Cash flow and Consolidated shareholders' equity

Cash flow

The cash flow from operating activities improved in 2023 primarily due to the clear improvement in the result for the period and effects from the additional corporate income tax paid in the previous year in connection with the changeover of the taxes on the underwriting provision in the Czech Republic to EUR -139.3 million (2022 adjusted: EUR -404.0 million). The cash flow from investment activities was EUR 489.8 million in 2023 (2022 adjusted: EUR 22.4 million). It should be taken into account that the previous years figure was influenced by the acquisition of the Aegon companies in Hungary and Türkiye. In 2023 the cash flow from financing activities was to EUR -1,100.7 million (2022 adjusted: EUR -32.5 million). The change in cash flow from financing activities is attributable to the higher expenses from successive company acquisitions. Additionally, the issuance of a subordinated bond of VIG Holding of EUR 500 million had particulary influenced the cash flow in the previous year. At the end of 2023 cash and cash equivalents of the Group were at EUR 1,558.1 million (2022 adjusted: EUR 2,315.2 million). The received interest and dividends in total amounted in 2023 to EUR 899.3 million (2022: EUR 840.9 million).

Consolidated shareholders’ equity

Further details on the consolidated shareholders’ equity are included in the notes to the consolidated financial statements starting on page 141.

The consolidated shareholders’ equity increased in 2023 by 5.5% to EUR 6,029.7 million (31 December 2022 adjusted: EUR 5,713.9 million). The rise is attributable to the positive development of the overall result. The equity attributable to shareholders increased as well in comparison to the previous year and amounted in 2023 to EUR 5,892.3 million (2022 adjusted: EUR 5,472.6 million).