Travelers 2013 Annual Report Download - page 267

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, 2012
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Cash flows from operating activities
Net income ........................... $1,857 $ 798 $ 2,473 $(2,655) $ 2,473
Net adjustments to reconcile net income to net cash
provided by operating activities ............ 715 7 (700) 735 757
Net cash provided by operating activities ....... 2,572 805 1,773 (1,920) 3,230
Cash flows from investing activities
Proceeds from maturities of fixed maturities ..... 5,905 2,462 2 — 8,369
Proceeds from sales of investments:
Fixed maturities ...................... 730 355 2 — 1,087
Equity securities ...................... 21 16 — — 37
Real estate investments ................. — 53 — — 53
Other investments ..................... 555 280 — — 835
Purchases of investments:
Fixed maturities ...................... (7,361) (3,077) (9) — (10,447)
Equity securities ...................... (18) (28) (2) — (48)
Real estate investments ................. — (95) — — (95)
Other investments ..................... (371) (163) — — (534)
Net sales (purchases) of short-term securities ..... (308) 44 381 — 117
Securities transactions in course of settlement .... 14 (36) (1) — (23)
Other ............................... (323) — — — (323)
Net cash provided by (used in) investing activities . (1,156) (189) 373 — (972)
Cash flows from financing activities
Payment of debt ........................ — — (258) — (258)
Dividends paid to shareholders .............. — — (694) — (694)
Issuance of common stock—employee share options — — 295 — 295
Treasury stock acquired—share repurchase
authorization ........................ — — (1,474) — (1,474)
Treasury stock acquired—net employee share-based
compensation ........................ — — (53) — (53)
Excess tax benefits from share-based payment
arrangements ........................ — — 38 — 38
Dividends paid to parent company ............ (1,353) (567) — 1,920 —
Net cash used in financing activities .......... (1,353) (567) (2,146) 1,920 (2,146)
Effect of exchange rate changes on cash ........ — 4 — — 4
Net increase in cash ..................... 63 53 — — 116
Cash at beginning of year ................. 114 98 2 — 214
Cash at end of year ..................... $ 177 $ 151 $ 2 $ — $ 330
Supplemental disclosure of cash flow information
Income taxes paid (received) ............... $ 287 $ 108 $ (207) $ — $ 188
Interest paid .......................... $ 73 $ — $ 302 $ — $ 375
(1) The Travelers Companies, Inc., excluding its subsidiaries.
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