The Travelers Companies, Inc. (TRV) 10-Q/A 5 Aug 09 2009 Q2 Quarterly report (amended) Financial data

01 - Consolidated Statement of

01 - Consolidated Statement of Income (Unaudited) (USD $)
In Millions, except Share data	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Revenues
Premiums	$5,353	$5,357	$10,654	$10,697
Net investment income	658	778	1,200	1,593
Fee income	89	90	162	195
Net realized investment gains (losses)	13	36	(201)	(26)
Other revenues	49	34	82	68
Total revenues	6,162	6,295	11,897	12,527
Claims and expenses
Claims and claim adjustment expenses	3,335	3,092	6,525	6,113
Amortization of deferred policy acquisition costs	953	961	1,897	1,915
General and administrative expenses	839	864	1,621	1,717
Interest expense, debt	94	91	186	181
Total claims and expenses	5,221	5,008	10,229	9,926
Income before income taxes	941	1,287	1,668	2,601
Income tax expense	201	345	266	692
Net income	740	942	1,402	1,909
Net income per share, basic	1.27	1.56	2.4	3.12
Net income per share, diluted	1.27	1.54	2.38	3.08
Weighted average number of common shares outstanding
Weighted average number of common shares outstanding, basic	575,800,000	598,200,000	580,100,000	606,700,000
Weighted average number of common shares outstanding, diluted	579,800,000	607,900,000	584,900,000	616,300,000
Total losses	(75)	(28)	(259)	(66)
Portion of losses recognized in accumulated other changes in equity from nonowner sources	45	0	45	0
Other-than-temporary impairment losses	(30)	(28)	(214)	(66)
Other net realized investment gains	43	64	13	40
Net realized investment gains (losses)	$13	$36	($201)	($26)

02 - Consolidated Balance Sheet

02 - Consolidated Balance Sheet (USD $)
In Millions	Jun. 30, 2009	Dec. 31, 2008
Assets
Fixed maturities, available for sale at fair value	$62,967	$61,275
Equity securities, at fair value	382	379
Real estate	878	827
Short-term securities	6,445	5,222
Other investments	2,771	3,035
Total investments	73,443	70,738
Cash	282	350
Investment income accrued	808	823
Premiums receivable	6,220	5,954
Reinsurance recoverables	13,694	14,232
Ceded unearned premiums	974	941
Deferred acquisition costs	1,822	1,774
Deferred tax asset	1,428	1,965
Contractholder receivables	6,452	6,350
Goodwill	3,365	3,366
Other intangible assets	636	688
Other assets	2,202	2,570
Total assets	111,326	109,751
Liabilities
Claims and claim adjustment expense reserves	54,372	54,723
Unearned premium reserves	11,184	10,957
Contractholder payables	6,452	6,350
Payables for reinsurance premiums	606	528
Debt	6,532	6,181
Other liabilities	5,260	5,693
Total liabilities	84,406	84,432
Shareholders' equity
Preferred stock savings plan - convertible preferred stock	83	89
Common stock	19,353	19,242
Retained earnings	14,442	13,314
Accumulated other changes in equity from nonowner sources	258	(900)
Treasury stock, at cost	(7,216)	(6,426)
Total shareholders' equity	26,920	25,319
Total liabilities and shareholders' equity	$111,326	$109,751

02.1 - Consolidated Balance She

02.1 - Consolidated Balance Sheet Parentheticals (USD $)
In Millions, except Share data	Jun. 30, 2009	Dec. 31, 2008
Balance Sheet Parentheticals
Fixed maturities, subject to securities lending	$80	$8
Fixed maturities, amortized cost	61,828	61,569
Equity securities, at cost	$386	$461
Preferred stock savings plan, shares issued	300,000	300,000
Preferred stock savings plan, shares outstanding	300,000	300,000
Common stock, shares authorized	1,750,000,000	1,750,000,000
Common stock, shares issued	567,500,000	585,100,000
Common stock, shares outstanding	567,500,000	585,100,000
Treasury stock, shares	148,200,000	128,800,000

