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Consolidating Financial Statements (Unaudited) (Tables)
 6 Months Ended
Jun. 30, 2019
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure  
Consolidating Statement of Income (Unaudited) [Table Text Block]
CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the three months ended June 30, 2019
 
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Revenues
 
 

 
 

 
 

 
 

 
 

Premiums
 
$
4,786

 
$
2,202

 
$
—

 
$
—

 
$
6,988

Net investment income
 
455

 
181

 
12

 
—

 
648

Fee income
 
116

 
—

 
—

 
—

 
116

Net realized investment gains (1)
 
14

 
6

 
5

 
—

 
25

Other revenues
 
31

 
26

 
—

 
—

 
57

Total revenues
 
5,402

 
2,415

 
17

 
—

 
7,834

 
 
 
 
 
 
 
 
 
 
 
Claims and expenses
 
 

 
 

 
 

 
 

 
 

Claims and claim adjustment expenses
 
3,248

 
1,573

 
—

 
—

 
4,821

Amortization of deferred acquisition costs
 
740

 
394

 
—

 
—

 
1,134

General and administrative expenses
 
768

 
352

 
5

 
—

 
1,125

Interest expense
 
12

 
—

 
77

 
—

 
89

Total claims and expenses
 
4,768

 
2,319

 
82

 
—

 
7,169

Income (loss) before income taxes
 
634

 
96

 
(65
)
 
—

 
665

Income tax expense (benefit)
 
122

 
12

 
(26
)
 
—

 
108

Net income of subsidiaries
 
—

 
—

 
596

 
(596
)
 
—

Net income
 
$
512

 
$
84

 
$
557

 
$
(596
)
 
$
557

____________________________________________________
(1)
Total other-than-temporary impairments (OTTI) for the three months ended June 30, 2019, and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (OCI) were as follows:
 
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Total OTTI losses
 
$
—

 
$
(1
)
 
$
—

 
$
—

 
$
(1
)
OTTI losses recognized in net realized investment gains
 
$
—

 
$
(1
)
 
$
—

 
$
—

 
$
(1
)
OTTI losses recognized in OCI
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the three months ended June 30, 2018
 
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Revenues
 
 

 
 

 
 

 
 

 
 

Premiums
 
$
4,577

 
$
2,118

 
$
—

 
$
—

 
$
6,695

Net investment income
 
412

 
175

 
8

 
—

 
595

Fee income
 
112

 
—

 
—

 
—

 
112

Net realized investment gains (1)
 
18

 
16

 
2

 
—

 
36

Other revenues
 
13

 
27

 
—

 
(1
)
 
39

Total revenues
 
5,132

 
2,336

 
10

 
(1
)
 
7,477

 
 
 
 
 
 
 
 
 
 
 
Claims and expenses
 
 

 
 

 
 

 
 

 
 

Claims and claim adjustment expenses
 
3,064

 
1,498

 
—

 
—

 
4,562

Amortization of deferred acquisition costs
 
727

 
354

 
—

 
—

 
1,081

General and administrative expenses
 
766

 
343

 
5

 
(1
)
 
1,113

Interest expense
 
13

 
—

 
77

 
—

 
90

Total claims and expenses
 
4,570

 
2,195

 
82

 
(1
)
 
6,846

Income (loss) before income taxes
 
562

 
141

 
(72
)
 
—

 
631

Income tax expense (benefit)
 
104

 
21

 
(18
)
 
—

 
107

Net income of subsidiaries
 
—

 
—

 
578

 
(578
)
 
—

Net income
 
$
458

 
$
120

 
$
524

 
$
(578
)
 
$
524

 
_________________________________________________________
(1)
Total other-than-temporary impairments (OTTI) for the three months ended June 30, 2018, and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (loss) (OCI) were as follows:
 
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Total OTTI losses
 
$
(1
)
 
$
—

 
$
—

 
$
—

 
$
(1
)
OTTI losses recognized in net realized investment gains
 
$
(1
)
 
$
—

 
$
—

 
$
—

 
$
(1
)
OTTI losses recognized in OCI
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 


CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the six months ended June 30, 2019
 
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Revenues
 
 

 
 

 
 

 
 

 
 

Premiums
 
$
9,475

 
$
4,368

 
$
—

 
$
—

 
$
13,843

Net investment income
 
871

 
336

 
23

 
—

 
1,230

Fee income
 
225

 
—

 
—

 
—

 
225

Net realized investment gains (1)
 
