Mercury Insurance 2009 Annual Report Download - page 128
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SCHEDULE II, Continued
MERCURY GENERAL CORPORATION
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
Year Ended December 31,
2009 2008 2007
(Amounts in thousands)
Cash flows from operating activities:
Net cash provided by (used in) operating activities ................ $ 19,094 $ 4,582 $ (9,627)
Cash flows from investing activities:
Capital contribution to controlled entities ....................... — — (11,250)
Dividends from subsidiaries .................................. 110,000 140,000 127,000
Fixed maturities:
Calls or maturities ..................................... 320 397 353
Equity securities:
Purchases ............................................ (8,021) (24,473) (52,121)
Sales ................................................ 6,486 19,129 47,764
Decrease in payable for securities, net .......................... (1,719) (602) (204)
Net decrease (increase) in short-term investments ................ 47,274 (14,279) 7,231
Other, net ................................................ (3,260) 167 (207)
Net cash provided by investing activities .................... 151,080 120,339 118,566
Cash flows from financing activities:
Dividends paid to shareholders ............................... (127,617) (127,011) (113,802)
Stock options exercised ..................................... 393 1,286 2,173
Excess tax benefit from exercise of stock options ................. 5 121 273
Net cash used in financing activities ....................... (127,219) (125,604) (111,356)
Net increase (decrease) in cash ................................... 42,955 (683) (2,417)
Cash:
Beginning of the year ....................................... 2,389 3,072 5,489
End of the year ............................................ $ 45,344 $ 2,389 $ 3,072
See accompanying notes to condensed financial information.
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