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Group shareholders’ equity
Compared to the position as at 31 December 2017, Group shareholders’ equity increased in the year under review by EUR 255.5 million, equivalent to 2.8%, to EUR 9,542.0 million. After adjustment for non-controlling interests, it rose by EUR 248.3 million to EUR 8,776.8 million. The book value per share increased accordingly by 2.9% to EUR 72.78. The changes in shareholders’ equity were shaped chiefly by the following developments:
The foreign currency gains and losses grew by EUR 263.9 million from EUR -62.5 million to EUR 201.4 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 adjustments resulted principally from the appreciation of the US dollar and translation of the shareholders’ equity of those subsidiaries whose equity is denominated in USD.
Net unrealised gains on investments stood at EUR 346.5 million, a drop of EUR 471.8 million compared to the beginning of the year under review. This reflected the yield increases observed in the course of the reporting period, especially in the area of USD- and GBP-denominated sovereign bonds, as well as higher risk premiums on corporate bonds across all rating categories.
Non-controlling interests in shareholders’ equity increased by EUR 7.2 million to EUR 765.2 million as at 31 December 2018. The bulk of this – in an amount of EUR 706.1 million – is attributable to the non-controlling interests in E+S Rückversicherung AG.
The Group Net income for 2018 attributable to the shareholders of the Hannover Re Group amounted to EUR 1,059.5 million (EUR 958.6 million). The non-controlling interest in the profit generated in the year under review totalled EUR 86.0 million (EUR 86.0 million).