Mercury Insurance 2008 Annual Report Download - page 102

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S-6
SCHEDULE II, Continued
MERCURY GENERAL CORPORATION
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
Three years ended December 31,
2008 2007 2006
Cash flows from operating activities:
Net cash provided by (used in) operating activities 4,582$ (9,627)$ (10,733)$
Cash flows from investing activities
Capital contribution to controlled entities - (11,250) (20,000)
Dividends from subsidiaries 140,000 127,000 168,000
Fixed maturities available for sale in nature:
Purchases - - (9)
Sales - - 333
Calls or maturities 397 353 -
Equity securities available for sale in nature:
Purchases (24,473) (52,121) (73,310)
Sales 19,129 47,764 72,469
Decrease in payable for securities, net (602) (204) (254)
Net (increase) decrease in short-term investments (14,279) 7,231 (31,901)
Other, net 167 (207) 18
Net cash provided by investing activities 120,339 118,566 115,346
Cash flows from financing activities:
Dividends paid to shareholders (127,011) (113,802) (104,960)
Stock options exercised 1,286 2,173 1,943
Excess tax benefit from exercise of stock options 121 273 505
Net cash used in financing activities (125,604) (111,356) (102,512)
Net (decrease) increase in cash (683) (2,417) 2,101
Cash:
Beginning of the year 3,072 5,489 3,388
End of the year 2,389$ 3,072$ 5,489$
(Amounts in thousands)
See accompanying notes to condensed financial information.