Cash flow from operating activities
The cash flow from operating activities, which also includes inflows from interest received and dividend receipts, amounted to EUR 2.5 billion in the year under review as opposed to EUR 1.7 billion in the previous year. The principal factor in the sharply higher net inflow year-on-year – along with the improved investment income of EUR 85.6 million and claim payments of EUR 40.3 million, a figure slightly lower than in the previous year – was the acquisition of a reinsurance portfolio in an amount of EUR 419.8 million within traditional life business in the United States in the second quarter of the year under review. The acquired portfolio covers the mortality risk under term life and endowment policies that were reinsured in the underwriting years 2000 to 2003. The tax refunds including interest of EUR 172.5 million received as a consequence of the decision by the Federal Fiscal Court in the previous year also played a part here.