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Consolidated statement of cash flows for the years ended 31 December

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In CHF millionNotes20192018
CASH FLOWS FROM OPERATING ACTIVITIES 
Premiums, policy fees and deposits received, net of reinsurance 18 70216 613
Benefits and claims paid, net of reinsurance –14 283–14 086
Interest received 3 0143 184
Dividends received 742644
Commissions received 1 4761 294
Rentals received 1 3031 178
Interest paid –42–36
Commissions, employee benefit and other payments –3 890–2 679
Net cash flows from 
derivatives –1 102–488
financial instruments at fair value through profit or loss –219–1 169
financial assets available for sale 1 064–2 334
loans –1 2771 522
investment property –3 015–2 286
deposits 711 633
other operating assets and liabilities –173–75
Income taxes paid –211–221
TOTAL NET CASH FLOWS FROM OPERATING ACTIVITIES 2 1612 693
    
CASH FLOWS FROM INVESTING ACTIVITIES 
Purchases of investments in associates –90–6
Sales of investments in associates 104
Dividends received from associates 47
Purchases of property and equipment –30–28
Sales of property and equipment 57
Purchases of computer software and other intangible assets –21–20
Acquisitions of subsidiaries, net of cash and cash equivalents28 –886–243
Disposals of subsidiaries, net of cash and cash equivalents28 –11848
TOTAL NET CASH FLOWS FROM INVESTING ACTIVITIES –1 125–231
    
CASH FLOWS FROM FINANCING ACTIVITIES 
Issuance of debt instruments20 850174
Redemption of debt instruments20 –225–301
Lease principal payments–40
Issuance of hybrid equity26 422
Distribution out of capital contribution reserve –83–460
Purchases of treasury shares –913–126
Borrowing costs paid –123–140
Interest paid on hybrid equity –7–4
Dividends paid to equity holders of Swiss Life Holding –464
Dividends paid to non-controlling interests –2–4
TOTAL NET CASH FLOWS FROM FINANCING ACTIVITIES –1 007–439
    
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS 292 022
    
Cash and cash equivalents as at 1 January 8 4106 611
Foreign currency differences –192–224
Total change in cash and cash equivalents 292 022
CASH AND CASH EQUIVALENTS AS AT END OF PERIOD 8 2478 410
    
COMPONENTS OF CASH AND CASH EQUIVALENTS 
Cash on hand and demand deposits 5 2985 586
Cash equivalents 57
Cash and cash equivalents for the account and risk of the Swiss Life Group’s customers 2 9442 817
TOTAL CASH AND CASH EQUIVALENTS AS AT END OF PERIOD 8 2478 410