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Consolidated cash flow statement 2010

The reporting on cash flows within the Group is based on IAS 7 “Statement of Cash Flows”. In addition, we observed the principles set out in German Accounting Standard No. 2 (DRS 2) of the German Accounting Standards Board regarding the preparation of cash flow statements, which were supplemented by the requirements of DRS 2-20 that apply specifically to insurance enterprises. In accordance with the recommendation of the German Accounting Standards Board for insurance enterprises, we adopted the indirect method of presentation. The amounts taken into consideration are limited to cash and cash equivalents shown under the balance sheet item “Cash”.

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Figures in EUR thousand 1.1.- 31.12.2010 1.1.- 31.12.20091
1 adjusted on the basis of IAS 8
I. Cash flow from operating activities    
Net income 830,905 774,059
Appreciation/depreciation (33,692) 71,195
Net realised gains and losses on investments (162,003) (113,012)
Income from the recognition of negative goodwill - (92,652)
Amortisation of investments 18,701 18,984
Changes in funds withheld (949,562) (1,251,921)
Net changes in contract deposits 373,791 427,411
Changes in prepaid reinsurance premium (net) 252,107 173,654
Changes in tax assets/provisions for taxes 100,484 157,678
Changes in benefit reserve (net) 352,955 1,055,229
Changes in claims reserves (net) 925,798 845,329
Changes in deferred acquisition costs 127,681 52,987
Changes in other technical provisions 19,138 (3,749)
Changes in clearing balances (110,474) (219,372)
Changes in other assets and liabilities (net) (64,561) (143,925)
Cash flow from operating activities 1,681,268 1,751,895
II. Cash flow from investing activities    
Fixed-income securities - held to maturity    
Maturities 21,611 40,243
Purchases - (43,860)
Fixed-income securities - loans and receivable    
Maturities, sales 904,068 333,032
Purchases (517,804) (1,231,446)
Fixed-income securities - available for sale    
Maturities, sales 8,376,705 10,353,694
Purchases (9,878,959) (10,804,242)
Fixed-income securities - at fair value through profit or loss    
Maturities, sales 55,650 76,824
Purchases (6,198) (19,948)
Equity securities - available for sale    
Sales 32,550 21,900
Purchases (518,415) (22,626)
Other financial assets - at fair value through profit or loss    
Sales 962 -
Purchases - (123)
Other invested assets    
Sales 60,314 17,717
Purchases (112,964) (55,865)
Affiliated companies and participating interests    
Sales 182 4,769
Purchases (6,903) (5,830)
Acquisition of ING life reinsurance portfolio    
Acquisition of cash in hand - 117,170
Purchase price paid for other assets acquired - (12,878)
Real estate and real estate funds    
Sales 915 234
Purchases (163,502) (158,336)
Short-term investments    
Changes (244,454) (375,526)
Other changes (net) 2,521 (21,232)
Cash flow from investing activities (1,993,721) (1,786,329)
III. Cash flow from financing activities    
     
Contribution from/payment on capital measures (2,736) 9,940
Acquisition/disposal of treasury shares (293) (361)
Structural change without loss of control 6,522 -
Dividends paid (283,986) (13,662)
Proceeds from long-term debts 566,533 76,975
Repayment of long-term debts (2,694) (15,137)
Cash flow from financing activities 283,346 57,755
     
IV. Exchange rate differences on cash 46,922 3,866
     
Cash and cash equivalents at the beginning of the period 457,412 430,225
Change in cash and cash equivalents (I.+II.+III.+IV.) 17,815 27,187
Cash and cash equivalents at the end of the period 475,227 457,412
thereof cash and cash equivalents of disposal groups 27,474 -
Cash and cash equivalents at the end of the period excluding disposal groups 447,753 457,412
     
Income tax paid (147,966) (131,134)
Interest paid (103,468) (100,874)
Figures in EUR thousand 1.1.- 31.12.2010 1.1.- 31.12.20091
1 adjusted on the basis of IAS 8
I. Cash flow from operating activities    
Net income 830,905 774,059
Appreciation/depreciation (33,692) 71,195
Net realised gains and losses on investments (162,003) (113,012)
Income from the recognition of negative goodwill - (92,652)
Amortisation of investments 18,701 18,984
Changes in funds withheld (949,562) (1,251,921)
Net changes in contract deposits 373,791 427,411
Changes in prepaid reinsurance premium (net) 252,107 173,654
Changes in tax assets/provisions for taxes 100,484 157,678
Changes in benefit reserve (net) 352,955 1,055,229
Changes in claims reserves (net) 925,798 845,329
Changes in deferred acquisition costs 127,681 52,987
Changes in other technical provisions 19,138 (3,749)
Changes in clearing balances (110,474) (219,372)
Changes in other assets and liabilities (net) (64,561) (143,925)
Cash flow from operating activities 1,681,268 1,751,895
II. Cash flow from investing activities    
Fixed-income securities - held to maturity    
Maturities 21,611 40,243
Purchases - (43,860)
Fixed-income securities - loans and receivable    
Maturities, sales 904,068 333,032
Purchases (517,804) (1,231,446)
Fixed-income securities - available for sale    
Maturities, sales 8,376,705 10,353,694
Purchases (9,878,959) (10,804,242)
Fixed-income securities - at fair value through profit or loss    
Maturities, sales 55,650 76,824
Purchases (6,198) (19,948)
Equity securities - available for sale    
Sales 32,550 21,900
Purchases (518,415) (22,626)
Other financial assets - at fair value through profit or loss    
Sales 962 -
Purchases - (123)
Other invested assets    
Sales 60,314 17,717
Purchases (112,964) (55,865)
Affiliated companies and participating interests    
Sales 182 4,769
Purchases (6,903) (5,830)
Acquisition of ING life reinsurance portfolio    
Acquisition of cash in hand - 117,170
Purchase price paid for other assets acquired - (12,878)
Real estate and real estate funds    
Sales 915 234
Purchases (163,502) (158,336)
Short-term investments    
Changes (244,454) (375,526)
Other changes (net) 2,521 (21,232)
Cash flow from investing activities (1,993,721) (1,786,329)
III. Cash flow from financing activities    
     
Contribution from/payment on capital measures (2,736) 9,940
Acquisition/disposal of treasury shares (293) (361)
Structural change without loss of control 6,522 -
Dividends paid (283,986) (13,662)
Proceeds from long-term debts 566,533 76,975
Repayment of long-term debts (2,694) (15,137)
Cash flow from financing activities 283,346 57,755
     
IV. Exchange rate differences on cash 46,922 3,866
     
Cash and cash equivalents at the beginning of the period 457,412 430,225
Change in cash and cash equivalents (I.+II.+III.+IV.) 17,815 27,187
Cash and cash equivalents at the end of the period 475,227 457,412
thereof cash and cash equivalents of disposal groups 27,474 -
Cash and cash equivalents at the end of the period excluding disposal groups 447,753 457,412
     
Income tax paid (147,966) (131,134)
Interest paid (103,468) (100,874)

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