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Allianz Annual Report 2012

Net cash outflow used in investing activities decreased by € 2.1  bn to € 14.9  bn in 2012. This drop was mainly due to significant net cash inflows from loans and advances to banks and customers (in 2011 we recorded large net cash outflows), particularly in our Life/Health business in Germany. Compared to 2011 we recorded higher net cash outflows for available-for-sale investments at ­Allianz SE and our Life/Health operation in Germany. Moreover, we recorded an increase in net cash outflows for our real estate investments in 2012, especially in Germany. ­Allianz Group consolidated cash flows Change in cash and cash equivalents for the years ended 31 December C 078 € mn Net cash flow provided by operating activities Net cash flow used in investing activities Net cash flow provided by (used in) financing activities Change in cash and cash equivalents1 20,000 15,000 10,000 5,000 0 (5,000) (10,000) (15,000) (20,000) 15,414 16,642 17,793 (19,536) (17,043) (14,860) 4,465 2,035 (941) 608 1,745 1,945   2010    2011    2012 1 Includes effect of exchange rate changes on cash and cash equivalents of € (47)  MN, € 111  Mn and € 265 MN in 2012, 2011 and 2010, respectively. Net cash flow provided by operating activities amounted to € 17.8  bn, up by € 1.2  bn compared to the previous year. Net cash flow provided by operating activities is comprised of net income plus adjustments for non-cash charges, credits and other items included in net earnings and cash flows related to the net change in operating assets and liabilities. Net income after adding back non-cash charges and similar items, which were driven by a lower level of impairments on our available-for-sale investments, declined from € 9.6  bn in 2011 to € 8.5  bn in 2012, representing a decrease of € 1.1  bn. However, there was a growth in operating cash flowsof€ 2.3  bnfromthenetchangeinoperatingassetsand liabilities – from € 7.0  bn in 2011 to € 9.3  bn in 2012. This in­ crease was mainly driven by higher reserves for insurance and investment contracts in our Life/Health business, mainly in Germany, Italy and France. We also recorded positive net changes from our operating receivables/pay­ ables. Lower reserves for losses and loss adjustment ex­ penses in our Property-Casualty business – especially in Australia and ­Allianz Global Corporate & Specialty (AGCS) – and net cash outflows from financial assets and liabilities held for trading partially offset these positive effects. Annual Report 2012    Allianz Group180

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