Consolidated cash flow statement for the period from 1 January 2012 to 31 December 2012

Profit for the period

467,324

441,909

Change in underwriting provisions net

1,366,130

464,526

Change in underwriting receivables and liabilities

32,038

338

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

89,479

53,421

Change in other receivables and liabilities

-35,314

-18,070

Change in securities held for trading

-80,789

50,092

Gain/loss from disposal of investments

-196,669

-79,725

Depreciation/appreciation of all other investments

170,704

312,519

Change in pension, severance and other personnel provisions

-44,198

-7,797

Change in deferred tax asset/liability excl. tax liabilities

-35,580

53,658

Change in other balance sheet items

-88,287

23,028

Change in goodwill and other intangible assets

-2,006

33,373

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

-51,623

210,985

Cash flow from operating activities

1,591,209

1,538,257

Payments for the acquisition of fully and at equity consolidated companies

-71,861

-26,015

Cash inflow from the sale of securities available for sale

3,848,536

3,203,241

Payments for the acquisition of available for sale securities

-4,329,953

-3,465,122

Cash inflow from the sale of securities held to maturity

336,619

356,298

Payments for the addition of securities held to maturity

-327,274

-411,498

Cash inflow from the sale of land and buildings

93,107

43,519

Payments for the acquisition of land and buildings

-173,916

-482,064

Change in unit- and index-linked life insurance items

-351,228

-279,711

Change in other investments

-203,700

-70,755

Cash flow from investing activities

-1,179,670

-1,132,107

Decrease of subordinated liabilities

-150

-7,500

Dividend payments

-191,752

-177,664

Cash inflow from other financing activities

21,760

5,740

Cash outflow from other financing activities

0

-64,579

Cash flow from financing activities

-170,142

-244,003

Change in cash and cash equivalents

241,397

162,147

Cash and cash equivalents at beginning of period

568,117

396,030

Change in cash and cash equivalents

241,397

162,147

Change in scope of consolidation

-35,442

6,537

Effects of foreign currency exchange differences on cash and cash equivalents

-1,834

3,403

Cash and cash equivalents at end of period

772,238

568,117

thereof non-profit housing societies

77,768

117,480

Received interest

864,886

775,015

Received dividends

152,266

177,083

Interest paid*

53,926

67,168

Income taxes paid

79,817

84,444

Expected cash flow from reclassified securities

47,729

47,905

Effective interest rate of reclassified securities

5.35%

5.07%