9. Shareholders' equity
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All of the Group’s reinsurance companies prepare statutory financial statements based on local laws and regulations. Most jurisdictions require reinsurers to maintain a minimum amount of capital in excess of a statutory definition of net assets or maintain certain minimum capital and surplus levels. In addition, some jurisdictions place certain restrictions on amounts that may be loaned or transferred to the parent company. The Group’s ability to pay dividends may be restricted by these requirements.
Share data
| CHF millions (except share data) |
2002
|
2003
|
|
|
||
Basic earnings/losses per share |
||
| Income/loss available to common shares |
-91
|
1702
|
| Weighted average common shares outstanding |
310335772
|
310379068
|
| Net income/loss per share in CHF |
-0.29
|
5.48
|
Effect of dilutive securities |
||
| Change in income available to common shares due to: | ||
| Convertible bond |
33
|
|
| Change in average number of shares due to: | ||
| Convertible bond and employee options |
9397419
|
|
Diluted earnings/losses per share |
||
|
Income/loss available to common shares assuming debt conversion and excercise of options |
-91 |
1735 |
| Weighted average common shares outstanding |
310335772
|
319776487
|
| Net income/loss per share in CHF |
-0.29
|
5.43
|
The effects of debt conversion have not been included in the 2002 losses per share. The effect of converting the debt to 9 236 800 shares was anti-dilutive. In addition, 319 766 employee options have not been included in the 2002 losses per share as they were anti-dilutive.
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Own shares
The following own shares of Swiss Re Zurich are held by the Group:
|
2002 |
Number of registered
shares |
CHF millions |
|
|
||
| Own shares held as of 1 January at cost |
1311772
|
218
|
| Purchases |
512733
|
75
|
| Sales |
-999841
|
-157
|
| Realised losses |
-61
|
|
|
|
||
| Own shares held as of 31 December at cost |
824664
|
75
|
|
|
||
| Own shares held as of 31 December at market value |
824664
|
75
|
|
|
||
|
2003 |
Number of registered
shares |
CHF millions |
|
|
||
| Own shares held as of 1 January at cost |
824664
|
75
|
| Purchases |
2329325
|
205
|
| Sales |
-1873114
|
-137
|
| Realised losses |
-33
|
|
|
|
||
| Own shares held as of 31 December at cost |
1280875
|
110
|
|
|
||
| Own shares held as of 31 December at market value |
1280875
|
107
|
|
|
||
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