03 - Consolidated Statement of

03 - Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (USD $)
In Millions, except Share data	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Convertible preferred stock - savings plan
Convertible preferred stock - savings plan, balance, beginning of year	$89	$112
Convertible preferred stock - savings plan, redemptions during period	(6)	(9)
Convertible preferred stock - savings plan, balance, end of period	83	103
Common stock and additional paid-in capital, balance, beginning of year	19,242	18,990
Common stock and additional paid-in capital, employee share-based compensation	44	71
Common stock and additional paid-in capital, compensation amortization under share-based plans and other changes	67	76
Common stock and additional paid in capital, balance, end of period	19,353	19,137
Retained earnings
Retained earnings, balance, beginning of year	13,314	11,110
Retained earnings, cumulative effect of adoption of FSP FAS 115-2 at April 1, 2009 (see note 1)	71	0
Net income	1,402	1,909
Dividends	(352)	(362)
Retained earnings, other	7	(2)
Retained earnings, balance, end of period	14,442	12,655
Accumulated other changes in equity from nonowner sources, net of tax
Accumulated other changes in equity from nonowner sources, net of tax, balance, begining of year	(900)	670
Accumulated other changes in equity from nonowner sources, net of tax, cumulative effect of adoption of FSP FAS 115-2 at April 1, 2009 (see note 1)	(71)	0
Change in net unrealized gain (loss) on investments having no credit losses recognized in the consolidated statement of income	1,026	(557)
Change in net unrealized gain (loss) on investments having credit losses recognized in the consolidated statement of income	53	0
Net change in unrealized foreign currency translation and other changes	150	(34)
Accumulated other changes in equity from nonowner sources, net of taxes, balance, end of period	258	79
Treasury stock (at cost)
Treasury stock (at cost), balance, beginning of year	(6,426)	(4,266)
Treasury stock (at cost), treasury shares acquired - share repurchase authorization	(750)	(1,750)
Treasury stock (at cost), net shares acquired related to employee share-based compensation plans	(40)	(35)
Treasury stock (at cost). balance, end of period	(7,216)	(6,051)
Total common shareholders' equity	26,837	25,820
Total shareholders' equity	26,920	25,923
Common shares outstanding
Common shares outstanding, balance, beginning of year	585,100,000	627,800,000
Common shares outstanding, shares acquired - share repurchase authorization	(18,500,000)	(36,100,000)
Common shares outstanding, net shares issued under employee share-based compensation plans	900,000	1,100,000
Common shares outstanding, balance, end of period	567,500,000	592,800,000
Summary of changes in equity from nonowner sources
Net income	1,402	1,909
Other changes in equity from nonowner sources, net of tax	1,229	(591)
Total changes in equity from nonowner sources	$2,631	$1,318

04 - Consolidated Statement of

04 - Consolidated Statement of Cash Flows (Unaudited) (USD $)
In Millions	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Cash flows from operating activities
Net income	$1,402	$1,909
Adjustments to reconcile net income to net cash provided by operating activities
Net realized investment losses	201	26
Depreciation and amortization expense	415	414
Deferred federal income tax expense (benefit)	(31)	26
Amortization of deferred policy acquisition costs	1,897	1,915
Equity in (income) loss from other investments	252	(33)
Change in premiums receivable	(266)	(205)
Change in reinsurance recoverables	538	282
Change in deferred acquisition costs	(1,945)	(1,959)
Change in claims and claim adjustment expense reserves	(351)	(424)
Change in unearned premium reserves	227	112
Other operating activities	(550)	(432)
Net cash provided by operating activities	1,789	1,631
Cash flows from investing activities
Proceeds from maturities of fixed maturities	2,389	2,688
Proceeds from sales of investments, fixed maturities	1,864	2,449
Proceeds from sales of investments, equity securities	31	36
Proceeds from sales of investments, real estate	0	25
Proceeds from sales of investments, other investments	140	424
Purchases of investments, fixed maturities	(4,271)	(4,413)
Purchases of investments, equity securities	(18)	(46)
Purchases of investments, real estate	(9)	(25)
Purchases of investments, other investments	(186)	(285)
Net purchases of short-term securities	(1,223)	(347)
Securities transactions in course of settlement	366	74
Other investing activities	(205)	(163)
Net cash provided by (used in) investing activities	(1,122)	417
Cash flows from financing activities
Payment of debt	(141)	(400)
Issuance of debt	494	496
Dividends paid to shareholders	(350)	(359)
Issuance of common stock - employee share options	28	59
Treasury stock acquired - share repurchase authorization	(750)	(1,765)
Treasury stock acquired - net employee share-based compensation	(28)	(28)
Excess tax benefits from share-based payment arrangements, financing activities	2	7
Net cash used in financing activities	(745)	(1,990)
Effect of exchange rate changes on cash	10	0
Net increase (decrease) in cash	(68)	58
Cash at beginning of period	350	271
Cash at end of period	282	329
Supplemental disclosure of cash flow information
Income taxes paid	363	715
Interest paid	$185	$184

