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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 includes 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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