Travelers 2012 Annual Report Download - page 265

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, 2010
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Cash flows from operating activities
Net income ........................... $2,464 $ 1,033 $ 3,216 $(3,497) $ 3,216
Net adjustments to reconcile net income to net cash
provided by operating activities ............ (77) (514) 3,626 (3,197) (162)
Net cash provided by operating activities ....... 2,387 519 6,842 (6,694) 3,054
Cash flows from investing activities
Proceeds from maturities of fixed maturities ..... 3,920 1,966 10 — 5,896
Proceeds from sales of investments:
Fixed maturities ...................... 2,289 1,424 — — 3,713
Equity securities ...................... 29 148 24 — 201
Real estate investments ................. — 10 — — 10
Other investments ..................... 338 280 99 — 717
Purchases of investments:
Fixed maturities ...................... (4,201) (2,576) (8) — (6,785)
Equity securities ...................... (2) (33) (26) — (61)
Real estate investments ................. — (21) — — (21)
Other investments ..................... (305) (209) — — (514)
Net sales (purchases) of short-term securities ..... 632 392 (1,723) — (699)
Securities transactions in course of settlement .... (4) (26) — — (30)
Other ............................... (313) (5) — — (318)
Net cash provided by (used in) investing activities . 2,383 1,350 (1,624) — 2,109
Cash flows from financing activities
Payment of debt ........................ (4) — (1,156) — (1,160)
Issuance of debt ........................ — — 1,234 — 1,234
Dividends paid to shareholders .............. — — (673) — (673)
Issuance of common stock—employee share options — — 408 — 408
Treasury stock acquired—share repurchase
authorization ........................ — — (4,998) — (4,998)
Treasury stock acquired—net employee share-based
compensation ........................ — — (40) — (40)
Excess tax benefits from share-based payment
arrangements ........................ — — 8 — 8
Dividends paid to parent company ............ (4,827) (1,849) — 6,676 —
Capital contributions, loans and other transactions
between subsidiaries ................... 15 (35) 2 18 —
Net cash used in financing activities .......... (4,816) (1,884) (5,215) 6,694 (5,221)
Effect of exchange rate changes on cash ........ — 3 — — 3
Net increase (decrease) in cash .............. (46) (12) 3 — (55)
Cash at beginning of year ................. 132 122 1 — 255
Cash at end of year ..................... $ 86 $ 110 $ 4 $ — $ 200
Supplemental disclosure of cash flow information
Income taxes paid (received) ............... $ 579 $ 321 $ (116) $ — $ 784
Interest paid .......................... $ 73 $ — $ 324 $ — $ 397
(1) The Travelers Companies, Inc., excluding its subsidiaries.
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