SHAREHOLDERS’ EQUITY AND GROUP SOLVENCY

Shareholder’s equity and Group solvencyThe 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.