Consolidated cash flow statement of Talanx AG for the period from
1 January to 31 December 2013

N6 CONSOLIDATED CASH FLOW STATEMENT
  FIGURES IN EUR MILLION
    2013 2012 1)
  I. 1. Net income 1,282 1,144
  I. 2. Changes in technical provisions 4,617 3,676
  I. 3. Changes in deferred acquisition costs –211 –427
  I. 4. Changes in funds withheld and in accounts receivable and payable –912 –159
  I. 5. Changes in other receivables and liabilities as well as investments and liabilities from investment contracts 318 373
  I. 6. Changes in financial assets held for trading 22 –58
  I. 7. Net gains and losses on investments –572 –369
  I. 8. Other non-cash expenses and income 1,353 1,489
  I. Cash flows from operating activities 2) 5,897 5,669
  II. 1. Cash inflow from the sale of consolidated companies –6 –46
  II. 2. Cash outflow from the purchase of consolidated companies 3) –801
  II. 3. Cash inflow from the sale of real estate 81 204
  II. 4. Cash outflow from the purchase of real estate –474 –276
  II. 5. Cash inflow from the sale and maturity of financial instruments 21,146 18,466
  II. 6. Cash outflow from the purchase of financial instruments –25,448 –22,955
  II. 7. Changes in investments for the account and risk of holders of life insurance policies –1,188 –1,117
  II. 8. Changes in other invested assets 354 655
  II. 9. Cash outflows from the acquisition of tangible and intangible assets –119 –184
  II. 10. Cash inflows from the sale of tangible and intangible assets 21 74
  II. Cash flows from investing activities –5,633 –5,980
  III. 1. Cash inflow from capital increases 6 498
  III. 2. Cash outflow from capital reductions –2 –6
  III. 3. Dividends paid –523 –202
  III. 4. Net changes from other financing activities 86 518
  III. Cash flows from financing activities –433 808
  Change in cash and cash equivalents (I. + II. + III.) –169 497
  Cash and cash equivalents at the beginning of the reporting period, without disposal groups 2,119 1,570
  Cash and cash equivalents – exchange-rate differences on cash –87 –5
  Changes in cash and cash equivalents attributable to scope of consolidation 4) 3 5
  Changes in cash and cash equivalents of disposal groups in the reporting period –2 52
  Cash and cash equivalents at the end of the reporting period, without disposal groups 1,864 2,119
  Additional information    
  Taxes paid 373 290
  Interest paid 5) 280 249
  Dividends received 98 134
  Interest received 3,422 3,246
  1) Adjusted on the basis of IAS 8, see section “Accounting policies”, subsection “Changes in accounting policies and accounting errors” in the Notes
2) Taxes paid on income as well as dividends and interest received are allocated to cash flows from operating activities. Dividends received also comprise dividend-like distributions from investment funds and private equity companies, which results in deviations from our figures in Note 12 “Net investment income”
3) Cash outflow from the purchases of property companies described in section „Consolidation” is shown under position “Cash outflow from the purchase of real estate”
4) This item essentially includes changes in the scope of consolidation excluding disposals and acquisitions
5) EUR 188 (191) million of interest paid pertains to cash flows from financing activities, EUR 59 (58) million to cash flows from operating activities and EUR 33 (–) million to cash flows from investing activities
   

The following Notes form an integral part of the consolidated financial statements.