(70

)

$

26

 

$

(511

)

Statutory basis surplus

 

$

19,867

 

$

19,841

 

$

20,291

 

$

20,048

 

$

20,692

 

$

20,672

 

$

19,841

 

$

20,672

 

Net written premiums/surplus (1)

 

1.12:1

 

1.12:1

 

1.10:1

 

1.12:1

 

1.09:1

 

1.09:1

 

1.12:1

 

1.09:1

 

 


(1)  Based on 12 months of rolling net written premiums.

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

6



 

The Travelers Companies, Inc.

Written and Earned Premiums - Property and Casualty Operations

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

Written premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

$

6,073

 

$

6,240

 

$

6,271

 

$

5,725

 

$

6,188

 

$

6,247

 

$

12,313

 

$

12,435

 

Ceded

 

(576

)

(372

)

(574

)

(340

)

(591

)

(423

)

(948

)

(1,014

)

Net

 

$

5,497

 

$

5,868

 

$

5,697

 

$

5,385

 

$

5,597

 

$

5,824

 

$

11,365

 

$

11,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earned premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

$

5,973

 

$

5,985

 

$

6,132

 

$

6,110

 

$

5,985

 

$

6,091

 

$

11,958

 

$

12,076

 

Ceded

 

(450

)

(456

)

(466

)

(471

)

(468

)

(488

)

(906

)

(956

)

Net

 

$

5,523

 

$

5,529

 

$

5,666

 

$

5,639

 

$

5,517

 

$

5,603

 

$

11,052

 

$

11,120

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

7



 

The Travelers Companies, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income - Business Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

$

2,876

 

$

2,860

 

$

2,982

 

$

2,973

 

$

2,942

 

$

3,018

 

$

5,736

 

$

5,960

 

Net investment income

 

532

 

536

 

524

 

498

 

487

 

502

 

1,068

 

989

 

Fee income

 

82

 

58

 

92

 

90

 

97

 

82

 

140

 

179

 

Other revenues

 

14

 

8

 

9

 

9

 

13

 

114

 

22

 

127

 

Total revenues

 

3,504

 

3,462

 

3,607

 

3,570

 

3,539

 

3,716

 

6,966

 

7,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses

 

1,709

 

2,049

 

1,906

 

2,193

 

1,749

 

2,008

 

3,758

 

3,757

 

Amortization of deferred acquisition costs

 

467

 

465

 

477

 

475

 

475

 

481

 

932

 

956

 

General and administrative expenses

 

498

 

504

 

504

 

514

 

517

 

511

 

1,002

 

1,028

 

Total claims and expenses

 

2,674

 

3,018

 

2,887

 

3,182

 

2,741

 

3,000

 

5,692

 

5,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before income taxes

 

830

 

444

 

720

 

388

 

798

 

716

 

1,274

 

1,514

 

Income tax expense

 

218

 

82

 

177

 

62

 

208

 

137

 

300

 

345

 

Operating income

 

$

612

 

$

362

 

$

543

 

$

326

 

$

590

 

$

579

 

$

974

 

$

1,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate on net investment income

 

20.0

%

20.3

%

20.1

%

19.1

%

19.2

%

19.8

%

20.2

%

19.5

%

Net investment income (after-tax)

 

$

425

 

$

428

 

$

419

 

$

402

 

$

394

 

$

402

 

$

853

 

$

796

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophes, net of reinsurance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

53

 

$

252

 

$

50

 

$

439

 

$

35

 

$

148

 

$

305

 

$

183

 

After-tax

 

$

34

 

$

164

 

$

33

 

$

285

 

$

23

 

$

96

 

$

198

 

$

119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior year reserve development - favorable (unfavorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

248

 

$

58

 

$

41

 

$

120

 

$

113

 

$

55

 

$

306

 

$

168

 

After-tax

 

$

162

 

$

38

 

$

27

 

$

78

 

$

75

 

$

36

 

$

200

 

$

111

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

8



 

The Travelers Companies, Inc.

 

 

 

 

 

Operating Income by Major Component and Combined Ratio - Business Insurance

 

 

 

 

 

 

($ in millions, net of tax)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting gain (loss)

 

$

177

 

$

(71

)

$

117

 

$

(82

)

$

188

 

$

102

 

$

106

 

$

290

 

Net investment income

 

425

 

428

 

419

 

402

 

394

 

402

 

853

 

796

 

Other

 

10

 

5

 

7

 

6

 

8

 

75

 

15

 

83

 

Operating income

 

$

612

 

$

362

 

$

543

 

$

326

 

$

590

 

$

579

 

$

974

 

$

1,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio (1) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expense ratio

 

57.8

%

71.0

%

62.3

%

72.2

%

57.7

%

65.3

%

64.4

%

61.6

%

Underwriting expense ratio

 

31.8

%

32.0

%

31.0

%

31.3

%

31.7

%

30.9

%

31.9

%

31.3

%

Combined ratio

 

89.6

%

103.0

%

93.3

%

103.5

%

89.4

%

96.2

%

96.3

%

92.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of catastrophes on combined ratio

 

1.8

%

8.8

%

1.7

%

14.7

%

1.2

%

4.9

%

5.3

%

3.1

%

Impact of prior year reserve development on combined ratio

 

-8.6

%

-2.0

%

-1.4

%

-4.0

%

-3.9

%

-1.8

%

-5.3

%

-2.8

%

 


(1)  Before policyholder dividends.

(2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses.  In addition, fee income is allocated as a reduction of losses and loss adjustment

expenses and underwriting expenses as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

Billing and policy fees and other

 

$

5

 

$

5

 

$

5

 

$

4

 

$

4

 

$

5

 

$

10

 

$

9

 

Fee income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expenses

 

$

35

 

$

10

 

$

40

 

$

38

 

$

42

 

$

27

 

$

45

 

$

69

 

Underwriting expenses

 

47

 

48

 

52

 

52

 

55

 

55

 

95

 

110

 

Total fee income

 

$

82

 

$

58

 

$

92

 

$

90

 

$

97

 

$

82

 

$

140

 

$

179

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

9



 

The Travelers Companies, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Statistics - Business Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statutory underwriting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

3,429

 

$

3,280

 

$

3,382

 

$

3,020

 

$

3,626

 

$

3,344

 

$

6,709

 

$

6,970

 

Net written premiums

 

$

3,100

 

$

3,026

 

$

2,962

 

$

2,784

 

$

3,260

 

$

3,068

 

$

6,126

 

$

6,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

2,876

 

$

2,860

 

$

2,982

 

$

2,973

 

$

2,942

 

$

3,018

 

$

5,736

 

$

5,960

 

Losses and loss adjustment expenses

 

1,663

 

2,057

 

1,860

 

2,147

 

1,668

 

1,970

 

3,720

 

3,638

 

Underwriting expenses

 

940

 

928

 

937

 

894

 

969

 

933

 

1,868

 

1,902

 

Statutory underwriting gain (loss)

 

273

 

(125

)

185

 

(68

)

305

 

115

 

148

 

420

 

Policyholder dividends

 

10

 

8

 

9

 

10

 

8

 

11

 

18

 

19

 

Statutory underwriting gain (loss) after policyholder dividends

 

$

263

 

$

(133

)

$

176

 

$

(78

)

$

297

 

$

104

 

$

130

 

$

401

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

10



 

The Travelers Companies, Inc.

 

 

 

 

 

 

 

 

 

 

 

Net Written Premiums - Business Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums by market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Select Accounts

 

$

718

 

$

721

 

$

679

 

$

657

 

$

724

 

$

709

 

$

1,439

 

$

1,433

 

Commercial Accounts

 

861

 

717

 

805

 

718

 

908

 

732

 

1,578

 

1,640

 

National Accounts

 

235

 

226

 

202

 

244

 

277

 

242

 

461

 

519

 

Industry-Focused Underwriting

 

648

 

636

 

671

 

599

 

699

 

653

 

1,284

 

1,352

 

Target Risk Underwriting

 

429

 

486

 

382

 

369

 

448

 

500

 

915

 

948

 

Specialized Distribution

 

208

 

242

 

222

 

198

 

204

 

232

 

450

 

436

 

Total core

 

3,099

 

3,028

 

2,961

 

2,785

 

3,260

 

3,068

 

6,127

 

6,328

 

Business Insurance other

 

1

 

(2

)

1

 

(1

)

 

 

(1

)

 

Total

 

$

3,100

 

$

3,026

 

$

2,962

 

$

2,784

 

$

3,260

 

$

3,068

 

$

6,126

 

$

6,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums by product line

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial multi-peril

 

$

819

 

$

777

 

$

769

 

$

735

 

$

828

 

$

771

 

$

1,596

 

$

1,599

 

Workers’ compensation

 

944

 

800

 

849

 

807

 

1,056

 

860

 

1,744

 

1,916

 

Commercial automobile

 

489

 

499

 

498

 

438

 

484

 

476

 

988

 

960

 

Commercial property

 

416

 

481

 

373

 

377

 

427

 

484

 

897

 

911

 

General liability

 

426

 

464

 

452

 

423

 

458

 

469

 

890

 

927

 

Other

 

6

 

5

 

21

 

4

 

7

 

8

 

11

 

15

 

Total

 

$

3,100

 

$

3,026

 

$

2,962

 

$

2,784

 

$

3,260

 

$

3,068

 

$

6,126

 

$

6,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

National Accounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to claim volume under administration (1)

 

$

639

 

$

472

 

$

480

 

$

549

 

$

701

 

$

523

 

$

1,111

 

$

1,224

 

Written fees

 

$

88

 

$

77

 

$

77

 

$

74

 

$

104

 

$

88

 

$

165

 

$

192

 

 


(1)  Includes new and renewal business.

