Statement of cash flows
For the years ended 31 December
USD millions |
2018 |
2019 |
|---|---|---|
Cash flows from operating activities |
|
|
Net income attributable to common shareholders |
421 |
727 |
Add income/loss attributable to non-controlling interests |
19 |
42 |
Adjustments to reconcile net income to net cash provided/used by operating activities: |
|
|
Depreciation, amortisation and other non-cash items |
331 |
538 |
Net realised investment gains/losses |
2 530 |
–5 515 |
Income from equity-accounted investees, net of dividends received |
4 |
–283 |
Change in: |
|
|
Technical provisions and other reinsurance assets and liabilities, net |
–1 796 |
10 659 |
Funds held by ceding companies and under reinsurance treaties |
212 |
–5 |
Reinsurance recoverable on unpaid claims and policy benefits |
656 |
–571 |
Other assets and liabilities, net |
–421 |
–472 |
Income taxes payable/recoverable |
–682 |
–471 |
Trading positions, net |
298 |
–252 |
Net cash provided/used by operating activities |
1 572 |
4 397 |
|
|
|
Cash flows from investing activities |
|
|
Fixed income securities: |
|
|
Sales |
44 679 |
51 008 |
Maturities |
5 159 |
7 732 |
Purchases |
–49 816 |
–58 240 |
Net purchases/sales/maturities of short-term investments |
–761 |
–405 |
Equity securities: |
|
|
Sales |
1 908 |
2 225 |
Purchases |
–1 578 |
–1 495 |
Securities purchased/sold under agreement to resell/repurchase, net |
3 464 |
–869 |
Cash paid/received for acquisitions/disposals and reinsurance transactions, net |
–11 |
340 |
Net purchases/sales/maturities of other investments |
–869 |
581 |
Net purchases/sales/maturities of investments held for unit-linked and with-profit business |
1 288 |
1 584 |
Net cash provided/used by investing activities |
3 463 |
2 461 |
|
|
|
Cash flows from financing activities |
|
|
Policyholder account balances, unit-linked and with-profit business: |
|
|
Deposits |
557 |
551 |
Withdrawals |
–2 939 |
–2 629 |
Issuance/repayment of long-term debt |
346 |
3 614 |
Issuance/repayment of short-term debt |
–428 |
–2 205 |
Issuance/repayment of contingent capital instrument |
–750 |
|
Purchase/sale of treasury shares |
–1 446 |
–946 |
Dividends paid to shareholders |
–1 592 |
–1 659 |
Dividends paid to non-controlling interests |
–152 |
|
Transactions with non-controlling interests |
811 |
634 |
Net cash provided/used by financing activities |
–5 593 |
–2 640 |
|
|
|
Total net cash provided/used |
–558 |
4 218 |
Effect of foreign currency translation |
–263 |
88 |
Change in cash and cash equivalents |
–821 |
4 306 |
Cash and cash equivalents as of 1 January |
6 806 |
5 985 |
Reclassified to assets held for sale |
|
–2 729 |
Cash and cash equivalents as of 31 December |
5 985 |
7 562 |
Interest paid was USD 631 million and USD 572 million (thereof USD 43 million and USD 24 million for letter of credit fees) for 2018 and 2019, respectively. Tax paid was USD 740 million and USD 611 million for 2018 and 2019, respectively.
Cash and cash equivalents include restricted cash and cash equivalents, for instance pledged cash and cash equivalents (please refer to Note 7 “Investments“).
The accompanying notes are an integral part of the Group financial statements.