| In CHF million | ||||||
| Notes | 2009 | 2008 | ||||
Total net cash flows from operating activities | –210 | 4 360 | ||||
Cash flows from investing activities | ||||||
Purchases of investments in associates | 15 | –2 | –530 | |||
Sales of investments in associates | 123 | – | ||||
Dividends received from associates | 15 | 5 | 9 | |||
Purchases of property and equipment | –45 | –236 | ||||
Sales of property and equipment | 3 | 33 | ||||
Purchases of computer software and other intangible assets | –14 | –10 | ||||
Acquisitions of non-controlling interests | –64 | – | ||||
Acquisitions of subsidiaries, net of cash and cash equivalents | 28 | –13 | –1 211 | |||
Disposals of subsidiaries, net of cash and cash equivalents | 28 | 38 | 4 118 | |||
Total net cash flows from investing activities | 31 | 2 173 | ||||
Cash flows from financing activities | ||||||
Issuance of debt instruments | 90 | 413 | ||||
Repurchase of debt instruments | –113 | – | ||||
Redemption of debt instruments | –277 | –705 | ||||
Reduction in par value | –159 | –547 | ||||
Purchases of treasury shares | –127 | –711 | ||||
Sales of treasury shares | 227 | 144 | ||||
Capital contributions from non-controlling interests | 0 | 10 | ||||
Borrowing costs paid | –159 | –172 | ||||
Dividends paid to non-controlling interests | 0 | –4 | ||||
Total net cash flows from financing activities | –518 | –1 572 | ||||
Total change in cash and cash equivalents | –697 | 4 961 | ||||
Cash and cash equivalents as at 1 January | 9 408 | 4 555 | ||||
Foreign currency translation differences | –28 | –108 | ||||
Total change in cash and cash equivalents | –697 | 4 961 | ||||
Cash and cash equivalents as at end of period | 8 683 | 9 408 | ||||
Components of cash and cash equivalents | ||||||
Cash on hand and demand deposits | 5 724 | 3 887 | ||||
Cash equivalents | 1 049 | 4 234 | ||||
Cash and cash equivalents for the account and risk of the Swiss Life Group's customers | 1 910 | 1 287 | ||||
Total cash and cash equivalents as at end of period | 8 683 | 9 408 | ||||