Balance sheet

For the years ended 31 December

Assets

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USD millions

Note

2012

2013

Investments

2, 3, 4

 

 

Fixed income securities:

 

 

 

Available-for-sale, at fair value (including 9 529 in 2012 and 11 720 in 2013 subject to securities lending and repurchase agreements) (amortised cost: 2012: 80 594; 2013: 76 349)

 

86 974

77 761

Trading (including 196 in 2012 and 1 in 2013 subject to securities lending and repurchase agreements)

 

1 874

1 535

Equity securities:

 

 

 

Available-for-sale, at fair value (including 0 in 2012 and 65 in 2013 subject to securities lending and repurchase agreements) (cost: 2012: 2 789; 2013: 6 110)

3 102

7 076

Trading

 

672

615

Policy loans, mortgages and other loans

 

2 299

2 895

Investment real estate

 

777

825

Short-term investments, at amortised cost which approximates fair value (including 3 464 in 2012 and 4 425 in 2013 subject to securities lending and repurchase agreements)

18 645

20 989

Other invested assets

 

12 968

11 164

Investments for unit-linked and with-profit business (including fixed income securities trading: 4 630 in 2012 and 4 585 in 2013, equity securities trading: 18 617 in 2012 and 21 180 in 2013)

25 501

27 215

Total investments

 

152 812

150 075

 

 

 

 

Cash and cash equivalents (including 75 in 2012 and 4 in 2013 subject to securities lending)

 

10 837

8 072

Accrued investment income

 

1 050

1 018

Premiums and other receivables

 

11 529

12 276

Reinsurance recoverable on unpaid claims and policy benefits

 

10 109

8 327

Funds held by ceding companies

 

13 245

12 400

Deferred acquisition costs

5

4 039

4 756

Acquired present value of future profits

5

3 023

3 537

Goodwill

 

4 092

4 109

Income taxes recoverable

 

467

490

Deferred tax assets

 

5 718

5 763

Other assets

 

4 582

2 697

 

 

 

 

Total assets

 

221 503

213 520

Liabilities and equity

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USD millions

Note

2012

2013

1

The Group updated its balance sheet presentation of deferred tax assets and liabilities. Deferred tax assets and liabilities are presented on a gross basis as per the first quarter 2013. The comparative period has been adjusted accordingly and is consistent with the relevant income tax disclosure in the notes to the financial statements in the prior year.

2

Please refer to Note 1 “Organisation and summary of significant accounting policies” and Note 10 “Earnings per share” for details on the number of shares authorised and issued.

Liabilities

 

 

 

Unpaid claims and claim adjustment expenses

 

63 670

61 484

Liabilities for life and health policy benefits

3

36 117

36 033

Policyholder account balances

 

29 349

31 177

Unearned premiums

 

9 384

10 334

Funds held under reinsurance treaties

 

3 642

3 551

Reinsurance balances payable

 

3 754

2 370

Income taxes payable

 

604

660

Deferred and other non-current tax liabilities1

 

9 442

8 242

Short-term debt

6

3 612

3 818

Accrued expenses and other liabilities

 

11 617

8 152

Long-term debt

6

16 286

14 722

Total liabilities

 

187 477

180 543

 

 

 

 

Equity

 

 

 

Contingent capital instruments

6

1 102

1 102

Common stock, CHF 0.10 par value

 

 

 

2012: 370 706 931; 2013: 370 706 931 shares authorised and issued2

35

35

Additional paid-in capital

 

7 721

4 963

Treasury shares, net of tax

 

–995

–1 099

 

 

 

 

Accumulated other comprehensive income:

 

 

 

Net unrealised investment gains/losses, net of tax

 

4 407

1 622

Other-than-temporary impairment, net of tax

 

–28

–6

Cumulative translation adjustments, net of tax

 

–3 609

–3 897

Accumulated adjustment for pension and post-retirement benefits, net of tax

–953

–534

Total accumulated other comprehensive income

 

–183

–2 815

 

 

 

 

Retained earnings

 

26 322

30 766

Shareholders’ equity

 

34 002

32 952

 

 

 

 

Non-controlling interests

 

24

25

Total equity

 

34 026

32 977

 

 

 

 

Total liabilities and equity

 

221 503

213 520

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