Balance sheet

As of 31 December

Assets

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USD millions

Note

2015

2016

Investments

7, 8, 9

 

 

Fixed income securities:

 

 

 

Available-for-sale (including 11 897 in 2015 and 10 036 in 2016 subject to securities lending and repurchase agreements) (amortised cost: 2015: 76 155; 2016: 85 171)

 

79 435

90 581

Trading (including 1 729 in 2015 and 1 871 in 2016 subject to securities lending and repurchase agreements)

 

2 896

2 695

Equity securities:

 

 

 

Available-for-sale (including 605 in 2015 and 23 in 2016 subject to securities lending and repurchase agreements) (cost: 2015: 4 294; 2016: 2 897)

 

4 719

3 375

Trading

 

68

60

Policy loans, mortgages and other loans

 

3 123

3 682

Investment real estate

 

1 556

1 925

Short-term investments (including 1 278 in 2015 and 2 960 in 2016 subject to securities lending and repurchase agreements)

 

7 405

10 909

Other invested assets

 

10 367

9 611

Investments for unit-linked and with-profit business (including fixed income securities trading: 4 069 in 2015 and 5 153 in 2016, equity securities trading: 22 783 in 2015 and 25 807 in 2016)

 

28 241

32 178

Total investments

 

137 810

155 016

 

 

 

 

Cash and cash equivalents (including 319 in 2015 and 1 169 in 2016 subject to securities lending)

 

8 204

9 011

Accrued investment income

 

983

1 108

Premiums and other receivables

 

11 709

13 270

Reinsurance recoverable on unpaid claims and policy benefits

 

6 578

7 461

Funds held by ceding companies

 

9 870

8 184

Deferred acquisition costs

6

5 471

6 200

Acquired present value of future profits

6

2 964

2 003

Goodwill

 

3 862

3 965

Income taxes recoverable

 

191

291

Deferred tax assets

 

5 970

5 902

Other assets

 

2 523

2 654

 

 

 

 

Total assets

 

196 135

215 065

Liabilities and equity

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USD millions

Note

2015

2016

Liabilities

 

 

 

Unpaid claims and claim adjustment expenses

5

55 518

57 355

Liabilities for life and health policy benefits

8

30 131

41 176

Policyholder account balances

 

31 422

34 354

Unearned premiums

 

10 869

11 629

Funds held under reinsurance treaties

 

3 320

2 544

Reinsurance balances payable

 

1 928

1 913

Income taxes payable

 

488

633

Deferred and other non-current tax liabilities

 

8 093

8 583

Short-term debt

11

1 834

1 564

Accrued expenses and other liabilities

 

7 948

9 811

Long-term debt

11

10 978

9 787

Total liabilities

 

162 529

179 349

 

 

 

 

Equity

 

 

 

Contingent capital instruments

 

1 102

1 102

Common shares, CHF 0.10 par value 2015: 370 706 931; 2016: 360 072 561 shares authorised and issued

 

35

34

Additional paid-in capital

 

482

341

Treasury shares, net of tax

 

–1 662

–1 763

Accumulated other comprehensive income:

 

 

 

Net unrealised investment gains/losses, net of tax

 

2 748

4 459

Other-than-temporary impairment, net of tax

 

–11

–5

Cash flow hedges, net of tax

 

 

–7

Foreign currency translation, net of tax

 

–5 687

–6 074

Adjustment for pension and post-retirement benefits, net of tax

 

–1 016

–1 135

Total accumulated other comprehensive income

 

–3 966

–2 762

 

 

 

 

Retained earnings

 

37 526

38 682

Shareholders’ equity

 

33 517

35 634

 

 

 

 

Non-controlling interests

 

89

82

Total equity

 

33 606

35 716

 

 

 

 

Total liabilities and equity

 

196 135

215 065

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