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Travelers Reports Net Income Per Diluted Share Of $2.21 And Quarterly Record Operating Income Per Diluted Share Of $2.22 For The Third Quarter

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 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 (losses) 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 and Net Income less Preferred Dividends to Net Income

                   
       
Three Months Ended Nine Months Ended
September 30, September 30,
($ in millions, after-tax)   2012   2011   2012   2011
 
Operating income, less preferred dividends $ 867 $ 332 $ 2,163 $ 780
Preferred dividends     -       -     -     1
Operating income 867 332 2,163 781
Net realized investment gains (losses)     (3 )     1     6     27
Net income   $ 864     $ 333   $ 2,169   $ 808
 
Net income, less preferred dividends $ 864 $ 333 $ 2,169 $ 807
Preferred dividends     -       -     -     1
Net income   $ 864     $ 333   $ 2,169   $ 808
                   
 
                             
             
Twelve Months Ended December 31,
($ in millions, after-tax)     2011     2010     2009     2008       2007     2006     2005  
 
Operating income, less preferred dividends $ 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 1,390 3,043 3,600 3,195 4,500 4,200 2,026
Net realized investment gains (losses)     36     173     22     (271 )     101     8     35  
Income from continuing operations 1,426 3,216 3,622 2,924 4,601 4,208 2,061
Discontinued operations     -     -     -     -       -     -     (439 )
Net income   $ 1,426   $ 3,216   $ 3,622   $ 2,924     $ 4,601   $ 4,208   $ 1,622  
                             
 

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

                 
       
Three Months Ended Nine Months Ended
September 30, September 30,
    2012   2011   2012   2011
 

Basic earnings per share

Operating income $ 2.24 $ 0.79 $ 5.53 $ 1.84
Net realized investment gains (losses)     (0.01 )     0.01     0.02     0.06
Net income   $ 2.23     $ 0.80   $ 5.55   $ 1.90
 

Diluted earnings per share

Operating income $ 2.22 $ 0.79 $ 5.48 $ 1.82
Net realized investment gains (losses)     (0.01 )     -     0.02     0.06
Net income   $ 2.21     $ 0.79   $ 5.50   $ 1.88
                           
 

Reconciliation of Operating Income (Loss) by Segment to Total Operating Income

                 
       
Three Months Ended Nine Months Ended
September 30, September 30,
($ in millions, after-tax)   2012   2011   2012   2011
 
 
Business Insurance $ 543 $ 294 $ 1,517 $ 909
Financial, Professional & International Insurance 180 211 511 495
Personal Insurance     206       (108 )     331       (409 )
Total segment operating income 929 397 2,359 995
Interest Expense and Other     (62 )     (65 )     (196 )     (214 )
Total operating income   $ 867     $ 332     $ 2,163     $ 781  
                                 
 

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.

Reconciliation of Adjusted Shareholders’ Equity to Shareholders’ Equity

                                 
             
As of September 30,
($ in millions)     2012     2011  
 
Adjusted shareholders' equity

$

22,584

$

22,481

Net unrealized investment gains, net of tax 3,315 2,664
Net realized investment gains, net of tax     6     27  
Shareholders' equity  

$

25,905

 

$

25,172

 
 
As of December 31,
($ in millions)     2011     2010     2009     2008       2007     2006     2005       2004  
 
Adjusted shareholders' equity

$

21,570

$

23,375

$

25,458

$

25,647

$

25,783

$

24,545

$

22,227

$

20,087

Net unrealized investment gains (losses), net of tax 2,871 1,859 1,856 (146 ) 620 453 327 866
Net realized investment gains (losses), net of tax 36 173 22 (271 ) 101 8 35 (28 )
Preferred stock - 68 79 89 112 129 153 188
Discontinued operations     -     -     -     -       -     -     (439 )     88  
Shareholders' equity  

$

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 (loss) less preferred dividends to average shareholders’ equity for the periods presented. Operating return on equity is the ratio of annualized operating income (loss) 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 Nine Months Ended
September 30, September 30,
($ in millions, after-tax)   2012   2011   2012   2011
 
Annualized operating income, less preferred dividends $ 3,467 $ 1,326 $ 2,884 $ 1,040
Adjusted average shareholders' equity     22,331       22,647       22,066       23,057  
Operating return on equity     15.5 %     5.9 %     13.1 %     4.5 %
 
Annualized net income, less preferred dividends $ 3,458 $ 1,334 $ 2,892 $ 1,076
Average shareholders' equity     25,477       25,090       25,037       25,159  
Return on equity     13.6 %     5.3 %     11.6 %     4.3 %
                                 
 
Average annual operating return on equity over a period is the ratio of:
a) the sum of operating income (loss) 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 September 30, 2012

                                       
                   
Nine Months Ended
September 30, Twelve Months Ended December 31,
($ in millions)     2012       2011     2011       2010       2009       2008       2007       2006       2005  
 
Operating income, less preferred dividends

$

2,163

$ 780

$

1,389

$

3,040

$

3,597

$ 3,191

$

4,496

$

4,195

$

2,020

Operating income, less preferred dividends - annualized 2,884 1,040
Adjusted average shareholders' equity

22,066

23,057

22,806

24,285

25,777

25,668

25,350

23,381

21,118
Operating return on equity     13.1 %     4.5 %   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 September 30, 2012

13.0

%

 

                                     
 

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. 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, claim adjustment expenses, and 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 (loss) 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 Nine Months Ended
September 30,   September 30,
($ in millions, after-tax except as noted)   2012   2011   2012   2011
 

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

$ 412 $ 133 $ 935 $ 418
Pre-tax impact of catastrophes (91 ) (606 ) (808 ) (2,460 )
Pre-tax impact of net favorable prior year loss reserve development     193       184       718       589  
Pre-tax underwriting gain (loss) 514 (289 ) 845 (1,453 )
Income tax expense (benefit) on underwriting results     187       (104 )     317       (593 )
Underwriting gain (loss) 327 (185 ) 528 (860 )
Net investment income 578 561 1,760 1,789
Other, including interest expense     (38 )     (44 )     (125 )     (148 )
Operating income 867 332 2,163 781
Net realized investment gains (losses)     (3 )     1       6       27  
Net income   $ 864     $ 333     $ 2,169     $ 808  
                 
 

ADJUSTMENT TO THE GAAP COMBINED RATIO FOR THE INCREMENTAL IMPACT OF THE DIRECT TO CONSUMER INITIATIVE

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 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.

