Exhibit 99.i
Consolidated Statements of Cash Flows
The St. Paul Companies
Years ended December 31 |
| 2002 |
| 2001 |
| 2000 |
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(In millions) |
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Operating Activities |
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Net income (loss) |
| $ | 218 |
| $ | (1,088 | ) | $ | 993 |
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Adjustments: |
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Loss (income) from discontinued operations |
| 25 |
| 79 |
| (23 | ) | |||
Change in property-liability insurance reserves |
| 33 |
| 4,399 |
| (34 | ) | |||
Change in reinsurance balances |
| (970 | ) | (2,109 | ) | (807 | ) | |||
Change in deferred acquisition costs |
| 81 |
| (53 | ) | (45 | ) | |||
Change in insurance premiums receivable |
| 501 |
| (198 | ) | (450 | ) | |||
Change in accounts payable and accrued expenses |
| (6 | ) | (87 | ) | 29 |
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Change in income taxes payable/refundable |
| 183 |
| (212 | ) | (3 | ) | |||
Realized investment losses (gains) |
| 165 |
| 94 |
| (632 | ) | |||
Provision for federal deferred tax expense (benefit) |
| (141 | ) | (81 | ) | 372 |
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Depreciation, amortization and goodwill write-downs |
| 97 |
| 180 |
| 105 |
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Cumulative effect of accounting change |
| 6 |
| — |
| — |
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Other |
| (63 | ) | (40 | ) | (93 | ) | |||
Net Cash Provided (Used) by Continuing Operations |
| 129 |
| 884 |
| (588 | ) | |||
Net Cash Provided by Discontinued Operations |
| — |
| 103 |
| 25 |
| |||
Net Cash Provided (Used) by Operating Activities |
| 129 |
| 987 |
| (563 | ) | |||
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Investing Activities |
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Sales (purchases) of short-term investments |
| 43 |
| (256 | ) | 199 |
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Purchases of other investments |
| (7,578 | ) | (7,033 | ) | (5,154 | ) | |||
Proceeds from sales and maturities of other investments |
| 7,199 |
| 6,281 |
| 6,290 |
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Net proceeds from sale of subsidiaries |
| 23 |
| 362 |
| 201 |
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Change in open security transactions |
| (141 | ) | 177 |
| 7 |
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Venture capital distributions |
| 78 |
| 52 |
| 57 |
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Proceeds from repayment of note receivable |
| 70 |
| — |
| — |
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Purchase of office property and equipment |
| (65 | ) | (70 | ) | (88 | ) | |||
Sales of office property and equipment |
| 18 |
| 9 |
| 10 |
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Acquisitions, net of cash acquired |
| (216 | ) | (208 | ) | (212 | ) | |||
Other |
| 20 |
| (25 | ) | 4 |
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Net Cash Provided (Used) by Continuing Operations |
| (549 | ) | (711 | ) | 1,314 |
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Net Cash Used by Discontinued Operations |
| (5 | ) | (583 | ) | (632 | ) | |||
Net Cash Provided (Used) by Investing Activities |
| (554 | ) | (1,294 | ) | 682 |
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Financing Activities |
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Dividends paid on common and preferred stock |
| (253 | ) | (245 | ) | (241 | ) | |||
Proceeds from issuance of debt |
| 941 |
| 650 |
| 498 |
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Net proceeds from issuance of common shares |
| 413 |
| — |
| — |
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Proceeds from issuance of redeemable preferred securities |
| — |
| 575 |
| — |
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Repayment of debt |
| (405 | ) | (196 | ) | (363 | ) | |||
Retirement of preferred securities |
| (4 | ) | (40 | ) | — |
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Repurchase of common shares |
| — |
| (589 | ) | (536 | ) | |||
Subsidiary’s repurchase of common shares |
| (151 | ) | (172 | ) | (51 | ) | |||
Stock options exercised and other |
| 35 |
| 84 |
| 73 |
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Net Cash Provided (Used) by Continuing Operations |
| 576 |
| 67 |
| (620 | ) | |||
Net Cash Provided by Discontinued Operations |
| — |
| 343 |
| 448 |
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Net Cash Provided (Used) by Financing Activities |
| 576 |
| 410 |
| (172 | ) | |||
Effect of exchange rate changes on cash |
| 13 |
| (4 | ) | — |
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Increase (Decrease) in Cash |
| 164 |
| 99 |
| (53 | ) | |||
Cash at beginning of year |
|
| 151 |
|
| 52 |
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| 105 |
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Cash at End of Year |
| $ | 315 |
| $ | 151 |
| $ | 52 |
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See notes to consolidated financial statements.