| Cash Flow for Navigators Group Inc. (NAVG) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 95,620 | 72,563 | 23,564 | 34,865 | 7,685 | | Provision for Loan Loss | - | - | - | - | - | | Depreciation & Amortization | 3,350 | 3,011 | 1,947 | 1,367 | 1,555 | | Deferred Income Taxes | (4,401) | (4,590) | (5,636) | (2,567) | (8,503) | | Change in Assets (Receivables) | 119,630 | 12,086 | (501,765) | (176,042) | (179,034) | | Change in Liabilities (Payables) | 52,633 | 57,972 | 674,052 | 319,516 | 348,410 | | Investment Securities Gain | - | - | - | - | - | | Net Policy Acquisition Cost | (9,770) | (9,142) | (5,815) | 838 | (1,088) | | Realized Investment Gains | (2,006) | 1,026 | (1,238) | (922) | (1,875) | | Net Premiums Receivables | 2,470 | 5,712 | 20,743 | (48,044) | (20,004) | | Change in Income Taxes | 6,847 | 228 | (4,340) | 14,361 | (7,921) | | Other Non-Cash Items | 20,270 | 7,164 | 37,314 | 19,119 | (4,698) | | Net Cash from Operating Activities | 284,643 | 146,030 | 238,826 | 162,491 | 134,527 | | | | Proceeds from Sale/Mat. Inv. | 413,036 | 284,879 | 342,965 | 392,913 | 282,017 | | Purchase of Investment Securities | (686,450) | (562,344) | (703,660) | (538,654) | (523,904) | | Net Increase Fed. Funds Sold | - | - | - | - | - | | Purchase of Property & Equipment | (8,804) | (4,703) | (3,151) | (2,221) | (1,991) | | Acquisitions | - | - | - | - | - | | Other Investment Changes, Net | - | - | (2,342) | (9,830) | 7,530 | | Net Cash from Investing Activities | (282,218) | (282,168) | (366,188) | (157,792) | (236,348) | | | Net Change in Deposits | - | - | - | - | - | | Cash Dividends paid | - | - | - | - | - | | Repayment of Long Term Debt | - | - | - | - | (14,500) | | Change in Short Term Debt | - | - | - | - | - | | Issuance of Long term Debt | - | 123,538 | - | - | - | | Issuance of Preferred Stock | - | - | - | - | - | | Issuance of Common Stock | 2,233 | 1,801 | 125,851 | 1,578 | 111,277 | | Purchase of Treasury Stock | - | - | - | - | - | | Other Financing Activities | - | - | - | - | - | | Cash from Financing Activities | 2,233 | 125,339 | 125,851 | 1,578 | 96,777 | | | | Effect of Exchange Rate Changes | (6) | 38 | - | - | - | | Net Change in Cash & Equivalents | 4,652 | (10,761) | (1,511) | 6,277 | (5,044) | | | Cash at Beginning of Period | 2,404 | 13,165 | 14,676 | 8,399 | 13,443 | | Cash at End of Period | 7,056 | 2,404 | 13,165 | 14,676 | 8,399 | | | |
