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Travelers Reports Fourth Quarter Net Income Of $304 Million Or $0.78 Per Diluted Share After Catastrophe Losses Of $689 Million After-tax, Including Storm Sandy, Or $1.78 Per Diluted Share

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 its 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;
  • 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;
  • any net deferred tax asset could be adversely affected by a reduction in the U.S. Federal corporate income tax rate;
  • other changes to tax laws could adversely impact our investment portfolio or operating results;
  • the company may be adversely affected if its pricing and capital models provide materially different indications than actual results;
  • 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;
  • 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;
  • acquisitions and integration of acquired businesses 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 designed 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; and
  • the company’s repurchase plans depend on a variety of factors, including the company’s financial position, earnings, common share price, catastrophe losses, 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), market conditions and other factors.

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.

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