Travelers 2006 Annual Report Download - page 254

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 yearended December31, 2004(1)
(in millions) TPC
Other
Subsidiaries 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 providedby (used in) operating activities of
continuing operations ................................... 3,922 1,655 (510)(1)5,066
Net cash providedby operating activities ofdiscontinued operations .—175— — 175
Net cash providedby (used in) operating activities ............... 3,922 1,830 (510)(1)5,241
Cash flows frominvesting activities
Proceedsfrom maturitiesof fixed maturities.................... 3,947 1,673 1—5,621
Proceeds from sales of investments:
Fixed maturities. ....................................... 4,381 3,564 — — 7,945
Equity securities....................................... 18263 20 —265
Purchases of investments:
Fixed maturities. ....................................... (9,863)(6,659)— — (16,522)
Equity securities....................................... (55 )(38 )(1)—(94 )
Real estate............................................ —(22 )— — (22 )
Short-term securities, (purchases) sales,net .................... (556)(1,271)(87 )1(1,913)
Other investments,net .................................... 632332— — 964
Securities transactions in course of settlement ................... (877)(231)— — (1,108)
Net cash acquiredin merger ................................ (19 )167— — 148
Other ................................................. —29 40 —69
Net cash provided by (used in) investing activities of
continuing operations ................................... (2,228)(2,393)(27 )1(4,647)
Net cash usedin investing activities of discontinued operations .....—(139)— — (139)
Net cash provided by (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)
Dividends to shareholders. ................................. (81 )—(561)—(642)
Issuance of common stock-employee share options............... 43 —68 —111
Treasury stock acquired—net employee share-based compensation .. (22 )—(1)—(23 )
Dividendsreceived by (paid to) parent company ................. (1,690)(150)1,840 — —
Capital contributions andloans between subsidiaries............. —940(940)— —
Repurchaseof minority interest of subsidiary ................... (76 )— — — (76 )
Other ................................................. —20 19 —39
Net cash providedby (used in) financing activities of continuing
operations............................................ (1,880)810554 —(516)
Net cash usedin financing activities of discontinued operations.....—(24 )— — (24 )
Net cash providedby (used in) financing activities ............... (1,880)786554 —(540)
Effectofexchange rate changes on cash....................... —7— — 7
Elimination of cash provided bydiscontinued 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 Travelers Companies, Inc., excluding its subsidiaries.