Statement of comprehensive income

For the years ended 31 December

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USD millions

2012

2013

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.

Net income before attribution of non-controlling interests

4 398

4 513

Other comprehensive income, net of tax:

 

 

Change in unrealised gains/losses (tax: 59 in 2012 and 1 106 in 2013)

184

–2 785

Change in other-than-temporary impairment (tax: –47 in 2012 and –12 in 2013)

90

22

Change in foreign currency translation (tax: 28 in 2012 and 39 in 2013)

332

–288

Change in adjustment for pension benefits (tax: 59 in 2012 and –119 in 2013)

–178

419

Total comprehensive income before attribution of non-controlling interests

4 826

1 881

 

 

 

Interest on contingent capital instruments

–56

–67

Attribution of value to option on redeemable non-controlling interest1

–132

 

Comprehensive income attributable to non-controlling interests

–141

–2

Total comprehensive income attributable to common shareholders

4 497

1 812

Reclassification out of accumulated other comprehensive income

For the year ended 31 December

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2013
USD millions

Unrealised gains/losses1

Other-than-temporary impairment1

Foreign currency translation1,2

Adjustment from pension benefits3

Accumulated other com­prehensive income

1

Reclassification adjustment included in net income is presented in the “Net realised investment gains/losses – non-participating business” line. This line also includes a shadow adjustment, please refer to Note 5 “Deferred acquisition costs and acquired present value of future profits”.

2

Reclassification adjustment is limited to translation gains and losses realised upon sale or upon complete or substantially complete liquidation of an investment in a foreign entity.

3

Reclassification adjustment included in net income is presented in the “Other expenses” line.

Balance as of 1 January

4 407

–28

–3 609

–953

–183

Change during the period

–3 057

34

–327

479

–2 871

Amounts reclassified out of accumulated other comprehensive income

–834

 

 

59

–775

Tax

1 106

–12

39

–119

1 014

Balance as of period end

1 622

–6

–3 897

–534

–2 815

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