Consolidated Statement of Cash Flows
from 1 January until 31 December 2020

Profit/(loss) for the period

Amortisation of VBI, impairment of goodwill and other intangible assets, and depreciation of property, plant and equipment

Impairment losses/reversal of impairment losses on other investments

Gain/loss on the disposal of investments

Change in deferred acquisition costs

Change in securities at fair value through profit or loss

Change in direct insurance receivables

Change in other receivables

Change in direct insurance liabilities

Change in other liabilities

Change in technical provisions

Change in defined benefit obligations

Change in deferred tax assets and deferred tax liabilities

Change in other statement of financial position items

Net cash flow from operating activities

Proceeds from disposal of intangible assets and property, plant and equipment

Payments for acquisition of intangible assets and property, plant and equipment

Proceeds from disposal of consolidated companies

Net payments for acquisition of consolidated companies

Proceeds from disposal and maturity of other investments

Payments for acquisition of other investments

Change in unit-linked and index-linked life insurance investments

Net cash flow from investing activities

Transactions between owners

Proceeds from other financing activities

Payments from other financing activities

Net cash flow from financing activities

Change in cash and cash equivalents

of which due to acquisitions of consolidated subsidiaries

Change in cash and cash equivalents due to movements in exchange rates

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of period

Income taxes paid (Net cash flow from operating activities)

Interest paid (Net cash flow from operating activities)

Interest received (Net cash flow from operating activities)

Dividends received (Net cash flow from operating activities)