Statement of shareholders’ equity

For the years ended 31 December

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.