| |
Statutory Statements of Cash Flows
For the Years Ended December 31, 2001 and
2000
| Cash
provided from (used by) operating activities: |
|
|
|
|
|
|
|
Net premiums collected |
|
$223,342
|
|
|
$196,164
|
|
| Losses
and loss adjustment expenses paid |
|
(67,592
|
)
|
|
(190,499
|
)
|
| Underwriting
expenses paid |
|
(47,237
|
)
|
|
38,358
|
|
| Other |
|
(381
|
)
|
|
2,940
|
|
|
CASH
PROVIDED FROM (USED BY) UNDERWRITING ACTIVITIES
|
|
108,132 |
|
|
(29,933
|
)
|
| Net
investment income |
|
33,228
|
|
|
31,872
|
|
| Other
income (expenses), net |
|
407
|
|
|
(6,124
|
)
|
| Dividends
paid to policyholders |
|
(396
|
)
|
|
(2,562
|
)
|
| Federal
income taxes paid |
|
(550
|
)
|
|
(2,588
|
)
|
|
NET
CASH PROVIDED FROM (USED BY) OPERATING ACTIVITIES
|
|
140,821
|
|
|
(9,335
|
)
|
| Cash
(used by) provided from investing activities: |
|
|
|
|
|
|
| Proceeds
from sale of bonds |
|
984,996
|
|
|
1,741,886
|
|
| Purchases
of bonds |
|
(1,126,228
|
)
|
|
(1,693,933
|
)
|
| Proceeds
from sale of stocks |
|
114,233
|
|
|
23,185
|
|
| Purchases
of stock |
|
(125,673
|
)
|
|
(29,177
|
)
|
| Net
purchases of property and equipment |
|
530
|
|
|
(1,431
|
)
|
| Net
gain (loss) on short-term investments |
|
18
|
|
|
(89
|
)
|
| Miscellaneous
proceeds |
|
4,908
|
|
|
—
|
|
|
TOTAL
CASH (USED BY) PROVIDED FROM INVESTING ACTIVITIES
|
|
(147,216
|
)
|
|
40,441
|
|
| Cash
provided from (used by) financing activities: |
|
|
|
|
|
|
| Net
transfers from affiliates |
|
200
|
|
|
644
|
|
| Other
sources (applications) |
|
3,581
|
|
|
(3,631
|
)
|
|
TOTAL
CASH PROVIDED FROM (USED BY) FINANCING ACTIVITIES
|
|
3,781 |
|
|
(2,987 |
) |
|
NET
CHANGE IN CASH AND SHORT-TERM INVESTMENTS
|
|
(2,614
|
)
|
|
28,119
|
|
| Cash
and short-term investments: |
|
|
|
|
|
|
| Beginning
of year |
|
44,788
|
|
|
16,669
|
|
| End
of year |
|
42,174
|
|
|
44,788
|
|
See accompanying
notes to statutory financial statements
|
|
TABLE
OF CONTENTS
Cover Page
Letter to Policyholders
A Year of Market Turmoil
Princeton's Legacy Continues
2001 Financial Statements
|
