Travelers 2015 Annual Report Download - page 254

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 year ended ended December 31, 2014
Other
(in millions) TPC Subsidiaries TRV Eliminations Consolidated
Cash flows from operating activities
Net income ............................. $2,780 $ 1,124 $ 3,692 $(3,904) $ 3,692
Net adjustments to reconcile net income to net cash
provided by operating activities ............... 343 (293) 118 (167) 1
Net cash provided by operating activities .......... 3,123 831 3,810 (4,071) 3,693
Cash flows from investing activities
Proceeds from maturities of fixed maturities ........ 6,625 4,258 11 — 10,894
Proceeds from sales of investments:
Fixed maturities ......................... 595 453 1 — 1,049
Equity securities ......................... 111 43 4 — 158
Real estate investments .................... 1 14 — — 15
Other investments ........................ 477 378 — — 855
Purchases of investments:
Fixed maturities ......................... (6,856) (4,465) (4) — (11,325)
Equity securities ......................... (3) (42) (7) — (52)
Real estate investments .................... (22) (26) — — (48)
Other investments ........................ (405) (149) — — (554)
Net purchases of short-term securities ............ (268) (223) (7) — (498)
Securities transactions in course of settlement ....... 44 38 — — 82
Acquisition, net of cash acquired ............... (9) (3) — (12)
Other ................................. (350) (8) — — (358)
Net cash provided by (used in) investing activities .... (60) 268 (2) — 206
Cash flows from financing activities
Treasury stock acquired—share repurchase
authorization ........................... — — (3,275) — (3,275)
Treasury stock acquired—net employee share-based
compensation ........................... — — (57) — (57)
Dividends paid to shareholders ................. — — (729) — (729)
Issuance of common stock—employee share options . . . — — 195 — 195
Excess tax benefits from share-based payment
arrangements ........................... — — 57 — 57
Dividends paid to parent company .............. (2,978) (1,093) — 4,071 —
Net cash used in financing activities ............. (2,978) (1,093) (3,809) 4,071 (3,809)
Effect of exchange rate changes on cash ........... (1) (9) — — (10)
Net increase (decrease) in cash ................ 84 (3) (1) — 80
Cash at beginning of year .................... 137 154 3 — 294
Cash at end of year ........................ $ 221 $ 151 $ 2 $ — $ 374
Supplemental disclosure of cash flow information
Income taxes paid (received) .................. $ 947 $ 336 $ (136) $ — $ 1,147
Interest paid ............................. $ 47 $ — $ 318 $ — $ 365
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