Summary of financial statements
Income statement
Download |
USD millions |
2012 |
2013 |
Change in % |
Revenues |
|
|
|
Premiums earned |
24 661 |
28 276 |
15 |
Fee income from policyholders |
785 |
542 |
–31 |
Net investment income – non-participating |
4 473 |
3 947 |
–12 |
Net realised investment gains/losses – non-participating |
947 |
766 |
–19 |
Net investment result – unit-linked and with-profit |
2 570 |
3 347 |
30 |
Other revenues |
188 |
24 |
–87 |
Total revenues |
33 624 |
36 902 |
10 |
|
|
|
|
Expenses |
|
|
|
Claims and claim adjustment expenses |
–7 763 |
–9 655 |
24 |
Life and health benefits |
–8 878 |
–9 581 |
8 |
Return credited to policyholders |
–2 959 |
–3 678 |
24 |
Acquisition costs |
–4 548 |
–4 895 |
8 |
Administrative expenses |
–2 917 |
–3 159 |
8 |
Other expenses |
–300 |
–349 |
16 |
Interest expenses |
–736 |
–760 |
3 |
Total expenses |
–28 101 |
–32 077 |
14 |
|
|
|
|
Income before income tax expense |
5 523 |
4 825 |
–13 |
Income tax expense |
–1 125 |
–312 |
–72 |
Net income before attribution of non-controlling interests |
4 398 |
4 513 |
3 |
|
|
|
|
Income attributable to non-controlling interests |
–141 |
–2 |
–99 |
Net income after attribution of non-controlling interests |
4 257 |
4 511 |
6 |
|
|
|
|
Interest on contingent capital instruments |
–56 |
–67 |
20 |
Net income attributable to common shareholders |
4 201 |
4 444 |
6 |
Changes in equity
Download |
USD millions |
2012 |
2013 |
Change in % |
Total shareholders’ equity as of 1 January |
29 590 |
34 002 |
15 |
Net income attributable to common shareholders |
4 201 |
4 444 |
6 |
Change in unrealised gains/losses on securities, net |
184 |
–2 785 |
– |
Change in other-than-temporary impairment, net of tax |
90 |
22 |
–76 |
Change in foreign currency translation |
332 |
–288 |
– |
Dividends |
–1 134 |
–2 760 |
143 |
Contingent capital instruments |
1 102 |
0 |
– |
Purchase/sale of treasury shares and shares issued under employee plans |
–11 |
–102 |
– |
Other changes in equity |
–352 |
419 |
– |
Total shareholders’ equity as of 31 December |
34 002 |
32 952 |
–3 |
Non-controlling interests |
24 |
25 |
4 |
Total equity as of 31 December |
34 026 |
32 977 |
–3 |
Summary balance sheet
Download |
USD millions |
2012 |
2013 |
Change in % |
Assets |
|
|
|
Investments |
|
|
|
Fixed income securities |
88 848 |
79 296 |
–11 |
Equity securities |
3 774 |
7 691 |
104 |
Policy loans, mortgages and other loans |
2 299 |
2 895 |
26 |
Investment real estate |
777 |
825 |
6 |
Short-term investments, at amortised cost which approximates fair value |
18 645 |
20 989 |
13 |
Other invested assets |
12 968 |
11 164 |
–14 |
Investments for unit-linked and with-profit business |
25 501 |
27 215 |
7 |
Total investments |
152 812 |
150 075 |
–2 |
Cash and cash equivalents |
10 837 |
8 072 |
–26 |
Reinsurance assets |
34 883 |
33 003 |
–5 |
Deferred acquisition costs and other intangible assets |
7 062 |
8 293 |
17 |
Goodwill |
4 092 |
4 109 |
0 |
Other assets |
11 817 |
9 968 |
–16 |
Total assets |
221 503 |
213 520 |
–4 |
|
|
|
|
Liabilities and equity |
|
|
|
Unpaid claims and claim adjustment expenses |
63 670 |
61 484 |
–3 |
Liabilities for life and health policy benefits |
36 117 |
36 033 |
0 |
Policyholder account balances |
29 349 |
31 177 |
6 |
Unearned premiums |
9 384 |
10 334 |
10 |
Funds held under reinsurance treaties |
3 642 |
3 551 |
–2 |
Reinsurance balances payable |
3 754 |
2 370 |
–37 |
Income taxes payable |
604 |
660 |
9 |
Deferred and other non-current taxes |
9 442 |
8 242 |
–13 |
Short-term debt |
3 612 |
3 818 |
6 |
Accrued expenses and other liabilities |
11 617 |
8 152 |
–30 |
Long-term debt |
16 286 |
14 722 |
–10 |
Total liabilities |
187 477 |
180 543 |
–4 |
Total shareholders’ equity |
34 002 |
32 952 |
–3 |
Non-controlling interests |
24 |
25 |
4 |
Total equity |
34 026 |
32 977 |
–3 |
Total liabilities and equity |
221 503 |
213 520 |
–4 |