Consolidated cash flow statement

Consolidated cash flows from operating activities for the year ended 31 December 2017

For the year ended 31 December 2018 Notes 2018
£ million
2017
£ million
Profit for the year    1,808  1,902
Realised and unrealised (gains) on financial investments and investment properties   (23,132) (25,024)
Investment income   (10,182) (9,953)
Interest expense   293 220
Tax expense   210 377
Other adjustments   183 154
Net (increase)/decrease in operational assets      
Investments held for trading or designated as fair value through profit or loss   (10,381) 11,794
Investments designated as available-for-sale   (248) 277
Other assets   1,258 (2,344)
Net (increase)/decrease in operational liabilities      
Insurance contracts   3,257 (3,989)
Investment contracts   (22,571) (10,798)
Other liabilities   20,444 16,791
Net (decrease)/increase in held for sale liabilities   (8,500) 12,139
       
Cash used in operations    (9,684)  (4,595)
Interest paid   (215) (221)
Interest received   4,841 4,528
Tax paid 1   (504) (497)
Dividends received   5,201 5,196
Net cash flows from operating activities   (361) 4,411
       
Cash flows from investing activities      
Net acquisition of plant, equipment, intangibles and other assets   (401) (230)
Investment in joint ventures and associates   (7) (63)
Net cash flows used in investing activities   (130)  (7)
Cash flows from financing activities      
Dividend distributions to ordinary equity holders of the company during the year 3.05 (932) (872)
Issue of ordinary share capital   4 7
Purchase of employee scheme shares (net)   12 10
Proceeds from borrowings   960 1,232
Repayment of borrowings   (325) (600)
Movement in non-controlling interests   - (262)
Net cash flows used in financing activities   (281) (485)
Net (decrease)/increase in cash and cash equivalents   (847) 3,912
Exchange (losses)/gains on cash and cash equivalents   16 (19)
Cash and cash equivalents at 1 January (before reallocation of held for sale cash)   18,919 15,348
Total cash and cash equivalents   18,088 19,241
Total cash and cash equivalents classified as held for sale   (767) (322)
Total cash and cash equivalents at 1 January (before reallocation of held for sale cash)   18,919 15,438
       
  1. Tax comprises UK corporation tax paid of £359m (2017: £290m), overseas corporate taxes of £25m (2017: £12m), and withholding tax of £120m (2017: £195m).
     
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