The shareholders’ equity attributable to the Group amounted to
€ 24,545 million, +4.2% compared to € 23,565 million as at 31 December 2015. The change is mainly due to:
- the result of the period attributable to the Group, which amounted to € 2,081 million as at 31 December 2016;
- the dividend distribution of € 1,123 million, carried out in 2016;
- other gains or losses recognized through shareholders’ equity in the current year amounted to € 11 million. In particular, this performance is attributable primarily to the increase in gains or losses reserves attributable to available for sale financial assets for € 252 million which more than compensates actuarial losses deriving from the re-measurement of the financial liabilities for defined benefit plans for € -243 million attributable to the reduction in the applicable rates used to discount those liabilities.
Rollforward of shareholders’ equity
| (€ million) | 31/12/2016 | 31/12/2015 |
|---|---|---|
| Shareholders' equity attributable to the Group at the end of the previous period | 23,565 | 23,204 |
| Result of the period | 2,081 | 2,030 |
| Dividend distributed | -1,123 | -934 |
| Other comprehensive income | 11 | -118 |
| Reserve for unrealized gains and losses on available for sale financial assets | 252 | -431 |
| Foreign currency translation differences | -31 | 313 |
| Net unrealized gains and losses on hedging derivatives | 13 | -14 |
| Net unrealized gains and losses on defined benefit plans | -243 | 162 |
| Other net unrealized gains and losses | 20 | -149 |
| Other items | 11 | -617 |
| Shareholders' equity attributable to the Group at the end of the period | 24,545 | 23,565 |
The Regulatory Solvency Ratio – which represents the regulatory view of the Group’s capital and is based on the use of the internal model, solely for companies that have obtained the relevant approval from IVASS, and on the Standard Formula for other companies – stood at 177% (171% 31 December 2015; +6 pps).
The Economic Solvency Ratio, which represents the economic view of the Group’s capital and is calculated by applying the internal model to the entire Group perimeter, stood at 194% (202% 31 December 2015; -8 pps).
For further information regarding the Group’s solvency position, please refer to the Risk Report.