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Consolidated statement of cash flows for the years ended 31 December

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In CHF millionNotes20202019
CASH FLOWS FROM OPERATING ACTIVITIES 
Premiums, policy fees and deposits received, net of reinsurance 18 31718 702
Benefits and claims paid, net of reinsurance –15 028–14 283
Interest received 2 8053 014
Dividends received 647742
Commissions received 1 5341 476
Rentals received 1 2531 303
Interest paid on borrowings and other liabilities –171–165
Commissions, employee benefit and other payments –3 304–3 890
Net cash flows from 
derivatives 783–1 102
financial instruments at fair value through profit or loss –4 450–219
financial assets available for sale –6281 064
loans –1 156–1 277
investment property –3 189–3 015
financial liabilities 3 24471
other operating assets and liabilities 103–173
Income taxes paid –295–211
TOTAL NET CASH FLOWS FROM OPERATING ACTIVITIES 4642 038
    
CASH FLOWS FROM INVESTING ACTIVITIES 
Purchases of investments in associates –5–90
Sales of investments in associates 310
Dividends received from associates 104
Purchases of property and equipment –28–30
Sales of property and equipment 15
Purchases of computer software and other intangible assets –15–21
Acquisitions of subsidiaries, net of cash and cash equivalents–6–886
Disposals of subsidiaries, net of cash and cash equivalents10–118
TOTAL NET CASH FLOWS FROM INVESTING ACTIVITIES –31–1 125
    
CASH FLOWS FROM FINANCING ACTIVITIES 
Issuance of debt instruments20 850
Redemption of debt instruments20 –225
Lease principal payments–39–40
Distribution out of capital contribution reserve–83
Par value reduction –159
Purchases of treasury shares –43–913
Interest paid on hybrid equity –9–9
Dividends paid to equity holders of
Swiss Life Holding
 –477–464
Dividends paid to non-controlling interests –1–2
TOTAL NET CASH FLOWS FROM FINANCING ACTIVITIES –728–885
    
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS –29529
  
Cash and cash equivalents as at 1 January 8 2478 410
Foreign currency differences –87–192
Total change in cash and cash equivalents –29529
TOTAL CASH AND CASH EQUIVALENTS AS AT END OF PERIOD 7 8658 247
  
COMPONENTS OF CASH AND CASH EQUIVALENTS 
Cash on hand and demand deposits 5 1795 298
Cash equivalents 195
Cash and cash equivalents for the account and risk of the Swiss Life Group’s customers 2 6672 944
TOTAL CASH AND CASH EQUIVALENTS AS AT END OF PERIOD 7 8658 247