Travelers 2012 Annual Report Download - page 264

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, 2011
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Cash flows from operating activities
Net income ........................... $1,182 $ 382 $ 1,426 $(1,564) $ 1,426
Net adjustments to reconcile net income to net cash
provided by operating activities ............ 736 98 635 (726) 743
Net cash provided by operating activities ....... 1,918 480 2,061 (2,290) 2,169
Cash flows from investing activities
Proceeds from maturities of fixed maturities ..... 4,902 2,502 — — 7,404
Proceeds from sales of investments:
Fixed maturities ...................... 720 440 1 — 1,161
Equity securities ...................... 82 53 — — 135
Real estate investments ................. 1 — — — 1
Other investments ..................... 343 251 — — 594
Purchases of investments:
Fixed maturities ...................... (5,714) (2,978) (12) — (8,704)
Equity securities ...................... (30) (71) (30) — (131)
Real estate investments ................. (24) (42) — — (66)
Other investments ..................... (711) (178) — — (889)
Net sales (purchases) of short-term securities ..... 717 25 1,276 — 2,018
Securities transactions in course of settlement .... (46) 46 — — —
Other ............................... (351) (20) — — (371)
Net cash provided by (used in) investing activities . (111) 28 1,235 — 1,152
Cash flows from financing activities
Payment of debt ........................ — (8) — — (8)
Dividends paid to shareholders .............. — — (665) — (665)
Issuance of common stock—employee share options — — 314 — 314
Treasury stock acquired—share repurchase
authorization ........................ — — (2,919) — (2,919)
Treasury stock acquired—net employee share-based
compensation ........................ — — (46) — (46)
Excess tax benefits from share-based payment
arrangements ........................ — — 18 — 18
Dividends paid to parent company ............ (1,779) (521) — 2,300 —
Capital contributions, loans and other transactions
between subsidiaries ................... — 10 — (10) —
Net cash used in financing activities .......... (1,779) (519) (3,298) 2,290 (3,306)
Effect of exchange rate changes on cash ........ — (1) — — (1)
Net increase (decrease) in cash .............. 28 (12) (2) — 14
Cash at beginning of year ................. 86 110 4 — 200
Cash at end of year ..................... $ 114 $ 98 $ 2 $ — $ 214
Supplemental disclosure of cash flow information
Income taxes paid (received) ............... $ 206 $ 109 $ (97) $ — $ 218
Interest paid .......................... $ 73 $ — $ 309 $ — $ 382
(1) The Travelers Companies, Inc., excluding its subsidiaries.
252