D _ Consolidated Financial Statements CONSOLIDATED STATEMENT OF CASH FLOWS – CONTINUED Consolidated statement of cash flows € mn 2021 2020 Payments for the purchase or origination of: Financial assets designated at fair value through income (5,594) (3,807) Available-for-sale investments (188,456) (179,986) Held-to-maturity investments (225) (279) Investments in associates and joint ventures (1,525) (2,005) Non-current assets and disposal groups classified as held for sale (37) (72) Real estate held for investment (1,563) (2,043) Fixed assets from alternative investments (48) (19) Loans and advances to banks and customers (purchased loans) (1,745) (2,380) Property and equipment (1,363) (1,429) Subtotal (200,557) (192,022) Business combinations (note 3): Proceeds from sale of subsidiaries, net of cash disposed - 721 Acquisitions of subsidiaries, net of cash acquired (3,172) (857) Change in other loans and advances to banks and customers (originated loans) (7,817) (6,844) Other (net) (170) (2) Net cash flow used in investing activities (19,783) (28,870) CASH FLOW FROM FINANCING ACTIVITIES Net change in liabilities to banks and customers 1,454 659 Proceeds from the issuance of certificated liabilities and subordinated liabilities 4,593 5,719 Repayments of certificated liabilities and subordinated liabilities (6,299) (4,615) Proceeds from the issuance of undated subordinated bonds classified as shareholders' equity 2,303 2,272 Net change in lease liabilities (396) (409) Transactions between equity holders (1,034) (644) Dividends paid to shareholders (4,270) (4,146) Net cash from sale or purchase of treasury shares 2 (67) Other (net) (138) (159) Net cash flow used in financing activities (3,786) (1,390) SUPPLEMENTARY INFORMATION ON THE CONSOLIDATED STATEMENT OF CASH FLOWS Income taxes paid (from operating activities) (3,018) (2,691) Dividends received (from operating activities) 3,653 2,285 Interest received (from operating activities) 17,871 17,829 Interest paid (from operating activities) (1,090) (1,074) SIGNIFICANT NON-CASH TRANSACTIONS U.S. reinsurance transaction1 Reinsurance assets 31,309 - Unearned premiums 1,480 - Deferred tax assets/liabilities 393 - Other non-cash income/expenses (946) - Other (net) (24,824) - Available-for-sale investments (7,404) - Loans and advances to banks and customers (8) - 1_A reinsurance transaction in the United States without impacting the cashflows led to adjustments in the following positions. For further information, please refer to note 8. Annual Report 2021 − Allianz Group 123