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Complete common size financial statements (Balance...

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Complete common size financial statements (Balance Sheet, Statement of Income, Statement of Changes in Shareholders Equity, and Statement of Cash Flows for the data below for 2009, 2008 & 2007 Travelers Consolidated Statement of Income (in millions, except per share amounts) 2009 2008 2007 Revenues Premiums.............................................$21,418 $21,579 $21,470 Net investment income..................................2,776 2,792 3,761 Fee income...............................................306 390 508 Net realized investment gains (losses)....................17 (415) 154 Other revenues...........................................163 131 124 Total revenues........................................24,680 24,477 26,017 Claims and expenses Claims and claim adjustment expenses..................12,408 12,993 12,397 Amortization of deferred acquisition costs.............3,813 3,880 3,706 General and administrative expenses....................3,366 3,518 3,352 Interest expense.........................................382 370 346 Total claims & expenses...............................19,969 20,761 19,801 Income before income taxes.............................4,711 3,716 6,216 Income tax expense.....................................1,089 792 1,615 Net income.............................................3,622 2,924 4,601 Net income per share Basic...................................................6.38 4.87 7.00 Diluted.................................................6.33 4.81 6.85 Weighted average number of common shares outstanding Basic.................................................563.20 595.90 652.00 Diluted...............................................568.60 604.30 668.60 Net Realized Investment Gains (Losses) Other-than-temporary impairment losses: Total losses...........................................(323) (420) (70) Portion of losses recognized in accumulated other changes in equity from nonowner sources...........................65 - - Other than temporary impairment losses....................(258) (420) (70) Other net realized investment gains........................275 5 224 Net realized investment gains (losses).....................$17 $(415) $154 Complete common size financial statements for the data below for 2009, 2008 & 2007 Travelers Consolidated Balance Sheet (in millions) 2009 2008 Assets Fixed maturities, available for sale at fair value (including $90 and $8 subject to securities lending) (amortized cost $63,311 and $61,569.......$65,847 $61,275 Equity securities, at fair value (cost $373 and $461)................451 379 Real estate..........................................................865 827 Short-term securities...............................................4,852 5,222 Other investments...................................................2,950 3,035 Total investments..................................................74,965 70,738 Cash..................................................................255 350 Investment income accrued.............................................825 823 Premiums receivable.................................................5,471 5,835 Reinsurance recoverables...........................................12,816 14,232 Ceded unearned premiums...............................................916 941 Deferred acquisition costs..........................................1,758 1,774 Deferred tax asset....................................................672 1,965 Contractholder receivables..........................................5,797 6,350 Goodwill............................................................3,365 3,366 Other intangible assets...............................................588 688 Other assets........................................................2,132 2,570 Total assets...................................................$109,560 $109,632 Liabilities Claims and claim adjustment expense reserves...................$53,127 $54,723 Unearned premium reserves.......................................10,861 10,957 Contractholder payables..........................................5,797 6,350 Payables for reinsurance premiums..................................546 528 Debt.............................................................6,527 6,181 Other liabilities................................................5,287 5,574 Total liabilities...............................................82,145 84,313 Shareholders equity Preferred Stock Savings Plan - convertible preferred stock (0.2 and 0.3 shares issued and outstanding).........................79 89 Common stock (1,748.6 shares authorized; 520.3 and 585.1 shares issued and outstanding)........................................................19,593 19,242 Retained earnings...................................................16,315 13,314 Accumulated other changes in equity from nonowner sources............1,219 (900) Treasury stock, at cost (199.6 and 128.8 shares)...................(9,791)(6,426) Total shareholders equity..........................................27,415 25,319 Travelers Consolidated Statement of Changes in Shareholders Equity (millions) 2009 2008 2007 Convertible preferred stock -savings plan Balance, beginning of year...................................$89 $112 $129 Redemptions during year.....................................(10) (23) (17) Balance, end of year.........................................79 89 112 Common stock Balance, beginning of year...............................19,242 18,990 18,530 Employee share-based compensation...........................210 114 260 Compensation amortization under share-based plans & other changes.....................................................141 138 164 Conversion of convertible notes............................. - - 36 Balance, end of year.....................................19,593 19,242 18,990 Retained earnings Balance, beginning of year...............................13,314 11,110 7,253 Cumulative effect of adoption of updated accounting guidance at April 1, 2009 (see note 1).......................71 - - Net income................................................3,622 2,924 4,601 Dividends.................................................