Talanx AG Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,480	1,977	1,581	706	1,011
Depreciation & Amortization	286	498	456	366	332
Other Amortization	76	-	-	-	-
Gain (Loss) on Sale of Investments	-	-	-	-	-1,344
Reinsurance Recoverable	-185	-495	526	-44	-
Change in Insurance Reserves / Liabilities	2,782	6,937	8,484	-17,684	10,700
Change in Other Net Operating Assets	217	1,269	1,145	46	-1,156
Other Operating Activities	2,717	-1,755	-4,097	22,486	789
Operating Cash Flow	8,373	8,431	8,095	5,876	10,049
Operating Cash Flow Growth	-0.69%	4.15%	37.76%	-41.53%	64.58%
Capital Expenditures	-	-	-	-	-169
Sale of Property, Plant & Equipment	-	-	-	-	11
Cash Acquisitions	-	-299	-1,299	-63	-213
Investment in Securities	-5,592	-6,342	-3,258	-6,427	-6,333
Other Investing Activities	112	87	-123	36	-2,071
Investing Cash Flow	-5,733	-6,794	-5,029	-6,862	-10,061
Long-Term Debt Issued	126	765	1,155	2,147	-
Total Debt Repaid	-856	-1,200	-2,024	-873	-
Net Debt Issued (Repaid)	-730	-435	-869	1,274	-
Issuance of Common Stock	-	-	297	9	13
Repurchases of Common Stock	-	-2	-	-	-
Common Dividends Paid	-697	-607	-507	-405	-379
Other Financing Activities	-619	-540	-406	-357	794
Financing Cash Flow	-2,046	-1,584	-1,485	521	428
Foreign Exchange Rate Adjustments	-501	14	-76	67	116
Miscellaneous Cash Flow Adjustments	-	-1	1	-7	2
Net Cash Flow	93	66	1,506	-405	534
Free Cash Flow	8,373	8,431	8,095	5,876	9,880
Free Cash Flow Growth	-0.69%	4.15%	37.76%	-40.53%	66.11%
Free Cash Flow Margin	18.27%	20.36%	21.14%	14.73%	22.60%
Free Cash Flow Per Share	32.42	32.65	31.78	23.21	39.08
Cash Interest Paid	937	827	573	609	581
Cash Income Tax Paid	1,447	829	542	227	144
Levered Free Cash Flow	5,313	-173.99	3,256	-39,924	4,063
Unlevered Free Cash Flow	5,533	58.51	3,483	-39,779	4,202
Change in Working Capital	2,814	7,711	10,155	-17,682	9,261

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.