05.01 - Basis of Presentation a

05.01 - Basis of Presentation and Accounting Policies disclosure
	6 Months Ended Jun. 30, 2009
Basis of Presentation and Accounting Policies disclosure [Abstract]
Basis of Presentation and Accounting Policies Disclosure	1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES Basis of Presentation The interim consolidated financial statements include the accounts of The Travelers Companies,Inc. (together with its subsidiaries, the Company). These financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) and are unaudited. In the opinion of the Companys management, all adjustments necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. Certain reclassifications have been made to the 2008 financial statements and notes to conform to the 2009 presentation. The accompanying interim consolidated financial statements and related notes should be read in conjunction with the Companys consolidated financial statements and related notes included in the Companys 2008 Annual Report on Form10-K. The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period. Actual results could differ from those estimates. All material intercompany transactions and balances have been eliminated. Adoption of New Accounting Standards Other-Than-Temporary Impairments In April2009, the Financial Accounting Standards Board (FASB) issued FASB Staff Position FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments (FSP FAS 115-2). FSP FAS 115-2 requires the recognition of an other-than-temporary impairment when an entity has the intent to sell a debt security or when it is more likely than not that an entity will be required to sell the debt security before its anticipated recovery in value. Additionally, FSP FAS 115-2 changes the presentation and amount of other-than-temporary impairment losses recognized in the income statement for instances in which the Company does not intend to sell or it is more likely than not that the Company will not be required to sell a debt security prior to the anticipated recovery of its remaining cost basis. The Company separates the credit loss component of the impairment from the amount related to all other factors and reports the credit loss component in net realized investment gains (losses). The impairment related to all other factors is reported in accumulated other changes in equity from nonowner sources. In addition to the changes in measurement and presentation, FSP FAS 115-2 expands the disclosures related to other-than-temporary impairments and requires all such disclosures to be included in both interim and annual periods. The provisions of FSP FAS 115-2 were effective for interim periods ending after June15, 2009. The adoption of FSP FAS 115-2 on April1, 2009 resulted in an increase in retained earnings of $71 million, which was

05.02 - Segment Information dis

05.02 - Segment Information disclosure
	6 Months Ended Jun. 30, 2009
Segment Information disclosure [Abstract]
Segment Information Disclosure	2. SEGMENT INFORMATION The following tables summarize the components of the Companys revenues, operating income and total assets by reportable business segments: (for the three months ended June30, in millions) Business Insurance Financial, Professional International Insurance Personal Insurance Total Reportable Segments 2009 Premiums $ 2,770 $ 810 $ 1,773 $ 5,353 Net investment income 451 107 100 658 Fee income 89 89 Other revenues 12 7 21 40 Total operating revenues (1) $ 3,322 $ 924 $ 1,894 $ 6,140 Operating income (1) $ 560 $ 133 $ 88 $ 781 2008 Premiums $ 2,781 $ 852 $ 1,724 $ 5,357 Net investment income 540 120 118 778 Fee income 90 90 Other revenues 7 8 19 34 Total operating revenues (1) $ 3,418 $ 980 $ 1,861 $ 6,259 Operating income (1) $ 658 $ 204 $ 122 $ 984 (for the six months ended June30, in millions) Business Insurance Financial, Professional International Insurance Personal Insurance Total Reportable Segments 2009 Premiums $ 5,527 $ 1,611 $ 3,516 $ 10,654 Net investment income 806 211 183 1,200 Fee income 162 162 Other revenues 18 13 42 73 Total operating revenues (1) $ 6,513 $ 1,835 $ 3,741 $ 12,089 Operating income (1) $ 1,107 $ 281 $ 242 $ 1,630 2008 Premiums $ 5,567 $ 1,699 $ 3,431 $ 10,697 Net investment income 1,113 242 238 1,593 Fee income 195 195 Other revenues 13 13 40 66 Total operating revenues (1) $ 6,888 $ 1,954 $ 3,709 $ 12,551 Operating income (1) $ 1,341 $ 412 $ 303 $ 2,056 (1) Operating revenues for reportable business segments exclude net realized investment gains (losses). Operating income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses). Business Segment Reconciliations Three Months Ended June30, Six Months Ended June30, (in millions) 2009 2008 2009 2008 Revenue reconciliation Earned premiums Business Insurance: Commercial multi-peril $ 727 $ 749 $ 1,445 $ 1,504 Workers compensation 623 589 1,256 1,169 Commercial automobile 490 487 969 986 Property 446 476 892 946 General liability 484 478 966 958 Other 2 (1 ) 4 Total Business Insurance 2,770 2,781 5,527 5,567 Financial, Professional International Insurance: General liability 233 225 461 450 Fidelity and surety 252 263 500 519 International 293 332 585 666 Other 32 32 65 64 Total Financial, Pro

