In view of the very positive result, the development of the shareholders’ equity of the Hannover Re Group was pleasing. Compared to the position as at 31 December 2014, it surged by EUR 524.5 million – or 6.4% – in the year under review to EUR 8,777.5 million. After adjustment for non-controlling interests, it rose by EUR 517.6 million to EUR 8,068.3 million. The book value per share increased accordingly by 6.9% to EUR 66.90. The changes in shareholders’ equity were shaped chiefly by the following developments:

Net unrealised gains on investments stood at EUR 712.0 million, a drop of EUR 457.3 million compared to the beginning of the year under review. This decrease was mainly due to higher risk premiums for corpoRate bonds held in our portfolio as well as to the rise in the short- and medium-term US dollar interest rate level.

The foreign currency gains and losses climbed significantly by EUR 318.7 million from EUR 190.5 million to EUR 509.2 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 marginally by EUR 6.9 million to EUR 709.1 million as at 31 December 2015. The bulk of this – in an amount of EUR 667.1 million – is attributable to the non-controlling interests in E+S Rückversicherung AG.

The Group net income for 2015 attributable to the shareholders of the Hannover Re Group climbed to EUR 1,150.7 million (EUR 985.6 million). The non-controlling interest in the profit generated in the year under review totalled EUR 64.0 million (EUR 79.5 million).