36

 
21

 
21

 
—

 
78

Other revenues
 
69

 
60

 
—

 
—

 
129

Total revenues
 
10,676

 
4,785

 
44

 
—

 
15,505

Claims and expenses
 
 

 
 

 
 

 
 

 
 

Claims and claim adjustment expenses
 
6,272

 
2,991

 
—

 
—

 
9,263

Amortization of deferred acquisition costs
 
1,485

 
766

 
—

 
—

 
2,251

General and administrative expenses
 
1,490

 
682

 
10

 
—

 
2,182

Interest expense
 
24

 
—

 
153

 
—

 
177

Total claims and expenses
 
9,271

 
4,439

 
163

 
—

 
13,873

Income (loss) before income taxes
 
1,405

 
346

 
(119
)
 
—

 
1,632

Income tax expense (benefit)
 
268

 
54

 
(43
)
 
—

 
279

Net income of subsidiaries
 
—

 
—

 
1,429

 
(1,429
)
 
—

Net income
 
$
1,137

 
$
292

 
$
1,353

 
$
(1,429
)
 
$
1,353

_________________________________________________________ 
(1)
Total other-than-temporary impairment (OTTI) for the six months ended June 30, 2019, and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (OCI) were as follows:
 
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Total OTTI losses
 
$
(1
)
 
$
(1
)
 
$
—

 
$
—

 
$
(2
)
OTTI losses recognized in net realized investment gains
 
$
(1
)
 
$
(1
)
 
$
—

 
$
—

 
$
(2
)
OTTI losses recognized in OCI
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the six months ended June 30, 2018
 
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Revenues
 
 

 
 

 
 

 
 

 
 

Premiums
 
$
9,045

 
$
4,187

 
$
—

 
$
—

 
$
13,232

Net investment income
 
824

 
360

 
14

 
—

 
1,198

Fee income
 
215

 
—

 
—

 
—

 
215

Net realized investment gains (1)
 
20

 
4

 
1

 
—

 
25

Other revenues
 
40

 
55

 
—

 
(2
)
 
93

Total revenues
 
10,144

 
4,606

 
15

 
(2
)
 
14,763

Claims and expenses
 
 

 
 

 
 

 
 

 
 

Claims and claim adjustment expenses
 
5,974

 
2,884

 
—

 
—

 
8,858

Amortization of deferred acquisition costs
 
1,432

 
710

 
—

 
—

 
2,142

General and administrative expenses
 
1,495

 
671

 
11

 
(2
)
 
2,175

Interest expense
 
24

 
—

 
155

 
—

 
179

Total claims and expenses
 
8,925

 
4,265

 
166

 
(2
)
 
13,354

Income (loss) before income taxes
 
1,219

 
341

 
(151
)
 
—

 
1,409

Income tax expense (benefit)
 
210

 
53

 
(47
)
 
—

 
216

Net income of subsidiaries
 
—

 
—

 
1,297

 
(1,297
)
 
—

Net income
 
$
1,009

 
$
288

 
$
1,193

 
$
(1,297
)
 
$
1,193

_________________________________________________________
(1)
Total other-than-temporary impairment (OTTI) for the six months ended June 30, 2018, and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (loss) (OCI) were as follows:
 
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Total OTTI losses
 
$
(1
)
 
$
—

 
$
—

 
$
—

 
$
(1
)
OTTI losses recognized in net realized investment gains
 
$
(1
)
 
$
—

 
$
—

 
$
—

 
$
(1
)
OTTI losses recognized in OCI
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—
Consolidating Statement of Comprehensive Income (Loss) (Unaudited) [Table Text Block]
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
For the three months ended June 30, 2019
 
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Net income
 
$
512

 
$
84

 
$
557

 
$
(596
)
 
$
557

 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income:
 
 

 
 

 
 

 
 

 
 

Changes in net unrealized gains (losses) on investment securities:
 
 

 
 

 
 

 
 

 
 

Having no credit losses recognized in the consolidated statement of income
 
786

 
321

 
1

 
—

 
1,108

Having credit losses recognized in the consolidated statement of income
 
(3
)
 
(1
)
 
—

 
—

 
(4
)
Net changes in benefit plan assets and obligations
 
—

 
—

 
14

 
—

 
14

Net changes in unrealized foreign currency translation
 
23

 
(18
)
 
—

 
—

 
5

Other comprehensive income before income taxes and other comprehensive income of subsidiaries
 
