CONSOLIDATED FINANCIAL STATEMENTS 105 Cash Flow Statement 3) Including trading liabilities $^{4) }$Without change in deferred tax assets/liabilities from unrealized investment gains and losses $^{5) }$Without change in revenue reserves from unrealized investment gains and losses 6) Cash and cash equivalents The data for the cash flow statement were prepared in accordance with International Financial Reporting Standards (IFRS). It excludes the effects of major changes in the scope of consolidation, which in 2003 included in particular influences from the deconsolidation of Pi- oneer Allianz Life Assurance Corporation, Metro Manila. The deconsol- idation led to a decrease in the value of investments held (excluding funds held by others) by  ¤ 24 mn (2002:  ¤ 43,558 mn decrease; 2001:  ¤ 77,978 mn increase), and the net total of other assets and li- abilities increased by  ¤ 24 mn (2002:  ¤ 51,416 mn increase; 2001:  ¤ 88,568 mn decrease). Cash outflows in connection with the acquisi- tion amounted to  ¤ 1,450 (2002: 10,764; 2001: 12,450) mn. Changes in the scope of consolidation did not result in a change in cash funds (2002:  ¤ 23 mn decrease; 2001:  ¤ 24,564 mn increase). Outflow for taxes on income amounted to  ¤ 2,665 mn (2002:  ¤ 1,196 mn out- flow; 2001:  ¤ 306 mn inflow). 2003 2002 2001 ¤ mn ¤ mn ¤ mn Current business activities Net income for the year 1,616 – 1,229 1,585 Change in unearned premiums 596 542 949 Change in aggregate policy reserves 1) 12,051 6,039 6,859 Change in reserves for loss and loss adjustment expenses 1,016 2,530 3,375 Change in other insurance reserves 2) –951 –4,241 –4,007 Change in deferred acquisition costs – 2,460 – 1,211 – 662 Change in funds held by others under reinsurance business assumed 32 1,349 – 171 Change in funds held under reinsurance business ceded 234 – 192 – 278 Change in accounts receivable/payable on reinsurance business 219 232 – 4 Change in trading securities 3) 8,909 14,064 – 12,544 Change in loans and advances to banks and customers – 47,109 – 5,846 3,442 Change in liabilities to banks and customers 48,648 – 8,215 – 5,456 Change in certificated liabilities – 14,387 – 1,727 3,130 Change in other receivables and liabilities – 4,250 – 1,370 3,871 Change in deferred tax assets/liabilities 4) – 730 – 1,321 – 2,202 Non-cash investment income/expenses – 807 175 112 Amortization of goodwill 1,413 1,162 808 Other 1,115 – 1,499 359 Net cash flow provided by (used in) operating activities 5,155 – 758 – 834 Investment activities Change in securities available for sale – 8,708 – 7,073 – 3,465 Change in securities held to maturity 1,754 1,092 383 Change in real estate 155 2,226 112 Change in other investments 4,238 1,681 2,692 Change in cash and cash equivalents from the acquisition of consolidated affiliated companies – 1,450 – 10,787 12,114 Other 1,241 – 919 – 441 Net cash flow provided by (used in) investing activities – 2,770 – 13,780 11,395 Financing activities Change in participation certificates and post-ranking liabilities – 1,943 2,784 – 770 Change in investments held on account and at risk of life insurance policyholders – 7,856 – 2,154 – 1,465 Change in aggregate policy reserves for life insurance products according to SFAS 97 7,819 10,808 8,089 Cash inflow from capital increases 4,562 16 275 Dividend payouts –675 –682 –673 Other from shareholders’ equity and minority interests 5) 348 3,643 996 Net cash flow provided by financing activities 2,255 14,415 6,452 Effect of exchange rate changes on cash and cash equivalents – 120 – 109 18 Change in cash and cash equivalents 6) 4,520 – 232 17,031 Cash and cash equivalents at beginning of period 21,008 21,240 4,209 Cash and cash equivalents at end of period 25,528 21,008 21,240 1) Without aggregate policy reserves for life insurance products in accordance with SFAS 97 $^{2)}$Without change in the reserves for latent premium refunds from unrealized investment gains and losses