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

11



 

The Travelers Companies, Inc.
Operating Income - Financial, Professional & International Insurance
($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

$

737

 

$

766

 

$

772

 

$

770

 

$

735

 

$

751

 

$

1,503

 

$

1,486

 

Net investment income

 

104

 

99

 

97

 

95

 

92

 

91

 

203

 

183

 

Fee income

 

 

1

 

 

 

 

 

1

 

 

Other revenues

 

8

 

5

 

8

 

5

 

5

 

5

 

13

 

10

 

Total revenues

 

849

 

871

 

877

 

870

 

832

 

847

 

1,720

 

1,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses

 

341

 

302

 

309

 

362

 

302

 

332

 

643

 

634

 

Amortization of deferred acquisition costs

 

143

 

149

 

149

 

148

 

143

 

147

 

292

 

290

 

General and administrative expenses

 

165

 

165

 

165

 

172

 

162

 

172

 

330

 

334

 

Total claims and expenses

 

649

 

616

 

623

 

682

 

607

 

651

 

1,265

 

1,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before income taxes

 

200

 

255

 

254

 

188

 

225

 

196

 

455

 

421

 

Income tax expense

 

51

 

73

 

74

 

57

 

62

 

42

 

124

 

104

 

Operating income

 

$

149

 

$

182

 

$

180

 

$

131

 

$

163

 

$

154

 

$

331

 

$

317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate on net investment income

 

18.9

%

19.7

%

19.3

%

19.1

%

18.6

%

18.6

%

19.3

%

18.6

%

Net investment income (after-tax)

 

$

85

 

$

79

 

$

78

 

$

77

 

$

75

 

$

74

 

$

164

 

$

149

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophes, net of reinsurance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

 

$

4

 

$

1

 

$

45

 

$

 

$

46

 

$

4

 

$

46

 

After-tax

 

$

 

$

3

 

$

 

$

34

 

$

 

$

30

 

$

3

 

$

30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior year reserve development - favorable (unfavorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

46

 

$

96

 

$

87

 

$

69

 

$

58

 

$

72

 

$

142

 

$

130

 

After-tax

 

$

31

 

$

66

 

$

60

 

$

46

 

$

40

 

$

47

 

$

97

 

$

87

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

12



 

The Travelers Companies, Inc.
Operating Income by Major Component and Combined Ratio - Financial, Professional & International Insurance

($ in millions, net of tax)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting gain

 

$

59

 

$

99

 

$

97

 

$

50

 

$

85

 

$

76

 

$

158

 

$

161

 

Net investment income

 

85

 

79

 

78

 

77

 

75

 

74

 

164

 

149

 

Other

 

5

 

4

 

5

 

4

 

3

 

4

 

9

 

7

 

Operating income

 

$

149

 

$

182

 

$

180

 

$

131

 

$

163

 

$

154

 

$

331

 

$

317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio (1) (2) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expense ratio

 

46.0

%

39.1

%

39.7

%

46.6

%

40.8

%

43.9

%

42.5

%

42.4

%

Underwriting expense ratio

 

41.8

%

40.9

%

40.5

%

41.7

%

41.5

%

42.4

%

41.3

%

41.9

%

Combined ratio

 

87.8

%

80.0

%

80.2

%

88.3

%

82.3

%

86.3

%

83.8

%

84.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of catastrophes on combined ratio

 

0.0

%

0.4

%

0.1

%

5.9

%

0.0

%

6.1

%

0.2

%

3.1

%

Impact of prior year reserve development on combined ratio

 

-6.1

%

-12.5

%

-11.3

%

-9.1

%

-7.8

%

-9.7

%

-9.4

%

-8.8

%

 


(1)  Before policyholder dividends.

(2)  Fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

Fee income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expenses

 

$

 

$

1

 

$

 

$

 

$

 

$

 

$

1

 

$

 

Underwriting expenses

 

 

 

 

 

 

 

 

 

Total fee income

 

$

 

$

1

 

$

 

$

 

$

 

$

 

$

1

 

$

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

13



 

The Travelers Companies, Inc.
Selected Statistics - Financial, Professional & International Insurance
($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statutory underwriting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

791

 

$

882

 

$

763

 

$

839

 

$

799

 

$

906

 

$

1,673

 

$

1,705

 

Net written premiums

 

$

604

 

$

840

 

$

729

 

$

808

 

$

647

 

$

849

 

$

1,444

 

$

1,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

737

 

$

766

 

$

772

 

$

770

 

$

735

 

$

751

 

$

1,503

 

$

1,486

 

Losses and loss adjustment expenses

 

341

 

299

 

307

 

359

 

300

 

330

 

640

 

630

 

Underwriting expenses

 

316

 

319

 

295

 

314

 

317

 

323

 

635

 

640

 

Statutory underwriting gain

 

80

 

148

 

170

 

97

 

118

 

98

 

228

 

216

 

Policyholder dividends

 

2

 

3

 

2

 

2

 

2

 

2

 

5

 

4

 

Statutory underwriting gain after policyholder dividends

 

$

78

 

$

145

 

$

168

 

$

95

 

$

116

 

$

96

 

$

223

 

$

212

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

14



The Travelers Companies, Inc.
Net Written Premiums - Financial, Professional & International Insurance
($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums by market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bond & Financial Products

 

$

357

 

$

524

 

$

529

 

$

514

 

$

395

 

$

531

 

$

881

 

$

926

 

International

 

247

 

316

 

200

 

294

 

252

 

318

 

563

 

570

 

Total

 

$

604

 

$

840

 

$

729

 

$

808

 

$

647

 

$

849

 

$

1,444

 

$

1,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums by product line

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General liability

 

$

143

 

$

236

 

$

233

 

$

247

 

$

168

 

$

237

 

$

379

 

$

405

 

Fidelity & surety

 

172

 

248

 

246

 

229

 

178

 

253

 

420

 

431

 

International

 

247

 

316

 

200

 

294

 

252

 

318

 

563

 

570

 

Other

 

42

 

40

 

50

 

38

 

49

 

41

 

82

 

90

 

Total

 

$

604

 

$

840

 

$

729

 

$

808

 

$

647

 

$

849

 

$

1,444

 

$

1,496

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

15



The Travelers Companies, Inc.
Operating Income (Loss) - Personal Insurance
($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

$

1,910

 

$

1,903

 

$

1,912

 

$

1,896

 

$

1,840

 

$

1,834

 

$

3,813

 

$

3,674

 

Net investment income

 

104

 

103

 

101

 

96

 

91

 

94

 

207

 

185

 

Other revenues

 

19

 

16

 

17

 

14

 

18

 

15

 

35

 

33

 

Total revenues

 

2,033

 

2,022

 

2,030

 

2,006

 

1,949

 

1,943

 

4,055

 

3,892

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses

 

1,314

 

1,435

 

1,144

 

1,612

 

1,102

 

1,190

 

2,749

 

2,292

 

Amortization of deferred acquisition costs

 

361

 

362

 

360

 

354

 

330

 

322

 

723

 

652

 

General and administrative expenses

 

214

 

219

 

230

 

237

 

232

 

241

 

433

 

473

 

Total claims and expenses

 

1,889

 

2,016

 

1,734

 

2,203

 

1,664

 

1,753

 

3,905

 

3,417

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss) before income taxes

 

144

 

6

 

296

 

(197

)

285

 

190

 

150

 

475

 

Income tax expense (benefit)

 

36

 