806

 
302

 
15

 
—

 
1,123

Income tax expense
 
167

 
67

 
1

 
—

 
235

Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries
 
639

 
235

 
14

 
—

 
888

Other comprehensive income of subsidiaries
 
—

 
—

 
874

 
(874
)
 
—

Other comprehensive income
 
639

 
235

 
888

 
(874
)
 
888

Comprehensive income
 
$
1,151

 
$
319

 
$
1,445

 
$
(1,470
)
 
$
1,445

 
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
For the three months ended June 30, 2018
 
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Net income
 
$
458

 
$
120

 
$
524

 
$
(578
)
 
$
524

 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 

 
 

 
 

 
 

 
 

Changes in net unrealized gains (losses) on investment securities:
 
 

 
 

 
 

 
 

 
 

Having no credit losses recognized in the consolidated statement of income
 
(209
)
 
(89
)
 
—

 
—

 
(298
)
Having credit losses recognized in the consolidated statement of income
 
(10
)
 
(2
)
 
—

 
—

 
(12
)
Net changes in benefit plan assets and obligations
 
—

 
—

 
21

 
—

 
21

Net changes in unrealized foreign currency translation
 
(77
)
 
(81
)
 
—

 
—

 
(158
)
Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries
 
(296
)
 
(172
)
 
21

 
—

 
(447
)
Income tax benefit
 
(58
)
 
(21
)
 
(2
)
 
—

 
(81
)
Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries
 
(238
)
 
(151
)
 
23

 
—

 
(366
)
Other comprehensive loss of subsidiaries
 
—

 
—

 
(389
)
 
389

 
—

Other comprehensive loss
 
(238
)
 
(151
)
 
(366
)
 
389

 
(366
)
Comprehensive income (loss)
 
$
220

 
$
(31
)
 
$
158

 
$
(189
)
 
$
158

 


CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
For the six months ended June 30, 2019
 
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Net income
 
$
1,137

 
$
292

 
$
1,353

 
$
(1,429
)
 
$
1,353

Other comprehensive income:
 
 

 
 

 
 

 
 

 
 

Changes in net unrealized gains on investment securities:
 
 

 
 

 
 

 
 

 
 

Having no credit losses recognized in the consolidated statement of income
 
1,765

 
756

 
3

 
—

 
2,524

Having credit losses recognized in the consolidated statement of income
 
1

 
—

 
—

 
—

 
1

Net changes in benefit plan assets and obligations
 
—

 
—

 
26

 
—

 
26

Net changes in unrealized foreign currency translation
 
42

 
13

 
—

 
—

 
55

Other comprehensive income before income taxes and other comprehensive income of subsidiaries
 
1,808

 
769

 
29

 
—

 
2,606

Income tax expense
 
375

 
160

 
6

 
—

 
541

Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries
 
1,433

 
609

 
23

 
—

 
2,065

Other comprehensive income of subsidiaries
 
—

 
—

 
2,042

 
(2,042
)
 
—

Other comprehensive income
 
1,433

 
609

 
2,065

 
(2,042
)
 
2,065

Comprehensive income
 
$
2,570

 
$
901

 
$
3,418

 
$
(3,471
)
 
$
3,418

 
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
For the six months ended June 30, 2018
 
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Net income
 
$
1,009

 
$
288

 
$
1,193

 
$
(1,297
)
 
$
1,193

Other comprehensive income (loss):
 
 

 
 

 
 

 
 

 
 

Changes in net unrealized gains (losses) on investment securities:
 
 

 
 

 
 

 
 

 
 

Having no credit losses recognized in the consolidated statement of income
 
(1,047
)
 
(453
)
 
(1
)
 
—

 
(1,501
)
Having credit losses recognized in the consolidated statement of income
 
(11
)
 
(3
)
 
—

 
—

 
(14
)
Net changes in benefit plan assets and obligations
 
—

 
—

 
43

 
—

 
43

Net changes in unrealized foreign currency translation
 
(102
)
 
(50
)
 
—

 
—

 
(152
)
Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries
 
(1,160
)
 
(506
)
 
42

 
—

 
(1,624
)
Income tax expense (benefit)
 
(233
)
 
(98
)
 
6

 
—

 
(325
)
Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries
 
(927
)
 
(408
)
 
36

 
—

 
(1,299
)
Other comprehensive loss of subsidiaries
 
—

 
—

 
(1,335
)
 
1,335

 
—

Other comprehensive loss
 
(927
)
 
(408
)
 
(1,299
)
 
1,335

 
(1,299
)
Comprehensive income (loss)
 
