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Annual Report 2015

Statement of shareholders’ equity

For the years ended 31 December

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USD millions

2014

2015

1

Dividends to shareholders were paid in the form of a withholding tax-exempt repayment of legal reserves from capital contributions.

Contingent capital instruments

 

 

Balance as of 1 January

1 102

1 102

Issued

 

 

Balance as of period end

1 102

1 102

Common shares

 

 

Balance as of 1 January

35

35

Issue of common shares

 

 

Balance as of period end

35

35

Additional paid-in capital

 

 

Balance as of 1 January

4 963

1 806

Share-based compensation

–34

17

Realised gains/losses on treasury shares

6

–61

Dividends on common shares1

–3 129

–1 280

Balance as of period end

1 806

482

Treasury shares, net of tax

 

 

Balance as of 1 January

–1 099

–1 185

Purchase of treasury shares

–223

–584

Issuance of treasury shares, including share-based compensation to employees

137

107

Balance as of period end

–1 185

–1 662

Net unrealised investment gains/losses, net of tax

 

 

Balance as of 1 January

1 622

5 418

Changes during the period

3 796

–2 670

Balance as of period end

5 418

2 748

Other-than-temporary impairment, net of tax

 

 

Balance as of 1 January

–6

–3

Changes during the period

3

–8

Balance as of period end

–3

–11

Foreign currency translation, net of tax

 

 

Balance as of 1 January

–3 897

–4 675

Changes during the period

–778

–1 012

Balance as of period end

–4 675

–5 687

Adjustment for pension and other post-retirement benefits, net of tax

 

 

Balance as of 1 January

–534

–825

Changes during the period

–291

–191

Balance as of period end

–825

–1 016

Retained earnings

 

 

Balance as of 1 January

30 766

34 257

Net income after attribution of non-controlling interests

3 569

4 665

Interest on contingent capital instruments, net of tax

–69

–68

Purchase of non-controlling interests

–9

 

Dividends on common shares1

 

–1 328

Balance as of period end

34 257

37 526

Shareholders’ equity

35 930

33 517

Non-controlling interests

 

 

Balance as of 1 January

25

111

Changes during the period

86

–25

Income attributable to non-controlling interests

 

3

Balance as of period end

111

89

Total equity

36 041

33 606

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