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Group shareholders’ equity
In view of another very positive result, the development of the shareholders’ equity of the Hannover Re Group was pleasing. Compared to the position as at 31 December 2015, it surged by EUR 963.1 million – or 11.0% – in the year under review to EUR 9,740.5 million. After adjustment for non-controlling interests, it rose by EUR 928.9 million to EUR 8,997.2 million. The book value per share increased accordingly by a substantial 11.5% to EUR 74.61. The changes in shareholders’ equity were shaped chiefly by the following developments:
Net unrealised gains on investments stood at EUR 904.2 million, a rise of EUR 192.2 million compared to the beginning of the year under review. This increase was mainly due to price gains on fixed-income securities, equities and investment funds.
The foreign currency gains and losses climbed by EUR 170.9 million from EUR 509.2 million to EUR 680.1 million as a consequence of exchange rate movements of foreign currencies against the euro in the financial year. The rise in the reserve for currency translation adjustment resulted principally from the appreciation of the US dollar and translation of the shareholders’ equity of those subsidiaries whose equity is denominated in USD.
Non-controlling interests in shareholders’ equity increased by EUR 34.2 million to EUR 743.3 million as at 31 December 2016. The bulk of this – in an amount of EUR 696.6 million – is attributable to the non-controlling interests in E+S Rückversicherung AG.
The Group net income for 2016 attributable to the shareholders of the Hannover Re Group climbed to EUR 1,171.2 million (EUR 1,150.7 million). The non-controlling interest in the profit generated in the year under review totalled EUR 55.2 million (EUR 64.0 million).