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Balance sheet

As of 31 December

Assets

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USD millions

Note

2011

2012

Investments

2, 3, 4

 

 

Fixed income securities:

 

 

 

Available-for-sale, at fair value
(including 7 034 in 2011 and 9 529 in 2012 subject to securities lending and repurchase agreements)
(amortised cost: 86 984 in 2011 and 80 594 in 2012)

 

93 770

86 974

Trading
(including 620 in 2011 and 196 in 2012 subject to securities lending and repurchase agreements)

 

3 453

1 874

Equity securities:

 

 

 

Available-for-sale, at fair value
(including 45 in 2011 and 0 in 2012 subject to securities lending and repurchase agreements) (cost: 1 907 in 2011 and 2 789 in 2012)

1 960

3 102

Trading

 

571

672

Policy loans, mortgages and other loans

 

5 640

2 299

Investment real estate

 

645

777

Short-term investments, at amortised cost which approximates fair value (including 87 in 2011 and 3 464 in 2012 subject to securities lending and repurchase agreements)

13 660

18 645

Other invested assets

 

20 176

12 968

Investments for unit-linked and with-profit business
(including fixed income securities trading: 4 095 in 2011 and 4 630
in 2012, equity securities trading: 16 182 in 2011 and 18 617 in 2012)

22 349

25 501

Total investments

 

162 224

152 812

 

 

 

 

Cash and cash equivalents
(including 36 in 2011 and 75 in 2012 subject to securities lending)

 

11 407

10 837

Accrued investment income

 

1 220

1 050

Premiums and other receivables

 

11 441

11 529

Reinsurance recoverable on unpaid claims and policy benefits

 

11 837

10 109

Funds held by ceding companies

 

9 064

13 245

Deferred acquisition costs

5

3 923

4 039

Acquired present value of future profits

5

4 226

3 023

Goodwill

 

4 051

4 092

Income taxes recoverable

 

720

467

Other assets

 

5 786

4 582

 

 

 

 

Total assets

 

225 899

215 785

Liabilities and equity

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USD millions

Note

2011

2012

1

Please refer to Note 1 “Organisation and summary of significant accounting policies” and Note 11 “Earnings per share” for details on the number of shares authorised and issued.

Liabilities

 

 

 

Unpaid claims and claim adjustment expenses

 

64 878

63 670

Liabilities for life and health policy benefits

3

39 044

36 117

Policyholder account balances

 

34 162

29 349

Unearned premiums

 

8 299

9 384

Funds held under reinsurance treaties

 

2 436

3 642

Reinsurance balances payable

 

3 962

3 754

Income taxes payable

 

442

604

Deferred and other non-current taxes

 

2 853

3 724

Short-term debt

7

4 127

3 612

Accrued expenses and other liabilities

 

17 868

11 617

Long-term debt

7

16 541

16 286

Total liabilities

 

194 612

181 759

 

 

 

 

Equity

 

 

 

Contingent capital instruments

7

0

1 102

Common stock, CHF 0.10 par value

 

 

 

2011: 370 706 931; 2012: 370 706 931 shares authorised and issued1

35

35

Additional paid-in capital

 

8 985

7 721

Treasury shares, net of tax

 

–1 096

–995

 

 

 

 

Accumulated other comprehensive income:

 

 

 

Net unrealised investment gains/losses, net of tax

 

4 223

4 407

Other-than-temporary impairment, net of tax

 

–118

–28

Cumulative translation adjustments, net of tax

 

–3 941

–3 609

Accumulated adjustment for pension and post-retirement benefits,
net of tax

–775

–953

Total accumulated other comprehensive income

 

–611

–183

 

 

 

 

Retained earnings

 

22 277

26 322

Shareholders’ equity

 

29 590

34 002

 

 

 

 

Non-controlling interests

 

1 697

24

Total equity

 

31 287

34 026

 

 

 

 

Total liabilities and equity

 

225 899

215 785

The accompanying notes are an integral part of the Group financial statements.