Statement of shareholders’ equity
For the years ended 31 December
Download |
USD millions |
2017 |
2018 |
||||||
|
||||||||
Contingent capital instruments |
|
|
||||||
Balance as of 1 January |
1 102 |
750 |
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Changes during the period |
–352 |
–750 |
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Balance as of period end |
750 |
0 |
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Common shares |
|
|
||||||
Balance as of 1 January |
34 |
33 |
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Cancellation of shares bought back |
–1 |
–1 |
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Balance as of period end |
33 |
32 |
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Additional paid-in capital |
|
|
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Balance as of 1 January |
341 |
368 |
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Impact of sale to non-controlling shareholder1 |
34 |
123 |
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Contingent capital instrument issuance costs |
8 |
11 |
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Cancellation of shares bought back |
|
–85 |
||||||
Share-based compensation |
–14 |
–6 |
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Realised gains/losses on treasury shares2 |
–1 |
85 |
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Balance as of period end |
368 |
496 |
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Treasury shares, net of tax |
|
|
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Balance as of 1 January |
–1 763 |
–1 842 |
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Purchase of treasury shares |
–1 161 |
–1 454 |
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Cancellation of shares bought back |
1 006 |
1 032 |
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Issuance of treasury shares, including share-based compensation to employees2 |
76 |
–27 |
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Balance as of period end |
–1 842 |
–2 291 |
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Net unrealised investment gains/losses, net of tax |
|
|
||||||
Balance as of 1 January |
4 459 |
4 746 |
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Impact of sale to non-controlling shareholder1 |
|
–325 |
||||||
Impact of ASU 2018-023 |
|
176 |
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Impact of ASU 2016-163 |
|
44 |
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Impact of ASU 2016-013 |
|
–347 |
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Changes during the period |
287 |
–2 389 |
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Balance as of period end |
4 746 |
1 905 |
||||||
Other-than-temporary impairment, net of tax |
|
|
||||||
Balance as of 1 January |
–5 |
–2 |
||||||
Changes during the period |
3 |
–1 |
||||||
Balance as of period end |
–2 |
–3 |
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Cash flow hedges, net of tax |
|
|
||||||
Balance as of 1 January |
–7 |
–10 |
||||||
Impact of sale to non-controlling shareholder1 |
|
1 |
||||||
Changes during the period |
–3 |
15 |
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Balance as of period end |
–10 |
6 |
||||||
Foreign currency translation, net of tax |
|
|
||||||
Balance as of 1 January |
–6 074 |
–5 548 |
||||||
Impact of sale to non-controlling shareholder1 |
|
52 |
||||||
Changes during the period |
526 |
–408 |
||||||
Balance as of period end |
–5 548 |
–5 904 |
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Adjustment for pension and other post-retirement benefits, net of tax |
|
|
||||||
Balance as of 1 January |
–1 135 |
–820 |
||||||
Impact of sale to non-controlling shareholder1 |
|
13 |
||||||
Impact of ASU 2018-023 |
|
–17 |
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Changes during the period |
315 |
–4 |
||||||
Balance as of period end |
–820 |
–828 |
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Credit risk of financial liabilities at fair value option, net of tax |
|
|
||||||
Balance as of 1 January |
0 |
0 |
||||||
Impact of ASU 2016-013 |
|
5 |
||||||
Balance as of period end |
0 |
5 |
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Retained earnings |
|
|
||||||
Balance as of 1 January |
38 682 |
36 449 |
||||||
Net income after attribution of non-controlling interests |
398 |
462 |
||||||
Interest on contingent capital instruments, net of tax |
–67 |
–41 |
||||||
Dividends on common shares |
–1 559 |
–1 592 |
||||||
Cancellation of shares bought back |
–1 005 |
–946 |
||||||
Impact of ASU 2018-023 |
|
–159 |
||||||
Impact of ASU 2016-163 |
|
–3 |
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Impact of ASU 2016-013 |
|
342 |
||||||
Balance as of period end |
36 449 |
34 512 |
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Shareholders’ equity |
34 124 |
27 930 |
||||||
|
|
|
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Non-controlling interests |
|
|
||||||
Balance as of 1 January |
82 |
170 |
||||||
Transactions with non-controlling interests |
93 |
688 |
||||||
Income/loss attributable to non-controlling interests |
–5 |
19 |
||||||
Other comprehensive income attributable to non-controlling interests |
|
|
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Change in net unrealised investment gains/losses |
|
191 |
||||||
Change in foreign currency translation |
|
–109 |
||||||
Other |
|
–10 |
||||||
Dividends to non-controlling interests |
|
–152 |
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Balance as of period end |
170 |
797 |
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Total equity |
34 294 |
28 727 |
The accompanying notes are an integral part of the Group financial statements.