2009-04-10_REPORT - M1980244 (3)

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Liberty Mutual Holding Company Inc. Consolidated Statements of Cash Flows (dollars in millions) (unaudited) 2008 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Realized investment losses (gains) Undistributed private equity investment losses (gains) Premium, other receivables, and reinsurance recovcrables Deferred policy acquisition costs Liabilities 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 Payment for purchase of companies, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net activity in policyholder accounts Debt financing, net Net security lending activity and other financing actitivitcs Net cash provided by financing activities Effect of exchange rate changes on cash Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Supplemental disclosure of cash flow information: Income taxes paid Years Ended December 31, 2007 2006 $ 1,140 $ 1,518 $ 1,626 313 260 238 330 (436) (343) 5 (324) (275) 582 755 660 (16) (126) (154) 1,793 2,272 1,865 (126) 256 169 (1,276) (133) 109 1,605 2,524 2,269 2,745 4,042 3,895 (13,668) (19,719) (20,952) 18,257 18,405 16,508 (143) (259) (762) (5,414) (2,700) (48) (185) (430) 270 1,153 (4,703) (4,984) 62 34 69 1,121 889 646 (65) (602) 684 1,118 321 1,399 (61) 27 47 2,649 (313) 357 3,199 3,512 3,155 $ 5,848 $ 3,199 $ 3,512 $ 310 $ 563 $ 496 See accompanying notes to the unaudited consolidated financial statements.