Income statement

For the years ended 31 December

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USD millions

Note

2018

2019

1

Total impairments for the years ended 31 December of nil in 2018 and of USD 80 million in 2019, respectively, were fully recognised in earnings.

2

Total impairments for the years ended 31 December of USD 16 million in 2018 and of USD 10 million in 2019, respectively, were fully recognised in earnings.

3

The translation from USD to CHF is shown for informational purposes only and has been calculated using the Group’s average exchange rates.

Revenues

 

 

 

Gross premiums written

4

36 406

42 228

Net premiums written

4

34 042

39 649

Change in unearned premiums

 

–167

–1 675

Premiums earned

3

33 875

37 974

Fee income from policyholders

3

586

620

Net investment income – non-participating business1

7

4 075

4 171

Net realised investment gains/losses – non-participating business2

7

65

1 580

Net investment result – unit-linked and with-profit business

7

–1 593

4 939

Other revenues

 

39

30

Total revenues

 

37 047

49 314

 

 

 

 

Expenses

 

 

 

Claims and claim adjustment expenses

3

–14 855

–18 683

Life and health benefits

3

–11 769

–13 087

Return credited to policyholders

 

1 033

–4 633

Acquisition costs

3

–6 919

–7 834

Operating expenses

 

–3 432

–3 579

Total expenses before interest expenses

 

–35 942

–47 816

 

 

 

 

Income before interest and income tax expense

 

1 105

1 498

Interest expenses

 

–555

–589

Income before income tax expense

 

550

909

Income tax expense

15

–69

–140

Net income before attribution of non-controlling interests

 

481

769

 

 

 

 

Income/loss attributable to non-controlling interests

 

–19

–42

Net income after attribution of non-controlling interests

 

462

727

 

 

 

 

Interest on contingent capital instruments, net of tax

 

–41

 

Net income attributable to common shareholders

 

421

727

 

 

 

 

Earnings per share in USD

 

 

 

Basic

14

1.37

2.46

Diluted

14

1.37

2.39

Earnings per share in CHF3

 

 

 

Basic

14

1.34

2.46

Diluted

14

1.34

2.40

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