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Statement of comprehensive income

For the years ended 31 December

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USD millions

2011

2012

1

In 2000, Swiss Re and the shareholders of New California Holdings, Inc. entered into a put/call agreement for the acquisition of New California Holdings, Inc. by Swiss Re. The put/call agreement was considered a redeemable non-controlling interest; however, a value was not assigned to this instrument as the exercise was contingent on several items occurring to complete the transaction. During the second quarter of 2012, the majority of the contingencies had been resolved and the exercise of the put/call option at the predetermined price became probable. In accordance with US GAAP requirements, the difference between the carrying value of the minority interest and the redemption price, USD 132 million, was recorded against shareholders’ equity and as a reduction in the net income attributable to common shareholders for the purposes of calculating earnings per share. In August 2012, the put/call option was exercised and New California Holdings, Inc. was acquired. Please refer to Note 6 “Acquisitions and Disposals” for further information.

Net income before attribution of non-controlling interests

2 798

4 398

Other comprehensive income, net of tax:

 

 

Change in unrealised gains/losses
(tax: –1 326 in 2011 and 59 in 2012)

3 181

184

Change in other-than-temporary impairment
(tax: –24 in 2011 and –47 in 2012)

51

90

Change in foreign currency translation
(tax: –42 in 2011 and 28 in 2012)

–199

332

Change in adjustment for pension benefits
(tax: 83 in 2011 and 59 in 2012)

–253

–178

Total comprehensive income before attribution
of non-controlling interests

5 578

4 826

 

 

 

Interest on contingent capital instruments

 

–56

Attribution of value to option on redeemable non-controlling interest1

 

–132

Comprehensive income attributable to non-controlling interests

–172

–141

Total comprehensive income attributable to common shareholders

5 406

4 497

The accompanying notes are an integral part of the Group financial statements.