Talanx AG Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	1,977	1,581	706	1,011	648
Depreciation & Amortization	384	456	366	332	336
Other Amortization	114	-	-	-	-
Gain (Loss) on Sale of Investments	-	-	-	-1,344	-1,217
Reinsurance Recoverable	-495	526	-44	-	-
Change in Insurance Reserves / Liabilities	6,937	8,484	-17,684	10,700	6,151
Change in Other Net Operating Assets	1,269	1,145	46	-1,156	-621
Other Operating Activities	-1,755	-4,097	22,486	789	615
Operating Cash Flow	8,431	8,095	5,876	10,049	6,106
Operating Cash Flow Growth	4.15%	37.76%	-41.53%	64.58%	-12.42%
Capital Expenditures	-	-	-	-169	-158
Sale of Property, Plant & Equipment	-	-	-	11	13
Cash Acquisitions	-299	-1,299	-63	-213	-
Investment in Securities	-6,342	-3,258	-6,427	-6,333	-4,948
Other Investing Activities	87	-123	36	-2,071	187
Investing Cash Flow	-6,794	-5,029	-6,862	-10,061	-5,009
Long-Term Debt Issued	765	1,155	2,147	-	-
Total Debt Repaid	-1,200	-2,024	-873	-	-
Net Debt Issued (Repaid)	-435	-869	1,274	-	-
Issuance of Common Stock	-	297	9	13	-
Repurchases of Common Stock	-2	-	-	-	-
Common Dividends Paid	-607	-507	-405	-379	-379
Other Financing Activities	-540	-406	-357	794	-652
Financing Cash Flow	-1,584	-1,485	521	428	-1,031
Foreign Exchange Rate Adjustments	14	-76	67	116	-97
Miscellaneous Cash Flow Adjustments	-2	1	-7	2	-11
Net Cash Flow	65	1,506	-405	534	-42
Free Cash Flow	8,431	8,095	5,876	9,880	5,948
Free Cash Flow Growth	4.15%	37.76%	-40.53%	66.11%	-12.63%
Free Cash Flow Margin	20.36%	21.14%	14.73%	22.60%	15.12%
Free Cash Flow Per Share	32.65	31.78	23.21	39.08	23.53
Cash Interest Paid	827	573	609	581	611
Cash Income Tax Paid	829	542	227	144	288
Levered Free Cash Flow	-173.99	3,256	-39,924	4,063	2,208
Unlevered Free Cash Flow	58.51	3,483	-39,779	4,202	2,373
Change in Working Capital	7,711	10,155	-17,682	9,261	5,724

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.