Group shareholders’ equity

Group shareholders’ equity

In view of the favourable result, the development of the shareholders’ equity of the Hannover Re Group was broadly stable despite opposing effects from currency translation and the interest rate environment. Compared to the position as at 31 December 2012, it decreased slightly by EUR 184.1 million – or 2.7% – in the year under review to EUR 6,530.0 million. After adjustment for non-controlling interests, it contracted by EUR 144.0 million to EUR 5,888.4 million. The book value per share fell accordingly by 2.4% to EUR 48.83. The changes in shareholders’ equity were shaped chiefly by the following developments:

Net unrealised gains on investments recognised in the other reserves stood at EUR 533.7 million, a sharp decrease of EUR 454.2 million compared to the beginning of the year under review. This contraction was due to increased yields on high-quality government bonds as well as the appreciation of the euro.

The reserve for currency translation adjustment decreased significantly by -EUR 230.2 million from -EUR 16.2 million to -EUR 246.3 million as a consequence of exchange rate fluctuations of foreign currencies against the euro in the financial year. The fall in the reserve for currency translation adjustment resulted principally from the depreciation of the Australian dollar, South African rand and US dollar in the year under review.

Non-controlling interests in shareholders’ equity decreased by EUR 40.1 million to EUR 641.6 million as at 31 December 2013. This reduction was attributable primarily to the non-controlling interests in E+S Rückversicherung AG in an amount of EUR 27.9 million.


The Group net income for 2013 attributable to the shareholders of the Hannover Re Group increased to EUR 895.5 million (EUR 849.6 million). The non-controlling interest in the profit generated in the year under review totalled EUR 43.8 million (EUR 75.4 million).

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