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Allianz Annual Report 2012

Consolidated Statements of Cash Flows consolidated statements of cash flows D 005 € mn 2012 2011 2010 Summary Net cash flow provided by operating activities 17,793 16,642 15,414 Net cash flow used in investing activities (14,860) (17,043) (19,536) Net cash flow provided by (used in) financing activities (941) 2,035 4,465 Effect of exchange rate changes on cash and cash equivalents (47) 111 265 Change in cash and cash equivalents 1,945 1,745 608 Cash and cash equivalents at beginning of period 10,492 8,747 6,089 Reclassifications 1 – – 2,050 Cash and cash equivalents at end of period 12,437 10,492 8,747 Cash flow from operating activities Net income 5,491 2,804 5,209 Adjustments to reconcile net income to net cash flow provided by operating activities Share of earnings from investments in associates and joint ventures (143) (201) (183) Realized gains/losses (net) and impairments of investments (net) of: Available-for-sale and held-to-maturity investments, investments in associates and joint ventures, real estate held for investment, loans and advances to banks and customers (3,393) 226 (2,864) Other investments, mainly financial assets held for trading and designated at fair value through income 518 957 444 Depreciation and amortization 1,124 1,053 1,098 Loan loss provisions 111 121 50 Interest credited to policyholder accounts 4,790 4,686 4,747 Net change in: Financial assets and liabilities held for trading (2,242) 399 (1,525) Reverse repurchase agreements and collateral paid for securities borrowing transactions 256 277 (189) Repurchase agreements and collateral received from securities lending transactions 724 900 346 Reinsurance assets (266) 425 1,143 Deferred acquisition costs (656) (899) (821) Unearned premiums 766 658 247 Reserves for loss and loss adjustment expenses 1,101 1,921 74 Reserves for insurance and investment contracts 8,554 5,399 8,138 Deferred tax assets/liabilities (68) 163 159 Other (net) 1,126 (2,247) (659) Subtotal 12,302 13,838 10,205 Net cash flow provided by operating activities 17,793 16,642 15,414 1 Includes reclassifications from loans and advances to banks and customers to cash and cash equivalents at the U.S. subsidiaries. Annual Report 2012    Allianz Group D Consolidated Financial Statements 219 Consolidated Balance Sheets 220 Consolidated Income Statements 221 Consolidated Statements of Comprehensive Income 222 Consolidated Statements of Changes in Equity 223 Consolidated Statements of Cash Flows 226 Notes to the Consolidated Financial Statements 223

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