Cash flow analysis

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Amounts in SEK thousands 2007 2006
Change in liquid assets 893,539 -112,428
Liquid assets, opening balance 3,475,121 3,587,549
Liquid assets, closing balance 4,368,660 3,475,121
Operations for the year
Net result for the year 1,755,112 1,786,589
Depreciation charged against earnings 1,270 1,334
Change in short-term receivables -387,415 -513,710
Change in short-term liabilities -151,845 344,046
Cash flow from year’s operations 1,217,122 1,618,259
Investment activities
Investments in equipment and computer hardware -1,373 -889
Change in estimated net value of indemnified claims 520,000 1,201,000
Change in pension funds 1,398 6
Change in other securities held as fixed assets -383,537 -2,619,238
Total investment activities 136,488 -1,419,121
Remaining after net investments 1,353,610 199,138
Financing activities
Change in technical reserves for estimated risk in exposure -458,000 -312,000
Change in pension provision -1,398 -6
Change of liability for repayment of interest 0 0
Total financing activities -460,071 -311,566

Liquid assets are defined as Short-term Investments plus Cash and bank balances.