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Annual Report 2017

Statement of cash flows

For the years ended 31 December

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USD millions

2016

2017

Cash flows from operating activities

 

 

Net income attributable to common shareholders

3 558

331

Add net income/loss attributable to non-controlling interests

–3

–5

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

 

 

Depreciation, amortisation and other non-cash items

643

542

Net realised investment gains/losses

–5 787

–4 048

Income from equity-accounted investees, net of dividends received

135

70

Change in:

 

 

Technical provisions and other reinsurance assets and liabilities, net

5 845

5 739

Funds held by ceding companies and under reinsurance treaties

862

–276

Reinsurance recoverable on unpaid claims and policy benefits

434

61

Other assets and liabilities, net

–37

–386

Income taxes payable/recoverable

–24

–606

Trading positions, net

489

–119

Net cash provided/used by operating activities

6 115

1 303

 

 

 

Cash flows from investing activities

 

 

Fixed income securities:

 

 

Sales

38 700

43 904

Maturities

4 218

5 537

Purchases

–44 389

–52 696

Net purchases/sales/maturities of short-term investments

–3 675

6 459

Equity securities:

 

 

Sales

3 283

7 421

Purchases

–1 702

–7 113

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

789

–1 042

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

318

36

Net purchases/sales/maturities of other investments

1 293

–2 103

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

2 762

2 356

Net cash provided/used by investing activities

1 597

2 759

 

 

 

Cash flows from financing activities

 

 

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

 

 

Deposits

658

565

Withdrawals

–3 755

–2 821

Issuance/repayment of long-term debt

762

–270

Issuance/repayment of short-term debt

–1 331

–1 221

Issuance/repayment of contingent capital instrument

 

–352

Purchase/sale of treasury shares

–1 170

–1 142

Dividends paid to shareholders

–1 561

–1 559

Net cash provided/used by financing activities

–6 397

–6 800

Total net cash provided/used

1 315

–2 738

Effect of foreign currency translation

–508

533

Change in cash and cash equivalents

807

–2 205

Cash and cash equivalents as of 1 January

8 204

9 011

Cash and cash equivalents as of 31 December

9 011

6 806

Interest paid was USD 674 million and USD 655 million (thereof USD 51 million and USD 49 million for letter of credit fees) for 2016 and 2017, respectively. Tax paid was USD 755 and USD 720 for 2016 and 2017, respectively.

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