Cash flow and Consolidated shareholders' equity

Cash flow

Cash flow from operating activities improved in 2024 primarily due to the increase in business volume to EUR 346.0 million (2023: EUR -139.3 million). In 2024 cash flow from investment activities was EUR 257.7 million (2023: EUR 489.8 million). In 2024 the cash flow from financing activities was EUR -409.6 million (2023: EUR -1,100.7 million). The change in cash flow from financing activities is primarily due to the buyback of subordinated bonds (reported in the balance sheet item “Subordinated liabilities”) in the previous year. At the end of 2024 cash and cash equivalents of the Group were at EUR 1,748.1 million (2023: EUR 1,558.1 million). In 2024, the received interest and dividends in total amounted to EUR 1,018.1 million (2023: EUR 899.3 million).

Consolidated shareholders’ equity

Further details on the consolidated shareholders’ equity are included in the Notes starting on page 225.

The consolidated shareholders’ equity increased by 8.0% in 2024 to EUR 6,513.3 million (31 December 2023: EUR 6,029.7 million). This development is primarily attributable to the retained profits and the positive development of unrealised gains and losses recognised in equity. In 2024, the equity attributable to shareholders amounted to EUR 6,367.1 million (2023: EUR 5,892.3 million).