Travelers 2005 Annual Report Download - page 228

THE ST. PAUL TRAVELERS COMPANIES, INC.AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
216
21. CONSOLIDATING FINANCIAL STATEMENTS OF THE ST. PAUL TRAVELERS
COMPANIES, INC. AND SUBSIDIARIES (Continued)
CONSOLIDATING STATEMENT OFCASH FLOWS (Unaudited)
For the yearended December 31, 2004(1)
(in millions) TPC
Other
Subsidiaries
St. Paul
Travelers(2)Eliminations Consolidated
Cash flows from operating activities
Net income (loss).................................................... $2,314 $(1,288) $955 $ (1,026) $ 955
Net adjustments to reconcile net income to net cash provided by operating activities .1,608 2,943 (1,465) 1,025 4,111
Net cash provided by operating activities of continuing operations ............... 3,9221,655 (510 ) (1) 5,066
Net cash provided by operating activities of discontinuedoperations .............. —175 — — 175
Net cash provided by (used in) operating activities........................... 3,9221,830 (510 ) (1) 5,241
Cash flows from investing activities
Proceeds from maturities of investments:
Fixed maturities................................................. 3,9471,673 1— 5,621
Mortgage loans .................................................. 76 ———
76
Proceeds from sales of investments:
Fixed maturities................................................. 4,3813,564 ——
7,945
Equity securities ................................................. 1826320—
265
Mortgage loans .................................................. 40 21—— 61
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) (1,271) (87) 1 (1,913)
Other investments, net ................................................ 571311 — — 882
Securities transactions in course of settlement .............................. (877) (231)— — (1,108)
Net cash acquired in merger ............................................ (19) 167——
148
Other............................................................. —29 40 — 69
Net cash used in investing activities of continuing operations .................. (2,228) (2,393) (27 ) 1 (4,647)
Net cash used in investing activities of discontinued operations................. —(139) — — (139)
Net cash used in investing activities ...................................... (2,228) (2,532) (27 ) 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 —68— 111
Treasury stock acquired-net employee stock-based compensation ............... (22) —(1) — (23)
Dividends received by (paid to) parent company ............................ (1,690) (150)1,840 — —
Capital contributions and loans betwe en subsidiaries ......................... —940 (940) — —
Dividends to shareholders ............................................. (81) —(561 ) — (642)
Repurchase of minority interest of subsidiary ............................... (76) ——— (76)
Other............................................................. —20 19 — 39
Net cash provided by (used in) financing activities of continuing operations....... (1,880) 810 554 — (516)
Net cash used in financing activities of discontinued operations................ —(24) — — (24)
Net cash provided by (used in) financing activities ........................... (1,880) 786 554 — (540)
Effect of exchange rate changes on cash ................................... —7 ——
7
Elimination of cash provided by discontinued operations...................... —(12) —— (12)
Net increase (decrease) in cash.......................................... (186) 79 17 — (90)
Cash at beginning of period ............................................ 352— —— 352
Cash at end of period ................................................. $166 $ 79 $ 17 $ — $ 262
Supplemental disclosure of cash flow information
Income taxes paid (received)........................................... $747 $78$(219) $ — $ 606
Interest paid ........................................................ $ 138$ 6$ 142 $ — $ 286
(1) See note 3.
(2) The St. Paul Travelers Companies, Inc., excluding its subsidiaries.