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C » Topics » The Spin-off of Travelers Property Casualty Corp.

This excerpt taken from the C 10-Q filed Aug 4, 2006.

The Spin-off of Travelers Property Casualty Corp.

        During the 2006 first quarter, releases from various tax contingency reserves were recorded as the IRS concluded their tax audits for the years 1999 through 2002. Included in these releases was $44 million related to Travelers Property Casualty Corp., which the Company spun off during 2002. This release has been included in the provision for income taxes within the results for discontinued operations. See "Settlement of IRS Tax Audit" discussion on page 9.

Combined Results for Discontinued Operations

        Summarized financial information for all of the Company's discontinued operations is as follows:

 
   Three Months Ended June 30,
   Six Months Ended June 30,
In millions of dollars
  2006
   2005
   2006
   2005
Total revenues, net of interest expense   $ —   $ 1,703   $ 21   $ 3,402
   
 
 
 
Income from discontinued operations   $ —   $ 493   $ 1   $ 976
Gain on sale     —     —     21     —
Provision (benefit) for income taxes and minority interest, net of taxes     (3 )   151     (65 )   308
   
 
 
 
Income from discontinued operations, net of taxes   $ 3   $ 342   $ 87   $ 668
   
 
 
 

91

This excerpt taken from the C 10-Q filed May 5, 2006.

The Spin-off of Travelers Property Casualty Corp.

        During the 2006 first quarter, releases from various tax contingency reserves were recorded as the IRS concluded their tax audits for the years 1999 through 2002. Included in these releases was $44 million related to Travelers Property Casualty Corp., which the Company spun off during 2002. This release has been included in the provision for income taxes within the results for discontinued operations. See "Settlement of IRS Tax Audit" discussion on page 8.


Combined Results for Discontinued Operations

        Summarized financial information for all of the Company's discontinued operations is as follows:

 
   Three Months
Ended March 31,
In millions of dollars
  2006
   2005
Total revenues, net of interest expense   $ 21   $ 1,699
   
 
Income from discontinued operations   $ 1   $ 483
Gain on sale     21     —
Provision (benefit) for income taxes and minority interest, net of taxes     (62 )   157
   
 
Income from discontinued operations, net of taxes   $ 84   $ 326
   
 

84

4.     Business Segments

        The following table presents certain information regarding the Company's continuing operations by segment:

 
   Revenues, Net
of Interest Expense
   Provision (Benefit)
for Income Taxes
   Income (Loss)
from Continuing
Operations(1)
   Identifiable Assets
 
   First Quarter
   Mar. 31,
   Dec. 31,
In millions of dollars, except
identifiable assets in billions
  2006
   2005(2)
   2006
   2005(2)
   2006
   2005(2)
   2006
   2005(2)
Global Consumer   $ 11,955   $ 12,118   $ 847   $ 1,314   $ 3,073   $ 2,843   $ 568   $ 559
Corporate and Investment Banking     7,279     6,037     574     735     1,929     1,679     926     839
Global Wealth Management     2,483     2,173     136     180     287     319     62     63
Alternative Investments     675     866     111     267     353     362     12     13
Corporate/Other     (209 )   2     (131 )   (12 )   (87 )   (88 )   18     20
   
 
 
 
 
 
 
 
Total   $ 22,183   $ 21,196   $ 1,537   $ 2,484   $ 5,555   $ 5,115   $ 1,586   $ 1,494
   
 
 
 
 
 
 
 
(1)
Includes pretax provisions (credits) for credit losses and for benefits and claims in the Global Consumer results of $1.7 billion and $2.1 billion and in the Global Wealth Management results of $5 million and ($16) million for the 2006 and 2005 first quarters, respectively. Corporate and Investment Banking results include a pretax credit of ($56) million for the 2005 first quarter.

(2)
Reclassified to conform to the sale of the Asset Management Business, the sale of the Life Insurance and Annuities Business, and certain recent organizational changes.

EXCERPTS ON THIS PAGE:

10-Q
Aug 4, 2006
10-Q
May 5, 2006

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