In view of the very favourable result, the development of the shareholders’ equity of the Hannover Re Group was highly pleasing. Compared to the position as at 31 December 2013, it surged by an appreciable EUR 1,722.9 million – or 26.4% – in the year under review to EUR 8,253.0 million. After adjustment for non-controlling interests, it rose by EUR 1,662.3 million to EUR 7,550.8 million. The book value per share increased accordingly by 28.2% to EUR 62.61. The changes in shareholders’ equity were shaped chiefly by the following developments:

Net unrealised gains on investments stood at EUR 1,169.3 million, a sharp rise of EUR 635.5 million compared to the beginning of the year under review. This increase was mainly due to gains realised on corporate and government bonds as a consequence of the reduced interest rate level.

The reserve for currency translation adjustment climbed significantly by EUR 436.7 million from -EUR 246.3 million to EUR 190.5 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 marked depreciation of the euro against the US dollar.

Non-controlling interests in shareholders’ equity increased by EUR 60.6 million to EUR 702.2 million as at 31 December 2014. This rise was attributable primarily to the non-controlling interests in E+S Rückversicherung AG in an amount of EUR 50.3 million.

The Group net income for 2014 attributable to the shareholders of the Hannover Re Group climbed to EUR 985.6 million (EUR 895.5 million). The non-controlling interest in the profit generated in the year under review totalled EUR 79.5 million (EUR 43.8 million).