05.03 - Investments disclosure

05.03 - Investments disclosure
	6 Months Ended Jun. 30, 2009
Investments disclosure [Abstract]
Investments disclosure	3. INVESTMENTS Fixed Maturities The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows: Amortized Gross Unrealized Fair (at June30, 2009, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. Government and government agencies and authorities $ 1,531 $ 97 $ $ 1,628 Obligations of states, municipalities and political subdivisions 38,958 1,299 129 40,128 Debt securities issued by foreign governments 1,673 58 3 1,728 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 5,669 164 312 5,521 All other corporate bonds 13,949 374 403 13,920 Redeemable preferred stock 48 1 7 42 Total $ 61,828 $ 1,993 $ 854 $ 62,967 Amortized Gross Unrealized Fair (at December 31, 2008, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. Government and government agencies and authorities $ 1,681 $ 160 $ $ 1,841 Obligations of states, municipalities and political subdivisions 38,598 920 456 39,062 Debt securities issued by foreign governments 1,453 67 1 1,519 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 6,266 157 364 6,059 All other corporate bonds 13,498 121 882 12,737 Redeemable preferred stock 73 1 17 57 Total $ 61,569 $ 1,426 $ 1,720 $ 61,275 Equity Securities The cost and fair value of investments in equity securities were as follows: GrossUnrealized Fair (at June30, 2009, in millions) Cost Gains Losses Value Common stock $ 171 $ 15 $ 18 $ 168 Non-redeemable preferred stock 215 26 27 214 Total $ 386 $ 41 $ 45 $ 382 GrossUnrealized Fair (at December 31, 2008, in millions) Cost Gains Losses Value Common stock $ 189 $ 2 $ 31 $ 160 Non-redeemable preferred stock 272 7 60 219 Total $ 461 $ 9 $ 91 $ 379 Investment Impairments The Company conducts a periodic review to identify and evaluate invested assets having other-than-temporary impairments. Some of the factors considered in identifying other-than-temporary impairments include: (1)for fixed maturity investments, whether the Company intends to sell the investment or whether it is more likely than not that the Company will be required to sell the investment prior to an anticipated recovery in value; (2)for non-fixed maturity investments, the Companys ability and intent to retain the investment for a period of time sufficient to allow for an anticipated recovery in value; (3)the likelihood of the recoverability of principal and interest for fixed maturity securities (i.e., whether there is a credit loss), or cost fo

05.04 - Fair Value Measurements

05.04 - Fair Value Measurements disclosure
	6 Months Ended Jun. 30, 2009
Fair Value Measurements disclosure [Abstract]
Fair Value Measurements disclosure	4. FAIR VALUE MEASUREMENTS The Companys estimates of fair value for financial assets and financial liabilities are based on the framework established in FAS 157. The framework is based on the inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the FAS 157 hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Companys significant market assumptions. The three levels of the hierarchy are as follows: Level 1 - Unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. Level 3 - Valuations based on models where significant inputs are not observable. The unobservable inputs reflect the Companys own assumptions about the inputs that market participants would use. Valuation of Investments Reported at Fair Value in Financial Statements The fair value of a financial instrument is the estimated amount at which the instrument could be exchanged in an orderly transaction between knowledgeable, unrelated willing parties, i.e., not in a forced transaction. The estimated fair value of a financial instrument may differ from the amount that could be realized if the security was sold in an immediate sale, e.g., a forced transaction. Additionally, the valuation of fixed maturity investments is more subjective when markets are less liquid due to the lack of market based inputs, which may increase the potential that the estimated fair value (i.e., the carrying amount) of an investment is not reflective of the price at which an actual transaction would occur. For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these prices in the amounts disclosed in Level 1 of the hierarchy. The Company receives the quoted market prices from a third party, nationally recognized pricing service (pricing service). When quoted market prices are unavailable, the Company utilizes a pricing service to determine an estimate of fair value, which is mainly used for its fixed maturity investments. The fair value estimates provided from this pricing service are included in the amount disclosed in Level 2 of the hierarchy. If quoted market prices and an estimate from a pricing service are unavailable, the Company produces an estimate of fair value based on internally developed valuation techniques, which, depending on the level of observab

