Travelers 2011 Annual Report Download - page 260

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
17. CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND
SUBSIDIARIES (Continued)
CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the twelve months ended December 31, 2009
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Cash flows from operating activities
Net income ........................... $2,633 $ 1,050 $ 3,622 $(3,683) $ 3,622
Net adjustments to reconcile net income to net cash
provided by operating activities ............ 510 276 (345) 168 609
Net cash provided by operating activities ....... 3,143 1,326 3,277 (3,515) 4,231
Cash flows from investing activities
Proceeds from maturities of fixed maturities ..... 2,903 2,376 37 — 5,316
Proceeds from sales of investments:
Fixed maturities ...................... 1,342 1,457 6 — 2,805
Equity securities ...................... 20 45 — — 65
Other investments ..................... 253 116 142 — 511
Purchases of investments:
Fixed maturities ...................... (5,368) (4,277) (2) — (9,647)
Equity securities ...................... — (24) — — (24)
Real estate .......................... — (15) — — (15)
Other investments ..................... (224) (125) — — (349)
Net sales (purchases) of short-term securities ..... (28) 419 (21) — 370
Securities transactions in course of settlement .... 372 23 — — 395
Other ............................... (305) (21) — — (326)
Net cash provided by (used in) investing activities . (1,035) (26) 162 — (899)
Cash flows from financing activities
Payment of debt ........................ (2) — (141) — (143)
Issuance of debt ........................ — — 494 — 494
Dividends paid to shareholders .............. — — (693) — (693)
Issuance of common stock—employee share options . — — 180 — 180
Treasury shares acquired—share repurchase
authorization ........................ — — (3,259) — (3,259)
Treasury shares acquired—net employee share-
based compensation .................... — — (29) — (29)
Excess tax benefits from share-based payment
arrangements ........................ — — 8 — 8
Dividends paid to parent company ............ (2,157) (1,340) — 3,497 —
Capital contributions, loans and other transactions
between subsidiaries ................... — (20) 2 18 —
Net cash used in financing activities .......... (2,159) (1,360) (3,438) 3,515 (3,442)
Effect of exchange rate changes on cash ........ — 15 — — 15
Net increase (decrease) in cash .............. (51) (45) 1 — (95)
Cash at beginning of year ................. 183 167 — — 350
Cash at end of year ..................... $ 132 $ 122 $ 1 $ — $ 255
Supplemental disclosure of cash flow information
Income taxes paid (received) ............... $ 799 $ 302 $ (225) $ — $ 876
Interest paid .......................... $ 73 $ — $ 312 $ — $ 385
(1) The Travelers Companies, Inc., excluding its subsidiaries.
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