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Statement of Cash Flows
               
           
Operating activities       2010 2009
  Profit before taxes       1,320 825
  Adjustments:          
    Depreciation and amortisation       29 26
    Unrealised gains and losses arising from valuation       -458 51
    Realised gains and losses on investments       -279 -215
    Change in liabilities for insurance and investment contracts       331 859
    Other adjustments       -515 -14
  Adjustments total       -892 706
               
  Change (+/-) in assets of operating activities          
    Investments *)       74 337
    Other assets       73 -30
  Total       148 307
               
  Change (+/-) in liabilities of operating activities          
    Financial liabilities       -9 -165
    Other liabilities       -132 87
    Paid taxes       -288 -275
  Total       -429 -354
               
  Net cash from operating activities       147 1,484
               
Investing activities          
    Investments in group and associated undertakings       62 -1,758
    Net investment in equipment and intangible assets       5 -13
  Net cash from investing activities       67 -1,771
               
Financing activities          
    Acquisition of own shares       - -1
    Dividends paid       -554 -444
    Issue of debt securities       1,954 2,002
    Repayments of debt securities in issue       -1,848 -1,008
  Net cash used in financing activities       -448 549
               
Total cash flows       -234 262
               
Cash and cash equivalents at 1 January       793 471
Effects of exchange rate changes       -32 28
Cash and cash equivalents at 31 December       527 761
Net increase in cash and cash equivalents       -234 262
               
Additional information to the statement of cash flows:       2010 2009
Interest income received       655 551
Interest expense paid       -187 -136
Dividend income received       64 123
               
*) Investments include investment property, financial assets and investments related to unit-linked insurance contracts.
               
The items of the statement of cash flows cannot be directly concluded from the balance sheets due to e.g. exchange rate differences, and acquisitions and disposals of subsidiaries during the period.
               
Cash and cash equivalents include cash at bank and in hand and short-term deposits (max. 3 months).
               
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