Cash flow from operating activities
The cash flow from operating activities, which also includes inflows from interest received and dividend receipts, amounted to EUR 2,637.2 million in the year under review as opposed to EUR 2,522.9 million in the previous year. The principal driver of the higher net inflow year-on-year of EUR 114.3 million (+EUR 286.9 million after factoring out the special effect associated with the Federal Fiscal Court decision in the previous year) – along with the rise in net premium and improved ordinary investment income of EUR 122.2 million – was the increased cash inflow from the protection cover programme for major losses.