Summary of financial statements

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

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

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

Income statement