Consolidated cash flow statement 2011
The reporting on cash flows within the Group is based on IAS 7 “Statement of Cash Flows”. In addition, we observed the principles set out in German Accounting Standard No. 2 (DRS 2) of the German Accounting Standards Board regarding the preparation of cash flow statements, which were supplemented by the requirements of DRS 2-20 that apply specifically to insurance enterprises. In accordance with the recommendation of the German Accounting Standards Board for insurance enterprises, we adopted the indirect method of presentation. The amounts taken into consideration are limited to cash and cash equivalents shown under the balance sheet item “Cash”.
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| Figures in EUR thousand | 1.1.- 31.12.2011 | 1.1.- 31.12.2010 |
|---|---|---|
| I. Cash flow from operating activities | ||
| Net income | 676,788 | 830,905 |
| Appreciation/depreciation | 8,125 | (33,692) |
| Net realised gains and losses on investments | (179,560) | (162,003) |
| Amortisation of investments | 52,488 | 18,701 |
| Changes in funds withheld | (1,632,756) | (949,562) |
| Net changes in contract deposits | 828,891 | 373,791 |
| Changes in prepaid reinsurance premium (net) | 274,857 | 252,107 |
| Changes in tax assets/provisions for taxes | (88,173) | 100,484 |
| Changes in benefit reserve (net) | 1,119,973 | 352,955 |
| Changes in claims reserves (net) | 1,782,089 | 925,798 |
| Changes in deferred acquisition costs | (75,477) | 127,681 |
| Changes in other technical provisions | 17,384 | 19,138 |
| Changes in clearing balances | (268,688) | (110,474) |
| Changes in other assets and liabilities (net) | 6,921 | (64,561) |
| Cash flow from operating activities | 2,522,862 | 1,681,268 |
| II. Cash flow from investing activities | ||
| Fixed-income securities – held to maturity | ||
| Maturities | 305,222 | 21,611 |
| Purchases | (57,819) | — |
| Fixed-income securities – loans and receivables | ||
| Maturities, sales | 595,645 | 904,068 |
| Purchases | (1,751,879) | (517,804) |
| Fixed-income securities – available for sale | ||
| Maturities, sales | 8,306,715 | 8,376,705 |
| Purchases | (10,465,318) | (9,878,959) |
| Fixed-income securities – at fair value through profit or loss | ||
| Maturities, sales | 78,924 | 55,650 |
| Purchases | (35,793) | (6,198) |
| Equity securities – available for sale | ||
| Sales | 730,689 | 32,550 |
| Purchases | (281,014) | (518,415) |
| Other financial assets – at fair value through profit or loss | ||
| Sales | 468 | 962 |
| Other invested assets | ||
| Sales | 95,050 | 60,314 |
| Purchases | (162,155) | (112,964) |
| Affiliated companies and participating interests | ||
| Sales | 140,765 | 182 |
| Purchases | (20,856) | (6,903) |
| Real estate and real estate funds | ||
| Sales | 37,868 | 915 |
| Purchases | (148,431) | (163,502) |
| Short-term investments | ||
| Changes | 608,113 | (244,454) |
| Other changes (net) | (17,447) | 2,521 |
| Cash flow from investing activities | (2,041,253) | (1,993,721) |
| III. Cash flow from financing activities | ||
| Contribution from capital measures | (4,080) | (2,736) |
| Acquisition/disposal of treasury shares | (380) | (293) |
| Structural change without loss of control | 194 | 6,522 |
| Dividends paid | (315,844) | (283,986) |
| Proceeds from long-term debts | 31,056 | 566,533 |
| Repayment of long-term debts | (160,812) | (2,694) |
| Cash flow from financing activities | (449,866) | 283,346 |
| IV. Exchange rate differences on cash | (7) | 46,922 |
| Cash and cash equivalents at the beginning of the period | 475,227 | 457,412 |
| thereof cash and cash equivalents of disposal groups: 27,474 | ||
| Change in cash and cash equivalents (I.+II.+III.+IV.) | 31,736 | 17,815 |
| Cash and cash equivalents at the end of the period | 506,963 | 475,227 |
| Income taxes | 2,514 | (147,966) |
| Interest paid | (37,184) | (103,468) |