Summary of financial statements

USD millions	2011	2012	Change in %
Revenues
Premiums earned	21 300	24 661	16
Fee income from policyholders	876	785	–10
Net investment income – non-participating	4 626	4 473	–3
Net realised investment gains/losses – non-participating	1 634	947	–42
Net investment result – unit-linked and with-profit	–403	2 570	–
Other revenues	50	188	276
Total revenues	28 083	33 624	20

Expenses
Claims and claim adjustment expenses	–8 810	–7 763	–12
Life and health benefits	–8 414	–8 878	6
Return credited to policyholders	–61	–2 959	–
Acquisition costs	–4 021	–4 548	13
Administrative expenses	–2 730	–2 917	7
Other expenses	–321	–300	–7
Interest expenses	–851	–736	–14
Total expenses	–25 208	–28 101	11

Income before income tax expense	2 875	5 523	92
Income tax expense	–77	–1 125	–
Net income before attribution of non-controlling interests	2 798	4 398	57

Income attributable to non-controlling interests	–172	–141	–18
Net income after attribution of non-controlling interests	2 626	4 257	62

Interest on contingent capital instruments	0	–56	–
Net income attributable to common shareholders	2 626	4 201	60

USD millions	2011	2012	Change in %
Total shareholders’ equity as of 1 January	25 342	29 590	17
Net income attributable to common shareholders	2 626	4 201	60
Change in unrealised gains/losses on securities, net	3 181	184	–94
Change in other-than-temporary impairment, net of tax	51	90	76
Change in foreign currency translation	–199	332	–
Dividends	–1 035	–1 134	10
Contingent capital instruments	0	1 102	–
Purchase/sale of treasury shares and shares issued under employee plans	–123	–11	–91
Other changes in equity	–253	–352	39
Total shareholders’ equity as of 31 December	29 590	34 002	15
Non-controlling interests	1 697	24	–99
Total equity as of 31 December	31 287	34 026	9

USD millions	2011	2012	Change in %
Assets
Investments
Fixed income securities	97 223	88 848	–9
Equity securities	2 531	3 774	49
Policy loans, mortgages and other loans	5 640	2 299	–59
Investment real estate	645	777	20
Short-term investments, at amortised cost which approximates fair value	13 660	18 645	36
Other invested assets	20 176	12 968	–36
Investments for unit-linked and with-profit business	22 349	25 501	14
Total investments	162 224	152 812	–6
Cash and cash equivalents	11 407	10 837	–5
Reinsurance assets	32 342	34 883	8
Deferred acquisition costs and other intangible assets	8 149	7 062	–13
Goodwill	4 051	4 092	1
Other assets	7 726	6 099	–21
Total assets	225 899	215 785	–4

Liabilities and equity
Unpaid claims and claim adjustment expenses	64 878	63 670	–2
Liabilities for life and health policy benefits	39 044	36 117	–7
Policyholder account balances	34 162	29 349	–14
Unearned premiums	8 299	9 384	13
Funds held under reinsurance treaties	2 436	3 642	50
Reinsurance balances payable	3 962	3 754	–5
Income taxes payable	442	604	37
Deferred and other non-current taxes	2 853	3 724	31
Short-term debt	4 127	3 612	–12
Accrued expenses and other liabilities	17 868	11 617	–35
Long-term debt	16 541	16 286	–2
Total liabilities	194 612	181 759	–7
Total shareholders’ equity	29 590	34 002	15
Non-controlling interest	1 697	24	–99
Total equity	31 287	34 026	9
Total liabilities and equity	225 899	215 785	–4

Income statement