Analysis of the consolidated cash flow statement
Liquidity
We generate liquidity primarily from our operational reinsurance business, investments and financing measures. Regular liquidity planning and a liquid investment structure ensure that Hannover Re is able to make the necessary payments at all times. Hannover Re’s cash flow is shown in the Consolidated cash flow statement 2010.
Hannover Re does not conduct any automated internal cash pooling within the Group. Liquidity surpluses are managed and created by the Group companies. Various loan relationships exist within the Hannover Re Group for the optimal structuring and flexible management of the short- or long-term allocation of liquidity and capital.
| Consolidated cash flow statement in EUR million | ||
|---|---|---|
| 2010 | 2009 | |
| 1 Thereof attributable to disposal groups: EUR 27.5 million (previous year: none) | ||
| Cash flow from operating activities | 1,681.3 | 1,751.9 |
| Cash flow from investing activities | (1,993.7) | (1,786.3) |
| Cash flow from financing activities | 283.3 | 57.7 |
| Exchange rate differences on cash | 46.9 | 3.9 |
| Change in cash and cash equivalents | 17.8 | 27.2 |
| Cash and cash equivalents at the beginning of the period | 457.4 | 430.2 |
| Change in cash and cash equivalents according to cash flow statement | 17.8 | 27.2 |
| Cash and cash equivalents at the end of the period1 | 475.2 | 457.4 |