Annual Report 2022
Consolidated statement of cash flows
Consolidated statement of cash flows
(in millions)20222021
Cash and cash equivalents as at 1 January2,3062,863
Cash generated from operating activities
Result before tax9291,209
Adjustments on non-cash items included in result:
Revaluation through profit or loss50-209
Retained share of result of associates and joint ventures23-7
Amortisation of intangible assets3433
Depreciation of property, plant and equipment3719
Amortisation of investments-23110
Amortisation of subordinated debts11
Changes in operating assets and liabilities:
Net (increase) / decrease in investment property1,51012
Net (increase) / decrease in investments2,7382,198
Net (increase) / decrease in investments on behalf of policyholders1,662-1,420
Net (increase) / decrease in investments related to investment contracts-48-428
Net (increase) / decrease in derivatives5,5482,296
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 receivables2234
Net (increase) / decrease in reinsurance contracts6066
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-1,5601,429
Net increase / (decrease) in liabilities arising from investment contracts48428
Net (increase) / decrease in other operating assets and liabilities396
Income tax received (paid)-202-131
Cash flows from operating activities-974198
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 equipment1-
Purchase of intangible assets-11-1
Cash flows from investing activities-199-463
Cash flows from financing activities:
Increase / (decrease) of capital586-
Issue of subordinated debts987-
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 interests1822
(Purchase) / sale of treasury shares-71-79
Cash flows from financing activities1,112-292
Cash and cash equivalents as at 31 December2,2452,306
Further details on cash flows from operating activities:
Interest received1,4741,458
Interest paid-438-370
Dividend received164146
Further details on lease payments:
Total cash outflow for leases-7-6