Annual Report 2018

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10 year overview
Stock markets Share performance Dividend Annual General Meeting Investor relations activities Sustainability reporting and ratings Shareholding structure Analyst ratings Share data
Foundations of the Group
Business model Management system
Value-based management Operational management system
Research and development
Report on economic position
Macroeconomic environment
Macroeconomic climate Industry-specific environment
Business development
Property & Casualty reinsurance Life & Health reinsurance Investments Total result
Overall assessment of the business position Results of operations
Property & Casualty reinsurance Life & Health reinsurance Investments
Financial position and net assets
Investment policy Investments Analysis of the capital structure Management of policyholders’ surplus Group shareholders’ equity Financing and Group debt Analysis of the consolidated cash flow statement Financial strength ratings Information pursuant to § 315
Information on Hannover Rück SE
Results of operations Development of the individual lines of business Assets and financial position Risks and opportunities Other information Outlook
Combined non-financial information statement
Introduction Description of the business model Group and sustainability strategy Responsible corporate governance Compliance Risk management Stakeholder dialogue Risk expertise and risk assessment Sustainable insurance solutions ESG criteria in asset management Customer orientation and satisfaction Executive development / Employee advancement Employee retention Diversity Operational environmental protection Supplier management
Opportunity and risk report
Risk report
Strategy implementation Major external factors Risk capital Risk management Risk management system Internal control system Risk landscape of Hannover Re Internal risk assessment Underwriting risks in property and casualty reinsurance Underwriting risks in life and health reinsurance Market risks Counterparty default risks Operational risks Other risks
Opportunity report
Overall assessment by the Executive Board
Enterprise management
Declaration on Corporate Governance
Corporate Governance Declaration of Conformity Further enterprise management principles Working practice of the Executive Board and Supervisory Board Compliance Risk monitoring and steering Diversity concept
Remuneration report
Remuneration Executive Board Remuneration Supervisory Board Loans to members of the management boards and contingent liabilities Securities transactions and shareholdings Remuneration of staff and senior executives
Outlook
Forecast
Economic developments Property & Casualty reinsurance Life & Health reinsurance Investments Outlook 2019
Consolidated balance sheet Statement of income Statement of comprehensive income Statement of changes in shareholders’ equity Cash flow statement Notes Independent Auditor's Report Report by the independent auditor Responsibility statement
Report of the Supervisory Board Supervisory Board Members
Global presence Strategic business groups

Consolidated cash flow statement 2018

in EUR thousand 1.1. – 31.12.2018 1.1. – 31.12.2017
I. Cash flow from operating activities
Net income 1,145,527 1,044,577
Appreciation / depreciation 95,063 113,569
Net realised gains and losses on investments (127,659) (377,093)
Change in fair value of financial instruments (through profit or loss) (31,160) (38,569)
Realised gains and losses on deconsolidation (2,459) (191)
Amortisation of investments 8,399 57,735
Changes in funds withheld 146,330 54,510
Net changes in contract deposits (444,520) (25,992)
Changes in prepaid reinsurance premium (net) 108,401 462,495
Changes in tax assets / provisions for taxes (586) (105,658)
Changes in benefit reserve (net) 225,625 (545,687)
Changes in claims reserves (net) 1,129,417 1,871,147
Changes in deferred acquisition costs (48,109) (129,259)
Changes in other technical provisions 187,329 57,219
Changes in clearing balances (442,522) (581,817)
Changes in other assets and liabilities (net) 275,497 (163,133)
Cash flow from operating activities 2,224,573 1,693,853
     
II. Cash flow from investing activities
Fixed-income securities – held to maturity
Maturities 83,954 135,297
Fixed-income securities – loans and receivables
Maturities, sales 360,109 229,949
Purchases (291,581) (181,016)
Fixed-income securities – available for sale
Maturities, sales 18,746,680 10,061,559
Purchases (20,958,519) (11,384,950)
Fixed-income securities – at fair value through profit or loss
Maturities, sales 1,643,108 6,569
Purchases (1,987,845) –
Equity securities – available for sale
Sales 14,323 975,776
Purchases (5,824) (35,373)
Other financial assets – at fair value through profit or loss
Sales 117,324 42,674
Purchases (138,839) (90,223)
Other invested assets
Sales 403,606 247,258
Purchases (386,219) (327,224)
Affiliated companies and participating interests
Sales 11,591 3,873
Purchases (31,193) (118,912)
Real estate and real estate funds
Sales 93,726 167,121
Purchases (246,824) (481,126)
Short-term investments
Changes 530,981 (180,377)
Other changes (net) (33,760) (13,125)
Cash flow from investing activities (2,075,202) (942,250)
     
III. Cash flow from financing activities
Contribution from capital measures 44 559
Payment on capital measures (53) (4,508)
Structural change without loss of control (601) 778
Dividends paid (657,728) (647,067)
Proceeds from long-term debts 809,485 57,734
Repayment of long-term debts (1,641) (97,486)
Other changes (net) 7 (54)
Cash flow from financing activities 149,513 (690,044)
 
IV. Exchange rate differences on cash 16,919 (74,520)
 
Cash and cash equivalents at the beginning of the period 835,706 848,667
Change in cash and cash equivalents (I. + II. + III. + IV.) 315,803 (12,961)
Cash and cash equivalents at the end of the period 1,151,509 835,706
Thereof cash and cash equivalents from IFRS 5 78,594 –
Cash and cash equivalents at the end of the period excluding the disposal group 1,072,915 835,706
 
Supplementary information on the cash flow statement 1
Income taxes paid (on balance) (361,093) (387,247)
Dividend receipts 2 212,751 268,916
Interest received 1,568,239 1,454,903
Interest paid (300,418) (272,831)
    1 The income taxes paid, dividend receipts as well as interest received and paid are included entirely in the cash flow from operating activities.
    2 Including dividend-like profit participations from investment funds.
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Analysis of the consolidated cash flow statement

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