10 Earnings per share
All of the Groupʼs companies prepare statutory financial statements based on local laws and regulations. Most jurisdictions require reinsurers to maintain a minimum amount of capital in excess of statutory definition of net assets or maintain certain minimum capital and surplus levels. In addition, some jurisdictions place certain restrictions on amounts that may be loaned or transferred to the parent company. The Groupʼs ability to pay dividends may be restricted by these requirements.
Dividends are declared in Swiss francs. During the years ended 31 December 2012 and 2013, the Groupʼs regular dividends declared per share were CHF 3.00 and CHF 3.50 respectively, as well as an additional special dividend of CHF 4.00 for the 2012 financial year paid in 2013. All dividends were paid in the form of withholding tax exempt repayment of legal reserves from capital contributions.
Earnings per share for the years ended 31 December were as follows:
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USD millions (except share data) |
2012 |
2013 |
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Basic earnings per share |
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Net income |
4 398 |
4 513 |
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Non-controlling interests |
–141 |
–2 |
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Interest on contingent capital instruments1 |
–56 |
–67 |
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Net income attributable to common shareholders |
4 201 |
4 444 |
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Attribution of value to option on redeemable non-controlling interest |
–132 |
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Net income attributable to common shareholders after adjustment to non-controlling interest |
4 069 |
4 444 |
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Weighted average common shares outstanding |
343 380 921 |
342 764 609 |
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Net income per share in USD |
11.85 |
12.97 |
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Net income per share in CHF2 |
11.13 |
12.04 |
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Effect of dilutive securities |
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Change in income available to common shares due to contingent capital instruments1 |
54 |
69 |
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Change in average number of shares due to contingent capital instruments |
28 617 588 |
35 745 192 |
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Change in average number of shares due to employee options |
720 579 |
1 094 715 |
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Diluted earnings per share |
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Net income assuming debt conversion and exercise of options |
4 123 |
4 513 |
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Weighted average common shares outstanding |
372 719 088 |
379 604 516 |
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Net income per share in USD |
11.06 |
11.89 |
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Net income per share in CHF2 |
10.39 |
11.04 |
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