05.05 - Goodwill and Other Inta

05.05 - Goodwill and Other Intangible Assets disclosure
	6 Months Ended Jun. 30, 2009
Goodwill and Other Intangible Assets disclosure [Abstract]
Goodwill and Other Intangible Assets disclosure	5. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table presents the carrying amount of the Companys goodwill by segment at June30, 2009 and December31, 2008: (in millions) June30, 2009 December31, 2008 Business Insurance $ 2,168 $ 2,168 Financial, Professional International Insurance 557 556 Personal Insurance 613 613 Other 27 29 Total $ 3,365 $ 3,366 Other Intangible Assets The following presents a summary of the Companys other intangible assets by major asset class at June30, 2009 and December31, 2008: (at June30, 2009, in millions) Gross Carrying Amount Accumulated Amortization Net Intangibles subject to amortization Customer-related $ 1,036 $ 789 $ 247 Fair value adjustment on claims and claim adjustment expense reserves and reinsurance recoverables (1) 191 18 173 Total intangible assets subject to amortization 1,227 807 420 Intangible assets not subject to amortization 216 216 Total other intangible assets $ 1,443 $ 807 $ 636 (at December31, 2008, in millions) Gross Carrying Amount Accumulated Amortization Net Intangibles subject to amortization Customer-related $ 1,036 $ 751 $ 285 Fair value adjustment on claims and claim adjustment expense reserves and reinsurance recoverables (1) 191 4 187 Total intangible assets subject to amortization 1,227 755 472 Intangible assets not subject to amortization 216 216 Total other intangible assets $ 1,443 $ 755 $ 688 (1) The time value of money and the risk margin (cost of capital) components of the intangible asset run off at different rates, and, as such, the amount recognized in income may be a net benefit in some periods and a net expense in other periods. The following presents a summary of the Companys amortization expense for other intangible assets by major asset class: Three Months Ended June30, Six Months Ended June30, (in millions) 2009 2008 2009 2008 Customer-related $ 17 $ 24 $ 38 $ 52 Fair value adjustment on claims and claim adjustment expense reserves and reinsurance recoverables 7 7 14 15 Total amortization expense $ 24 $ 31 $ 52 $ 67 Intangible asset amortization expense is estimated to be $48 million for the remainder of 2009, $86 million in 2010, $69 million in 2011, $52 million in 2012 and $45 million in 2013.

05.06 - Debt disclosure

05.06 - Debt disclosure
	6 Months Ended Jun. 30, 2009
Debt disclosure [Abstract]
Debt disclosure	6. DEBT Convertible Note Maturity. On March3, 2009, the Companys zero coupon convertible notes with an effective yield of 4.17% and a remaining principal balance of $141 million matured and were fully paid. Senior Debt Issuance. On June2, 2009, the Company issued $500 million aggregate principal amount of 5.90% senior notes that will mature on June2, 2019. The net proceeds of the issuance, after original issuance discount and the deduction of underwriting expenses and commissions and other expenses, totaled approximately $494 million. Interest on the senior notes is payable semi-annually in arrears on June2 and December2 of each year, commencing December2, 2009. The senior notes are redeemable in whole at any time or in part from time to time, at the Companys option, at a redemption price equal to the greater of (a)100% of the principal amount of senior notes to be redeemed or (b)the sum of the present values of the remaining scheduled payments of principal and interest on the senior notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current treasury rate (as defined) plus 35 basis points for the senior notes.