(696) (715) (742) Other........................................................4 (5) (2) Balance, end of year....................................16,315 13,214 11,110 Accumulated other changes in equity from nonowner sources, net of tax Balance, beginning of year...............................(900) 670 452 Cumulative effect of adoption of updated accounting guidance at April 1, 2009 (see note 1)....................(71) - - Change in net unrealized gain (loss) on investment securities: Having no credit losses recognized in the consolidated statement of income.................................................1,945 (764) 167 Having credit losses recognized in the consolidated statement of income.........................................131 - - Net change in benefit plan assets and obligations recognized in equity...................................................(88) (405) (50) Net change in unrealized foreign currency translation and other changes................................................202 (401) 101 Balance, end of year.......................................1,219 (900) 670 Treasury stock (at cost) Balance beginning of year................................ (6,426) (4,266) (1,229) Treasury shares acquired-share repurchase authorization...(3,300) (2,122) (2,947) Net shares acquired related to employee share-based compensation plans...........................................(65) (38) (90) Balance, end of year....................................(9,791) (6,426) (4,266) Total common shareholders' equity........................27,336 25,230 26,504 Total shareholders' equity..............................$27,415 $25,319 $26,616 Common shares outstanding Balance, beginning of year................................585.1 627.80 678.3 Treasury shares acquired - share repurchase authorization(69.4) (45.0) (56.0) Net shares issued under employee share-based compensation plans.......................................................4.6 2.3 4.8 Shares issued pursuant to conversion of convertible notes....- - 0.7 Balance, end of year........................................520.3 585.1 627.8 Summary of changes in equity from nonowner sources Net income..................................................$3,622 $2,924 $4,601 Other changes in equity from nonowner sources................2,190 (1,570) 218 Total changes in equity from nonowner sources................5,812 1,354 4,819 Travelers Statement of Cash Flows (in millions) For year ended December 31 2009 2008 2007 Cash Flow from operating activities Net Income............................................$3,622 $2,924 $4,601 Adjustments to reconcile net income to net cash provided by operating activities: Net realized investment (gains) losses..................(17) 415 (154) Depreciation and amortization............................797 821 811 Deferred federal income tax expense (benefit)............213 (58) 230 Amoritization of deferred acquisition costs............3,813 3,880 3,706 Equity in (income) loss from other investments...........126 312 (570) Premiums receivable......................................364 285 (4) Reinsurance recoverables...............................1,416 1,209 2,172 Deferred acquisition costs............................(3,797) 3,845) (3,925) Claims and claim adjustment expense reserves..........(1,596)(2,033) (1,410) Unearned premium reserves.............................(96) (270) 103 Other.................................................(614) (502) (274) Net cash provided by operating activities.............4,231 3,138 5,286 Cash flows from investing activities. Proceeds from maturities of fixed maturities..........5,316 4,869 5,305 Proceeds from investments: Fixed maturities......................................2,805 6,932 7,323 Equity securities...............................................65 53 106 Real estate..............................................- 25 11 Other investments........................................511 655 1,460 Purchases of investments: Fixed maturities.....................................(9,647) (11,127) (14,719) Equity securities.......................................(24) (95) (135) Real estate.............................................(15) (38) (74) Other investments.......................................(349) (667) (740) Net sales (purchases) of short-term securities...........370 (406) (562) Securities transactions in course of settlement..........395 (318) (123) Other....................................................(326) (45) (378) Net cash used in investing activities....................(899) (162) (2,526) Cash flows from financing acativities Payment of debt..........................................(143) (552) (1,956) Issuance of debt..........................................494 496 2,461 Dividends paid to shareholders............................(693) (715) (742) Issuance of common stock-employee share options............180 89 218 Treasury stock acquired -share repurchase authorization (3,259) (2,167) (2,920) Treasury stock acquired - net employee share-based compensation................................................(29) (29) (39) Excess tax benefits from share-based payment arrangements....8 10 25 Net cash used in financing activities.....................(3,442) (2,868) (2,953) Effect of exchange rate changes on cash.......................15 (29) 5 Net increase (decrease) in cash..............................(95) 79 188) Cash at beginning of period.................................. 350 271 459 Cash at end of period.........................................255 350 271 Supplemental disclosure of cash flow information Income taxes paid..............................................876 841 1,346 Interest paid..................................................385 375 357,I have difficulty copying and pasting the document into a word file. Can you re-submit the file in word? Thanks

 

Paper#9341 | Written in 18-Jul-2015

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