Travelers 2004 Annual Report Download - page 207

THE ST. PAUL TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
21. CONSOLIDATING FINANCIAL STATEMENTS OF THE ST. PAUL TRAVELERS COMPANIES,
INC. AND SUBSIDIARIES, Continued
CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the year ended December 31, 2004
(in millions) TPC
Other
Subsidiaries
St. Paul
Travelers (1) Eliminations Consolidated
Cash flows from operating activities
Net income (loss) ................................... $2,314 $(1,207) $ 955 $(1,107) $ 955
Net adjustments to reconcile net income to net cash provided
by operating activities .............................. 1,608 3,037 (1,465) 1,106 4,286
Net cash provided (used) by operating activities ......... 3,922 1,830 (510) (1) 5,241
Cash flows from investing activities
Proceeds from maturities of investments
Fixed maturities ................................. 3,947 1,673 1 — 5,621
Mortgage loans ................................. 76 — — — 76
Proceeds from sales of investments
Fixed maturities ................................. 4,381 3,564 — — 7,945
Equity securities ................................ 182 63 20 — 265
Mortgage loans ................................. 40 21 — — 61
Real estate ..................................... — — — — —
Purchases of investments
Fixed maturities ................................. (9,863) (6,659) — — (16,522)
Equity securities ................................ (55) (38) (1) — (94)
Mortgage loans ................................. (55) — — — (55)
Real estate ..................................... — (22) — — (22)
Short-term securities, (purchases) sales, net ............... (556) (1,332) (87) 1 (1,974)
Other investments, net ................................ 571 255 — — 826
Securities transactions in course of settlement ............. (877) (231) — — (1,108)
Net cash acquired in merger ........................... (19) 185 — — 166
Other ............................................. — 29 — — 29
Net cash used in investing activities .................... (2,228) (2,492) (67) 1 (4,786)
Cash flows from financing activities
Issuance of debt ..................................... — — 302 — 302
Payment of debt ..................................... (54) — (173) — (227)
Issuance of common stock-employee stock options ......... 43 18 68 — 129
Subsidiary’s treasury stock acquired ..................... — (34) — — (34)
Treasury stock acquired—net employee Stock-based
compensation ..................................... (22) — (1) — (23)
Dividends (paid ) received by parent company ............. (1,690) (190) 1,880 — —
Capital contributions and loans between subsidiaries ........ 940 (940) — —
Dividends to shareholders ............................. (81) — (561) — (642)
Repurchase of minority interest of subsidiary ............. (76) — — — (76)
Payment of dividend on subsidiary’s stock ................ — (10) — — (10)
Other ............................................. — 22 19 — 41
Net cash provided (used) in financing activities .......... (1,880) 746 594 — (540)
Effect of exchange rate changes on cash .................. — 7 — — 7
Net increase (decrease) in cash ......................... (186) 91 17 — (78)
Cash at beginning of period ........................... 352 — — — 352
Cash at end of period ............................... $ 166 $ 91 $ 17 $ — $ 274
Supplemental disclosure of cash flow information
Income taxes (received) paid .......................... $ 747 $ 78 $ (219) $ — $ 606
Interest paid ........................................ $ 138 $ 6 $ 142 $ — $ 286
(1) The St. Paul Travelers Companies, Inc., excluding its subsidiaries.
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