Cash Flow Statement
|
|
Note |
2011 |
2010 |
|
Cash generated from operating activities |
36 |
271.1 |
183.6 |
|
Income taxes paid |
|
(38.6) |
(57.0) |
|
Net cash inflows from operating activities |
|
232.5 |
126.6 |
|
Cash flows from investing activities |
|
|
|
|
Interest received |
|
47.6 |
54.5 |
|
Dividends received |
|
12.2 |
5.8 |
|
Acquisition through business combination, net of cash acquired |
|
(11.4) |
(13.0) |
|
Deferred payment for acquired subsidiary |
|
(0.1) |
(0.1) |
|
Investment in associates and joint venture |
23 |
(1.6) |
(0.5) |
|
Purchase and disposal of property and equipment |
21 |
(12.7) |
(6.1) |
|
Purchase and development of intangible assets |
22 |
(25.7) |
(17.4) |
|
Net cash inflows from investing activities |
|
8.3 |
23.2 |
|
Cash flows used in financing activities |
|
|
|
|
Net proceeds from issue of ordinary shares, including treasury shares |
|
1.0 |
2.9 |
|
Dividends paid to shareholders |
27 |
(113.6) |
(102.4) |
|
Dividends paid to non-controlling interests |
27 |
– |
(0.1) |
|
Interest paid |
|
(22.7) |
(27.4) |
|
Purchase of ESOT and treasury shares |
|
(0.5) |
(12.7) |
| Proceeds from issue of catastrophe linked instrument | 96.5 | – | |
|
Repayment of borrowings |
31 |
(26.7) |
– |
|
Net cash outflows used in financing activities |
|
(66.0) |
(139.7) |
|
Net increase in cash and cash equivalents |
|
174.8 |
10.1 |
|
Cash and cash equivalents at beginning of year |
|
81.5 |
70.3 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
0.1 |
1.1 |
|
Cash and cash equivalents at end of year |
16 |
256.4 |
81.5 |
The attached notes form an integral part of these consolidated financial statements.
The Group classifies cash flows from purchase and disposal of financial assets in its operating cash flows as these transactions are generated by the cash flows associated with the origination and settlement of insurance contract liabilities or capital requirements to support underwriting. Cash of £215.9 million from net purchases of financial investments was utilised in operations during the year (2010: £214.1 million from net purchases).
Source: Press release 5 March 2012
