Exhibit 99(i)
Consolidated Statements of Cash Flows
THE ST. PAUL COMPANIES
| | Year Ended December 31 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2001 | 2000 | 1999 | |||||||||
| | (In Millions) | |||||||||||
| OPERATING ACTIVITIES | ||||||||||||
| Net income (loss) | $ | (1,088 | ) | $ | 993 | $ | 834 | |||||
| Adjustments: | ||||||||||||
| Loss (income) from discontinued operations | 79 | (23 | ) | (129 | ) | |||||||
| Change in property-liability insurance reserves | 4,399 | (34 | ) | (82 | ) | |||||||
| Change in reinsurance balances | (2,109 | ) | (807 | ) | (502 | ) | ||||||
| Realized investment losses (gains) | 94 | (632 | ) | (286 | ) | |||||||
| Change in deferred acquisition costs | (53 | ) | (45 | ) | 123 | |||||||
| Change in insurance premiums receivable | (198 | ) | (450 | ) | (290 | ) | ||||||
| Change in accounts payable and accrued expenses | (87 | ) | 29 | 145 | ||||||||
| Change in income taxes payable/refundable | (212 | ) | (3 | ) | 26 | |||||||
| Provision for federal deferred tax expense (benefit) | (81 | ) | 372 | 102 | ||||||||
| Depreciation, amortization and goodwill writeoff | 180 | 105 | 118 | |||||||||
| Cumulative effect of accounting change | — | — | 30 | |||||||||
| Other | (40 | ) | (93 | ) | 58 | |||||||
| Net Cash Provided (Used) by Continuing Operations | 884 | (588 | ) | 147 | ||||||||
| Net Cash Provided (Used) by Discontinued Operations | 103 | 25 | (197 | ) | ||||||||
| Net Cash Provided (Used) by Operating Activities | 987 | (563 | ) | (50 | ) | |||||||
INVESTING ACTIVITIES | ||||||||||||
| Purchases of investments | (7,033 | ) | (5,154 | ) | (4,578 | ) | ||||||
| Proceeds from sales and maturities of investments | 6,281 | 6,290 | 5,472 | |||||||||
| Sales (purchases) of short-term investments | (256 | ) | 199 | (466 | ) | |||||||
| Net proceeds from sale of subsidiaries | 362 | 201 | 251 | |||||||||
| Change in open security transactions | 177 | 7 | (47 | ) | ||||||||
| Venture capital partnership distributions | 52 | 57 | 63 | |||||||||
| Purchase of office property and equipment | (70 | ) | (88 | ) | (153 | ) | ||||||
| Sales of office property and equipment | 9 | 10 | 70 | |||||||||
| Acquisitions, net of cash acquired | (218 | ) | (212 | ) | — | |||||||
| Other | (15 | ) | 4 | (19 | ) | |||||||
| Net Cash Provided (Used) by Continuing Operations | (711 | ) | 1,314 | 593 | ||||||||
| Net Cash Used by Discontinued Operations | (583 | ) | (632 | ) | (894 | ) | ||||||
| Net Cash Provided (Used) by Investing Activities | (1,294 | ) | 682 | (301 | ) | |||||||
FINANCING ACTIVITIES | ||||||||||||
| Dividends paid on common and preferred stock | (245 | ) | (241 | ) | (246 | ) | ||||||
| Proceeds from issuance of debt | 650 | 498 | 250 | |||||||||
| Proceeds from issuance of redeemable preferred securities | 575 | — | — | |||||||||
| Repayment of debt | (196 | ) | (363 | ) | (52 | ) | ||||||
| Repurchase of common shares | (589 | ) | (536 | ) | (356 | ) | ||||||
| Subsidiary's repurchase of common shares | (172 | ) | (51 | ) | (36 | ) | ||||||
| Retirement of preferred securities | (40 | ) | — | (79 | ) | |||||||
| Stock options exercised and other | 84 | 73 | 7 | |||||||||
| Net Cash Provided (Used) by Continuing Operations | 67 | (620 | ) | (512 | ) | |||||||
| Net Cash Provided by Discontinued Operations | 343 | 448 | 873 | |||||||||
| Net Cash Provided (Used) by Financing Activities | 410 | (172 | ) | 361 | ||||||||
| Effect of exchange rate changes on cash | (4 | ) | — | — | ||||||||
| Increase (Decrease) in Cash | 99 | (53 | ) | 10 | ||||||||
| Cash at beginning of year | 52 | 105 | 95 | |||||||||
| Cash at End of Year | $ | 151 | $ | 52 | $ | 105 | ||||||
See notes to consolidated financial statements.
