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U.S.

Property & Casualty Insurers


Quarterly Cash Flow
$14 $12 $10 $8 $6 $4 $2

BILLIONS

Operations

Investments Financing

$0
-$2 -$4 -$6 -$8 -$10

-$12
-$14 -$16 -$18 March 2009 June 2009 Sept 2009 Dec 2009 March 2010 June 2010 Sept 2010 Dec 2010 March 2011 June 2011 Sept 2011 Dec 2011 March 2012

Source: Highline Data

U.S. Property & Casualty Insurers


Quarterly Net Cash Flow
$8 $6 $4 $2 $0 -$2 -$4

BILLIONS

-$6
-$8 -$10 -$12 -$14 -$16

Net Cash Flow = Net cash from Operations + Net cash from Investments + Net cash from Financing
June 2009 Sept 2009 Dec 2009 March 2010 June 2010

Negative cash flow in 10 of the last 13 calendar quarters

-$18 March 2009

Sept 2010

Dec 2010

March 2011

June 2011

Sept 2011

Dec 2011

March 2012

Source: Highline Data

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