Travelers 2007 Annual Report Download - page 249

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, 2005
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Cash flows from operating activities
Net income ................................... $1,769 $ 446 $ 1,622 $(2,215) $ 1,622
Net adjustments to reconcile net income to net cash provided by
operating activities ............................. 859 309 (471) 1,270 1,967
Net cash provided by operating activities of continuing operations . . 2,628 755 1,151 (945) 3,589
Net cash provided by operating activities of discontinued operations ... — 24 — — 24
Net cash provided by operating activities ................. 2,628 779 1,151 (945) 3,613
Cash flows from investing activities
Proceeds from maturities of 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 ............................... 343 60 — — 403
Real estate .................................. — 37 — — 37
Other investments .............................. 1,102 258 — — 1,360
Purchases of investments:
Fixed maturities ............................... (9,417) (5,618) (1,011) — (16,046)
Equity securities ............................... (9) (54) — — (63)
Real estate .................................. (7) (42) — — (49)
Other investments .............................. (511) (125) — — (636)
Net (purchases) sales of short-term securities ............... 553 571 (982) — 142
Securities transactions in course of settlement .............. (583) (12) — — (595)
Other ....................................... (128) (4) — — (132)
Net cash used in investing activities of continuing operations ..... (2,618) (1,015) (1,802) — (5,435)
Net cash used in 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 paid to shareholders ....................... — — (628) — (628)
Issuance of common stock—employee share options .......... — — 164 — 164
Issuance of common stock—maturity of equity unit forward contracts . . — — 442 — 442
Treasury shares acquired—net employee share-based compensation . — — (33) — (33)
Dividends paid to parent company ..................... (860) (85) — 945 —
Capital contributions and loans between subsidiaries .......... 824 66 (890) — —
Other ....................................... — — (3) — (3)
Net cash used in financing activities of continuing operations .... (40) (19) (1,359) 945 (473)
Net cash provided by financing activities of discontinued operations .— 4 — — 4
Net cash used in financing activities .................... (40) (15) (1,359) 945 (469)
Effect of exchange 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 ......................... 166 79 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.
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