Statement of cash flow
For the years ended 31 December
| Download |
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.