05.07 - Share Repurchase Author

05.07 - Share Repurchase Authorization disclosure
	6 Months Ended Jun. 30, 2009
Share Repurchase Authorization disclosure [Abstract]
Share Repurchase Authorization disclosure	7. SHARE REPURCHASE AUTHORIZATION The Companys board of directors has authorized the repurchase of the Companys common shares. Under the authorization, repurchasesmay be madefrom time to time in the open market, pursuant to preset trading plans meeting the requirements of Rule10b5-1 under the Securities Exchange Act of 1934, in private transactions or otherwise. The authorization does not have a stated expiration date. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including corporate and regulatory requirements, price, catastrophe losses and other market conditions. The Company resumed repurchasing common shares during the second quarter of 2009. During the three months and six months ended June30, 2009, the Company repurchased 18.5 million shares under its share repurchase authorization for a total cost of approximately $750 million. The average cost per share repurchased was $40.65. At June30, 2009, the Company had $3.06 billion of capacity remaining under its share repurchase authorization.

05.08 - Changes in Equity from

05.08 - Changes in Equity from Nonowner Sources disclosure
	6 Months Ended Jun. 30, 2009
Changes in Equity from Nonowner Sources disclosure [Abstract]
Change in Equity from Nonowner Sources disclosure	8. CHANGES IN EQUITY FROM NONOWNER SOURCES The Companys total changes in equity from nonowner sources were as follows: Three Months Ended June30, Six Months Ended June30, (in millions, after-tax) 2009 2008 2009 2008 Net income $ 740 $ 942 $ 1,402 $ 1,909 Change in net unrealized gain (loss) on investments: Having no credit losses recognized in the consolidated statement of income 339 (514 ) 1,026 (557 ) Having credit losses recognized in the consolidated statement of income 53 53 Other changes 169 (33 ) 150 (34 ) Total changes in equity from nonowner sources $ 1,301 $ 395 $ 2,631 $ 1,318

05.09 - Earnings per Share disc

05.09 - Earnings per Share disclosure
	6 Months Ended Jun. 30, 2009
Earnings per Share disclosure [Abstract]
Earnings per Share disclosure	9. EARNINGS PER SHARE Basic earnings per share was computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share reflected the effect of potentially dilutive securities. On January1, 2009, the Company adopted the provisions of FSP EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, as described in Note 1. The impact of adoption of this FSP reduced previously reported basic earnings per share by $0.01 per share and $0.02 per share for the three and six months ended June30, 2008, respectively, and had no impact on the previously reported diluted earnings per share for those periods. The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations: Three Months Ended June30, Six Months Ended June30, (in millions, except per share amounts) 2009 2008 2009 2008 Basic Net income, as reported $ 740 $ 942 $ 1,402 $ 1,909 Preferred stock dividends (1 ) (1 ) (2 ) (2 ) Participating share-based awards allocated income (5 ) (7 ) (10 ) (13 ) Net income available to common shareholders basic $ 734 $ 934 $ 1,390 $ 1,894 Diluted Net income available to common shareholders $ 734 $ 934 $ 1,390 $ 1,894 Effect of dilutive securities: Convertible preferred stock 1 1 2 2 Zero coupon convertible notes 1 1 2 Net income available to common shareholders diluted $ 735 $ 936 $ 1,393 $ 1,898 Common shares Basic Weighted average shares outstanding 575.8 598.2 580.1 606.7 Diluted Weighted average shares outstanding 575.8 598.2 580.1 606.7 Weighted average effects of dilutive securities: Stock options and performance shares 1.9 4.7 1.9 4.6 Convertible preferred stock 2.1 2.6 2.1 2.6 Zero coupon convertible notes 2.4 0.8 2.4 Total 579.8 607.9 584.9 616.3 Net Income per Common Share Basic $ 1.27 $ 1.56 $ 2.40 $ 3.12 Diluted $ 1.27 $ 1.54 $ 2.38 $ 3.08

