Travelers 2007 Annual Report Download - page 247

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
18. CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND
SUBSIDIARIES (Continued)
CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the twelve months ended December 31, 2007
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Cash flows from operating activities
Net income ........................... $3,305 $ 1,452 $ 4,601 $(4,757) $ 4,601
Net adjustments to reconcile net income to net cash
provided by operating activities ............ (81) 732 (2,304) 2,338 685
Net cash provided by operating activities ....... 3,224 2,184 2,297 (2,419) 5,286
Cash flows from investing activities
Proceeds from maturities of fixed maturities ..... 2,972 2,312 21 — 5,305
Proceeds from sales of investments:
Fixed maturities ...................... 3,730 3,584 9 — 7,323
Equity securities ...................... 67 39 — — 106
Real estate .......................... 9 2 — — 11
Other investments ..................... 820 640 — — 1,460
Purchases of investments:
Fixed maturities ...................... (8,077) (6,642) — — (14,719)
Equity securities ...................... (62) (71) (2) — (135)
Real estate .......................... (1) (73) — — (74)
Other investments ..................... (543) (197) — — (740)
Net purchases of short-term securities ......... (72) (292) (198) — (562)
Securities transactions in course of settlement .... (96) (24) (3) — (123)
Other ............................... (427) 49 — — (378)
Net cash used in investing activities ........... (1,680) (673) (173) — (2,526)
Cash flows from financing activities
Issuance of debt ........................ — — 2,461 — 2,461
Payment of debt ........................ (860) — (1,096) — (1,956)
Dividends paid to shareholders .............. — — (742) — (742)
Issuance of common stock—employee share options . — — 218 — 218
Treasury shares acquired—share repurchase
program ........................... — — (2,920) — (2,920)
Treasury shares acquired—net employee share-
based compensation .................... — — (39) — (39)
Excess tax benefits from share-based payment
arrangements ........................ — — 25 — 25
Dividends paid to parent company ............ (1,287) (1,440) — 2,727 —
Capital contributions and loans between
subsidiaries ......................... 480 (151) (21) (308) —
Net cash used in financing activities .......... (1,667) (1,591) (2,114) 2,419 (2,953)
Effect of exchange rate changes on cash ........ — 5 — — 5
Net increase (decrease) in cash .............. (123) (75) 10 — (188)
Cash at beginning of period ................ 325 130 4 — 459
Cash at end of period .................... $ 202 $ 55 $ 14 $ — $ 271
Supplemental disclosure of cash flow information
Income taxes paid (received) ............... $1,074 $ 438 $ (166) $ — $ 1,346
Interest paid .......................... $ 109 $ — $ 248 $ — $ 357
(1) The Travelers Companies, Inc., excluding its subsidiaries.
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