(11

)

90

 

(83

)

88

 

48

 

25

 

136

 

Operating income (loss)

 

$

108

 

$

17

 

$

206

 

$

(114

)

$

197

 

$

142

 

$

125

 

$

339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate on net investment income

 

20.1

%

20.4

%

20.2

%

19.4

%

19.5

%

20.1

%

20.3

%

19.8

%

Net investment income (after-tax)

 

$

83

 

$

82

 

$

81

 

$

77

 

$

73

 

$

75

 

$

165

 

$

148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophes, net of reinsurance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

115

 

$

293

 

$

40

 

$

570

 

$

64

 

$

146

 

$

408

 

$

210

 

After-tax

 

$

75

 

$

190

 

$

26

 

$

370

 

$

42

 

$

95

 

$

265

 

$

137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior year reserve development - favorable (unfavorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

10

 

$

67

 

$

65

 

$

33

 

$

60

 

$

65

 

$

77

 

$

125

 

After-tax

 

$

7

 

$

43

 

$

42

 

$

22

 

$

39

 

$

42

 

$

50

 

$

81

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

16



 

The Travelers Companies, Inc.
Operating Income (Loss) by Major Component and Combined Ratio - Personal Insurance
($ in millions, net of tax)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting gain (loss)

 

$

12

 

$

(75

)

$

113

 

$

(200

)

$

112

 

$

57

 

$

(63

)

$

169

 

Net investment income

 

83

 

82

 

81

 

77

 

73

 

75

 

165

 

148

 

Other

 

13

 

10

 

12

 

9

 

12

 

10

 

23

 

22

 

Operating income (loss)

 

$

108

 

$

17

 

$

206

 

$

(114

)

$

197

 

$

142

 

$

125

 

$

339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expense ratio

 

68.8

%

75.4

%

59.8

%

85.0

%

59.9

%

64.9

%

72.1

%

62.4

%

Underwriting expense ratio

 

29.0

%

29.4

%

29.9

%

30.2

%

29.5

%

29.6

%

29.2

%

29.5

%

Combined ratio

 

97.8

%

104.8

%

89.7

%

115.2

%

89.4

%

94.5

%

101.3

%

91.9

%

GAAP combined ratio excluding incremental impact of direct to consumer initiative

 

95.7

%

102.9

%

86.8

%

113.1

%

87.5

%

92.9

%

99.3

%

90.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of catastrophes on combined ratio

 

6.0

%

15.3

%

2.1

%

30.1

%

3.5

%

8.0

%

10.7

%

5.7

%

Impact of prior year reserve development on combined ratio

 

-0.5

%

-3.5

%

-3.4

%

-1.8

%

-3.3

%

-3.5

%

-2.1

%

-3.4

%

 


(1)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses.  Billing and policy fees and other are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

Billing and policy fees and other

 

$

22

 

$

20

 

$

19

 

$

18

 

$

20

 

$

20

 

$

42

 

$

40

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

17



 

The Travelers Companies, Inc.
Selected Statistics - Personal Insurance
($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statutory underwriting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

1,853

 

$

2,078

 

$

2,126

 

$

1,866

 

$

1,763

 

$

1,997

 

$

3,931

 

$

3,760

 

Net written premiums

 

$

1,793

 

$

2,002

 

$

2,006

 

$

1,793

 

$

1,690

 

$

1,907

 

$

3,795

 

$

3,597

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

1,910

 

$

1,903

 

$

1,912

 

$

1,896

 

$

1,840

 

$

1,834

 

$

3,813

 

$

3,674

 

Losses and loss adjustment expenses

 

1,314

 

1,435

 

1,143

 

1,613

 

1,102

 

1,190

 

2,749

 

2,292

 

Underwriting expenses

 

541

 

591

 

608

 

572

 

513

 

552

 

1,132

 

1,065

 

Statutory underwriting gain (loss)

 

$

55

 

$

(123

)

$

161

 

$

(289

)

$

225

 

$

92

 

$

(68

)

$

317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Policies in force (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobile

 

2,554

 

2,505

 

2,436

 

2,361

 

2,286

 

2,217

 

2,505

 

2,217

 

Homeowners and other

 

5,195

 

5,133

 

5,020

 

4,898

 

4,792

 

4,705

 

5,133

 

4,705

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

18



 

The Travelers Companies, Inc.

Selected Statistics - Personal Insurance (Agency Automobile) (1)

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statutory underwriting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

904

 

$

903

 

$

911

 

$

826

 

$

835

 

$

838

 

$

1,807

 

$

1,673

 

Net written premiums

 

$

900

 

$

899

 

$

906

 

$

822

 

$

831

 

$

834

 

$

1,799

 

$

1,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

902

 

$

891

 

$

888

 

$

875

 

$

844

 

$

837

 

$

1,793

 

$

1,681

 

Losses and loss adjustment expenses

 

641

 

674

 

659

 

778

 

594

 

599

 

1,315

 

1,193

 

Underwriting expenses

 

235

 

238

 

233

 

229

 

218

 

224

 

473

 

442

 

Statutory underwriting gain (loss)

 

$

26

 

$

(21

)

$

(4

)

$

(132

)

$

32

 

$

14

 

$

5

 

$

46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expense ratio

 

71.1

%

75.6

%

74.1

%

89.0

%

70.4

%

71.6

%

73.3

%

71.0

%

Underwriting expense ratio

 

25.4

%

25.9

%

25.3

%

26.5

%

25.6

%

26.2

%

25.7

%

25.9

%

Combined ratio

 

96.5

%

101.5

%

99.4

%

115.5

%

96.0

%

97.8

%

99.0

%

96.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of catastrophes on combined ratio

 

1.0

%

3.8

%

0.4

%

7.9

%

1.0

%

1.4

%

2.4

%

1.2

%

Impact of prior year reserve development on combined ratio

 

-0.2

%

0.0

%

0.9

%

1.9

%

0.6

%

0.0

%

-0.1

%

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophe losses, net of reinsurance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

9

 

$

34

 

$

4

 

$

69

 

$

8

 

$

12

 

$

43

 

$

20

 

After-tax

 

$

6

 

$

22

 

$

3

 

$

44

 

$

6

 

$

7

 

$

28

 

$

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior year reserve development - favorable (unfavorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

2

 

$

 

$

(8

)

$

(17

)

$

(6

)

$

 

$

2

 

$

(6

)

After-tax

 

$

1

 

$

 

$

(5

)

$

(11

)

$

(4

)

$

 

$

1

 

$

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Policies in force (in thousands)

 

2,473

 

2,423

 

2,353

 

2,278

 

2,204

 

2,136

 

 

 

 

 

Change from prior year quarter

 

-1.0

%

-3.2

%

-5.9

%

-8.7

%

-10.9

%

-11.8

%

 

 

 

 

Change from prior quarter

 

-0.8

%

-2.0

%

-2.9

%

-3.2

%

-3.2

%

-3.1

%

 

 

 

 

 


(1)  Represents Automobile policies sold through agents, brokers and other intermediaries, and excludes direct to consumer.

 

(2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses.  Billing and policy fees and other are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

Billing and policy fees and other

 

$

12

 

$

10

 

$

11

 

$

9

 

$

10

 

$

9

 

$

22

 

$

19

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

19



 

The Travelers Companies, Inc.

Selected Statistics - Personal Insurance (Agency Homeowners and Other) (1)

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statutory underwriting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

912

 

$

1,135

 

$

1,171

 

$

1,002

 

$

889

 

$

1,119

 

$

2,047

 

$

2,008

 

Net written premiums

 

$

855

 

$

1,064

 

$

1,056

 

$

934

 

$

820

 

$

1,033

 

$

1,919

 

$

1,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

 

$

973

 

$

976

 

$

986

 

$

983

 

$

957

 

$

958

 

$

1,949

 

$

1,915

 

Losses and loss adjustment expenses

 

643

 

730

 

457

 

800

 

480

 

561

 

1,373

 

1,041

 

Underwriting expenses

 

262

 

309

 

315

 

294

 

255

 

293

 

571

 

548

 

Statutory underwriting gain (loss)

 

$

68

 

$

(63

)

$

214

 

$

(111

)

$

222

 

$

104

 

$

5

 

$

326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expense ratio

 

66.0

%

74.8

%

46.4

%

81.4

%

50.2

%

58.6

%

70.4

%

54.3

%

Underwriting expense ratio

 

29.0

%

29.4

%

29.0

%

29.5

%

29.8

%

30.1

%

29.2

%

30.0

%

Combined ratio

 