Based Incentive Compensation di

Based Incentive Compensation disclosure
	6 Months Ended Jun. 30, 2009
Share-Based Incentive Compensation disclosure [Abstract]
Share-Based Incentive Compensation disclosure	10. SHARE-BASED INCENTIVE COMPENSATION The following presents information for fully vested stock option awards at June30, 2009: Stock Options Number Weighted Average Exercise Price Weighted Average Contractual Life Remaining Aggregate Intrinsic Value ($in millions) Vested at end of period (1) 28,947,874 $ 44.93 3.6 years $ 32 Exercisable at end of period 26,116,747 $ 44.90 3.1 years $ 30 (1) Represents awards for which the requisite service has been rendered, including those that are retirement eligible. The total compensation cost recognized in earnings for all share-based incentive compensation awards was $28 million for both the three months ended June30, 2009 and 2008, respectively, and $65 million and $66 million for the six months ended June30, 2009 and 2008, respectively. The related tax benefit recognized in the consolidated statement of income was $9 million for both the three months ended June30, 2009 and 2008, and $22 million for both the six months ended June30, 2009 and 2008. The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards at June30, 2009 was $159 million, which is expected to be recognized over a weighted-average period of 2.0 years. The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards at December31, 2008 was $112 million, which was expected to be recognized over a weighted-average period of 1.7 years.

05.11 - Pension Plans, Retireme

05.11 - Pension Plans, Retirement Benefits and Savings Plans disclosure
	6 Months Ended Jun. 30, 2009
Pension Plans, Retirement Benefits and Savings Plans disclosure [Abstract]
Pension Plans, Retirement Benefits and Savings Plans disclosure	11. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS The following table summarizes the components of net periodic benefit cost for the Companys pension and postretirement benefit plans recognized in the consolidated statement of income. Pension Plans Postretirement Benefit Plans (for the three months ended June30, in millions) 2009 2008 2009 2008 Net Periodic Benefit Cost: Service cost $ 20 $ 19 $ $ Interest cost on benefit obligation 32 30 5 4 Expected return on plan assets (44 ) (38 ) (1 ) (1 ) Amortization of unrecognized: Prior service benefit (2 ) (2 ) Net actuarial loss (gain) 6 2 (1 ) Net benefit expense $ 12 $ 11 $ 4 $ 2 Pension Plans Postretirement Benefit Plans (for the six months ended June30, in millions) 2009 2008 2009 2008 Net Periodic Benefit Cost: Service cost $ 40 $ 38 $ $ Interest cost on benefit obligation 63 59 9 8 Expected return on plan assets (87 ) (76 ) (1 ) (1 ) Amortization of unrecognized: Prior service benefit (3 ) (3 ) Net actuarial loss (gain) 11 4 (2 ) Net benefit expense $ 24 $ 22 $ 8 $ 5

05.12 - Contingencies, Commitme

05.12 - Contingencies, Commitments and Guarantees disclosure
	6 Months Ended Jun. 30, 2009
Contingencies, Commitments and Guarantees disclosure [Abstract]
Contingencies, Commitments and Guarantees disclosure	12. CONTINGENCIES, COMMITMENTS AND GUARANTEES Contingencies The following section describes the major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company or any of its subsidiaries is a party or to which any of their properties are subject. Asbestos- and Environmental-Related Proceedings In the ordinary course of its insurance business, the Company receives claims for insurance arising under policies issued by the Company asserting alleged injuries and damages from asbestos- and environmental-related exposures that are the subject of related coverage litigation, including, among others, the litigation described below. The Company continues to be subject to aggressive asbestos-related litigation. The conditions surrounding the final resolution of these claims and the related litigation continue to change. The Company is defending its asbestos- and environmental-related litigation vigorously and believes that it has meritorious defenses; however, the outcomes of these disputes are uncertain. In this regard, the Company employs dedicated specialists and aggressive resolution strategies to manage asbestos and environmental loss exposure, including settling litigation under appropriate circumstances. For a discussion of other information regarding the Companys asbestos and environmental exposure, see PartI Item 2 Managements Discussion and Analysis of Financial Condition and Results of Operations Asbestos Claims and Litigation, Environmental Claims and Litigation and Uncertainty Regarding Adequacy of Asbestos and Environmental Reserves. Asbestos Direct Action Litigation In October2001 and April2002, two purported class action suits (Wise v. Travelers and Meninger v. Travelers) were filed against Travelers Property Casualty Corp. (TPC) and other insurers (not including The St. Paul Companies,Inc. (SPC)) in state court in West Virginia. These and other cases subsequently filed in West Virginia were consolidated into a single proceeding in the Circuit Court of Kanawha County, West Virginia. The plaintiffs allege that the insurer defendants engaged in unfair trade practices in violation of state statutes by inappropriately handling and settling asbestos claims. The plaintiffs seek to reopen large numbers of settled asbestos claims and to impose liability for damages, including punitive damages, directly on insurers. Similar lawsuits alleging inappropriate handling and settling of asbestos claims were filed in Massachusetts and Hawaii state courts. These suits are collectively referred to as the Statutory and Hawaii Actions. In March2002, the plaintiffs in consolidated asbestos actions pending before a mass tort panel of judges in West Virginia state court amended their complaint to include TPC as a defendant, alleging that TPC and other insurers breached alleged duties to certain users of asbestos products. The plaintiffs seek damages, including punitive damages. Lawsuits seeking similar relief and raising similar allegations, primarily violations of purported common law duties to third parties, have also been asserted in various state courts against TPC and SP

