Annual Report 2016

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10 year overview
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Macroeconomic climate Industry-specific environment
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Property & Casualty reinsurance Life & Health reinsurance Investments
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Consolidated balance sheet Statement of income Statement of comprehensive income Statement of changes in shareholders’ equity Cash flow statement Notes Auditor's report Responsibility statement
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Global presence Strategic business groups

Consolidated cash flow statement 2016

in EUR thousand 1.1. – 31.12.2016 1.1. – 31.12.20151
I. Cash flow from operating activities
Net income 1,226,426 1,214,713
Appreciation / depreciation 105,358 64,493
Net realised gains and losses on investments (206,296) (135,847)
Change in fair value of financial instruments (through profit or loss) (26,066) (901)
Realised gains and losses on deconsolidation (1,995) (835)
Income from the recognition of negative goodwill (10,543) –
Amortisation of investments 74,224 96,540
Changes in funds withheld 1,592,162 3,454,332
Net changes in contract deposits (404,033) (1,923,135)
Changes in prepaid reinsurance premium (net) 182,385 256,527
Changes in tax assets / provisions for taxes 88,078 159,250
Changes in benefit reserve (net) (1,120,740) (958,105)
Changes in claims reserves (net) 1,123,269 1,229,670
Changes in deferred acquisition costs (89,149) (97,673)
Changes in other technical provisions 20,254 (9,106)
Changes in clearing balances (161,164) (97,390)
Changes in other assets and liabilities (net) (60,887) (147,658)
Cash flow from operating activities 2,331,283 3,104,875
     
II. Cash flow from investing activities
Fixed-income securities – held to maturity
Maturities 504,293 1,184,382
Fixed-income securities – loans and receivables
Maturities, sales 533,319 358,350
Purchases (224,906) (153,057)
Fixed-income securities – available for sale
Maturities, sales 10,744,087 10,400,105
Purchases (12,721,891) (12,362,146)
Fixed-income securities – at fair value through profit or loss
Maturities, sales 53,995 20,211
Purchases (185,375) (58,570)
Equity securities – available for sale
Sales 132,636 5,284
Purchases (504,713) (402,902)
Other financial assets – at fair value through profit or loss
Sales 30,025 74,043
Purchases (16,064) (33,312)
Other invested assets
Sales 260,882 183,271
Purchases (385,936) (379,296)
Affiliated companies and participating interests
Sales 41,068 59,723
Purchases (76,217) (28,453)
Real estate and real estate funds
Sales 79,428 104,414
Purchases (204,044) (458,294)
Short-term investments
Changes 255,823 (590,536)
Other changes (net) (27,960) (30,771)
Cash flow from investing activities (1,711,550) (2,107,554)
     
III. Cash flow from financing activities
Contribution from capital measures 7,762 4,007
Payment on capital measures (20,048) (3,604)
Structural change without loss of control 141 (2,509)
Dividends paid (612,953) (557,435)
Proceeds from long-term debts 226 23,400
Repayment of long-term debts (2,028) (518,642)
Other changes (net) (13) (10)
Cash flow from financing activities (626,913) (1,054,793)
 
IV. Exchange rate differences on cash 34,852 23,964
 
Cash and cash equivalents at the beginning of the period 820,995 854,503
Change in cash and cash equivalents (I. + II. + III. + IV.) 27,672 (33,508)
Cash and cash equivalents at the end of the period 848,667 820,995
 
Supplementary information on the cash flow statement2
Income taxes paid (on balance) (271,440) (311,241)
Dividend receipts3 151,914 162,612
Interest received 1,543,699 1,509,625
Interest paid (253,533) (182,910)
1 Adjusted pursuant to IAS 8 (cf. section 3.1 of the notes)
2 The income taxes paid, dividend receipts as well as interest received and paid are included entirely in the cash flow from operating activities.
3 Including dividend-like profit participations from investment funds
Statement of changes in shareholders’ equity
Notes
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