95.0

%

104.2

%

75.4

%

110.9

%

80.0

%

88.7

%

99.6

%

84.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of catastrophes on combined ratio

 

10.7

%

26.1

%

3.6

%

50.3

%

5.6

%

13.9

%

18.4

%

9.8

%

Impact of prior year reserve development on combined ratio

 

-1.1

%

-6.9

%

-7.3

%

-4.9

%

-6.7

%

-6.7

%

-4.0

%

-6.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophe losses, net of reinsurance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

104

 

$

256

 

$

35

 

$

495

 

$

54

 

$

133

 

$

360

 

$

187

 

After-tax

 

$

68

 

$

166

 

$

22

 

$

322

 

$

35

 

$

87

 

$

234

 

$

122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior year reserve development - favorable (unfavorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

10

 

$

68

 

$

71

 

$

48

 

$

65

 

$

65

 

$

78

 

$

130

 

After-tax

 

$

7

 

$

44

 

$

46

 

$

31

 

$

42

 

$

42

 

$

51

 

$

84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Policies in force (in thousands)

 

5,128

 

5,061

 

4,945

 

4,821

 

4,713

 

4,624

 

 

 

 

 

Change from prior year quarter

 

-0.1

%

-1.9

%

-4.3

%

-6.6

%

-8.1

%

-8.6

%

 

 

 

 

Change from prior quarter

 

-0.7

%

-1.3

%

-2.3

%

-2.5

%

-2.2

%

-1.9

%

 

 

 

 

 


(1)  Represents Homeowners and Other Lines sold through agents, brokers and other intermediaries, and excludes direct to consumer.

 

(2)  Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses.  Billing and policy fees and other are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

Billing and policy fees and other

 

$

10

 

$

8

 

$

9

 

$

8

 

$

9

 

$

10

 

$

18

 

$

19

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

20



 

The Travelers Companies, Inc.

Selected Statistics - Direct to Consumer (1)

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net written premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobile

 

$

29

 

$

28

 

$

32

 

$

26

 

$

29

 

$

27

 

$

57

 

$

56

 

Homeowners and other

 

9

 

11

 

12

 

11

 

10

 

13

 

20

 

23

 

Total net written premiums

 

$

38

 

$

39

 

$

44

 

$

37

 

$

39

 

$

40

 

$

77

 

$

79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

$

35

 

$

36

 

$

38

 

$

38

 

$

39

 

$

39

 

$

71

 

$

78

 

Other revenues

 

 

 

1

 

 

 

 

 

 

Total revenues

 

35

 

36

 

39

 

38

 

39

 

39

 

71

 

78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses

 

31

 

31

 

27

 

34

 

28

 

30

 

62

 

58

 

Amortization of deferred acquisition costs

 

1

 

1

 

1

 

 

1

 

1

 

2

 

2

 

General and administrative expenses

 

42

 

42

 

61

 

51

 

40

 

34

 

84

 

74

 

Total claims and expenses

 

74

 

74

 

89

 

85

 

69

 

65

 

148

 

134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss before income taxes

 

(39

)

(38

)

(50

)

(47

)

(30

)

(26

)

(77

)

(56

)

Income taxes

 

(14

)

(13

)

(17

)

(17

)

(11

)

(9

)

(27

)

(20

)

Operating loss

 

$

(25

)

$

(25

)

$

(33

)

$

(30

)

$

(19

)

$

(17

)

$

(50

)

$

(36

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Policies in force (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobile

 

81

 

82

 

83

 

83

 

82

 

81

 

 

 

 

 

Homeowners and other

 

67

 

72

 

75

 

77

 

79

 

81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophes, net of reinsurance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

2

 

$

3

 

$

1

 

$

6

 

$

2

 

$

1

 

$

5

 

$

3

 

After-tax

 

$

1

 

$

2

 

$

1

 

$

4

 

$

1

 

$

1

 

$

3

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior year reserve development - favorable (unfavorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

$

(2

)

$

(1

)

$

2

 

$

2

 

$

1

 

$

 

$

(3

)

$

1

 

After-tax

 

$

(1

)

$

(1

)

$

1

 

$

2

 

$

1

 

$

 

$

(2

)

$

1

 

 


(1)  Represents incremental premiums, other revenues and claims and expenses of Direct to Consumer business activities included in Personal Insurance operating income (loss).

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

21



 

The Travelers Companies, Inc.

Interest Expense and Other

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues

 

$

(4

)

$

 

$

 

$

(8

)

$

(2

)

$

1

 

$

(4

)

$

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

96

 

96

 

93

 

93

 

92

 

86

 

192

 

178

 

General and administrative expenses

 

7

 

5

 

5

 

6

 

4

 

7

 

12

 

11

 

Total claims and expenses

 

103

 

101

 

98

 

99

 

96

 

93

 

204

 

189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss before income tax benefit

 

(107

)

(101

)

(98

)

(107

)

(98

)

(92

)

(208

)

(190

)

Income taxes

 

(39

)

(35

)

(36

)

(42

)

(35

)

(33

)

(74

)

(68

)

Operating loss

 

$

(68

)

$

(66

)

$

(62

)

$

(65

)

$

(63

)

$

(59

)

$

(134

)

$

(122

)

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

22



 

The Travelers Companies, Inc.

Consolidated Balance Sheet

(in millions)

 

 

 

June 30,

 

December 31,

 

 

 

2013 (1)

 

2012

 

 

 

 

 

 

 

Assets

 

 

 

 

 

Fixed maturities, available for sale, at fair value (amortized cost $60,494 and $60,829)

 

$

62,843

 

$

65,393

 

Equity securities, available for sale, at fair value (cost $463 and $462)

 

701

 

645

 

Real estate investments

 

921

 

883

 

Short-term securities

 

3,394

 

3,483

 

Other investments

 

3,408

 

3,434

 

Total investments

 

71,267

 

73,838

 

 

 

 

 

 

 

Cash

 

308

 

330

 

Investment income accrued

 

734

 

752

 

Premiums receivable

 

6,268

 

5,872

 

Reinsurance recoverables

 

9,887

 

10,712

 

Ceded unearned premiums

 

913

 

856

 

Deferred acquisition costs

 

1,802

 

1,792

 

Deferred taxes

 

257

 

 

Contractholder receivables

 

4,448

 

4,806

 

Goodwill

 

3,365

 

3,365

 

Other intangible assets

 

358

 

381

 

Other assets

 

2,293

 

2,234

 

Total assets

 

$

101,900

 

$

104,938

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Claims and claim adjustment expense reserves

 

$

49,620

 

$

50,922

 

Unearned premium reserves

 

11,557

 

11,241

 

Contractholder payables

 

4,448

 

4,806

 

Payables for reinsurance premiums

 

395

 

346

 

Deferred taxes

 

 

338

 

Debt

 

5,852

 

6,350

 

Other liabilities

 

5,138

 

5,530

 

Total liabilities

 

77,010

 

79,533

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

Common stock (1,750.0 shares authorized; 373.5 and 377.4 shares issued and outstanding)

 

21,367

 

21,161

 

Retained earnings

 

22,806

 

21,352

 

Accumulated other comprehensive income

 

720

 

2,236

 

Treasury stock, at cost (380.3 and 372.3 shares)

 

(20,003

)

(19,344

)

Total shareholders’ equity

 

24,890

 

25,405

 

Total liabilities and shareholders’ equity

 

$

101,900

 

$

104,938

 

 


(1)  Preliminary.

 

23



 

The Travelers Companies, Inc.

Investment Portfolio

(at carrying value, $ in millions)

 

 

 

June 30,

 

Pre-tax Book

 

December 31,

 

Pre-tax Book

 

 

 

2013

 

Yield (1)

 

2012

 

Yield (1)

 

Investment portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable fixed maturities (including redeemable preferred stock)

 

$

26,222

 

3.76

%

$

27,188

 

3.92

%

Tax-exempt fixed maturities

 

36,621

 

3.83

%

38,205

 

3.87

%

Total fixed maturities

 

62,843

 

3.80

%

65,393

 

3.89

%

 

 

 

 

 

 

 

 

 

 

Non-redeemable preferred stocks

 

124

 

5.13

%

135

 

6.27

%

Common stocks

 

577

 

 

 

510

 

 

 

Total equity securities

 

701

 

 

 

645

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate investments

 

921

 

 

 

883

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term securities

 

3,394

 

0.18

%

3,483

 

0.21

%

 

 

 

 

 

 

 

 

 

 

Private equities

 

1,939

 

 

 

1,888

 

 

 

Hedge funds

 

379

 

 

 

381

 

 

 

Real estate partnerships

 

603

 

 

 

610

 

 

 

Mortgage loans

 

2

 

5.62

%

4

 

6.21

%

Trading securities

 

 

 

 

30

 

 

 

Other investments

 

485

 

 

 

521

 

 

 

Total other investments

 

3,408

 

 

 

3,434

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investments

 

$

71,267

 

 

 

$

73,838

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized investment gains, net of tax, included in shareholders’ equity

 

$

1,692

 

 

 

$

3,103

 

 

 

 


(1)  Yields are provided for those investments with an embedded book yield.

