IAG Annual Report 2004 - Consolidated Statement of Cash Flows

	CONSOLIDATED 2004 $m	CONSOLIDATED 2003 $m
Cash flows from operating activities
Premium received	6,578	5,395
Reinsurance and other recoveries received	458	466
Claims costs paid	(4,168)	(3,891)
Outwards reinsurance premium paid	(474)	(348)
Dividends received	72	82
Interest and similar items received	454	385
Borrowing costs paid	(46)	(39)
Income taxes paid	(139)	(108)
Income tax refund	16	-
Other operating receipts	736	423
Other operating payments	(2,318)	(1,540)
Net cash provided by operating activities	1,169	825
Cash flows from investing activities
Net cash flows on acquisition of controlled entities	-	(1,644)
Net cash flows on disposal of controlled entities	(45)	-
Proceeds from disposal of investments and plant and equipment	23,034	26,872
Outlays for investments and plant and equipment acquired	(23,758)	(26,405)
Repayment of premium funding loans	285	126
Advances of premium funding loans	(300)	(116)
Net cash used in investing activities	(784)	(1,167)
Cash flows from financing activities
Proceeds from issues of shares	-	1,080
Outlays for buy-back of shares inclusive of costs	(417)	-
Outlays for return of capital to outside equity interests	(56)	-
Proceeds from issues of trust units	948	578
Outlays for redemption of trust units	(567)	(673)
Proceeds from borrowings	671	1,509
Repayment of borrowings	(815)	(1,597)
Share issue costs paid	-	(34)
Dividends paid to IAG shareholders	(282)	(99)
Dividends paid to outside equity interests	(72)	(48)
Net cash (used in) / provided by financing activities	(590)	716
Net (decrease) / increase in cash held	(205)	374
Effects of exchange rate changes on balances of cash held in foreign currencies	3	(1)
Cash at the beginning of the financial year	626	253
Cash at the end of the financial year	424	626

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