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Annual Report 2015

Statement of cash flow

For the years ended 31 December

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USD millions

2014

2015

1

The Group reviewed the nature of certain items within the statement of cash flow. “Securities purchased/sold under agreement to resell/repurchase, net” were reclassified from the operating cash flow to the investing cash flow, and certain investment related cash flows were reclassified from “Trading positions, net” in the operating cash flow to “Net purchases/sales/maturities of other investments” in the investing cash flow. Comparatives are adjusted accordingly.

2

The Group changed the presentation of its investments related to unit-linked and with-profit business, and related deposits and withdrawals were reclassified from “Technical provisions, net” in the operating cash flow to “Policyholder account balances, unit-linked and with-profit business” in the financing cash flow. Comparatives are adjusted accordingly.

Cash flows from operating activities

 

 

Net income attributable to common shareholders

3 500

4 597

Add net income attributable to non-controlling interests

 

3

Adjustments to reconcile net income to net cash provided/used by operating activities:

 

 

Depreciation, amortisation and other non-cash items

458

594

Net realised investment gains/losses

–1 059

–1 221

Income from equity-accounted investees, net of dividends received

–66

202

Change in:

 

 

Technical provisions and other reinsurance assets and liabilities, net2

–34

–121

Funds held by ceding companies and under reinsurance treaties

433

764

Reinsurance recoverable on unpaid claims and policy benefits

1 273

670

Other assets and liabilities, net2

–323

87

Income taxes payable/recoverable

134

–567

Trading positions, net1.2

81

404

Net cash provided/used by operating activities

4 397

5 412

 

 

 

Cash flows from investing activities

 

 

Fixed income securities:

 

 

Sales

55 297

45 552

Maturities

4 315

4 529

Purchases

–67 447

–55 360

Net purchases/sales/maturities of short-term investments2

5 921

6 103

Equity securities:

 

 

Sales

6 894

1 790

Purchases

–2 918

–2 717

Securities purchased/sold under agreement to resell/repurchase, net1

331

–2 089

Cash paid/received for acquisitions/disposal and reinsurance transactions, net

–257

404

Net purchases/sales/maturities of other investments1.2

–1 642

2 264

Net purchases/sales/maturities of investments held for unit-linked and with-profit business2

791

1 218

Net cash provided/used by investing activities

1 285

1 694

 

 

 

Cash flows from financing activities

 

 

Policyholder account balances, unit-linked and with-profit business:2

 

 

Deposits

250

518

Withdrawals

–1 695

–2 383

Issuance/repayment of long-term debt

1 438

199

Issuance/repayment of short-term debt

–2 584

–1 155

Purchase/sale of treasury shares

–197

–579

Dividends paid to shareholders

–3 129

–2 608

Net cash provided/used by financing activities

–5 917

–6 008

 

 

 

Total net cash provided/used

–235

1 098

Effect of foreign currency translation

–366

–365

Change in cash and cash equivalents

–601

733

Cash and cash equivalents as of 1 January

8 072

7 471

Cash and cash equivalents as of 31 December

7 471

8 204

The accompanying notes are an integral part of the Group financial statements.