Allianz Group
Consolidated Statements of Cash Flows

  2011 2010 2009
  € mn € mn € mn
1Includes reclassifications from loans and advances to banks and customers to cash and cash equivalents at the U.S. subsidiaries.
Summary      
Net cash flow provided by operating activities 16,642 15,414 13,610
Net cash flow used in investing activities (17,043) (19,536) (50,387)
Net cash flow provided by financing activities 2,035 4,465 3,649
Effect of exchange rate changes on cash and cash equivalents 111 265 21
Change in cash and cash equivalents 1,745 608 (33,107)
Cash and cash equivalents at beginning of period of continuing operations 8,747 6,089 8,958
Cash and cash equivalents at beginning of period reclassified to assets of disposal groups classified as held for sale 30,238
Reclassifications1 2,050
Cash and cash equivalents at end of period 10,492 8,747 6,089
       
Cash flow from operating activities      
Net income 2,804 5,209 4,255
Adjustments to reconcile net income to net cash flow provided by operating activities      
Share of earnings from investments in associates and joint ventures (201) (183) (80)
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 226 (2,864) (684)
Other investments, mainly financial assets held for trading and designated at fair value through income 957 444 (1,008)
Depreciation and amortization 1,053 1,098 902
Loan loss provisions 121 50 141
Interest credited to policyholder accounts 4,686 4,747 4,166
Net change in      
Financial assets and liabilities held for trading 399 (1,525) 100
Reverse repurchase agreements and collateral paid for securities borrowing transactions 277 (189) 751
Repurchase agreements and collateral received from securities lending transactions 900 346 47
Reinsurance assets 425 1,143 1,041
Deferred acquisition costs (899) (821) 3
Unearned premiums 658 247 258
Reserves for loss and loss adjustment expenses 1,921 74 (117)
Reserves for insurance and investment contracts 5,399 8,138 5,190
Deferred tax assets/liabilities 163 159 (612)
Other (net) (2,247) (659) (743)
Subtotal 13,838 10,205 9,355
Net cash flow provided by operating activities 16,642 15,414 13,610
       
Cash flow from investing activities      
Proceeds from the sale, maturity or repayment of      
Financial assets designated at fair value through income 6,210 14,161 4,193
Available-for-sale investments 129,383 125,134 94,459
Held-to-maturity investments 181 242 419
Investments in associates and joint ventures 164 1,042 1,957
Non-current assets and assets of disposal groups classified as held for sale 142
Real estate held for investment 916 682 391
Loans and advances to banks and customers (purchased loans) 8,090 9,248 11,537
Property and equipment 145 380 210
Subtotal 145,231 150,889 113,166
Payments for the purchase or origination of      
Financial assets designated at fair value through income (4,930) (8,973) (2,513)
Available-for-sale investments (143,928) (153,527) (112,667)
Held-to-maturity investments (362) (463) (192)
Investments in associates and joint ventures (176) (448) (973)
Non-current assets and assets of disposal groups classified as held for sale (36)
Real estate held for investment (671) (1,610) (349)
Loans and advances to banks and customers (purchased loans) (8,485) (7,624) (20,584)
Property and equipment (1,201) (1,472) (1,160)
Subtotal (159,753) (174,117) (138,474)
Business combinations (note 5)      
Proceeds from sale of subsidiaries, net of cash disposed (14) 193 (26,975)
Acquisitions of subsidiaries, net of cash acquired (69) 77
Change in other loans and advances to banks and customers (originated loans) (2,181) 3,696 1,384
Other (net) (257) (197) 435
Net cash flow used in investing activities (17,043) (19,536) (50,387)
       
Cash flow from financing activities      
Policyholders' account deposits 17,508 20,061 20,162
Policyholders' account withdrawals (15,116) (12,958) (12,233)
Net change in liabilities to banks and customers 378 (272) (1,097)
Proceeds from the issuance of certificated liabilities, participation certificates and subordinated liabilities 7,486 7,157 12,541
Repayments of certificated liabilities, participation certificates and subordinated liabilities (5,953) (7,428) (14,189)
Cash inflow from capital increases 70 44 56
Transactions between equity holders (64) (75) 276
Dividends paid to shareholders (2,198) (1,978) (1,701)
Net cash from sale or purchase of treasury shares 12 (21) (135)
Other (net) (88) (65) (31)
Net cash flow provided by financing activities 2,035 4,465 3,649
       
Supplementary information on the consolidated statements of cash flows      
Income taxes paid (2,073) (1,347) (831)
Dividends received 1,144 1,015 876
Interest received 18,137 17,129 15,689
Interest paid (1,456) (1,468) (1,492)
Significant non-cash transactions      
Effects from liquidation of Palmer Square 2 CDO Tranche      
Loans and advances to banks and customers (314)
Financial assets held for trading (5)
Available-for-sale investments 294
Other assets 2
Foreign currency translation adjustment 1
Realized loss from loans and advances to banks and customers 22
Effects from deconsolidation of Dresdner Bank      
Commerzbank shares      
Available-for-sale investments 746
Assets of disposal groups classified as held for sale (746)
Distribution channel      
Intangible assets 480
Assets of disposal groups classified as held for sale (480)
Cominvest      
Available-for-sale investments 179
Loans and advances to banks and customers 7
Deferred tax assets 14
Intangible assets 691
Property and equipment 3
Other assets 39
Assets of disposal groups classified as held for sale (933)
Liabilities to banks and customers 1
Deferred tax liabilities (72)
Certificated liabilities, participation certificates and subordinated liabilities (57)
Other liabilities (148)
Non-controlling interests (5)
Liabilities of disposal groups classified as held for sale 281
       
Proceeds from sales of available-for-sale investments      
Debt securities 89,309 85,481 62,774
Equity securities 9,081 8,754 14,152
Total 98,390 94,235 76,926
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