Cash flow
Cash flow from operating activities improved in 2025 to EUR 842.3 million (2024: EUR 346.0 million). This is mainly due to the increase in business volume and the much lower claims payments related to natural catastrophes. In 2025 cash flow from investment activities was EUR -943.2 million (2024: EUR 257.7 million). The decline is mainly due to the high level of new investments in the bond portfolio as a result of the increase in business volume in life insurance. In 2025 the cash flow from financing activities was EUR -262.0 million (2024: EUR -409.6 million). The increase in cash flow from financing activities is primarily due to the issue of a Tier 2 sustainability bond with a volume of EUR 300 million. Bonds in the amount of EUR 145.2 million were also repurchased. At the end of 2025 cash and cash equivalents of the Group were at EUR 1,371.0 million (2024: EUR 1,748.1 million). In 2025, the received interest and dividends in total amounted to EUR 1,056.1 million (2024: EUR 1,018.1 million).
Consolidated shareholders’ equity
Further details on the consolidated shareholders’ equity can be found in Note “10. Consolidated shareholders’ equity”.
The consolidated shareholders’ equity increased in 2025 by 11.8% to EUR 7,331.4 million (31 December 2024 adjusted: EUR 6,558.9 million). This development is mainly due to the retained profits of the Group. In 2025, the equity attributable to shareholders amounted to EUR 7,170.9 million (2024 adjusted: EUR 6,411.8 million).