$
82

 
$
(120
)
 
$
(106
)
 
$
38

 
$
(106
)
Consolidating Balance Sheet (Unaudited) [Table Text Block]
CONSOLIDATING BALANCE SHEET (Unaudited)
At June 30, 2019
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Assets
 
 

 
 

 
 

 
 

 
 

Fixed maturities, available for sale, at fair value (amortized cost $64,784)
 
$
46,480

 
$
20,604

 
$
88

 
$
—

 
$
67,172

Equity securities, at fair value (cost $373)
 
105

 
106

 
195

 
—

 
406

Real estate investments
 
2

 
963

 
—

 
—

 
965

Short-term securities
 
1,439

 
633

 
1,415

 
—

 
3,487

Other investments
 
2,688

 
777

 
1

 
—

 
3,466

Total investments
 
50,714

 
23,083

 
1,699

 
—

 
75,496

Cash
 
198

 
218

 
—

 
—

 
416

Investment income accrued
 
430

 
183

 
2

 
—

 
615

Premiums receivable
 
5,587

 
2,710

 
—

 
—

 
8,297

Reinsurance recoverables
 
6,472

 
1,762

 
—

 
—

 
8,234

Ceded unearned premiums
 
742

 
122

 
—

 
—

 
864

Deferred acquisition costs
 
2,087

 
194

 
—

 
—

 
2,281

Contractholder receivables
 
4,766

 
10

 
—

 
—

 
4,776

Goodwill
 
2,582

 
1,370

 
—

 
(9
)
 
3,943

Other intangible assets
 
220

 
115

 
—

 
—

 
335

Investment in subsidiaries
 
—

 
—

 
29,342

 
(29,342
)
 
—

Other assets
 
2,472

 
158

 
685

 
—

 
3,315

Total assets
 
$
76,270

 
$
29,925

 
$
31,728

 
$
(29,351
)
 
$
108,572

 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 

 
 

 
 

 
 

 
 

Claims and claim adjustment expense reserves
 
$
35,055

 
$
16,018

 
$
—

 
$
—

 
$
51,073

Unearned premium reserves
 
10,116

 
4,422

 
—

 
—

 
14,538

Contractholder payables
 
4,766

 
10

 
—

 
—

 
4,776

Payables for reinsurance premiums
 
340

 
251

 
—

 
—

 
591

Deferred taxes
 
234

 
(179
)
 
32

 
—

 
87

Debt
 
693

 
—

 
5,865

 
—

 
6,558

Other liabilities
 
4,224

 
902

 
502

 
—

 
5,628

Total liabilities
 
55,428

 
21,424

 
6,399

 
—

 
83,251

 
 
 
 
 
 
 
 
 
 
 
Shareholders’ equity
 
 

 
 

 
 

 
 

 
 

Common stock (1,750.0 shares authorized; 260.4 shares issued and 260.3 shares outstanding)
 
—

 
484

 
23,372

 
(484
)
 
23,372

Additional paid-in capital
 
11,634

 
7,046

 
—

 
(18,680
)
 
—

Retained earnings
 
8,336

 
808

 
36,143

 
(9,152
)
 
36,135

Accumulated other comprehensive income
 
872

 
163

 
206

 
(1,035
)
 
206

Treasury stock, at cost (516.7 shares)
 
—

 
—

 
(34,392
)
 
—

 
(34,392
)
Total shareholders’ equity
 
20,842

 
8,501

 
25,329

 
(29,351
)
 
25,321

Total liabilities and shareholders’ equity
 
$
76,270

 
$
29,925

 
$
31,728

 
$
(29,351
)
 
$
108,572



CONSOLIDATING BALANCE SHEET (Unaudited)
At December 31, 2018
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Assets
 
 

 
 

 
 

 
 

 
 

Fixed maturities, available for sale, at fair value (amortized cost $63,601)
 
$
43,683

 
$
19,697

 
$
84

 
$
—

 
$
63,464

Equity securities, available for sale, at fair value (cost $382)
 
105

 
92

 
171

 
—

 
368

Real estate investments
 
2

 
902

 
—

 
—

 
904

Short-term securities
 
1,855

 
759

 
1,371

 
—

 
3,985

Other investments
 
2,746

 
810

 
1

 
—

 
3,557

Total investments
 
48,391

 
22,260

 
1,627

 
—

 
72,278

Cash
 
181

 
192

 
—

 
—

 
373

Investment income accrued
 
434

 
187

 
3

 
—

 
624

Premiums receivable
 
5,089

 
2,417

 
—

 
—

 
7,506

Reinsurance recoverables
 
5,904

 
2,466

 
—

 
—

 
8,370

Ceded unearned premiums
 
522

 
56

 
—

 
—

 
578

Deferred acquisition costs
 
1,930

 
190

 
—

 
—

 
2,120

Deferred taxes
 
167

 
302

 
(24
)
 