 

24



 

The Travelers Companies, Inc.

Investment Portfolio - Fixed Maturities Data

(at carrying value, $ in millions)

 

 

 

June 30,

 

December 31,

 

 

 

2013

 

2012

 

Fixed maturities

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government corporations and agencies

 

$

2,103

 

$

2,222

 

Obligations of states and political subdivisions:

 

 

 

 

 

Pre-refunded

 

9,932

 

9,025

 

All other

 

27,136

 

29,656

 

Total

 

37,068

 

38,681

 

Debt securities issued by foreign governments

 

2,079

 

2,257

 

Mortgage-backed securities - principally obligations of U.S. Government agencies

 

2,595

 

2,997

 

Corporates (including redeemable preferreds)

 

18,998

 

19,236

 

Total fixed maturities

 

$

62,843

 

$

65,393

 

 

 

 

 

 

 

Fixed Maturities

Quality Characteristics (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2013

 

 

 

Amount

 

% of Total

 

Quality Ratings

 

 

 

 

 

Aaa

 

$

26,723

 

42.5

%

Aa

 

19,813

 

31.6

 

A

 

8,474

 

13.5

 

Baa

 

5,798

 

9.2

 

Total investment grade

 

60,808

 

96.8

 

Ba

 

1,031

 

1.6

 

B

 

464

 

0.7

 

Caa and lower

 

540

 

0.9

 

Total below investment grade

 

2,035

 

3.2

 

Total fixed maturities

 

$

62,843

 

100.0

%

Average weighted quality

 

Aa2, AA

 

 

 

Average duration of fixed maturities and short-term securities, net of securities lending activities and net receivables and payables on investment sales and purchases

 

3.6

 

 

 

 


(1)  Rated using external rating agencies or by Travelers when a public rating does not exist.  Below investment grade assets refer to securities rated “Ba” or below.

 

25



 

The Travelers Companies, Inc.

 

Investment Income

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities

 

$

620

 

$

611

 

$

604

 

$

604

 

$

586

 

$

574

 

$

1,231

 

$

1,160

 

Short-term securities

 

2

 

3

 

3

 

2

 

2

 

2

 

5

 

4

 

Other

 

128

 

133

 

124

 

91

 

92

 

120

 

261

 

212

 

 

 

750

 

747

 

731

 

697

 

680

 

696

 

1,497

 

1,376

 

Investment expenses

 

10

 

9

 

9

 

8

 

10

 

9

 

19

 

19

 

Net investment income, pre-tax

 

740

 

738

 

722

 

689

 

670

 

687

 

1,478

 

1,357

 

Income taxes

 

147

 

149

 

144

 

133

 

128

 

136

 

296

 

264

 

Net investment income, after-tax

 

$

593

 

$

589

 

$

578

 

$

556

 

$

542

 

$

551

 

$

1,182

 

$

1,093

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate

 

19.9

%

20.2

%

20.0

%

19.2

%

19.2

%

19.7

%

20.0

%

19.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average invested assets (1)

 

$

69,494

 

$

69,623

 

$

69,813

 

$

70,419

 

$

69,996

 

$

69,701

 

$

69,555

 

$

69,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average yield pre-tax (1)

 

4.3

%

4.2

%

4.1

%

3.9

%

3.8

%

3.9

%

4.2

%

3.9

%

Average yield after-tax

 

3.4

%

3.4

%

3.3

%

3.2

%

3.1

%

3.2

%

3.4

%

3.1

%

 


(1)  Excludes net unrealized investment gains, net of tax, and is adjusted for cash, receivables for investment sales, payables on investment purchases and accrued investment income.

 

26



 

The Travelers Companies, Inc.
Net Realized and Unrealized Investment Gains
($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities

 

$

8

 

$

17

 

$

14

 

$

14

 

$

11

 

$

14

 

$

25

 

$

25

 

Equity securities

 

3

 

2

 

 

(1

)

6

 

4

 

5

 

10

 

Other (1) 

 

(1

)

(15

)

(16

)

26

 

(7

)

149

 

(16

)

142

 

Realized investment gains (losses) before tax

 

10

 

4

 

(2

)

39

 

10

 

167

 

14

 

177

 

Related taxes

 

5

 

 

1

 

13

 

1

 

58

 

5

 

59

 

Net realized investment gains (losses)

 

$

5

 

$

4

 

$

(3

)

$

26

 

$

9

 

$

109

 

$

9

 

$

118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross investment gains (1)

 

$

121

 

$

78

 

$

78

 

$

97

 

$

108

 

$

352

 

$

199

 

$

460

 

Gross investment losses before impairments (1)

 

(107

)

(70

)

(77

)

(54

)

(93

)

(183

)

(177

)

(276

)

Net investment gains before impairments

 

14

 

8

 

1

 

43

 

15

 

169

 

22

 

184

 

Other-than-temporary impairment losses

 

(4

)

(4

)

(3

)

(4

)

(5

)

(2

)

(8

)

(7

)

Net realized investment gains (losses) before tax

 

10

 

4

 

(2

)

39

 

10

 

167

 

14

 

177

 

Related taxes

 

5

 

 

1

 

13

 

1

 

58

 

5

 

59

 

Net realized investment gains (losses)

 

$

5

 

$

4

 

$

(3

)

$

26

 

$

9

 

$

109

 

$

9

 

$

118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

June 30,

 

September 30,

 

December 31,

 

March 31,

 

June 30,

 

 

 

 

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized investment gains, net of tax, by asset type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities

 

$

4,166

 

$

4,392

 

$

4,870

 

$

4,564

 

$

4,121

 

$

2,349

 

 

 

 

 

Equity securities & other

 

181

 

176

 

209

 

197

 

274

 

250

 

 

 

 

 

Unrealized investment gains before tax

 

4,347

 

4,568

 

5,079

 

4,761

 

4,395

 

2,599

 

 

 

 

 

Related taxes

 

1,509

 

1,588

 

1,764

 

1,658

 

1,531

 

907

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, end of period

 

$

2,838

 

$

2,980

 

$

3,315

 

$

3,103

 

$

2,864

 

$

1,692

 

 

 

 

 

 

 

 


 

 

(1)  Includes the following gross investment gains and gross investment losses related to U.S. Treasury futures, which are settled daily:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross investment Treasury future gains

 

$

47

 

$

25

 

$

27

 

$

26

 

$

56

 

$

287

 

$

72

 

$

343

 

 

Gross investment Treasury future losses

 

$

41

 

$

38

 

$

35

 

$

25

 

$

75

 

$

153

 

$

79

 

$

228

 

 

The Company entered into these arrangements as part of its strategy to manage the duration of its fixed maturity portfolio.  In a changing interest rate environment, the change in the value of the futures contracts can be expected to partially offset changes in the value of the fixed maturity portfolio.

 

27



 

The Travelers Companies, Inc.
Reinsurance Recoverables
($ in millions)

 

 

 

 

 

 

June 30,

 

December 31,

 

 

 

2013

 

2012

 

Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses

 

$

5,029

 

$

5,256

 

Allowance for uncollectible reinsurance

 

(247

)

(258

)

Net reinsurance recoverables (i) 

 

4,782

 

4,998

 

Mandatory pools and associations (ii) 

 

1,950

 

2,549

 

Structured settlements (iii)

 

3,155

 

3,165

 

Total reinsurance recoverables

 

$

9,887

 

$

10,712

 

 

 


 

(i)  The Company’s top five reinsurer groups, including retroactive reinsurance, included in net reinsurance recoverables is as follows:

 

 

 

 

 

 

 

 

 

 

 

A.M. Best Rating of Group’s

 

June 30,

 

December 31,

 

Reinsurer

 

Predominant Reinsurer

 

2013

 

2012

 

Munich Re Group

 

A+ second highest of 16 ratings

 

$

 

552

 

$

 

550

 

Swiss Re Group

 

A+ second highest of 16 ratings

 

501

 

517

 

Alleghany Group

 

A third highest of 16 ratings

 

311

 

302

 

XL Capital Group

 

A third highest of 16 ratings

 

261

 

266

 

Berkshire Hathaway Group

 

A++ highest of 16 ratings

 

254

 

258

 

 

The gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses represent the current and estimated future amounts due from reinsurers on known and incurred but not reported claims.  The ceded reserves are estimated in a manner consistent with the underlying direct and assumed reserves.  Although this total comprises recoverables due from nearly one thousand different reinsurance entities, about half is attributable to 10 reinsurer groups.

