Annual Report 2021
Financial statements
Consolidated statement of cash flows

The table below represents the cash flows from continuing and discontinued operations combined. Discontinued operations are only relevant for 2020 and relate to the discontinued activities of former ASR Bank N.V.

Consolidated statement of cash flows
(in millions)20212020
Cash and cash equivalents as at 1 January2,8632,955
Cash generated from operating activities
Result before tax1,209827
Adjustments on non-cash items included in result:
Revaluation through profit or loss-209-87
Retained share of result of associates and joint ventures-7-3
Amortisation of intangible assets3332
Depreciation of property, plant and equipment1916
Amortisation of investments110189
Amortisation of subordinated debts11
Changes in operating assets and liabilities:
Net (increase) / decrease in investment property1222
Net (increase) / decrease in investments2,198-1,010
Net (increase) / decrease in investments on behalf of policyholders-1,420-405
Net (increase) / decrease in investments related to investment contracts-428-
Net (increase) / decrease in derivatives2,296-2,466
Net (increase) / decrease in amounts due from and to customers-2,630-1,436
Net (increase) / decrease in amounts due from and to credit institutions-4991,819
Net (increase) / decrease in trade and other receivables4-46
Net (increase) / decrease in reinsurance contracts6688
Net increase / (decrease) in liabilities arising from insurance contracts-2,4022,023
Net increase / (decrease) in liabilities arising from insurance contracts on behalf of policyholders1,429482
Net increase / (decrease) in liabilities arising from investment contracts428-
Net (increase) / decrease in other operating assets and liabilities96249
Income tax received (paid)-131-87
Net (increase) / decrease in assets and liabilities relating to held for sale--21
Cash flows from operating activities198354
Cash flows from investing activities:
Investments in associates and joint ventures-6-2
Proceeds from sales of associates and joint ventures193
Purchases of property, plant and equipment-386-14
Purchases of group companies (less acquired cash positions)-88-33
Sales of group companies (less sold cash positions)--
Purchase of intangible assets-1-1
Cash flows from investing activities-463-47
Cash flows from financing activities:
Proceeds from issues of loans1134
Repayment of loans-9-2
Repayment of lease liabilities-7-6
Dividend paid-285-272
Discretionary interest to holders of equity instruments-48-48
Non-controlling interests22-
Purchase/ sale of treasury shares-79-74
Cash flows from financing activities-292-399
Cash and cash equivalents as at 31 December2,3062,863
Further details on cash flows from operating activities:
Interest received1,4581,471
Interest paid-370-330
Dividend received146121
Further details on lease payments:
Total cash outflow for leases-6-6
Cash and cash equivalents
Total cash and cash equivalents
Cash and cash equivalents from continuing operations2,3062,846
Cash and cash equivalents classified as assets held for sale-17
Total cash and cash equivalents2,3062,863