Consolidated cash flow statement for the period from 1 January 2010 to 31 December 2010

Profit of the period

413,250

363,713

Change in underwriting provisions net

1,759,443

1,136,541

Change in underwriting receivables and liabilities

-93,484

87,369

Change in deposit receivables and liabilities, as well as in reinsurance receivables and liabilities

-33,059

-59,297

Change in other receivables and liabilities

182,731

66,492

Change in securities held for trading

27,453

119,625

Gain/loss from disposal of investments

-144,732

-150,190

Depreciation/appreciation of all other investments

134,836

349,194

Change in pension, severance and other personnel provisions

2,361

-39,758

Change in deferred tax asset/liability excl. tax liabilities

-18,803

-25,602

Change in other balance sheet items

-28,372

-199,481

Change in goodwill and other intangible assets

8,646

41,966

Other cash-neutral income and expenses and adjustments to the result of the period

-115,603

299,075

Cash flow from operating activities

2,094,667

1,989,647

Cash inflow from the sale of fully and at equity consolidated companies

21,825

65,170

Payments for the acquisition of fully and at equity consolidated companies

-248,313

-513,693

Cash inflow from the sale of securities available for sale

2,011,857

3,880,012

Payments for the acquisition of available for sale securities

-3,179,061

-5,320,268

Cash inflow from the sale of securities held to maturity

430,831

218,360

Payments for the addition of securities held to maturity

-476,609

-684,793

Cash inflow from the sale of land and buildings

138,530

34,862

Payments for the acquisition of land and buildings

-348,116

-237,903

Change in unit- and index-linked life insurance items

-412,002

-638,379

Change in other investments

49,119

1,033,475

Cash flow from investing activities

-2,011,939

-2,163,157

Capital increase incl. additional payments on hybrid capital

0

250,000

Decrease/increase in subordinated liabilities

-5,914

39,859

Dividend payments

-160,582

-293,360

Cash in- and outflow from other financing activities

-25,275

6,146

Cash flow from financing activities

-191,771

2,645

Change in cash and cash equivalents

-109,043

-170,865

Cash and cash equivalents at beginning of period

484,523

619,327

Change in cash and cash equivalents

-109,043

-170,865

Change in scope of consolidation

36,352

36,416

Effects of foreign currency exchange differences on cash and cash equivalents

-15,802

-355

Cash and cash equivalents at end of period

396,030

484,523

thereof non-profit housing societies

106,073

55,129

Additional information

Received interest

747,433

726,043

Received dividends

182,683

158,000

Interest paid

58,744

79,178

Income taxes paid

160,582

192,714

Expected cash flow from reclassified securities

50,062

54,670

Effective interest rate of reclassified securities

5.41%

6.19%