Annual Report 2017

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10 year overview
Stock markets Share performance Dividend Annual General Meeting Investor relations activities Sustainability reporting and ratings Shareholding structure Analyst ratings Share data
Foundations of the Group
Business model Management system
Value-based management Operational management system
Research and development
Report on economic position
Macroeconomic climate and industry-specific environment
Macroeconomic climate Industry-specific environment
Business development
Property & Casualty reinsurance Life & Health reinsurance Investments Total result
Overall assessment of the business position Results of operations
Property & Casualty reinsurance Life & Health reinsurance Investments
Financial position and net assets
Investment policy Investments Analysis of the capital structure Management of policyholders’ surplus Group shareholders’ equity Financing and Group debt Analysis of the consolidated cash flow statement Financial strength ratings Information pursuant to § 315
Information on Hannover Rück SE
Results of operations Development of the individual lines of business Assets and financial position Risks and opportunities Other information Outlook
Group non-financial information statement
Introduction Description of the business model Group and sustainability strategy Responsible enterprise management Compliance Stakeholder dialogue Sustainable insurance solutions ESG criteria in asset management Customer orientation and satisfaction Executive development / Employee advancement Employee retention Diversity
Opportunity and risk report
Risk report
Strategy implementation Major external factors Risk capital Risk management Risk management system Internal control system Risk landscape of Hannover Re Internal risk assessment Underwriting risks in property and casualty reinsurance Underwriting risks in life and health reinsurance Market risks Counterparty default risks Operational risks Other risks
Opportunity report
Overall assessment by the Executive Board
Enterprise management
Declaration on Corporate Governance
Corporate Governance Declaration of Conformity Further enterprise management principles Working practice of the Executive Board and Supervisory Board Compliance Risk monitoring and steering
Remuneration report
Remuneration Executive Board Remuneration Supervisory Board Loans to members of the management boards and contingent liabilities Securities transactions and shareholdings Remuneration of staff and senior executives
Outlook
Forecast
Economic developments Property & Casualty reinsurance Life & Health reinsurance Investments Outlook 2018
Consolidated balance sheet Statement of income Statement of comprehensive income Statement of changes in shareholders’ equity Cash flow statement Notes Auditor's report Responsibility statement
Report of the Supervisory Board Supervisory Board Members
Global presence Strategic business groups History

Consolidated cash flow statement 2017

in EUR thousand 1.1. – 31.12.2017 1.1. – 31.12.2016 1
I. Cash flow from operating activities
Net income 1,044,577 1,226,426
Appreciation / depreciation 113,569 105,358
Net realised gains and losses on investments (377,093) (206,296)
Change in fair value of financial instruments (through profit or loss) (38,569) (26,066)
Realised gains and losses on deconsolidation (191) (1,995)
Income from the recognition of negative goodwill – (10,543)
Amortisation of investments 57,735 74,224
Changes in funds withheld 54,510 1,592,162
Net changes in contract deposits (25,992) (404,033)
Changes in prepaid reinsurance premium (net) 462,495 189,724
Changes in tax assets / provisions for taxes (105,658) 88,078
Changes in benefit reserve (net) (545,687) (1,118,242)
Changes in claims reserves (net) 1,871,147 1,123,269
Changes in deferred acquisition costs (129,259) (98,986)
Changes in other technical provisions 57,219 20,254
Changes in clearing balances (581,817) (161,164)
Changes in other assets and liabilities (net) (163,133) (60,887)
Cash flow from operating activities 1,693,853 2,331,283
     
II. Cash flow from investing activities
Fixed-income securities – held to maturity
Maturities 135,297 504,293
Fixed-income securities – loans and receivables
Maturities, sales 229,949 533,319
Purchases (181,016) (224,906)
Fixed-income securities – available for sale
Maturities, sales 10,061,559 10,744,087
Purchases (11,384,950) (12,721,891)
Fixed-income securities – at fair value through profit or loss
Maturities, sales 6,569 53,995
Purchases – (185,375)
Equity securities – available for sale
Sales 975,776 132,636
Purchases (35,373) (504,713)
Other financial assets – at fair value through profit or loss
Sales 42,674 30,025
Purchases (90,223) (16,064)
Other invested assets
Sales 247,258 260,882
Purchases (327,224) (385,936)
Affiliated companies and participating interests
Sales 3,873 41,068
Purchases (118,912) (76,217)
Real estate and real estate funds
Sales 167,121 79,428
Purchases (481,126) (204,044)
Short-term investments
Changes (180,377) 255,823
Other changes (net) (13,125) (27,960)
Cash flow from investing activities (942,250) (1,711,550)
     
III. Cash flow from financing activities
Contribution from capital measures 559 7,762
Payment on capital measures (4,508) (20,048)
Structural change without loss of control 778 141
Dividends paid (647,067) (612,953)
Proceeds from long-term debts 57,734 226
Repayment of long-term debts (97,486) (2,028)
Other changes (net) (54) (13)
Cash flow from financing activities (690,044) (626,913)
 
IV. Exchange rate differences on cash (74,520) 34,852
 
Cash and cash equivalents at the beginning of the period 848,667 820,995
Change in cash and cash equivalents (I. + II. + III. + IV.) (12,961) 27,672
Cash and cash equivalents at the end of the period 835,706 848,667
 
Supplementary information on the cash flow statement 2
Income taxes paid (on balance) (387,247) (271,440)
Dividend receipts 3 268,916 151,914
Interest received 1,454,903 1,543,699
Interest paid (272,831) (253,533)
  • 1 Restated pursuant to IAS 8 (cf. section 3.1 of the notes)
  • 2 The income taxes paid, dividend receipts as well as interest received and paid are included entirely in the cash flow from operating activities.
  • 3 Including dividend-like profit participations from investment funds
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Analysis of the consolidated cash flow statement

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