Statement of cash flow

For the years ended 31 December

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USD millions

2015

2016

Cash flows from operating activities

 

 

Net income attributable to common shareholders

4 597

3 558

Add net income attributable to non-controlling interests

3

–3

 

 

 

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

 

 

Depreciation, amortisation and other non-cash items

594

643

Net realised investment gains/losses

–1 221

–5 787

Income from equity-accounted investees, net of dividends received

202

135

Change in:

 

 

Technical provisions and other reinsurance assets and liabilities, net

–121

5 845

Funds held by ceding companies and under reinsurance treaties

764

862

Reinsurance recoverable on unpaid claims and policy benefits

670

434

Other assets and liabilities, net

87

–37

Income taxes payable/recoverable

–567

–24

Trading positions, net

404

489

Net cash provided/used by operating activities

5 412

6 115

 

 

 

Cash flows from investing activities

 

 

Fixed income securities:

 

 

Sales

45 552

38 700

Maturities

4 529

4 218

Purchases

–55 360

–44 389

Net purchases/sales/maturities of short-term investments

6 103

–3 675

Equity securities:

 

 

Sales

1 790

3 283

Purchases

–2 717

–1 702

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

–2 089

789

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

404

318

Net purchases/sales/maturities of other investments

2 264

1 293

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

1 218

2 762

Net cash provided/used by investing activities

1 694

1 597

 

 

 

Cash flows from financing activities

 

 

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

 

 

Deposits

518

658

Withdrawals

–2 383

–3 755

Issuance/repayment of long-term debt

199

762

Issuance/repayment of short-term debt

–1 155

–1 331

Purchase/sale of treasury shares

–579

–1 170

Dividends paid to shareholders

–2 608

–1 561

Net cash provided/used by financing activities

–6 008

–6 397

 

 

 

Total net cash provided/used

1 098

1 315

Effect of foreign currency translation

–365

–508

Change in cash and cash equivalents

733

807

Cash and cash equivalents as of 1 January

7 471

8 204

Cash and cash equivalents as of 31 December

8 204

9 011

Interest paid was USD 729 million and USD 674 million (thereof USD 57 million and USD 51 million for letter of credit fees) for the years ended 31 December 2015 and 2016, respectively. Tax paid was USD 1 190 million and USD 755 million for the years ended 31 December 2015 and 2016, respectively.

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