Calculation of the GAAP Combined Ratio

                 
       
Three Months Ended Nine Months Ended
September 30,   September 30,
($ in millions, pre-tax)   2012   2011   2012   2011
 

Loss and loss adjustment expense ratio

Claims and claim adjustment expenses $ 3,359 $ 4,136 $ 10,509 $ 12,659
Less:
Policyholder dividends 11 11 34 29
Allocated fee income     40       38       86       105  
Loss ratio numerator   $ 3,308     $ 4,087     $ 10,389     $ 12,525  
 

Underwriting expense ratio

Amortization of deferred acquisition costs $ 986 $ 982 $ 2,933 $ 2,900
General and administrative expenses 904 860 2,681 2,650
Less:
G&A included in Interest Expense and Other 5 5 17 50
Allocated fee income 52 41 147 122
Billing and policy fees     24       26       76       77  
Expense ratio numerator   $ 1,809     $ 1,770     $ 5,374     $ 5,301  
                 
Earned premium   $ 5,666     $ 5,605     $ 16,718     $ 16,479  
 
GAAP combined ratio 1
Loss and loss adjustment expense ratio 58.4 % 72.9 % 62.1 % 76.0 %
Underwriting expense ratio     31.9 %     31.6 %     32.2 %     32.2 %
Combined ratio     90.3 %     104.5 %     94.3 %     108.2 %

 

1 For purposes of computing GAAP ratios, billing and policy fees (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.
 
 

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.

Reconciliation of the Consolidated and Personal Insurance GAAP Combined Ratios (Excluding the Incremental Impact of the Direct to Consumer Initiative) to the Consolidated and Personal Insurance GAAP Combined Ratios

         
   
Three Months Ended Nine Months Ended
September 30,   September 30,
2012   2011   2012   2011
   

Personal Insurance

GAAP combined ratio excluding incremental impact of direct to consumer initiative

86.8 % 112.5 % 95.1 % 115.8 %
Incremental impact of direct to consumer initiative   2.9 %   2.5 %   2.3 %   2.6 %
GAAP combined ratio   89.7 %   115.0 %   97.4 %   118.4 %
 

Consolidated

GAAP combined ratio excluding incremental impact of direct to consumer initiative

89.3 % 103.6 % 93.5 % 107.3 %
Incremental impact of direct to consumer initiative   1.0 %   0.9 %   0.8 %   0.9 %
GAAP combined ratio   90.3 %   104.5 %   94.3 %   108.2 %
                         
 

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 FP&II segment.

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

                         
                         
  Three Months Ended   Nine Months Ended
September 30, September 30,
($ in millions)   2012   2011   Change   2012   2011   Change
       

Net written premiums - holding foreign exchange rates constant

$ 204 $ 270 (24 )% $ 779 $ 871 (11 )%
Impact of changes in foreign exchange rates     (4 )             (16 )        
Net written premiums   $ 200     $ 270   (26 )%   $ 763     $ 871   (12 )%
                         
 

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   Nine Months Ended
September 30, September 30,
($ in millions)   2012   2011   Change   2012   2011   Change
       

Net written premiums - holding foreign exchange rates constant

$ 733 $ 808 (9 )% $ 2,189 $ 2,311 (5 )%
Impact of changes in foreign exchange rates     (4 )             (16 )        
Net written premiums   $ 729     $ 808   (10 )%   $ 2,173     $ 2,311   (6 )%
                                         
 

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.

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

             
     
As of
September 30, December 31, September 30,
($ in millions, except per share amounts)   2012   2011   2011
 
Tangible shareholders' equity $ 18,879 $ 17,856 $ 18,743
Goodwill 3,365 3,365 3,365
Other intangible assets 393 433 449
Less: Impact of deferred tax on other intangible assets     (47 )     (48 )     (49 )
Adjusted shareholders' equity 22,590 21,606 22,508
Net unrealized investment gains, net of tax     3,315       2,871       2,664  
Shareholders' equity   $ 25,905     $ 24,477     $ 25,172  
 
Common shares outstanding     382.0       392.8       412.8  
 
Tangible book value per share $ 49.42 $ 45.46 $ 45.41
Adjusted book value per share 59.13 55.01 54.53
Book value per share     67.81       62.32       60.98  
                         
 

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
September 30, December 31, September 30,
($ in millions)   2012   2011   2011
 
Debt $ 6,350 $ 6,605 $ 6,604
Shareholders' equity     25,905       24,477       25,172  
Total capitalization     32,255       31,082       31,776  
Net unrealized investment gains, net of tax     3,315       2,871       2,664  

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

  $ 28,940     $ 28,211     $ 29,112  
 
Debt-to-capital ratio 19.7 % 21.3 % 20.8 %
Debt-to-capital ratio excluding net unrealized investment gains, net of tax     21.9 %     23.4 %     22.7 %
                         
 

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 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 cash, short-term invested assets and 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.

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