18. Shareholders’ equity

Subscribed capital

The share capital is comprised of 309,000,000 no-par bearer shares as in the previous year.

Items recognised in other comprehensive income

Unrealised gains and losses from the revaluation of available-for-sale financial instruments impacted the equity in the item “Other comprehensive income”, taking into account deferred profit participation (for life insurance) and deferred taxes.

Actuarial gains and losses from pension and termination benefit provisions were posted as “Revaluation from defined benefit obligations” after deducting deferred policyholder profit participation and deferred taxes.

Deferred taxes

Capital requirements

Business performance as a result of organic growth and acquisitions influences the capital requirements of the UNIQA Group. In the context of Group management, the appropriate coverage of the solvency requirement on a consolidated basis is constantly monitored.

As at 31 December 2015 the adjusted equity amounted to 3,511,505 thousand (2014: 3,442,237 thousand. In ascertaining the adjusted equity, intangible economic assets (in particular goodwill) and equity investments in banks and insurance companies are deducted from equity and various forms of hybrid capital (in particular supplemental capital) and latent reserves in investments (in particular in land and buildings) are added.

With a statutory requirement for adjusted equity of 1,163,799 thousand (2014: 1,165,169 thousand) in accordance with the Solvency I Regime the statutory requirements were exceeded by 2,347,705 thousand (2014: € 2,277,068 thousand), resulting in a coverage rate of 301.7 per cent (2014: 295.4 per cent). Reference is made to the statements under note 7.2.3 in relation to the introduction of Solvency II. With the change to Section 81h(2) of the Insurance Supervisory Act (VAG), the volatility reserve was added as part of the available capital as of the third quarter of 2008. This increased the adjusted equity by 136,010 thousand (2014: € 135,391 thousand).

The adjusted equity funding is ascertained on the basis of the available consolidated financial statements (in accordance with Section 80b of the Insurance Supervisory Act).

Authorisations of the Management Board

In accordance with the resolution of the Annual General Meeting dated 26 May 2014, the Management Board is authorised to increase the Company’s share capital up to and including 30 June 2019 with the approval of the Supervisory Board by a total of up to € 81,000,000 by issuing up to 81,000,000 no-par value bearer or registered shares in exchange for payment in cash or in kind, one time or several times.

In accordance with the resolution of the Annual General Meeting dated 26 May 2015 the Management Board was authorised to acquire treasury shares for a period of 30 months from 28 November 2015. The newly acquired shares may reach a maximum of 10 per cent of the share capital together with the own shares that already exist. The own shares can be broken down as follows:

In the figure for “earnings per share”, the consolidated profit/(loss) is set against the average number of ordinary shares in circulation.

The diluted earnings per share is equal to the basic earnings per share in the financial year and in the previous year.