The Hartford 2011 Annual Report Download - page 231

S-3
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
SCHEDULE II
CONDENSED FINANCIAL INFORMATION OF
THE HARTFORD FINANCIAL SERVICES GROUP, INC. (continued)
(Registrant)
(In millions)
For the years ended December 31,
Condensed Statements of Cash Flows
2011
2010
2009
Operating Activities
Net income (loss) $ 662 $ 1,680 $ (887)
Undistributed earnings (losses) of subsidiaries (961)
(1,004) 1,307
Change in operating assets and liabilities
625
(21)
(590)
Cash provided by (used for) operating activities 326 655 (170)
Investing Activities
Net sales (purchases) of short-term investments
432
233
(412)
Purchase price of business acquired
—
—
(10)
Capital contributions to subsidiaries
(126)
(311)
(3,115)
Cash provided by (used for) investing activities
306
(78)
(3,537)
Financing Activities
Issuance of long-term debt
—
1,090
—
Repayments at maturity of long-term debt
(400)
(275)
—
Change in commercial paper
—
—
(375)
Net proceeds from issuance of mandatory convertible preferred stock
—
556
—
Net proceeds from issuance of common shares under public offering — 1,600 —
Proceeds from net issuance of preferred stock and warrants to U.S. Treasury — — 3,400
Redemption of preferred stock issued to the U.S. Treasury
—
(3,400)
—
Net proceeds from issuance of common shares under discretionary equity issuance
plan
—
—
887
Treasury stock acquired (46) — —
Proceeds from net issuances of common shares under incentive and stock
compensation plans and excess tax benefits 9 22 17
Dividends paid – Preferred shares
(42)
(85)
(73)
Dividends paid – Common Shares
(153)
(85)
(149)
Cash provided by (used for) financing activities
(632)
(577)
3,707
Net change in cash
—
—
—
Cash – beginning of year
—
—
—
Cash – end of year
$
—
$
—
$
—
Supplemental Disclosure of Cash Flow Information
Interest Paid
$
483
$
465
$
454
Dividends Received from Subsidiaries
$
976
$
1,006
$
243
The condensed financial statements should be read in conjunction with
the consolidated financial statements and notes thereto.