At and for the year ended December 31. Dollar amounts in millions, except per share amounts.
2013 | 2012 | 2011 | 2010 | 2009 | |
Earned Premiums | $ 22,637 | $ 22,357 | $ 22,090 | $ 21,432 | $ 21,418 |
Total Revenues | $ 26,191 | $ 25,740 | $ 25,446 | $ 25,112 | $ 24,680 |
Operating Income | $ 3,567 | $ 2,441 | $ 1,390 | $ 3,043 | $ 3,600 |
Net Income | $ 3,673 | $ 2,473 | $ 1,426 | $ 3,216 | $ 3,622 |
Net Income Per Diluted Common Share | $ 9.74 | $ 6.30 | $ 3.36 | $ 6.62 | $ 6.33 |
Total Investments | $ 73,160 | $ 73,838 | $ 72,701 | $ 72,722 | $ 74,965 |
Total Assets | $ 103,812 | $ 104,938 | $ 104,575 | $ 105,631 | $ 110,013 |
Shareholders' Equity | $ 24,796 | $ 25,405 | $ 24,477 | $ 25,475 | $ 27,415 |
Return On Equity | 14.6% | 9.8% | 5.7% | 12.1% | 13.5% |
Operating Return On Equity | 15.5% | 11.0% | 6.1% | 12.5% | 14.0% |
Book Value Per Share | $ 70.15 | $ 67.31 | $ 62.32 | $ 58.47 | $ 52.54 |
Dividends Per Share | $ 1.96 | $ 1.79 | $ 1.59 | $ 1.41 | $ 1.23 |
The Travelers Companies, Inc. has paid cash dividends without interruption for 142 years. Our most recent quarterly dividend of $0.50 per share was declared on January 21, 2014, payable March 31, 2014, to shareholders of record as of March 10, 2014.
This program provides a convenient opportunity for our shareholders to increase their holding of Travelers common stock. An explanatory brochure and enrollment card may be obtained by calling our stock transfer agent, Wells Fargo Bank, N.A., at 888.326.5102, or mailing a request to the address below.
For address changes, dividend checks, direct deposits of dividends, account consolidations, registration changes, lost stock certificates and general stock holding questions, please contact:
Travelers makes available, free of charge on its website, all of its filings that are made electronically to the SEC, including Forms 10-K, 10-Q, and 8-K. To access these filings, go to travelers.com > For Investors > SEC Filings.
Requests for additional information may be directed to:
The Annual Meeting of Shareholders will be held on May 27, 2014, at The Hartford Marriott Downtown, 200 Columbus Boulevard, Hartford, CT 06103. As publicly announced, this date supersedes the prior date announced in the Form 10-K. In April, we plan to send proxy materials, or a notice of internet availability of proxy materials, to shareholders of record as of the close of business on March 31, 2014. The notice will provide instructions on where to access our Proxy Statement and Annual Report as well as how to vote your shares electronically. The notice also includes instructions on how to request a printed copy of our proxy materials.
The Travelers Companies, Inc. common stock is listed on the New York Stock Exchange (NYSE) and is publicly traded under the ticker symbol “TRV”.
The following tables set forth the quarterly high and low closing sales prices of The Travelers Companies, Inc. common stock as well as the amount of quarterly cash dividends declared per share for years 2013 and 2012.
2013 | High | Low | Cash Dividend Declared |
First Quarter | $84.19 | $72.86 | $0.46 |
Second Quarter | 87.90 | 77.85 | 0.50 |
Third Quarter | 86.90 | 79.42 | 0.50 |
Fourth Quarter | 90.99 | 82.35 | 0.50 |
2012 | High | Low | Cash Dividend Declared |
First Quarter | $61.59 | $56.87 | $0.41 |
Second Quarter | 64.77 | 57.75 | 0.46 |
Third Quarter | 68.61 | 60.89 | 0.46 |
Fourth Quarter | 74.33 | 68.07 | 0.46 |
We have included the tables below to provide a reconciliation of the following items used in this Annual Report: (i) operating income less preferred dividends to net income, (ii) adjusted shareholders' equity to shareholders' equity, which are components of the operating return on equity and return on equity ratios for the nine-year period ending December 31, 2013, and (iii) after-tax underwriting gain (excluding the impact of catastrophes and net favorable prior year reserve development) to net income.
