Consolidated cash flow statement

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Change in cash and cash equivalents
in EUR ‘000

2021

2020

Result for the period

387,994

242,668

Change in underwriting provisions net

409,464

-496,340

Change in underwriting receivables and liabilities (incl. deposits on assumed reinsurance business)

-289,538

-38,154

Change in other receivables and other liabilities (excl. leases)

137,117

76,321

Change in financial assets recognised at fair value through profit and loss (incl. held for trading)

-17,361

-14,756

Gain/loss from disposal of investments

-75,451

-132,379

Appreciation/depreciation of investments

88,110

129,354

Change in provisions for pensions and similar obligations and provisions for other employee benefits

-48,881

-2,311

Change in deferred taxes

-141,908

-95,263

Change in intangible assets

151,123

286,510

Change in right-of-use assets and lease receivables and liabilities

7,523

65

Change in other balance sheet items

49,859

-55,569

Other cash-neutral income and expenses1

-135,913

410,474

Cash flow from operating activities

522,138

310,620

Payments for the acquisition of subsidiaries

0

-8,895

Cash inflow from the sale of available for sale financial assets

2,818,461

2,699,733

Payments for the acquisition of available for sale financial assets

-3,447,021

-3,360,990

Cash inflow from disposals/repayments of held to maturity financial assets

141,908

425,385

Payments for the acquisition of held to maturity financial assets

-163,139

-156,934

Cash inflow from the sale of property

14,892

7,783

Payments for the acquisition of property

-296,069

-152,911

Cash inflow for the sale of intangible assets

1,709

4,606

Payments for the acquisition of intangible assets

-139,749

-117,462

Change in financial investments for unit- and index-linked life insurance

265,528

695,280

Change of loans

425,516

-102,570

Change in other investments (excl. deposits on assumed reinsurance business)

-37,576

165,623

Cash flow from investing activities

-415,540

98,648

Proceeds from the issuance of hybrid capital

300,000

0

Cash outflows from subordinated liabilities

-68,341

-64,518

Dividend payments

-111,945

-155,389

Cash inflow from other financing activities

523,000

153,239

Cash outflow from other financing activities

-16,460

-23,682

Cash outflows from lease liabilities

-28,535

-33,282

Cash flow from financing activities

597,719

-123,632

Change in cash and cash equivalents

704,317

285,636

 

 

 

Cash and cash equivalents at beginning of period2

1,745,147

1,443,358

Change in cash and cash equivalents

704,317

285,636

Changes in scope of consolidation

7,957

30,603

Effects of foreign currency exchange differences on cash and cash equivalents

-1,088

-14,450

Cash and cash equivalents at end of period2

2,456,333

1,745,147

1

The non-cash income and expenses are primarily exchange rate changes.

2

The amount of cash and cash equivalents at the beginning and the end of period correlates with position cash and cash equivalents on the asset side and consists of cash on hand and overnight deposits.

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Additional information statement of consolidated cash flows
in EUR ‘000

2021

2020

Received interest1

675,985

707,750

Received dividends1

43,675

46,777

Interest paid2

70,929

70,424

Income taxes paid1

153,531

210,520

 

 

 

Expected cash flow from reclassified securities

7,129

6,086

Effective interest rate of reclassified securities

3.82%

3.80%

1

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

2

Interest paid result primarily liabilities from financing activities.