Consolidated Cash Flow Statement

Profit for the period less minority interest

408,533

312,618

Minority interest

33,810

36,253

Profit for the period before minority interest

442,343

348,871

Net change in other underwriting provisions

1,247,502

2,063,411

Changes in underwriting receivables and payables

-42,044

-66,060

Changes in deposit receivables and payables,
as well as in invoice receivables and payables

41,491

42,789

Changes in other receivables and payables

160,783

150,612

Changes in financial investments held for trading

409,401

-151,992

Realised gains and losses of investments

-460,472

-327,816

Write up/down of all other investments

439,772

113,109

Changes in provisions for pension, severance pay, and other personnel expenses

-71,718

-135,428

Changes in deferred tax assets/liabilities, excl. tax provisions

-33,881

11,100

Changes in other balance sheet items

149,720

-57,386

Changes in goodwill and intangible assets

41,735

-4,977

Other income and expenses a!ecting cash flow,
and adjustments to net income for the period

-235,534

34,744

Cash Flow from operating activities

2,089,098

2,020,978

Receipts from the sale of fully consolidated companies
and at equity consolidated companies

602,724

419

Pay o!s from the sale of fully consolidated companies
and at equity consolidated companies

-1,248,562

-58,384

Cash proceeds from the sale of available for sale securities

4,835,485

2,967,168

Payments for the acquisition of available for sale securities

-5,412,478

-3,848,026

Cash proceeds from the sale of securities held to maturity

40,977

47,555

Payments for the acquisition of securities held to maturity

-155,477

-99,123

Cash proceeds from the sale of land and buildings

48,071

84,668

Payments for the acquisition of land and buildings

-317,253

-242,448

Changes in unit- and index-linked life insurance items

-582,327

-608,243

Changes in other investments

-837,760

-202,624

Cash Flow from investing activities

-3,026,600

-1,959,038

Capital increase including premiums paid on hybrid capital

1,343,454

0

Minority interest in capital increase

0

5,952

Decrease/increase subordinated liabilities

-160

9,463

Dividend payments

-119,037

-101,855

Cash proceeds from and payments for other financing activities

-50,566

23,639

Cash Flow from financing activities

1,173,691

-62,801

Net change in cash and cash eqivalents

236,189

-861

Cash and cash equivalents at beginning of period

277,700

226,443

Cash and cash equivalents at end of period

619,327

277,700

Including non-profit housing development corporations

56,652

54,294

Changes in scope of consolidation

97,437

49,117

Foreign exchange di!erences in cash and cash equivalents

8,001

3,001

Additional information

interest received

637,917

621,289

dividends received

198,973

142,619

interest paid

105,759

121,734

dividends paid

119,037

101,855

income taxes paid

81,626

59,007

Expected cash flow from reclassified securities

25,984

E!ective interest rate of reclassified securities

6.41%