| 2006 € mn |
2005 € mn |
2004 € mn | ||||||||||
| Summary | ||||||||||||
| Net cash flow provided by (used in) operating activities | 20,265 | 47,311 | 1,293 | |||||||||
| Net cash flow provided by (used in) investing activities | (34,450) | (22,922) | (9,155) | |||||||||
| Net cash flow provided by (used in) financing activities | 15,647 | (8,442) | (2,014) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (78) | 72 | (24) | |||||||||
| Change in cash and cash equivalents | 1,384 | 16,019 | (9,900) | |||||||||
| Cash and cash equivalents at beginning of period | 31,647 | 15,628 | 25,528 | |||||||||
| Cash and cash equivalents at end of period | 33,031 | 31,647 | 15,628 | |||||||||
| Cash flow from operating activities: | ||||||||||||
| Net income | 7,021 | 4,380 | 2,266 | |||||||||
| Adjustments to reconcile net income to net cash flow provided by (used in) operating activities: | ||||||||||||
| Minority interests in earnings |
1,289 | 1,386 | 1,168 | |||||||||
| Share of earnings from investments in associates and joint ventures |
(287) | (253) | (253) | |||||||||
| Realized gains/losses (net) and impairments of investments (net) of: |
||||||||||||
| Available-for-sale and held-to-maturity investments, investments in associates and joint ventures, real estate held for investment, loans to banks and customers |
(5,376) | (4,438) | (3,093) | |||||||||
| Other investments, mainly financial assets held for trading and designated at fair value through income |
(947) | (1,557) | (1,651) | |||||||||
| Depreciation and amortization |
916 | 723 | 1,236 | |||||||||
| Amortization of goodwill |
— | — | 1,164 | |||||||||
| Loan loss provision |
36 | (109) | 354 | |||||||||
| Interest credited to policyholder accounts |
3,126 | 2,748 | 2,523 | |||||||||
| Net change in: |
||||||||||||
| Financial assets and liabilities held for trading |
19,265 | 10,371 | (30,174) | |||||||||
| Reverse repurchase agreements and collateral paid for securities borrowing transactions |
(50,096) | 43,508 | (19,368) | |||||||||
| Repurchase agreements and collateral received from securities lending transactions |
36,990 | (18,692) | 33,488 | |||||||||
| Reinsurance assets |
663 | 428 | 1,499 | |||||||||
| Deferred acquisition costs |
(1,434) | (1,753) | (1,171) | |||||||||
| Unearned premiums |
593 | 876 | 286 | |||||||||
| Reserves for losses and loss adjustment expenses |
(188) | 2,621 | 1,274 | |||||||||
| Reserves for insurance and investment contracts |
7,025 | 7,634 | 7,049 | |||||||||
| Deferred tax assets/liabilities |
292 | (39) | 470 | |||||||||
| Other (net) |
1,377 | (523) | 4,226 | |||||||||
| Subtotal |
13,244 | 42,931 | (973) | |||||||||
| Net cash flow provided by (used in) operating activities | 20,265 | 47,311 | 1,293 | |||||||||
| Cash flow from investing activities: | ||||||||||||
| Proceeds from the sale, maturity or repayment of: | ||||||||||||
| Financial assets designated at fair value through income |
7,207 | 9,981 | 1,332 | |||||||||
| Available-for-sale investments |
118,747 | 137,915 | 124,481 | |||||||||
| Held-to-maturity investments |
336 | 534 | 781 | |||||||||
| Investments in associates and joint ventures |
730 | 3,938 | 1,876 | |||||||||
| Assets held for sale |
2,253 | 792 | — | |||||||||
| Real estate held for investment |
1,376 | 1,091 | 890 | |||||||||
| Loans and advances to banks and customers (purchased loans) |
8,365 | 5,195 | 3,739 | |||||||||
| Property and equipment |
453 | 113 | 667 | |||||||||
| Subtotal |
139,467 | 159,559 | 133,766 |
| 2006 € mn |
2005 € mn |
2004 € mn | ||||||||||
| Payments for the purchase or origination of: | ||||||||||||
