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

This excerpt taken from the C 10-K filed Feb 22, 2008.

The Spin-Off of Travelers Property Casualty Corp. (TPC)

During 2006, 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 in the results for discontinued operations.

Combined Results for Discontinued Operations

The following is summarized financial information for the Life Insurance & Annuities Business, Asset Management Business, and TPC:

 

In millions of dollars   2007    2006      2005

Total revenues, net of interest expense

   $ —    $ 219      $ 10,727

Income from discontinued

    operations

   $ —    $ 27      $ 908

Gain on sale

     —      219        6,790

Provision (benefit) for income taxes and minority interest, net of taxes

     —      (43 )      2,866

Income from discontinued operations, net of taxes

   $ —    $ 289      $ 4,832

Cash Flows from Discontinued Operations

 

In millions of dollars   2007    2006    2005  

Cash flows from operating activities

   $ —    $ —    $ (3,313 )

Cash flows from investing activities

     —      109      2,504  

Cash flows from financing activities

     —      —      763  

Net cash (used in) discontinued operations

   $ —    $ 109    $ (46 )

 

This excerpt taken from the C 10-Q filed Aug 3, 2007.

The Spin-Off of Travelers Property Casualty Corp. (TPC)

During the first quarter of 2006, 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 in the results for discontinued operations.

Combined Results for Discontinued Operations

This excerpt taken from the C 10-Q filed May 4, 2007.

The Spin-Off of Travelers Property Casualty Corp. (TPC)

        During the first quarter of 2006, 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.

Combined Results for Discontinued Operations

        Summarized financial information for the Life Insurance and Annuities Business, the Asset Management Business, and Travelers Property Casualty Corp. is as follows:

 
   Three Months Ended March 31,
  
In millions of dollars

   2007
   2006
  
Total revenues, net of interest expense   $ —   $ 21  
   
 
 
Income from discontinued operations   $ —   $ 1  
Gain on sale     —     21  
Provision (benefit) for income taxes and minority interest, net of taxes     —     (62 )
   
 
 
Income from discontinued operations, net of taxes   $ —   $ 84  
   
 
 

88

This excerpt taken from the C 10-K filed Feb 23, 2007.

The Spin-Off of Travelers Property Casualty Corp. (TPC)

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.

Combined Results for Discontinued Operations

Summarized financial information for the Life Insurance & Annuities Business, Asset Management Business, and TPC:

 

In millions of dollars   2006     2005    2004

Total revenues, net of interest expense

   $ 219     $ 10,727    $ 6,555

Income from discontinued operations

   $ 27     $ 908    $ 1,446

Gain on sale

     219       6,790      —  

Provision (benefit) for income taxes
and minority interest, net of taxes

     (43 )     2,866      454

Income from discontinued operations,
net of taxes

   $ 289     $ 4,832    $ 992

Cash Flows from Discontinued Operations

 

In millions of dollars   2006    2005      2003  

Cash flows from operating activities

   $  —      $ (3,313 )    $ 1,284  

Cash flows from investing activities

     109      2,504        (4,704 )

Cash flows from financing activities

     —        763        3,292  

Net cash (used in) discontinued operations

   $ 109    $ (46 )    $ (128 )
This excerpt taken from the C 10-Q filed Nov 3, 2006.

The Spin-off of Travelers Property Casualty Corp. (TPC)

        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.

Combined Results for Discontinued Operations

        Summarized financial information for the Life Insurance and Annuities Business, Asset Management Business and TPC:

 
   Three Months Ended September 30,
   Nine Months Ended September 30,
In millions of dollars

   2006
   2005
   2006
   2005
Total revenues, net of interest expense   $ 198   $ 3,710   $ 219   $ 7,112
   
 
 
 
Income from discontinued operations   $ 26   $ 49   $ 27   $ 1,025
Gain on sale     198     3,386     219     3,386
Provision (benefit) for income taxes and minority interest, net of taxes     22     1,280     (43 )   1,588
   
 
 
 
Income from discontinued operations, net of taxes   $ 202   $ 2,155   $ 289   $ 2,823
   
 
 
 

96

EXCERPTS ON THIS PAGE:

10-K
Feb 22, 2008
10-Q
Aug 3, 2007
10-Q
May 4, 2007
10-K
Feb 23, 2007
10-Q
Nov 3, 2006

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