Ayalon Insurance Company Cash Flow Statement

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

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	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	268.71	144.41	84.91	166.68	-114.09	-64.28
Depreciation & Amortization	35.45	28.44	28.44	79.86	67.54	58.25
Other Amortization	67.21	67.21	59.29	-	-	-
Gain (Loss) on Sale of Investments	-1,195	-688.5	-545.17	239.46	-779.94	-211.76
Change in Accounts Receivable	258.67	-44.8	-101.05	-45.48	-18.7	18
Reinsurance Recoverable	38.78	-16.16	-202.4	137.6	-266.14	-531.58
Change in Insurance Reserves / Liabilities	1,169	1,169	816.06	-537.68	1,421	866.25
Change in Other Net Operating Assets	-528.81	-719.12	-444.24	-29.03	-720.99	-36.5
Other Operating Activities	350.81	384.15	221.29	224.54	237.62	150.41
Operating Cash Flow	334.52	208.64	-46.36	299.53	-306.02	359.34
Capital Expenditures	-9.41	-12.62	-5.71	-6.22	-10.69	-11.47
Purchase / Sale of Intangible Assets	-122.5	-114.69	-99.66	-103.5	-72.5	-76.78
Investment in Securities	-	-	-5.4	100.3	-3.69	-15.54
Other Investing Activities	4.22	4.43	2.13	1.81	4.33	1.59
Investing Cash Flow	-127.69	-122.87	-108.65	-7.62	-82.55	-102.19
Long-Term Debt Issued	-	20	-	184.77	156.46	175
Total Debt Repaid	-274.1	-9.6	-9.66	-251.18	-13	-189.84
Net Debt Issued (Repaid)	-29.1	10.4	-9.66	-66.41	143.46	-14.84
Issuance of Common Stock	149.23	-	5	5	-	-
Common Dividends Paid	-165	-60	-	-	-	-
Other Financing Activities	-	-	-	-	0.46	-
Financing Cash Flow	-44.87	-49.6	-4.66	-61.41	143.92	-14.84
Net Cash Flow	161.97	36.17	-159.66	230.51	-244.65	242.31
Free Cash Flow	325.11	196.02	-52.07	293.31	-316.71	347.88
Free Cash Flow Margin	6.92%	4.51%	-1.42%	12.81%	-10.34%	14.13%
Free Cash Flow Per Share	12.38	7.44	-1.99	14.31	-17.40	19.12
Cash Interest Paid	48.27	45.49	44.61	31.41	24.86	21.23
Cash Income Tax Paid	110.8	44.09	-35.56	2.43	-23.13	-1.31
Levered Free Cash Flow	178.16	-1,098	-1,116	970.83	-1,709	-500.48
Unlevered Free Cash Flow	220.6	-1,055	-1,078	994.67	-1,683	-473.9
Change in Working Capital	848.38	299.67	102.42	-351.44	391.18	442.72

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