2006-04-10_REPORT - M1980244

• Permit No: M1980244
• IBM Index Class Name: Report
• Doc Date: 4/10/2006
• Doc Name: Annual Fee/Report/Map
• From: CC&V
• To: DMG
• Permit Index Doc Type: Annual Fee / Report
• Media Type: D
• Archive: No

Liberty Mutual Holding Company Inc.
Consolidated Statements of Caeh Flows
(dollazs in millions)
(Unaudited)
Cash flows from operating activities:
Net income from continuing operations
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
Realized investment gains
Undistributed private equity investment gains
Premium, other receivables, and reinsurance recoverables
Deferred policy acquisition costs and distribution costs
Inabilities for insurance reserves
Taxes payable, net of deferred
Other, net
Total adjustments
Net cash provided by operating activities
Cash flows from investing activities:
Purchases of investments
Sales and maturities of investments
Property and equipment purchased, net
Other investing actinides
Net cash from acquisitions and dispositions
Net cash used in investing activities
Cash flows from financing actinides:
Yeats Ended Ended December 31,
2005 2[104
$ 1,039 8 1,219

209 191
(523) (312)
(127) (141)
(2,348) (2,589)
(122) (246)
4,623 5,512
(95) (229)
1,050 (198)
2,667 1,988
3,706 3,207

(22,189) (21,467)
19,098 18,858
(533) (208)
(156) (253)
as) n~)
(3,795) (3,149)
Net activity in policyholder accounts 20 109
Debt financing, net 373 534
Net security lending activity and other financing actitivites 297 (146)
Net cash provided by financing activities 690 497
Net cash (used in) provided by discontinued operations
Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
(3G) 36
565 591
2,590 1,999
$ 3,155 $ 2,590
See accompanying notes to the unaudited consolidated financial statements