—

 
445

Contractholder receivables
 
3,867

 
918

 
—

 
—

 
4,785

Goodwill
 
2,578

 
1,368

 
—

 
(9
)
 
3,937

Other intangible assets
 
224

 
121

 
—

 
—

 
345

Investment in subsidiaries
 
—

 
—

 
26,993

 
(26,993
)
 
—

Other assets
 
2,220

 
15

 
669

 
(32
)
 
2,872

Total assets
 
$
71,507

 
$
30,492

 
$
29,268

 
$
(27,034
)
 
$
104,233

 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 

 
 

 
 

 
 

 
 

Claims and claim adjustment expense reserves
 
$
34,093

 
$
16,575

 
$
—

 
$
—

 
$
50,668

Unearned premium reserves
 
9,414

 
4,141

 
—

 
—

 
13,555

Contractholder payables
 
3,867

 
918

 
—

 
—

 
4,785

Payables for reinsurance premiums
 
169

 
120

 
—

 
—

 
289

Debt
 
693

 
32

 
5,871

 
(32
)
 
6,564

Other liabilities
 
4,133

 
849

 
496

 
—

 
5,478

Total liabilities
 
52,369

 
22,635

 
6,367

 
(32
)
 
81,339

 
 
 
 
 
 
 
 
 
 
 
Shareholders’ equity
 
 

 
 

 
 

 
 

 
 

Common stock (1,750.0 shares authorized; 263.7 shares issued and 263.6 shares outstanding)
 
—

 
401

 
23,144

 
(401
)
 
23,144

Additional paid-in capital
 
11,634

 
7,023

 
—

 
(18,657
)
 
—

Retained earnings
 
8,065

 
879

 
35,211

 
(8,951
)
 
35,204

Accumulated other comprehensive loss
 
(561
)
 
(446
)
 
(1,859
)
 
1,007

 
(1,859
)
Treasury stock, at cost (510.9 shares)
 
—

 
—

 
(33,595
)
 
—

 
(33,595
)
Total shareholders’ equity
 
19,138

 
7,857

 
22,901

 
(27,002
)
 
22,894

Total liabilities and shareholders’ equity
 
$
71,507

 
$
30,492

 
$
29,268

 
$
(27,034
)
 
$
104,233
Consolidating Statement of Cash Flows (Unaudited) [Table Text Block]
CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the six months ended June 30, 2019
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
Net income
 
$
1,137

 
$
292

 
$
1,353

 
$
(1,429
)
 
$
1,353

Net adjustments to reconcile net income to net cash provided by operating activities
 
314

 
213

 
(256
)
 
168

 
439

Net cash provided by operating activities
 
1,451

 
505

 
1,097

 
(1,261
)
 
1,792

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
Proceeds from maturities of fixed maturities
 
2,106

 
924

 
8

 
—

 
3,038

Proceeds from sales of investments:
 
 
 
 
 
 
 
 
 
 
Fixed maturities
 
968

 
526

 
1

 
—

 
1,495

Equity securities
 
33

 
38

 
—

 
—

 
71

Other investments
 
201

 
39

 
—

 
—

 
240

Purchases of investments:
 
 
 
 
 
 
 
 
 
 
Fixed maturities
 
(4,049
)
 
(1,650
)
 
(9
)
 
—

 
(5,708
)
Equity securities
 
(1
)
 
(37
)
 
(3
)
 
—

 
(41
)
Real estate investments
 
—

 
(85
)
 
—

 
—

 
(85
)
Other investments
 
(234
)
 
(28
)
 
—

 
—

 
(262
)
Net sales (purchases) of short-term securities
 
416

 
125

 
(44
)
 
—

 
497

Securities transactions in course of settlement
 
157

 
66

 
—

 
—

 
223

Other
 
(166
)
 
(3
)
 
—

 
—

 
(169
)
Net cash used in investing activities
 
(569
)
 
(85
)
 
(47
)
 
—

 
(701
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
Treasury stock acquired — share repurchase authorization
 
—

 
—

 
(750
)
 
