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Analysis of the consolidated cash flow statement


We generate liquidity primarily from our operational reinsurance business, investments and financing measures. Regular liquidity planning and a liquid investment structure ensure that Hannover Re is able to make the necessary payments at all times. Hannover Re’s cash flow is shown in the consolidated cash flow statement.

Hannover Re does not conduct any automated internal cash pooling within the Group. Liquidity surpluses are managed and created by the Group companies. Various loan relationships exist within the Hannover Re Group for the optimal structuring and flexible management of the short- or long-term allocation of liquidity and capital.

Consolidated cash flow statement
in EUR million 2012 2011
1 Thereof cash and cash equivalents of EUR 27.5 million attributable to disposal groups
Cash flow from operating activities 2,637.2 2,522.9
Cash flow from investing activities (2,712.9) (2,041.3)
Cash flow from financing activities 148.4 (449.9)
Exchange rate differences on cash (7.4) 0.0
Change in cash and cash equivalents 65.2 31.7
Cash and cash equivalents at the beginning of the period 507.0 475,21
Change in cash and cash equivalents according to cash flow statement 65.2 31.7
Cash and cash equivalents at the end of the period 572.2 507.0


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