2012-04-10_REPORT - M1980244

• Permit No: M1980244
• IBM Index Class Name: REPORT
• Doc Date: 4/10/2012
• Doc Name: ANNUAL FEE/REPORT
• From: CC&V
• To: DRMS
• Email Name: TC1
• Media Type: D
• Archive: No

Liberty Mutual Holding Company Inc.
Consolidated Statements of Cash Flows
(dollars in millions)
Years Ended December 31,
2011 2010 2009
Cash flows from operating activities:
Consolidated net income $ 368 $ 1,684 $ 1,023
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 588 459 397
Realized gains (158) (402) (26)
Undistributed private equity investment (gains) losses (583) (364) 423
Premium, other receivables, and reinsurance recoverables (543) (132) 526
Deferred acquisition costs (153) (167) (131)
Liabilities for insurance reserves 3,103 1,081 197
Taxes payable, net of deferred (280) 649 (173)
Other, net (241) (47) 251
Total adjustments 1,733 1,077 1,464
Net cash provided by operating activities 2,101 2,761 2,487
Cash flows from investing activities:
Purchases of investments (14,080) (19,578) (18,874)
Sales and maturities of investments 12,704 17,721 14,928
Property and equipment purchased, net (682) (507) (355)
Cash acquired through acquisitions, net of cash paid 1,125 - -
Other investing activities (194) (40) 173
Net cash used in investing activities (1,127) (2,404) (4,128)
Cash flows from financing activities:
Net activity in policyholder accounts 283 194 122
Debt financing, net (195) (301) (84)
Net security lending activity and other financing actitivites 77 50 621
Net cash provided by (used in) financing activities 165 (57) 659
Effect of exchange rate changes on cash (97) (217) (19)
Net increase (decrease) in cash and cash equivalents 1,042 83 (1,001)
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Supplemental disclosure of cash flow information:
Income tax paid (refund) $
See accompanying notes to the audited consolidated financial statements.
4,930 4,847 5,848
5,972 $ 4,930 $ 4,847
209 $
(2) $ 366