Summary of financial statements

Income statement

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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

Changes in equity

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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

Summary balance sheet

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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