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Consolidated cash flow statement as at 31 March 2014

Consolidated cash flow statement as at 31 March 2014

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in EUR thousand   1.1. –
31.3.2014
1.1. –
31.3.20131 
I. Cash flow from operating activities    
  Net income 259,499 248,621
  Appreciation / depreciation 7,036 5,557
  Net realised gains and losses on investments (54,105) (34,772)
  Change in fair value of financial instruments (7,447) (3,311)
  Realised gains and losses on deconsolidation (2,602) (6,661)
  Income from the recognition of negative goodwill (175)
  Amortisation of investments 21,786 33,037
  Changes in funds withheld 48,475 (137,259)
  Net changes in contract deposits (186,857) 119,966
  Changes in prepaid reinsurance premium (net) 289,732 296,171
  Changes in tax assets / provisions for taxes 17,009 29,113
  Changes in benefit reserve (net) 43,482 63,952
  Changes in claims reserves (net) 628,482 719,543
  Changes in deferred acquisition costs (45,857) (17,742)
  Changes in other technical provisions 15,230 11,058
  Changes in clearing balances (744,257) (931,567)
  Changes in other assets and liabilities (net) 6,800 19,854
  Cash flow from operating activities 296,406 415,385
1 Adjusted pursuant to IAS 8 (cf. Section 2 of the notes)
in EUR thousand   1.1. –
31.3.2014
1.1. –
31.3.20131 
I. Cash flow from operating activities    
  Net income 259,499 248,621
  Appreciation / depreciation 7,036 5,557
  Net realised gains and losses on investments (54,105) (34,772)
  Change in fair value of financial instruments (7,447) (3,311)
  Realised gains and losses on deconsolidation (2,602) (6,661)
  Income from the recognition of negative goodwill (175)
  Amortisation of investments 21,786 33,037
  Changes in funds withheld 48,475 (137,259)
  Net changes in contract deposits (186,857) 119,966
  Changes in prepaid reinsurance premium (net) 289,732 296,171
  Changes in tax assets / provisions for taxes 17,009 29,113
  Changes in benefit reserve (net) 43,482 63,952
  Changes in claims reserves (net) 628,482 719,543
  Changes in deferred acquisition costs (45,857) (17,742)
  Changes in other technical provisions 15,230 11,058
  Changes in clearing balances (744,257) (931,567)
  Changes in other assets and liabilities (net) 6,800 19,854
  Cash flow from operating activities 296,406 415,385
1 Adjusted pursuant to IAS 8 (cf. Section 2 of the notes)
in EUR thousand   1.1. –
31.3.2014
1.1. –
31.3.2013
II. Cash flow from investing activities  
  Fixed-income securities – held to maturity    
  Maturities 276,888 330,017
  Purchases (5) (46,980)
  Fixed-income securities – loans and receivables
  Maturities, sales 231,666 89,969
  Purchases (75,192)
  Fixed-income securities – available for sale
  Maturities, sales 2,854,047 2,340,604
  Purchases (2,874,095) (2,763,155)
  Fixed-income securities – at fair value through profit or loss
  Maturities, sales 5,514 21,205
  Purchases (1,641) (6,525)
  Equity securities – available for sale
  Sales 3,939 3,907
  Purchases (3,955) (2,398)
  Other financial assets – at fair value through profit or loss
  Sales 7,827
  Purchases (5,779)
  Other invested assets
  Sales 31,203 27,091
  Purchases (45,052) (25,624)
  Affiliated companies and participating interests
  Purchases (32,638)
  Real estate and real estate funds
  Sales 21,596 13,351
  Purchases (14,294) (180,098)
  Short-term investments
  Changes (16,594) (44,517)
  Other changes (net) (8,791) (4,641)
  Cash flow from investing activities 429,836 (322,986)
       
III. Cash flow from financing activities    
  Contribution from capital measures 309
  Payment on capital measures (2,574) (2,555)
  Structural change without loss of control (22)
  Dividends paid (39,946) (47,504)
  Proceeds from long-term debts 36,439 4,551
  Repayment of long-term debts (750,331) (9,947)
  Cash flow from financing activities (756,412) (55,168)
       
IV. Exchange rate differences on cash 3,942 9,721
  Cash and cash equivalents at the beginning of the period 642,936 572,188
  Change in cash and cash equivalents (I.+II.+III.+IV.) (26,228) 46,952
  Changes in the consolidated group (4,053) (3,833)
  Cash and cash equivalents at the end of the period 612,655 615,307
 
  Supplementary information on the cash flow statement1
  Income taxes paid (on balance) (37,962) (59,914)
  Dividend receipts2 7,158 10,384
  Interest received 353,474 346,964
  Interest paid (60,325) (66,109)
1 The income taxes paid as well as the dividend receipts and interest received are included entirely in the cash flow from operating activities. The interest paid is attributable in an amount of EUR 15,214 thousand (EUR 20,983 thousand) to the cash flow from operating activities and in an amount of EUR 45,111 thousand (EUR 45,126 thousand) to the cash flow from financing activities.
2 Including dividend-like profit participations from investment funds

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