05.13 - Subsequent Events discl

05.13 - Subsequent Events disclosure
	6 Months Ended Jun. 30, 2009
Subsequent Events disclosure [Abstract]
Subsequent Events disclosure	13. SUBSEQUENT EVENTS There were no subsequent events requiring adjustment to the financial statements or disclosure through July30, 2009, the date that the Companys financial statements were issued.

05.14 - Consolidating Financial

05.14 - Consolidating Financial Statements disclosure
	6 Months Ended Jun. 30, 2009
Consolidating Financial Statements disclosure [Abstract]
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries	14. CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES The following consolidating financial statements of the Company have been prepared pursuant to Rule3-10 of Regulation S-X. These consolidating financial statements have been prepared from the Companys financial information on the same basis of accounting as the consolidated financial statements. The Travelers Companies,Inc. has fully and unconditionally guaranteed certain debt obligations of TPC, its wholly-owned subsidiary, which totaled $1.19 billion at June30, 2009. Prior to the merger, TPC fully and unconditionally guaranteed the payment of all principal, premiums, if any, and interest on certain debt obligations of its wholly-owned subsidiary, Travelers Insurance Group Holdings,Inc. (TIGHI). The Travelers Companies,Inc. has fully and unconditionally guaranteed such guarantee obligations of TPC. TPC is deemed to have no assets or operations independent of TIGHI. Consolidating financial information for TIGHI has not been presented herein because such financial information would be substantially the same as the financial information provided for TPC. CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended June30, 2009 (in millions) TPC Other Subsidiaries Travelers(1) Eliminations Consolidated Revenues Premiums $ 3,628 $ 1,725 $ $ $ 5,353 Net investment income 424 227 7 658 Fee income 90 (1 ) 89 Net realized investment gains (losses) 18 (5 ) 13 Other revenues 39 10 49 Total revenues 4,199 1,956 7 6,162 Claims and expenses Claims and claim adjustment expenses 2,221 1,114 3,335 Amortization of deferred acquisition costs 635 318 953 General and administrative expenses 569 266 4 839 Interest expense 17 1 76 94 Total claims and expenses 3,442 1,699 80 5,221 Income (loss) before income taxes 757 257 (73 ) 941 Income tax expense (benefit) 170 55 (24 ) 201 Equity in net income of subsidiaries 789 (789 ) Net income $ 587 $ 202 $ 740 $ (789 ) $ 740 (in millions) TPC Other Subsidiaries Travelers(1) Eliminations Consolidated Net Realized Investment Gains (Losses) Other-than-temporary impairment losses: Total losses $ (49 ) $ (26 ) $ $ $ (75 ) Portion of losses recognized in accumulated other changes in equity from nonowner sources 28 17 45 Other-than-temporary impairment losses (21 ) (9 ) (30 ) Other net realized investment gains 39 4 43 Net realized investment gains (losses) $ 18 $ (5 ) $ $ $ 13 (1) The Travelers Companies,Inc., excluding its subsidiaries. CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended June30, 2008 (in millions) TPC Other Subsidiaries Travelers(1) Eliminations Consolida

Common Domain Members

Common Domain Members (USD $)
	6 Months Ended Jun. 30, 2009	Jul. 27, 2009	Jun. 30, 2008
Entity [Domain]
Entity Registrant Name	Travelers Companies, Inc.
Entity Central Index Key	0000086312
Document Type	10-Q
Document Period End Date	2009-06-30
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$25,642,673,490
Entity Common Stock, Shares Outstanding		567,562,093