 

The net reinsurance recoverables reflect an allowance for uncollectible reinsurance that is based upon the Company’s ongoing review of amounts outstanding, reinsurer solvency, the Company’s experience, current economic conditions, and other relevant factors.  Of the total net recoverables due from reinsurers at June 30, 2013, after deducting mandatory pools and associations and structured settlement balances, $3.8 billion, or 80%, were rated by A.M. Best Company.  Of the total rated by A.M. Best Company, 99% were rated A- or better.  The remaining 20% of net recoverables from reinsurers were comprised of the following:  7% related to the Company’s participation in voluntary pools, 10% related to recoverables from captive insurance companies and 3% were balances from other companies not rated by A.M. Best Company.  In addition, $1.4 billion of the net recoverables were collateralized by letters of credit, funds held or trust agreements at June 30, 2013.

 

(ii)  The mandatory pools and associations represent various involuntary assigned risk pools that the Company is required to participate in.  These pools principally involve workers’ compensation and automobile insurance, which provide various insurance coverages to insureds that otherwise are unable to purchase coverage in the open market.  The costs of these mandatory pools in most states are usually charged back to the participating members in proportion to voluntary writings of related business in that state.  In the event that a member of the pool becomes insolvent, the remaining members assume an additional pro rata share of the pool’s liabilities.  Recoverables due from the National Flood Insurance Program are included with mandatory pools.

 

(iii)  Included in reinsurance recoverables are certain amounts related to structured settlements, which comprise annuities purchased from various life insurance companies to settle certain personal physical injury claims, of which workers’ compensation claims comprise a significant portion.  In cases where the Company did not receive a release from the claimant, the amount due from the life insurance company related to the structured settlement is included in the Company’s consolidated balance sheet as a liability and as a reinsurance recoverable, as the Company retains the contingent liability to pay the claimant in the event that the life insurance company fails to make the required annuity payments.  The Company would be required to make such payments, to the extent the purchased annuities are not covered by state guaranty associations.

 

The Company’s top five groups by structured settlement is as follows:

 

 

 

A.M. Best Rating of Group’s

 

June 30,

 

December 31,

 

Group

 

Predominant Insurer

 

2013

 

2012

 

Fidelity and Guaranty Life

 

B++ fifth highest of 16 ratings

 

$

 

978

 

$

 

981

 

Metlife

 

A+ second highest of 16 ratings

 

464

 

474

 

Genworth Financial Group

 

A third highest of 16 ratings

 

435

 

437

 

Symetra Financial Corporation

 

A third highest of 16 ratings

 

252

 

256

 

John Hancock Group

 

A+ second highest of 16 ratings

 

186

 

190

 

 

28



 

The Travelers Companies, Inc.

Net Reserves for Losses and Loss Adjustment Expense

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

Statutory Basis Reserves for Losses and Loss Adjustment Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

$

31,131

 

$

31,006

 

$

31,126

 

$

31,051

 

$

31,120

 

$

30,929

 

$

31,131

 

$

31,120

 

Incurred

 

1,663

 

2,057

 

1,860

 

2,147

 

1,668

 

1,970

 

3,720

 

3,638

 

Paid

 

(1,792

)

(1,932

)

(1,937

)

(2,080

)

(1,860

)

(1,892

)

(3,724

)

(3,752

)

Foreign exchange and other

 

4

 

(5

)

2

 

2

 

1

 

(1

)

(1

)

 

End of period

 

$

31,006

 

$

31,126

 

$

31,051

 

$

31,120

 

$

30,929

 

$

31,006

 

$

31,126

 

$

31,006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial, Professional & International Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

$

6,019

 

$

6,045

 

$

5,992

 

$

5,894

 

$

5,849

 

$

5,757

 

$

6,019

 

$

5,849

 

Incurred

 

341

 

299

 

307

 

359

 

300

 

330

 

640

 

630

 

Paid

 

(361

)

(307

)

(453

)

(411

)

(316

)

(399

)

(668

)

(715

)

Foreign exchange and other

 

46

 

(45

)

48

 

7

 

(76

)

(15

)

1

 

(91

)

End of period

 

$

6,045

 

$

5,992

 

$

5,894

 

$

5,849

 

$

5,757

 

$

5,673

 

$

5,992

 

$

5,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

$

3,749

 

$

3,740

 

$

3,807

 

$

3,583

 

$

3,687

 

$

3,529

 

$

3,749

 

$

3,687

 

Incurred

 

1,314

 

1,435

 

1,143

 

1,613

 

1,102

 

1,190

 

2,749

 

2,292

 

Paid

 

(1,323

)

(1,368

)

(1,367

)

(1,509

)

(1,260

)

(1,253

)

(2,691

)

(2,513

)

End of period

 

$

3,740

 

$

3,807

 

$

3,583

 

$

3,687

 

$

3,529

 

$

3,466

 

$

3,807

 

$

3,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

$

40,899

 

$

40,791

 

$

40,925

 

$

40,528

 

$

40,656

 

$

40,215

 

$

40,899

 

$

40,656

 

Incurred

 

3,318

 

3,791

 

3,310

 

4,119

 

3,070

 

3,490

 

7,109

 

6,560

 

Paid

 

(3,476

)

(3,607

)

(3,757

)

(4,000

)

(3,436

)

(3,544

)

(7,083

)

(6,980

)

Foreign exchange and other

 

50

 

(50

)

50

 

9

 

(75

)

(16

)

 

(91

)

End of period

 

$

40,791

 

$

40,925

 

$

40,528

 

$

40,656

 

$

40,215

 

$

40,145

 

$

40,925

 

$

40,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year Reserve Development: Unfavorable (Favorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asbestos

 

$

 

$

 

$

167

 

$

 

$

 

$

 

$

 

$

 

Environmental

 

 

90

 

 

 

 

65

 

90

 

65

 

All other

 

(248

)

(148

)

(208

)

(120

)

(113

)

(120

)

(396

)

(233

)

Total Business Insurance (1)

 

(248

)

(58

)

(41

)

(120

)

(113

)

(55

)

(306

)

(168

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial, Professional & International Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asbestos

 

 

 

8

 

 

 

 

 

 

All other

 

(46

)

(96

)

(95

)

(69

)

(58

)

(72

)

(142

)

(130

)

Total Financial, Professional & International Insurance

 

(46

)

(96

)

(87

)

(69

)

(58

)

(72

)

(142

)

(130

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Insurance

 

(10

)

(67

)

(65

)

(33

)

(60

)

(65

)

(77

)

(125

)

Total

 

$

(304

)

$

(221

)

$

(193

)

$

(222

)

$

(231

)

$

(192

)

$

(525

)

$

(423

)

 


(1)  Excludes accretion of discount.

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

29



 

The Travelers Companies, Inc.

Asbestos and Environmental Reserves

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asbestos reserves

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning reserves:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

$

2,780

 

$

2,724

 

$

2,660

 

$

2,771

 

$

2,689

 

$

2,626

 

$

2,780

 

$

2,689

 

Ceded

 

(341

)

(340

)

(335

)

(324

)

(311

)

(292

)

(341

)

(311

)

Net

 

2,439

 

2,384

 

2,325

 

2,447

 

2,378

 

2,334

 

2,439

 

2,378

 

Incurred losses and loss expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

 

171

 

 

 

 

 

 

Ceded

 

 

 

4

 

 

 

 

 

 

Losses paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

56

 

64

 

60

 

82

 

63

 

60

 

120

 

123

 

Ceded

 

(1

)

(5

)

(7

)

(13

)

(19

)

(4

)

(6

)

(23

)

Ending reserves:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

2,724

 

2,660

 

2,771

 

2,689

 

2,626

 

2,566

 

2,660

 

2,566

 

Ceded

 

(340

)

(335

)

(324

)

(311

)

(292

)

(288

)

(335

)

(288

)

Net

 

$

2,384

 

$

2,325

 

$

2,447

 

$

2,378

 

$

2,334

 

$

2,278

 

$

2,325

 

$

2,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Environmental reserves

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning reserves:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

$

346

 

$

321

 

$

396

 

$

380

 

$

352

 

$

340

 

$

346

 

$

352

 

Ceded

 

(5

)