Twelve months ended December 31,
(Dollars in millions, after-tax) | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
Reconciliation of operating income less preferred dividends to net income | |||||||||
Operating income, less preferred dividends | $3,567 | $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 | 3,567 | 2,441 | 1,390 | 3,043 | 3,600 | 3,195 | 4,500 | 4,200 | 2,026 |
Net realized investment gains (losses) | 106 | 32 | 36 | 173 | 22 | (271) | 101 | 8 | 35 |
Income from continuing operations | 3,673 | 2,473 | 1,426 | 3,216 | 3,622 | 2,924 | 4,601 | 4,208 | 2,061 |
Discontinued operations | - | - | - | - | - | - | - | (439) | |
Net income | $3,673 | $2,473 | $1,426 | $3,216 | $3,622 | $2,924 | $4,601 | $4,208 | $1,622 |
As of December 31,
(Dollars in millions) | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
Reconciliation of adjusted shareholders' equity to shareholders' equity | ||||||||||
Adjusted shareholders' equity | $23,368 | $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 | 1,322 | 3,103 | 2,871 | 1,859 | 1,856 | (146) | 620 | 453 | 327 | 866 |
Net realized investment gains (losses), net of tax | 106 | 32 | 36 | 173 | 22 | (271) | 101 | 8 | 35 | (28) |
Preferred stock | - | - | - | 68 | 79 | 89 | 112 | 129 | 153 | 188 |
Discontinued operations | - | - | - | - | - | - | - | - | (439) | 88 |
Shareholders' equity | $24,796 | $25,405 | $24,477 | $25,475 | $27,415 | $25,391 | $26,616 | $25,135 | $22,303 | $21,201 |
Twelve months ended December 31,
(Dollars in millions) | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
Calculation of average annual operating return on equity | |||||||||
Operating income, less preferred dividends | $3,567 | $2,441 | $1,389 | $3,040 | $3,597 | $3,191 | $4,496 | $4,195 | $2,020 |
Adjusted average shareholders' equity | 23,004 | 22,158 | 22,806 | 24,285 | 25,777 | 25,668 | 25,350 | 23,381 | 21,118 |
Operating return on equity | 15.5% | 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 Jan. 1, 2005 - Dec. 31, 2013 | 13.1% |
Twelve months ended December 31,
(Dollars in millions, after-tax) | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Reconciliation of after-tax underwriting gain (excluding the impact of catastrophes and net favorable prior year reserve development) to net income | |||||||
Underwriting gain excluding the impact of catastrophes and net favorable prior year reserve development (underlying underwriting gain) | $1,277 | $888 | $451 | $715 | $866 | $995 | $1,457 |
Impact of catastrophes | (387) | (1,214) | (1,669) | (729) | (297) | (919) | (109) |
Impact of net favorable prior year reserve development | 552 | 622 | 473 | 818 | 868 | 1,000 | 351 |
Underwriting gain (loss) | 1,442 | 296 | (745) | 804 | 1,473 | 1,076 | 1,699 |
Net investment income | 2,186 | 2,316 | 2,330 | 2,468 | 2,290 | 2,299 | 2,915 |
Other, including interest expense | (61) | (171) | (195) | (229) | (127) | (180) | (114) |
Operating income | 3,567 | 2,441 | 1,390 | 3,043 | 3,600 | 3,195 | 4,500 |
Net realized investment gains (losses) | 106 | 32 | 36 | 173 | 22 | (271) | 101 |
Net income | $3,673 | $2,473 | $1,426 | $3,216 | $3,622 | 2,924 | 4,601 |