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Shareholders' equity
 9 Months Ended
Sep. 30, 2014
Stockholders' Equity Note [Abstract]  
Shareholders' equity
Shareholders’ equity

All of ACE’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, ACE continues to use U.S. dollars as its reporting currency for preparing consolidated financial statements. Under Swiss corporate law, dividends, including distributions through a reduction in par value (par value reduction) or from legal reserves, must be stated in Swiss francs though dividend payments are made by ACE in U.S. dollars. At our May 2013 annual general meeting, our shareholders approved an annual dividend for the following year of $2.04 per share, payable in four quarterly installments of $0.51 per share after the annual general meeting in the form of a distribution by way of a par value reduction. At the January 10, 2014 extraordinary general meeting, our shareholders approved a resolution to increase our quarterly dividend from $0.51 per share to $0.63 per share for the final two quarterly installments (made on January 31, 2014 and April 17, 2014) that had been earlier approved at our 2013 annual general meeting. The $0.12 per share increase for each installment was distributed from capital contribution reserves (Additional paid-in capital), a subaccount of legal reserves, and transferred to free reserves (Retained earnings) for payment, while the existing $0.51 per share was distributed by way of a par value reduction.

At our May 2014 annual general meeting, our shareholders approved an annual dividend for the following year of $2.60 per share, payable in four quarterly installments of $0.65 per share after the annual general meeting in the form of a distribution by way of a par value reduction.

The following table presents the dividends per Common Share for the three and nine months ended September 30, 2014, in Swiss francs (CHF) and U.S. dollars (USD).
 
Three Months Ended
 
 
Nine Months Ended
 
 
September 30
 
 
September 30
 
 
2014
 
2013
 
2014
 
2013
Dividends – par value reduction
CHF
0.61

 
$
0.65

 
CHF
0.46

 
$
0.51

 
CHF
1.64

 
$
1.81

 
CHF
1.40

 
$
1.51

Dividends – distributed from capital contribution reserves
—

 
—

 
—

 
—

 
0.20

 
0.24

 
—

 
—

Total dividends per common share
CHF
0.61

 
$
0.65

 
CHF
0.46

 
$
0.51

 
CHF
1.84

 
$
2.05

 
CHF
1.40

 
$
1.51



Par value reductions have been reflected as such through Common Shares in the consolidated statements of shareholders' equity and had the effect of reducing par value per Common Share to CHF 25.40 at September 30, 2014.

Common Shares in treasury are used principally for issuance upon the exercise of employee stock options, grants of restricted stock, and purchases under the Employee Stock Purchase Plan (ESPP). At September 30, 2014, 10,720,855 Common Shares remain in treasury after net shares redeemed under employee share-based compensation plans.

ACE Limited securities repurchase authorization
The following table presents 2014 share repurchases of ACE's Common Shares conducted in a series of open market transactions under the November 2013 Board authorization of a share repurchase program of up to $2.0 billion through December 31, 2014:
(in millions of U.S. dollars, except share data)
Three Months Ended

 
Nine Months Ended

 
October 1, 2014 through October 28, 2014

September 30, 2014

 
September 30, 2014

 
Number of shares repurchased
4,349,302

 
10,143,184

 
699,965

Dollar value of shares repurchased
$450
 
$1,019
 
$74
Repurchase authorization remaining at end of period
$924
 
$924
 
$850