(4

)

(9

)

(7

)

(5

)

(4

)

(5

)

(5

)

Net

 

341

 

317

 

387

 

373

 

347

 

336

 

341

 

347

 

Incurred losses and loss expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

96

 

3

 

 

 

72

 

96

 

72

 

Ceded

 

 

(6

)

(3

)

 

 

(7

)

(6

)

(7

)

Losses paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

25

 

21

 

19

 

28

 

12

 

13

 

46

 

25

 

Ceded

 

(1

)

(1

)

(5

)

(2

)

(1

)

 

(2

)

(1

)

Ending reserves:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

321

 

396

 

380

 

352

 

340

 

399

 

396

 

399

 

Ceded

 

(4

)

(9

)

(7

)

(5

)

(4

)

(11

)

(9

)

(11

)

Net

 

$

317

 

$

387

 

$

373

 

$

347

 

$

336

 

$

388

 

$

387

 

$

388

 

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

30



 

The Travelers Companies, Inc.
Capitalization
($ in millions)

 

 

 

June 30,

 

December 31,

 

Debt

 

2013

 

2012

 

 

 

 

 

 

 

Short-term debt

 

 

 

 

 

Commercial paper

 

$

100

 

$

100

 

5.00% Senior notes due March 15, 2013 (1)

 

 

500

 

Total short-term debt

 

100

 

600

 

 

 

 

 

 

 

Long-term debt

 

 

 

 

 

5.50% Senior notes due December 1, 2015 (1)

 

400

 

400

 

6.25% Senior notes due June 20, 2016 (1)

 

400

 

400

 

5.75% Senior notes due December 15, 2017 (1)

 

450

 

450

 

5.80% Senior notes due May 15, 2018 (1)

 

500

 

500

 

5.90% Senior notes due June 2, 2019 (1)

 

500

 

500

 

3.90% Senior notes due November 1, 2020 (1)

 

500

 

500

 

7.75% Senior notes due April 15, 2026

 

200

 

200

 

7.625% Junior subordinated debentures due December 15, 2027

 

125

 

125

 

6.375% Senior notes due March 15, 2033 (1)

 

500

 

500

 

6.75% Senior notes due June 20, 2036 (1)

 

400

 

400

 

6.25% Senior notes due June 15, 2037 (1)

 

800

 

800

 

5.35% Senior notes due November 1, 2040 (1)

 

750

 

750

 

8.50% Junior subordinated debentures due December 15, 2045

 

56

 

56

 

8.312% Junior subordinated debentures due July 1, 2046

 

73

 

73

 

6.25% Fixed-to-floating rate junior subordinated debentures due March 15, 2067 (1)

 

107

 

107

 

Total long-term debt

 

5,761

 

5,761

 

Unamortized fair value adjustment

 

51

 

52

 

Unamortized debt issuance costs

 

(60

)

(63

)

 

 

5,752

 

5,750

 

Total debt

 

5,852

 

6,350

 

 

 

 

 

 

 

Common equity (excluding net unrealized investment gains, net of tax)

 

23,198

 

22,302

 

 

 

 

 

 

 

Total capital (excluding net unrealized investment gains, net of tax)

 

$

29,050

 

$

28,652

 

 

 

 

 

 

 

Total debt to capital (excluding net unrealized investment gains, net of tax)

 

20.1

%

22.2

%

 


(1)  Redeemable anytime with “make-whole” premium.

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

31



 

The Travelers Companies, Inc.
Statutory to GAAP Shareholders’ Equity Reconciliation
($ in millions)

 

 

 

June 30,

 

December 31,

 

 

 

2013 (1)

 

2012

 

 

 

 

 

 

 

Statutory basis surplus

 

$

20,672

 

$

20,048

 

 

 

 

 

 

 

GAAP adjustments

 

 

 

 

 

 

 

 

 

 

 

Goodwill and intangible assets

 

3,552

 

3,573

 

 

 

 

 

 

 

Investments

 

3,104

 

5,351

 

 

 

 

 

 

 

Noninsurance companies

 

(3,890

)

(4,302

)

 

 

 

 

 

 

Deferred acquisition costs

 

1,802

 

1,792

 

 

 

 

 

 

 

Deferred federal income tax

 

(1,542

)

(2,220

)

 

 

 

 

 

 

Current federal income tax

 

21

 

(9

)

 

 

 

 

 

 

Reinsurance recoverables

 

201

 

201

 

 

 

 

 

 

 

Furniture, equipment & software

 

615

 

664

 

 

 

 

 

 

 

Employee benefits

 

(7

)

(13

)

 

 

 

 

 

 

Agents balances

 

153

 

151

 

 

 

 

 

 

 

Other

 

209

 

169

 

 

 

 

 

 

 

Total GAAP adjustments

 

4,218

 

5,357

 

 

 

 

 

 

 

GAAP shareholders’ equity

 

$

24,890

 

$

25,405

 

 


(1) Estimated and Preliminary

 

See Glossary of Financial Measures and Description of Reportable Business Segments on page 35.

 

32



 

The Travelers Companies, Inc.
Statement of Cash Flows - Preliminary
($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

806

 

$

499

 

$

864

 

$

304

 

$

896

 

$

925

 

$

1,305

 

$

1,821

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment (gains) losses

 

(10

)

(4

)

2

 

(39

)

(10

)

(167

)

(14

)

(177

)

Depreciation and amortization

 

216

 

196

 

206

 

209

 

219

 

216

 

412

 

435

 

Deferred federal income tax expense

 

119

 

6

 

96

 

2

 

131

 

20

 

125

 

151

 

Amortization of deferred acquisition costs

 

971

 

976

 

986

 

977

 

948

 

950

 

1,947

 

1,898

 

Equity in income from other investments

 

(114

)

(114

)

(43

)

(71

)

(74

)

(101

)

(228

)

(175

)

Premiums receivable

 

(151

)

(317

)

161

 

169

 

(155

)

(248

)

(468

)

(403

)

Reinsurance recoverables

 

495

 

257

 

174

 

(473

)

390

 

357

 

752

 

747

 

Deferred acquisition costs

 

(984

)

(1,016

)

(1,005

)

(909

)

(954

)

(958

)

(2,000

)

(1,912

)

Claims and claim adjustment expense reserves

 

(504

)

(95

)

(597

)

656

 

(751

)

(377

)

(599

)

(1,128

)

Unearned premium reserves

 

117

 

229

 

160

 

(383

)

187

 

158

 

346

 

345

 

Other

 

(147

)

(166

)

497

 

22

 

(297

)

(53

)

(313

)

(350

)

Net cash provided by operating activities

 

814

 

451

 

1,501

 

464

 

530

 

722

 

1,265

 

1,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from maturities of fixed maturities

 

1,615

 

2,552

 

1,688

 

2,514

 

2,123

 

1,778

 

4,167

 

3,901

 

Proceeds from sales of investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities

 

223

 

319

 

182

 

363

 

234

 

338

 

542

 

572

 

Equity securities

 

15

 

7

 

9

 

6

 

36

 

14

 

22

 

50

 

Real estate investments

 

 

3

 

 

50

 

 

 

3

 

 

Other investments

 

203

 

183

 

130

 

319

 

174

 

207

 

386

 

381

 

Purchases of investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities

 

(2,604

)

(2,596

)

(2,477

)

(2,770

)

(2,339

)

(2,149

)

(5,200

)

(4,488

)

Equity securities

 

(10

)

(23

)

(6

)

(9

)

(13

)

(27

)

(33

)

(40

)

Real estate investments

 

(5

)

(53

)

(4

)

(33

)

(6

)

(53

)

(58

)

(59

)

Other investments

 

(114

)

(107

)

(71

)

(242

)

(95

)

(114

)

(221

)

(209

)

Net sales (purchases) of short-term securities

 

226

 

141

 

(408

)

158

 

109

 

(28

)

367

 

81

 

Securities transactions in course of settlement

 

248

 

(171

)

(24

)

(76

)

180

 

(120

)

77

 

60

 

Other

 

(92

)

(41

)

(96

)

(94

)

(100

)

(57

)

(133

)

(157

)

Net cash provided by (used in) investing activities

 

(295

)

214

 

(1,077

)

186

 

303

 

(211

)

(81

)

92

 

 

33



 

The Travelers Companies, Inc.
Statement of Cash Flows - Preliminary (Continued)
($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD

 

YTD

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

1Q

 

2Q

 

2Q

 

2Q

 

 

 

2012

 

2012

 

2012

 

2012

 

2013

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment of debt

 

 

(258

)

 

 

(500

)

 

(258

)

