Mercury Insurance 2010 Annual Report Download - page 122

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SCHEDULE II, Continued
MERCURY GENERAL CORPORATION
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
Year Ended December 31,
2010 2009 2008
(Amounts in thousands)
Cash flows from operating activities:
Net cash (used in) provided by operating activities ................ $ (4,441) $ 19,094 $ 4,582
Cash flows from investing activities:
Dividends from subsidiaries .................................. 128,000 110,000 140,000
Fixed maturities:
Calls or maturities ..................................... 265 320 397
Equity securities:
Purchases ............................................ (836) (8,021) (24,473)
Sales ................................................ 2,070 6,486 19,129
Calls ................................................ 895 — —
Net decrease in payable for securities .......................... — (1,719) (602)
Net (increase) decrease in short-term investments ................ (583) 47,274 (14,279)
Other, net .................................................... (110) (3,260) 167
Net cash provided by investing activities .................... 129,701 151,080 120,339
Cash flows from financing activities:
Dividends paid to shareholders ............................... (129,863) (127,617) (127,011)
Proceeds from stock options exercised ......................... 733 393 1,286
Excess tax benefit from exercise of stock options ..................... 132 5 121
Net cash used in financing activities ....................... (128,998) (127,219) (125,604)
Net (decrease) increase in cash ................................... (3,738) 42,955 (683)
Cash:
Beginning of year .......................................... 45,344 2,389 3,072
End of year ............................................... $ 41,606 $ 45,344 $ 2,389
See accompanying notes to condensed financial information.
See accompanying Report of Independent Registered Public Accounting Firm
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