• Index
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12 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 the 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 2016 and 2017, the Group paid dividends per share of CHF 4.60 and CHF 4.85, respectively.

Earnings per share for the years ended 31 December were as follows:

At the 152nd Annual General Meeting held on 22 April 2016 and at the 153rd Annual General Meeting held on 21 April 2017, the Group’s shareholders authorised the Group Board of Directors to repurchase up to a maximum CHF 1 billion purchase value of the Group’s own shares through public share buy-back programmes for cancellation purposes prior to the 2017 and 2018 Annual General Meetings, respectively.

The buy-back programme prior to the 153rd Annual General Meeting was completed as of 9 February 2017. The total number of shares repurchased amounted to 10.6 million, of which 5.5 million and 5.1 million shares were repurchased as of 31 December 2016 and between 1 January and 9 February 2017, respectively. The 153rd Annual General Meeting resolved the cancellation of the repurchased 10.6 million shares by way of share capital reduction. The shares were cancelled as of 25 July 2017, after completion of the procedure in respect of a share capital reduction as set forth in Article 732 et seqq. of the Swiss Code of Obligations. As of 31 December 2017, 6.3 million shares were repurchased through the buy-back programme launched on 3 November 2017.

Net of tax expense effects from contingent capital instruments, totalling USD 67 million in 2017, and the potential impact of these instruments on the weighted average number of shares, of 31 642 628 shares, have not been included in the diluted earnings per share calculation because the impact of such an inclusion was antidilutive.