18 Core Capital

In CHF million Notes  30.06.200831.12.2007
Equity   7 2867 334
Hybrid capital instruments 14  2 8572 936
Deferred Group-related funds   3631 324
Total core capital   10 50611 594

The Group’s capital performs several important functions, such as funding future growth and providing a protective cushion for shareholders and policyholders, as well as hedging future risks. The defined Group core capital includes equity, certain liabilities with equity characteristics (hybrid capital instruments) and deferred Group-related funds (theoretical policyholder participation in surplus under consideration of additional DAC amortisation and deferred taxes).