a.s.r. annual report 2022

Consolidated statement of cash flows

(in € millions)	2022	2021
Cash and cash equivalents as at 1 January	2,306	2,863

Cash generated from operating activities
Result before tax	929	1,209

Adjustments on non-cash items included in result:
Revaluation through profit or loss	50	-209
Retained share of result of associates and joint ventures	23	-7

Amortisation of intangible assets	34	33
Depreciation of property, plant and equipment	37	19
Amortisation of investments	-23	110
Amortisation of subordinated debts	1	1
Impairments	95	22

Changes in operating assets and liabilities:
Net (increase) / decrease in investment property	1,510	12
Net (increase) / decrease in investments	2,738	2,198
Net (increase) / decrease in investments on behalf of policyholders	1,662	-1,420
Net (increase) / decrease in investments related to investment contracts	-48	-428
Net (increase) / decrease in derivatives	5,548	2,296
Net (increase) / decrease in amounts due from and to customers	-949	-2,630
Net (increase) / decrease in amounts due from and to credit institutions	-4,749	-499
Net (increase) / decrease in trade and other receivables	223	4
Net (increase) / decrease in reinsurance contracts	60	66
Net increase / (decrease) in liabilities arising from insurance contracts	-6,405	-2,402
Net increase / (decrease) in liabilities arising from insurance contracts on behalf of policyholders	-1,560	1,429
Net increase / (decrease) in liabilities arising from investment contracts	48	428
Net (increase) / decrease in other operating assets and liabilities	3	96

Income tax received (paid)	-202	-131
Cash flows from operating activities	-974	198

Cash flows from investing activities:
Investments in associates and joint ventures	-	-6
Proceeds from sales of associates and joint ventures	-	19
Purchases of property, plant and equipment	-179	-386
Purchases of group companies (less acquired cash positions)	-10	-88
Proceeds from sales of property, plant and equipment	1	-
Purchase of intangible assets	-11	-1
Cash flows from investing activities	-199	-463

Cash flows from financing activities:
Increase / (decrease) of capital	586	-
Issue of subordinated debts	987	-
Proceeds from issues of loans	-	113
Repayment of loans	-5	-9
Repayment of lease liabilities	-8	-7
Dividend paid	-347	-285
Discretionary interest to holders of equity instruments	-48	-48
Non-controlling interests	18	22
(Purchase) / sale of treasury shares	-71	-79
Cash flows from financing activities	1,112	-292

Cash and cash equivalents as at 31 December	2,245	2,306

Further details on cash flows from operating activities:
Interest received	1,474	1,458
Interest paid	-438	-370
Dividend received	164	146

Further details on lease payments:
Total cash outflow for leases	-7	-6