Financial highlights

Our Group delivered a good net income of USD 3.6 billion, supported by all Business Units.

Financial highlights

For the years ended 31 December

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USD millions, unless otherwise stated

2015

2016

Change in %

1

Return on equity is calculated by dividing net income attributable to common shareholders by average common shareholders’ equity.

2

Letter of credit fees of USD 55 million in 2015, thereof USD 45 million in Life & Health Reinsurance and USD 10 million in Property & Casualty Reinsurance, have been reclassified from “Operating expenses” to ”Interest expenses”.

3

Regular staff.

4

The Group’s new internal service cost framework resulted in a reallocation of operating expenses to Group items from the business segments. Comparative information for 2015 has been adjusted accordingly.

5

As of 1 January 2016, the primary life and health insurance business (individual and group) is reported in the Life Capital segment instead of the Life & Health Reinsurance segment. Comparative information for 2015 has been adjusted accordingly.

6

Gross cash generation is the change in excess capital available over and above the target capital position, with the target capital being the minimum statutory capital plus the additional capital required by Life Capital’s capital management policy.

Group

 

 

 

Net income attributable to common shareholders

4 597

3 558

–23

Premiums earned and fee income

30 214

33 231

10

Earnings per share in CHF

12.93

10.55

–18

Common shareholders’ equity

32 415

34 532

7

Return on equity in %1

13.7

10.6

 

Return on investments in %

3.5

3.4

 

Net operating margin in %2

17.1

13.0

 

Number of employees3

12 767

14 053

10

Property & Casualty Reinsurance

 

 

 

Net income attributable to common shareholders4

3 008

2 100

–30

Premiums earned

15 090

17 008

13

Combined ratio in %2,4

85.7

93.5

 

Net operating margin in %2,4

22.5

15.4

 

Return on equity in %1,4

22.4

16.4

 

Life & Health Reinsurance

 

 

 

Net income attributable to common shareholders4,5

968

807

–17

Premiums earned and fee income5

10 616

11 527

9

Net operating margin in %2,4,5

12.2

10.4

 

Return on equity in %1,4,5

16.2

12.8

 

Corporate Solutions

 

 

 

Net income attributable to common shareholders4

357

135

–62

Premiums earned

3 379

3 503

4

Combined ratio in %4

93.2

101.1

 

Net operating margin in %4

14.1

4.2

 

Return on equity in %1,4

15.5

6.0

 

Life Capital

 

 

 

Net income attributable to common shareholders4,5

424

638

50

Premiums earned and fee income5

1 129

1 193

6

Gross cash generation6

543

721

33

Net operating margin in %4,5

17.8

27.0

 

Return on equity in %1,4,5

7.5

10.4