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Annual Report 2017

Statement of shareholders’ equity

For the years ended 31 December

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USD millions

2016

2017

Contingent capital instruments

 

 

Balance as of 1 January

1 102

1 102

Changes during the period

 

–352

Balance as of period end

1 102

750

Common shares

 

 

Balance as of 1 January

35

34

Issue of common shares

 

 

Cancellation of shares bought back

–1

–1

Balance as of period end

34

33

Additional paid-in capital

 

 

Balance as of 1 January

482

341

Gain on sale to minority shareholder

 

34

Contingent capital instrument issuance costs

 

8

Cancellation of shares bought back

–176

 

Share-based compensation

2

–14

Realised gains/losses on treasury shares

33

–1

Balance as of period end

341

368

Treasury shares, net of tax

 

 

Balance as of 1 January

–1 662

–1 763

Purchase of treasury shares

–1 190

–1 161

Cancellation of shares bought back

1 018

1 006

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

71

76

Balance as of period end

–1 763

–1 842

Net unrealised investment gains/losses, net of tax

 

 

Balance as of 1 January

2 748

4 459

Changes during the period

1 711

287

Balance as of period end

4 459

4 746

Other-than-temporary impairment, net of tax

 

 

Balance as of 1 January

–11

–5

Changes during the period

6

3

Balance as of period end

–5

–2

Cash flow hedges, net of tax

 

 

Balance as of 1 January

0

–7

Changes during the period

–7

–3

Balance as of period end

–7

–10

Foreign currency translation, net of tax

 

 

Balance as of 1 January

–5 687

–6 074

Changes during the period

–387

526

Balance as of period end

–6 074

–5 548

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

 

 

Balance as of 1 January

–1 016

–1 135

Changes during the period

–119

315

Balance as of period end

–1 135

–820

Retained earnings

 

 

Balance as of 1 January

37 526

38 682

Net income after attribution of non-controlling interests

3 626

398

Interest on contingent capital instruments, net of tax

–68

–67

Dividends on common shares

–1 561

–1 559

Cancellation of shares bought back

–841

–1 005

Balance as of period end

38 682

36 449

Shareholders’ equity

35 634

34 124

 

 

 

Non-controlling interests

 

 

Balance as of 1 January

89

82

Changes during the period

–4

93

Income/loss attributable to non-controlling interests

–3

–5

Balance as of period end

82

170

Total equity

35 716

34 294

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