Summary of financial statements

Income statement

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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

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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

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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