(500

)

Dividends paid to shareholders

 

(161

)

(180

)

(178

)

(175

)

(175

)

(191

)

(341

)

(366

)

Issuance of common stock - employee share options

 

77

 

93

 

77

 

48

 

98

 

41

 

170

 

139

 

Treasury stock acquired - share repurchase authorization

 

(354

)

(353

)

(349

)

(418

)

(300

)

(300

)

(707

)

(600

)

Treasury stock acquired - net employee share-based compensation

 

(52

)

 

 

(1

)

(58

)

(1

)

(52

)

(59

)

Excess tax benefits from share-based payment arrangements

 

12

 

7

 

13

 

6

 

21

 

8

 

19

 

29

 

Net cash used in financing activities

 

(478

)

(691

)

(437

)

(540

)

(914

)

(443

)

(1,169

)

(1,357

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

3

 

(2

)

3

 

 

(6

)

(3

)

1

 

(9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash

 

44

 

(28

)

(10

)

110

 

(87

)

65

 

16

 

(22

)

Cash at beginning of period

 

214

 

258

 

230

 

220

 

330

 

243

 

214

 

330

 

Cash at end of period

 

$

258

 

$

230

 

$

220

 

$

330

 

$

243

 

$

308

 

$

230

 

$

308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes paid (received)

 

$

20

 

$

276

 

$

14

 

$

(122

)

$

27

 

$

468

 

$

296

 

$

495

 

Interest paid

 

$

35

 

$

156

 

$

35

 

$

149

 

$

35

 

$

149

 

$

191

 

$

184

 

 

34



 

The Travelers Companies, Inc.
Financial Supplement - Second Quarter 2013
Glossary of Financial Measures and Description of Reportable Business Segments

 

The following measures are used by the Company’s management to evaluate financial performance against historical results and establish targets on a consolidated basis.  In some cases, these measures are considered non-GAAP financial measures under applicable SEC rules because they are not displayed as separate line items in the consolidated financial statements or are not required to be disclosed in the notes to financial statements or, in some cases, include or exclude certain items not ordinarily included or excluded in the most comparable GAAP financial measure.

 

In the opinion of the Company’s management, a discussion of these measures provides investors, financial analysts, rating agencies and other financial statement users with a better understanding of the significant factors that comprise the Company’s periodic results of operations and how management evaluates the Company’s financial performance.  Internally, the Company’s management uses these measures to evaluate performance against historical results and establish financial targets on a consolidated basis.

 

Some of these measures exclude net realized investment gains (losses), net of tax, and/or net unrealized investment gains (losses), net of tax, which can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends. 

 

Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by the Company’s management.

 

Operating income (loss) is net income (loss) excluding the after-tax impact of net realized investment gains (losses).  Management uses operating income (loss) to analyze each segment’s performance and as a tool in making business decisions.  Financial statement users also consider operating income when analyzing the results and trends of insurance companies.  Operating earnings (loss) per share is operating income (loss) on a per common share basis.   

 

Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.  Adjusted shareholders’ equity is shareholders’ equity excluding net unrealized investment gains (losses), net of tax and net realized investment gains (losses), net of tax, for the period presented.  Adjusted average shareholders’ equity is average shareholders’ equity excluding net unrealized investment gains (losses), net of tax, for all quarters included in the calculation and, for each quarterly period included in the calculation that quarter’s net realized investment gains (losses), net of tax.

 

Return on equity is the ratio of annualized net income (loss) to average shareholders’ equity for the periods presented.  Operating return on equity is the ratio of annualized operating income (loss) to adjusted average shareholders’ equity for the periods presented.  In the opinion of the Company’s management, these are important indicators of how well management creates value for its shareholders through its operating activities and its capital management. 

 

Underwriting gain (loss) is net earned premiums and fee income less claims and claim adjustment expenses and insurance-related expenses.  In the opinion of the Company’s management, it is important to measure the profitability of each segment excluding the results of investing activities, which are managed separately from the insurance business.  This measure is used to assess each segment’s business performance and as a tool in making business decisions. 

 

A catastrophe is a severe loss, resulting from natural and man-made events, including risks such as fire, earthquake, windstorm, explosion, terrorism and other similar events.  Each catastrophe has unique characteristics, and catastrophes are not predictable as to timing or amount.  Their effects are included in net and operating income and claims and claim adjustment expense reserves upon occurrence.  A catastrophe may result in the payment of reinsurance reinstatement premiums and assessments from various pools.  In the opinion of the Company’s management, a discussion of the impact of catastrophes is meaningful to users of the financial statements to understand the Company’s periodic earnings and the variability in periodic earnings caused by the unpredictable nature of catastrophes.

 

Net favorable (unfavorable) prior year loss reserve development is the increase or decrease in incurred claims and claim adjustment expenses as a result of the re-estimation of claims and claim adjustment expense reserves at successive valuation dates for a given group of claims, which may be related to one or more prior years.  In the opinion of the Company’s management, a discussion of loss reserve development is meaningful to users of the financial statements as it allows them to assess the impact between prior and current year development on incurred claims and claim adjustment expenses, net and operating income (loss), and changes in claims and claim adjustment expense reserve levels from period to period.

 

GAAP combined ratio is the sum of the loss and loss adjustment expense ratio (loss and LAE ratio) and the underwriting expense ratio.  For GAAP, the loss and LAE ratio is the ratio of incurred losses and loss adjustment expenses reduced by an allocation of fee income to net earned premiums.  The underwriting expense ratio is the ratio of underwriting expenses incurred reduced by an allocation of fee income, and billing and policy fees and other to net earned premiums. A GAAP combined ratio under 100% generally indicates an underwriting profit. A GAAP combined ratio over 100% generally indicates an underwriting loss. The GAAP combined ratio is an operating statistic that includes GAAP measures in the numerator and the denominator.

 

GAAP combined ratio excluding the incremental impact of the direct to consumer initiative is the GAAP combined ratio adjusted to exclude the direct, variable impact of the Company’s direct-to-consumer initiative in Personal Insurance.  In the opinion of the Company’s management, this is useful in an analysis of the profitability of the Company’s ongoing agency business.

 

Gross written premiums reflect the direct and assumed contractually determined amounts charged to policyholders for the effective period of the contract based on the terms and conditions of the insurance contract.  Net written premiums reflect gross written premiums less premiums ceded to reinsurers.

 

Book value per share is total common shareholders’ equity divided by the number of common shares outstanding.  Adjusted book value per share is total common shareholders’ equity excluding the after-tax impact of net unrealized investment gains and losses, divided by the number of common shares outstanding. In the opinion of the Company’s management, adjusted book value is useful in an analysis of a property casualty company’s book value as it removes the effect of changing prices on invested assets, (i.e., net unrealized investment gains (losses), net of tax) which do not have an equivalent impact on unpaid claims and claim adjustment expense reserves.

 

Total capital is the sum of total shareholders’ equity and debt.  Debt-to-capital ratio excluding net unrealized gain (loss) on investments is the ratio of debt to total capital excluding the after-tax impact of net unrealized investment gains and losses.  In the opinion of the Company’s management, the debt to capital ratio is useful in an analysis of the Company’s financial leverage.

 

Statutory basis surplus represents the excess of an insurance company’s assets over its liabilities in accordance with statutory accounting practices.

 

Travelers has organized its businesses into the following reportable business segments:

 

Business Insurance - The Business Insurance segment offers a broad array of property and casualty insurance and insurance-related services to its clients primarily in the United States.  Business Insurance is organized into the following six groups, which collectively comprise Business Insurance Core operations: Select Accounts; Commercial Accounts; National Accounts; Industry-Focused Underwriting including Construction, Technology, Public Sector Services, Oil & Gas, and Agribusiness; Target Risk Underwriting including National Property, Inland Marine, Ocean Marine, Excess Casualty, Boiler & Machinery, and Global Partner Services; and Specialized Distribution including Northland and National Programs.  Business Insurance also includes the Special Liability Group (which manages the Company’s asbestos and environmental liabilities) and the assumed reinsurance, and certain other runoff operations, which collectively are referred to as Business Insurance Other. 

 

Financial, Professional & International Insurance - The Financial, Professional & International Insurance segment includes surety and financial liability coverages, which primarily use credit-based underwriting processes, as well as property and casualty products that are primarily marketed on a domestic basis in the United Kingdom, Canada and the Republic of Ireland, and on an international basis through Lloyd’s.  The segment includes Bond & Financial Products as well as International.

 

Personal Insurance - The Personal Insurance segment writes a broad range of property and casualty insurance covering individuals’ personal risks.  The primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

 

35


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