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Group shareholders’ equity

In view of the favourable result, the development of the shareholders’ equity of the Hannover Re Group was pleasing. Compared to the position as at 31 December 2010, it increased by EUR 488.8 million in the year under review to EUR 5.6 billion. After adjustment for non-controlling interests, it increased by EUR 461.7 million to EUR 5.0 billion. The book value per share increased accordingly by 10.2% to EUR 41.22. The changes in shareholders’ equity were shaped chiefly by the following movements:

Net unrealised gains on investments recognised in the other reserves reached EUR 453.1 million, a figure EUR 81.0 million higher than at the beginning of the year under review. This rise derived in particular from the decline in yields on bonds of various European countries such as Germany, France and the United Kingdom as well as on bonds issued by semi-governmental entities. The reduced level of interest rates more than offset the generally increased credit spreads that were observed as the year progressed; this was similarly applicable to our corporate bond holdings.

The reserve for currency translation adjustment improved appreciably by EUR 64.6 million from –EUR 53.0 million to EUR 11.6 million as a consequence of exchange rate fluctuations of foreign currencies against the euro in the year under review. The rise in the reserve for currency translation adjustment resulted above all from the deconsolidation of the operational companies of our US subgroup Clarendon Insurance Group as well as from the marked appreciation of the Australian dollar (AUD).

Development of Group shareholders’ equity

Development of Group shareholders’ equity (bar chart) enlarge zoom

Non-controlling interests in Group shareholders’ equity grew by EUR 27.1 million to EUR 636.0 million as at 31 December 2011. This increase was attributable primarily to the non-controlling interests in E+S Rück in an amount of EUR 24.1 million as well as to those in Hannover Re Real Estate Holding (EUR 1.4 million).

The Group net income for 2011 attributable to the shareholders of the Hannover Re Group contracted to EUR 606.0 million (EUR 748.9 million). The non-controlling interest in the profit generated in the year under review totalled EUR 70.8 million (EUR 82.0 million).

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