Statement of cash flow
For the years ended 31 December
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USD millions |
2011 |
2012 | ||
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Cash flows from operating activities |
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Net income attributable to common shareholders |
2 626 |
4 201 | ||
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Add net income attributable to non-controlling interests |
172 |
141 | ||
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Adjustments to reconcile net income to net cash provided/used by operating activities: |
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Depreciation, amortisation and other non-cash items |
3 115 |
3 888 | ||
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Net realised investment gains/losses |
–388 |
–2 688 | ||
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Change in: |
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Technical provisions, net |
–4 093 |
–3 397 | ||
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Funds held by ceding companies and other reinsurance balances |
–1 501 |
46 | ||
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Reinsurance recoverable on unpaid claims and policy benefits |
275 |
17 | ||
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Other assets and liabilities, net |
–17 |
235 | ||
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Income taxes payable/recoverable |
–532 |
1 138 | ||
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Income from equity-accounted investees, net of dividends received |
–222 |
–380 | ||
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Trading positions, net |
2 847 |
–543 | ||
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Securities purchased/sold under agreement to resell/repurchase, net |
–785 |
1 845 | ||
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Net cash provided/used by operating activities |
1 497 |
4 503 | ||
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Cash flows from investing activities |
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Fixed income securities: |
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Sales and maturities |
142 952 |
108 231 | ||
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Purchases |
–145 183 |
–106 064 | ||
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Net purchase/sale/maturities of short-term investments |
6 952 |
–5 073 | ||
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Equity securities: |
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Sales |
2 351 |
1 501 | ||
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Purchases |
–3 173 |
–2 242 | ||
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Cash paid/received for acquisitions/disposal and reinsurance transactions, net1 |
80 |
106 | ||
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Net purchases/sales/maturities of other investments |
–573 |
10 | ||
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Net cash provided/used by investing activities |
3 406 |
–3 531 | ||
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Cash flows from financing activities |
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Issuance/repayment of long-term debt |
–33 |
740 | ||
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Issuance/repayment of short-term debt |
–8 991 |
–2 200 | ||
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Proceeds from the issuance of contingent capital instruments, net of issuance cost |
|
1 084 | ||
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Purchase/sale of treasury shares |
–261 |
–133 | ||
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Dividends paid to shareholders |
–1 035 |
–1 134 | ||
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Net cash provided/used by financing activities |
–10 320 |
–1 643 | ||
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Total net cash provided/used |
–5 417 |
–671 | ||
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Effect of foreign currency translation |
–104 |
101 | ||
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Change in cash and cash equivalents |
–5 521 |
–570 | ||
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Cash and cash equivalents as of 1 January |
16 928 |
11 407 | ||
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Cash and cash equivalents as of 31 December |
11 407 |
10 837 | ||
Interest paid was USD 1 099 million and USD 887 million for the years ended 31 December 2011 and 2012, respectively.
Tax paid was USD 748 million and USD 123 million for the years ended 31 December 2011 and 2012, respectively.
The accompanying notes are an integral part of the Group financial statements.