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Allianz Annual Report 2012

consolidated statements of cash flows D 005 € mn 2012 2011 2010 Cash flow from investing activities Proceeds from the sale, maturity or repayment of: Financial assets designated at fair value through income 2,076 6,210 14,161 Available-for-sale investments 124,720 129,383 125,134 Held-to-maturity investments 990 181 242 Investments in associates and joint ventures 211 164 1,042 Non-current assets and assets of disposal groups classified as held for sale 276 142 – Real estate held for investment 425 916 682 Loans and advances to banks and customers (purchased loans) 11,424 8,090 9,248 Property and equipment 229 145 380 Subtotal 140,351 145,231 150,889 Payments for the purchase or origination of: Financial assets designated at fair value through income (1,121) (4,930) (8,973) Available-for-sale investments (144,354) (143,928) (153,527) Held-to-maturity investments (1,012) (362) (463) Investments in associates and joint ventures (538) (176) (448) Non-current assets and assets of disposal groups classified as held for sale (229) – – Real estate held for investment (1,112) (671) (1,610) Loans and advances to banks and customers (purchased loans) (5,811) (8,485) (7,624) Property and equipment (1,607) (1,201) (1,472) Subtotal (155,784) (159,753) (174,117) Business combinations (note 5): Proceeds from sale of subsidiaries, net of cash disposed – (14) 193 Acquisitions of subsidiaries, net of cash acquired (8) (69) – Change in other loans and advances to banks and customers (originated loans) 330 (2,181) 3,696 Other (net) 251 (257) (197) Net cash flow used in investing activities (14,860) (17,043) (19,536) Cash flow from financing activities Policyholders’ account deposits 17,467 17,508 20,061 Policyholders’ account withdrawals (16,372) (15,116) (12,958) Net change in liabilities to banks and customers (419) 378 (272) Proceeds from the issuance of certificated liabilities, participation certificates and subordinated liabilities 9,084 7,486 7,157 Repayments of certificated liabilities, participation certificates and subordinated liabilities (8,315) (5,953) (7,428) Cash inflow from capital increases 44 70 44 Transactions between equity holders (115) (64) (75) Dividends paid to shareholders (2,214) (2,198) (1,978) Net cash from sale or purchase of treasury shares 6 12 (21) Other (net) (107) (88) (65) Net cash flow provided by (used in) financing activities (941) 2,035 4,465 Consolidated Statements of Cash Flows – continued Annual Report 2012    Allianz Group224

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