Travelers 2005 Annual Report Download - page 227

THE ST. PAUL TRAVELERS COMPANIES, INC.AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
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21. CONSOLIDATING FINANCIAL STATEMENTS OF THE ST. PAUL TRAVELERS
COMPANIES, INC. AND SUBSIDIARIES (Continued)
CONSOLIDATING STATEMENT OFCASH FLOWS (Unaudited)
For the yearended December 31, 2005(1)
(in millions) TPC
Other
Subsidiaries
St. Paul
Travelers(2) Eliminations Consolidated
Cash flows from operating activities
Net income (loss).............................................................. $1,769 $446 $1,622$ (2,215) $ 1,622
Net adjustments to reconcile net income to net cash provided by operating activities ........... 859309 (1,416 ) 2,215 1,967
Net cash provided by operating activities of continuing operations........................ 2,628 755 206 —3,589
Net cash provided by operating activities of discontinued operations....................... — 24 — — 24
Net cash provided by operating activities ............................................ 2,628 779 206 —3,613
Cash flows from investing activities
Proceeds from maturities of investments:
Fixed maturities............................................................. 2,9441,996 12 —4,952
Mortgage loans.............................................................. 38 13 ——
51
Proceeds from sales of investments:
Fixed maturities............................................................. 3,0951,918 179—
5,192
Equity securities ............................................................. 34360—— 403
Mortgage loans.............................................................. ———— —
Real estate ................................................................. — 37 —— 37
Purchases of investments:
Fixed maturities............................................................. (9,417)(5,618) (1,011) — (16,046)
Equity securities ............................................................. (9)(54) ——
(63)
Mortgage loans.............................................................. —— ——
—
Real estate ................................................................. (7) (42) —— (49)
Short-term securities, (purchases) sales, net .......................................... 553 571(982) — 142
Other investments, net .......................................................... 553 120—— 673
Securities transactions in course of settlement ........................................ (583)(12) ——
(595)
Net proceeds from sale of discontinued operations. .................................... —405 1,994—
2,399
Other....................................................................... (128) (4)— — (132)
Net cash provided by (used in) by investing activities of continuing operations............... (2,618) (610) 192 — (3,036)
Net cash used in investing activities of discontinued operations........................... — (20) — — (20)
Net cash provided by (used in) investing activities ..................................... (2,618) (630) 192 — (3,056)
Cash flows from financing activities
Issuance of debt............................................................... —— 400— 400
Payment of debt ............................................................... (4)— (811) —(815)
Issuance of common stock - maturity of equity unit forward contracts ...................... —— 442— 442
Dividends to shareholders ....................................................... ——(628) — (628)
Issuance of common stock-employee stock options. .................................... —— 164—
164
Treasury stock acquired-net employee stock-based compensation ......................... —— (33 ) — (33)
Dividends received by (paid to) parent company ...................................... (860)(85) 945—
—
Capital contributions and loans betwe en subsidiaries ................................... 82466(890 )— —
Other....................................................................... — —(3) —(3)
Net cash used in financing activities of continuing operations............................ (40) (19) (414) —(473)
Net cash provided by financing activities of discontinued operations....................... — 4 — — 4
Net cash used in financing activities................................................ (40) (15) (414) —(469)
Effect of exchange rate changes on cash ............................................. —(5) —— (5)
Elimination of cash provided by discontinued operations................................ — (8) — — (8)
Net increase (decrease) in cash ................................................... (30) 121(16) — 75
Cash at beginning of period ...................................................... 1667917—
262
Cash at end of period ........................................................... $ 136 $ 200 $1 $ — $ 337
Supplemental disclosure of cash flow information
Income taxes paid (received)..................................................... $961 $175 $(310) $ — $ 826
Interest paid.................................................................. $ 137$ 6$ 194 $ — $ 337
(1) See note 3.
(2) The St. Paul Travelers Companies, Inc., excluding its subsidiaries.