Travelers 2007 Annual Report Download - page 248

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, 2006
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Cash flows from operating activities
Net income ............................ $3,012 $ 1,267 $ 4,208 $(4,279) $ 4,208
Net adjustments to reconcile net income to net cash
provided by operating activities .............. (153) 525 (2,930) 3,124 566
Net cash provided by operating activities ......... 2,859 1,792 1,278 (1,155) 4,774
Cash flows from investing activities
Proceeds from maturities of fixed maturities ....... 3,410 2,388 12 — 5,810
Proceeds from sales of investments:
Fixed maturities ........................ 2,192 2,166 43 — 4,401
Equity securities ........................ 195 90 — — 285
Other investments ...................... 765 346 — — 1,111
Purchases of investments:
Fixed maturities ........................ (7,852) (5,960) (33) — (13,845)
Equity securities ........................ (11) (72) — — (83)
Real estate ........................... (2) (73) — — (75)
Other investments ...................... (567) (138) — — (705)
Net (purchases) sales of short-term securities ....... (481) 264 132 — (85)
Securities transactions in course of settlement ...... 539 (92) — — 447
Other ................................ (327) 2 — — (325)
Net cash provided by (used in) investing activities . . . (2,139) (1,079) 154 — (3,064)
Cash flows from financing activities
Issuance of debt ......................... — — 786 — 786
Payment of debt ......................... (154) — (652) — (806)
Dividends paid to shareholders ................ — — (702) — (702)
Issuance of common stock—employee share options . . — — 216 — 216
Treasury shares acquired—share repurchase program . . — — (1,103) — (1,103)
Treasury shares acquired—net employee share-based
compensation ......................... — — (17) — (17)
Excess tax benefits from share-based payment
arrangements ......................... — — 16 — 16
Dividends paid to parent company .............. (375) (780) — 1,155 —
Capital contributions and loans between subsidiaries . . — (8) 8 — —
Other ................................ (2) — 19 — 17
Net cash used in financing activities ............ (531) (788) (1,429) 1,155 (1,593)
Effect of exchange rate changes on cash .......... — 5 — — 5
Net increase (decrease) in cash ................ 189 (70) 3 — 122
Cash at beginning of period .................. 136 200 1 — 337
Cash at end of period ..................... $ 325 $ 130 $ 4 $ — $ 459
Supplemental disclosure of cash flow information
Income taxes paid (received) ................. $ 869 $ 156 $ (164) $ — $ 861
Interest paid ........................... $ 138 $ — $ 220 $ — $ 358
(1) The Travelers Companies, Inc., excluding its subsidiaries.
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