Consolidated cash flow statement for the period from 1 January 2015 to 31 December 2015

in EUR ’000

2015

2014

1

The non-cash income and expenses are primarily the result of shares in at equity consolidated companies and exchange rate changes

2

The amount of Cash and cash equivalents at the beginning and the end of period correlates with position I. on the Asset side “Cash and cash equivalents”.

3

Interest paid result primarily from financing activities

4

Income tax payments, received dividends and received interest are included in the cash flow from operating activities.

Profit of the period

110,333

391,360

Change in underwriting provisions net

877,924

615,626

Change in underwriting receivables and liabilities

65,664

177,489

Change in deposit receivables and liabilities, as well as in reinsurance receivables and liabilities

12,249

-50,614

Change in other receivables and liabilities

-75,212

-15,631

Change in securities held for trading

73,217

130,317

Gains/losses from disposal of investments

-200,002

-171,445

Depreciation/appreciation of all other investments

82,979

143,870

Change in pension, severance payment and other personnel provisions

-56,988

83,356

Change in deferred tax assets/liabilities excl. tax liabilities

34,700

34,467

Change in other balance sheet items

-13,639

-2,352

Change in goodwill and other intangible assets

348,422

113,983

Other cash-neutral income and expenses and adjustments to the result of the period1

-141,035

92,854

Cash flow from operating activities

1,118,612

1,543,280

Cash inflow from the sale of fully and at equity consolidated companies

64,306

4,165

Payments for the acquisition of fully and at equity consolidated companies

-26,065

-96,856

Cash inflow from the sale of securities available for sale

4,141,973

3,678,028

Payments for the acquisition of available for sale securities

-4,987,303

-4,578,929

Cash inflow from the sale of securities held to maturity

306,374

163,483

Payments for the addition of securities held to maturity

-277,784

-221,936

Cash inflow from the sale of land and buildings

29,531

54,888

Payments for the acquisition of land and buildings

-119,512

-245,455

Incoming payments for the sale of intangible assets

534

425

Payments for the acquisition of intangible assets

-54,543

-116,809

Change in unit-linked and index-linked life insurance items

-226,492

-168,375

Change in other investments

261,313

381,579

Cash flow from investing activities

-887,668

-1,145,792

Corporate actions, incl. hybrid capital

-60,519

0

Increase in subordinated liabilities

400,000

0

Decrease in subordinated liabilities

-39,892

-110,043

Dividend payments

-205,258

-206,089

Cash outflow from other financing activities

-2,597

-2,597

Cash flow from financing activities

91,734

-318,729

Change in cash and cash equivalents

322,678

78,759

 

 

 

Cash and cash equivalents at beginning of period2

781,987

719,953

Change in cash and cash equivalents

322,678

78,759

Additions/disposals from change in consolidation method

1,068

-22,309

Effects of foreign currency exchange differences on cash and cash equivalents

-2,499

5,584

Cash and cash equivalents at end of period2

1,103,234

781,987

 

 

 

Additional information

 

 

Received interest4

796,235

805,578

Received dividends4

154,416

165,085

Interest paid3

48,417

60,262

Income taxes paid4

61,510

91,946

 

 

 

Expected cash flow from reclassified securities

22,653

26,609

Effective interest rate of reclassified securities

4.34 %

4.73 %