STRATEGIC REPORT
GOVERNANCE
financial statements
CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2022
Year ended 31 December 2022 £m
Year ended 31 December 2021 £m
Note
Cash flows from operating activities Loss before tax
(317.4)
(21.4)
3.3 2.9
Depreciation of property, plant and equipment
14
4.2
Share of results from associates
–
–
Impairment of property, plant and equipment
14 13
0.3
20.5
Amortisation of intangible assets
20.4
0.5
Property revaluation loss Share-based payments
–
(3.4)
4.8
(637.9)
Interest income Interest expense
2 5
(572.1)
132.7
136.8
2,914.4
Realised and unrealised gains on financial investments
(1,103.8)
552.4
Decrease in reinsurance assets
332.0
(9.4)
Increase in prepayments and accrued income Increase in insurance and other receivables (Decrease)/increase in insurance liabilities Decrease in investment contract liabilities Decrease in deposits received from reinsurers Increase/(decrease) in accruals and deferred income
(1.3) (3.8)
(287.8)
(3,480.0)
694.5
(1.1)
(9.2)
(540.8)
(270.3)
1.4
(10.8)
169.2
Increase in insurance and other payables Increase/(decrease) in other creditors
1.7
1,339.6
(60.4)
401.9
Interest received
337.8
(74.7)
Interest paid
(78.7) (12.7)
16.0
Taxation received/(paid)
Net cash inflow/(outflow) from operating activities Cash flows from investing activities Additions to internally generated intangible assets
202.3
(612.0)
(4.6) (3.5)
13 14
(6.6) (0.7)
Acquisition of property and equipment
3.1
Disposal of assets
–
(197.3) (202.3)
Acquisition of associates/subsidiaries Net cash outflow from investing activities Cash flows from financing activities Issue of ordinary share capital (net of costs) Proceeds from issue of Tier 1 notes (net of costs) Redemption of Tier 1 notes (including costs) Decrease in borrowings (net of costs)
35
(70.6) (77.9)
0.1
21 22 22 25 12 12
0.2
– –
321.8
(350.6)
(76.5) (15.6) (16.9) (57.1)
– –
Dividends paid
(25.2) (56.7)
Coupon paid on Tier 1 notes Interest paid on borrowings
(2.9) (0.1)
Payment of lease liabilities – principal Payment of lease liabilities – interest Net cash outflow from financing activities Net decrease in cash and cash equivalents Foreign exchange differences on cash balances Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December
26 26
(3.6) (0.1)
(169.0) (169.0)
(114.2) (804.1)
4.7
–
1,820.7 1,656.4
2,624.8 1,820.7
482.0
Cash available on demand Units in liquidity funds
510.2
1,174.4 1,656.4
1,310.5 1,820.7
Cash and cash equivalents at 31 December
20
The notes are an integral part of these financial statements.
135
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