1 - Shareholders’ equity

Shareholders’ equity
(€ million) 31.12.2012 31.12.2011
Shareholders' equity attributable to the Group 19,828 15,486
Share capital 1,557 1,557
Capital reserves 7,098 7,098
Revenue reserves and other reserves 8,634 8,154
(Own shares) -403 -403
Reserve for currency translation differences 589 615
Reserve for unrealized gains and losses on available for sale financial assets 2,591 -2,156
Reserve for other unrealized gains and losses through equity -327 -235
Result of the period 90 856
Shareholders' equity attributable to minority interests 2,740 2,635
Total 22,567 18,121

The share capital is made up of 1,556,873,283 ordinary shares with a par value of € 1 each.

The Group’s own shares amounted to € -403 million (15,996,870 shares) and were stable compared to € -403 million (15,997,470 shares) on 31 December 2011.

The reserve for currency translation differences arising from the translation of the subsidiaries' financial statements denominated in foreign currencies, amounted to € 589 million (€ 615 million as at 31 December 2011). The decrease was mainly due to the exclusion of Migdal Group from the consolidation perimeter that was only partially offset by the appreciation of some foreign currencies against the Euro (British pound, Swiss franc and Czech koruna).

The reserve for unrealized gains and losses on available for sale financial assets, i.e. the balance between unrealized gains and losses on financial assets, net of life deferred policyholder liabilities and deferred taxes, amounted to € 2,591 million (€ -2,156 million on 31 December 2011). The improvement of the reserve was driven by the recovery in value of all asset classes, that beneficiated from improved financial markets conditions and from impairments occurred in 2012 which tansferred the related unrealised losses to profit&loss.

The reserve for other unrealized gains and losses through equity includes gains and losses on GBP/Euro exchange rate and interest expense rates hedging derivative instruments, classified as cash flow hedge, realized following the issue of some subordinated liabilities. The unrealized gains and losses on hedging derivatives are deferred through this reserve of the shareholders’ capital and reversed to profit and loss account when the gains or losses on hedged items are recognized.