Travelers 2006 Annual Report Download - page 253

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
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21. CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND
SUBSIDIARIES (Continued)
CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the year ended December 31, 2005
(in millions) TPC
Other
Subsidiaries Travelers(1)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 cashprovidedby operating activities of continuing operations ...2,628 755 206 —3,589
Net cashprovidedby operating activities ofdiscontinued
operations ............................................ —24 — — 24
Net cashprovidedby operating activities ...................... 2,628 779 206 —3,613
Cash flows frominvesting activities
Proceedsfrom maturitiesof fixed maturities.................... 2,944 1,996 12 —4,952
Proceeds from sales of investments:
Fixed maturities. ....................................... 3,095 1,918 179—5,192
Equity securities....................................... 34360 — — 403
Real estate............................................ —37 — — 37
Purchases of investments:
Fixed maturities. ....................................... (9,417)(5,618)(1,011)—(16,046 )
Equity securities....................................... (9)(54)— — (63 )
Real estate............................................ (7)(42)— — (49 )
Short-term securities, (purchases) sales,net .................... 553571 (982)—142
Other investments,net .................................... 591133 — — 724
Securities transactions in course of settlement ................... (583)(12)— — (595)
Other ................................................. (128)(4)— — (132)
Net cash usedin investing activities of continuing operations....... (2,618)(1,015)(1,802)—(5,435)
Net cash usedin investing activities of discontinued operations .....—(20)— — (20 )
Net cash used in investing activities.......................... (2,618)(1,035)(1,802)—(5,455)
Cash flows from financing activities
Issuance of debt ......................................... — — 400 —400
Payment of debt......................................... (4)—(811)—(815)
Dividends to shareholders. ................................. — — (628)—(628)
Issuance of commonstock—employee shareoptions.............. — — 164 —164
Issuance of common stock—maturity of equity unit forward
contracts............................................. — — 442 —442
Treasury stock acquired—net employee share-based compensation .. — — (33 )—(33 )
Dividendsreceived by (paid to) parent company ................. (860)(85)945 — —
Capital contributions andloans between subsidiaries............. 82466 (890)— —
Other ................................................. — — (3)—(3)
Net cash usedin financing activities of continuing operations....... (40 )(19)(414)—(473)
Net cashprovidedby financing activities ofdiscontinued operations .—4— — 4
Net cash used in financing activities.......................... (40 )(15)(414)—(469)
Effectofexchange rate changes on cash....................... —(5)— — (5)
Elimination of cash provided by discontinued operations .......... —(8)— — (8)
Net proceeds from sale of discontinued operations ............... —405 1,994—2,399
Net increase(decrease) in cash.............................. (30 )121 (16 )—75
Cash at beginning of period................................. 16679 17 —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)The Travelers Companies, Inc., excluding its subsidiaries.