| Financial assets designated at fair value through income |
(9,680) | (11,278) | (2,297) | |||||||||
| Available-for-sale investments |
(130,949) | (161,583) | (135,005) | |||||||||
| Held-to-maturity investments |
(280) | (255) | (1,071) | |||||||||
| Investments in associates and joint ventures |
(491) | (934) | (526) | |||||||||
| Assets held for sale |
— | (178) | — | |||||||||
| Real estate held for investment |
(860) | (1,064) | (1,752) | |||||||||
| Loans and advances to banks and customers (purchased loans) |
(10,598) | (5,493) | (6,172) | |||||||||
| Property and equipment |
(1,588) | (1,126) | (2,345) | |||||||||
| Subtotal |
(154,446) | (181,911) | (149,168) | |||||||||
| Business combinations (Note 4): | ||||||||||||
| Proceeds from sale, net of cash disposed |
— | 2,029 | (886) | |||||||||
| Acquisition, net of cash acquired |
(344) | — | (416) | |||||||||
| Change in other loans and advances to banks and customers (originated loans) | (19,224) | (1,877) | 10,287 | |||||||||
| Other (net) | 97 | (722) | (2,738) | |||||||||
| Net cash flow provided by (used in) investing activities | (34,450) | (22,922) | (9,155) | |||||||||
| Cash flow from financing activities: | ||||||||||||
| Policyholders’ account deposits | 13,234 | 14,118 | 10,364 | |||||||||
| Policyholders’ account withdrawals | (8,432) | (5,560) | (4,232) | |||||||||
| Net change in liabilities to banks and customers | 13,524 | (19,167) | (14,597) | |||||||||
| Proceeds from the issuance of certificated liabilities, participation certificates and subordinated liabilities | 103,429 | 115,422 | 107,861 | |||||||||
| Repayments of certificated liabilities, participation certificates and subordinated liabilities | (103,946) | (111,737) | (100,698) | |||||||||
| Cash inflow from capital increases | 98 | 2,159 | 69 | |||||||||
| Transactions between equity holders | (70) | (2,932) | (598) | |||||||||
| Dividends paid to shareholders | (1,463) | (1,403) | (1,069) | |||||||||
| Net cash from sale or purchase of treasury shares | (458) | 2,061 | (53) | |||||||||
| Other (net) | (269) | (1,403) | 939 | |||||||||
| Net cash flow provided by (used in) financing activities | 15,647 | (8,442) | (2,014) | |||||||||
| Supplementary information on the consolidated statement of cash flows: | ||||||||||||
| Income taxes paid | (2,241) | (1,644) | (1,691) | |||||||||
| Dividends received | 1,946 | 1,476 | 1,339 | |||||||||
| Interest received | 20,598 | 19,796 | 18,780 | |||||||||
| Interest paid | (5,556) | (6,332) | (5,687) | |||||||||
| Significant non-cash transactions: | ||||||||||||
| Settlement of exchangeable bonds issued by Allianz Finance II B.V. with shares: |
||||||||||||
| Available-for-sale investments |
(1,074) | — | (989) | |||||||||
| Certificated liabilities |
(1,074) | — | (989) | |||||||||
| Novation of quota share reinsurance agreement: |
||||||||||||
| Reinsurance assets |
(1,111) | (1,117) | — | |||||||||
| Deferred acquisition costs |
76 | 76 | — | |||||||||
| Payables from reinsurance contracts |
(1,035) | (1,041) | — | |||||||||
| Effects from the merger of RAS with and into Allianz AG (Note 4): |
||||||||||||
| Revenue reserves |
(2,362) | — | — | |||||||||
| Minority interests |
(1,659) | — | — | |||||||||
| Paid-in capital |
3,653 | — | — | |||||||||
| Unrealized gains and losses (net) |
368 | — | — | |||||||||
| Proceeds from sales of available-for-sale investments: | ||||||||||||
| Debt securities |
89,813 | 107,929 | 101,239 | |||||||||
| Equity securities |
21,696 | 24,800 | 17,462 | |||||||||
| Total |
111,509 | 132,729 | 118,701 |