—

 
(750
)
Treasury stock acquired — net employee share-based compensation
 
—

 
—

 
(47
)
 
—

 
(47
)
Dividends paid to shareholders
 
—

 
—

 
(419
)
 
—

 
(419
)
Payment of debt
 
—

 
(32
)
 
(500
)
 
32

 
(500
)
Issuance of debt
 
—

 
—

 
492

 
—

 
492

Issuance of common stock — employee share options
 
—

 
—

 
174

 
—

 
174

Dividends paid to parent company
 
(866
)
 
(363
)
 
—

 
1,229

 
—

Net cash used in financing activities
 
(866
)
 
(395
)
 
(1,050
)
 
1,261

 
(1,050
)
Effect of exchange rate changes on cash
 
1

 
1

 
—

 
—

 
2

Net increase in cash
 
17

 
26

 
—

 
—

 
43

Cash at beginning of year
 
181

 
192

 
—

 
—

 
373

Cash at end of period
 
$
198

 
$
218

 
$
—

 
$
—

 
$
416

Supplemental disclosure of cash flow information
 
 
 
 
 
 
 
 
 
 
Income taxes paid (received)
 
$
244

 
$
91

 
$
(10
)
 
$
—

 
$
325

Interest paid
 
$
24

 
$
—

 
$
147

 
$
—

 
$
171




CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the six months ended June 30, 2018
(in millions)
 
TPC
 
Other
Subsidiaries
 
TRV
 
Eliminations
 
Consolidated
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
Net income
 
$
1,009

 
$
288

 
$
1,193

 
$
(1,297
)
 
$
1,193

Net adjustments to reconcile net income to net cash provided by operating activities
 
323

 
11

 
146

 
25

 
505

Net cash provided by operating activities
 
1,332

 
299

 
1,339

 
(1,272
)
 
1,698

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
Proceeds from maturities of fixed maturities
 
2,730

 
914

 
13

 
—

 
3,657

Proceeds from sales of investments:
 
 
 
 
 
 
 
 
 
 
Fixed maturities
 
1,847

 
759

 
1

 
—

 
2,607

Equity securities
 
33

 
59

 
—

 
—

 
92

Other investments
 
133

 
56

 
—

 
—

 
189

Purchases of investments:
 
 
 
 
 
 
 
 
 
 
Fixed maturities
 
(5,762
)
 
(2,173
)
 
(17
)
 
—

 
(7,952
)
Equity securities
 
(2
)
 
(56
)
 
(2
)
 
—

 
(60
)
Real estate investments
 
—

 
(44
)
 
—

 
—

 
(44
)
Other investments
 
(232
)
 
(43
)
 
—

 
—

 
(275
)
Net sales (purchases) of short-term securities
 
986

 
383

 
(167
)
 
—

 
1,202

Securities transactions in course of settlement
 
268

 
12

 
(1
)
 
—

 
279

Other
 
(148
)
 
(4
)
 
—

 
—

 
(152
)
Net cash used in investing activities
 
(147
)
 
(137
)
 
(173
)
 
—

 
(457
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
Treasury stock acquired — share repurchase authorization
 
—

 
—

 
(700
)
 
—

 
(700
)
Treasury stock acquired — net employee share-based compensation
 
—

 
—

 
(51
)
 
—

 
(51
)
Dividends paid to shareholders
 
—

 
—

 
(404
)
 
—

 
(404
)
Payment of debt
 
—

 
—

 
(600
)
 
—

 
(600
)
Issuance of debt
 
—

 
7

 
491

 
(7
)
 
491

Issuance of common stock — employee share options
 
—

 
—

 
98

 
—

 
98

Dividends paid to parent company
 
(1,109
)
 
(170
)
 
—

 
1,279

 
—

Net cash used in financing activities
 
(1,109
)
 
(163
)
 
(1,166
)
 
1,272

 
(1,166
)
Effect of exchange rate changes on cash
 
(2
)
 
(2
)
 
—

 
—

 
(4
)
Net increase (decrease) in cash
 
74

 
(3
)
 
—

 
—

 
71

Cash at beginning of year
 
157

 
187

 
—

 
—

 
344

Cash at end of period
 
$
231

 
$
184

 
$
—

 
$
—

 
$
415

Supplemental disclosure of cash flow information
 
 
 
 
 
 
 
 
 
 
Income taxes paid (received)
 
$
193

 
$
171

 
$
(126
)
 
$
—

 
$
238

Interest paid
 
$
24

 
$
—

 
$
151

 
$
—

 
$
175