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Annual Report 2015

Balance sheet

As of 31 December

Assets

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USD millions

Note

2014

2015

Investments

7, 8, 9

 

 

Fixed income securities:

 

 

 

Available-for-sale, at fair value (including 12 677 in 2014 and 11 897 in 2015 subject to securities lending and repurchase agreements) (amortised cost: 2014: 77 867; 2015: 76 155)

 

84 450

79 435

Trading (including 645 in 2014 and 1 729 in 2015 subject to securities lending and repurchase agreements)

 

2 219

2 896

Equity securities:

 

 

 

Available-for-sale, at fair value (including 311 in 2014 and 605 in 2015 subject to securities lending and repurchase agreements) (cost: 2014: 3 133; 2015: 4 294)

 

4 024

4 719

Trading

 

65

68

Policy loans, mortgages and other loans

 

3 205

3 123

Investment real estate

 

888

1 556

Short-term investments, at fair value (including 3 217 in 2014 and 1 278 in 2015 subject to securities lending and repurchase agreements)

 

14 127

7 405

Other invested assets

 

9 684

10 367

Investments for unit-linked and with-profit business (including fixed income securities trading: 3 680 in 2014 and 4 069 in 2015, equity securities trading: 20 045 in 2014 and 22 783 in 2015)

 

25 325

28 241

Total investments

 

143 987

137 810

 

 

 

 

Cash and cash equivalents (including 65 in 2014 and 319 in 2015 subject to securities lending)

 

7 471

8 204

Accrued investment income

 

1 049

983

Premiums and other receivables

 

12 265

11 709

Reinsurance recoverable on unpaid claims and policy benefits

 

6 950

6 578

Funds held by ceding companies

 

11 222

9 870

Deferred acquisition costs

6

4 840

5 471

Acquired present value of future profits

6

3 297

2 964

Goodwill

 

4 025

3 862

Income taxes recoverable

 

212

191

Deferred tax assets

 

6 118

5 970

Other assets

 

3 025

2 523

 

 

 

 

Total assets

 

204 461

196 135

Liabilities and equity

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USD millions

Note

2014

2015

Liabilities

 

 

 

Unpaid claims and claim adjustment expenses

 

57 954

55 518

Liabilities for life and health policy benefits

8

33 605

30 131

Policyholder account balances

 

29 242

31 422

Unearned premiums

 

10 576

10 869

Funds held under reinsurance treaties

 

3 385

3 320

Reinsurance balances payable

 

2 115

1 928

Income taxes payable

 

909

488

Deferred and other non-current tax liabilities

 

9 445

8 093

Short-term debt

11

1 701

1 834

Accrued expenses and other liabilities

 

6 873

7 948

Long-term debt

11

12 615

10 978

Total liabilities

 

168 420

162 529

 

 

 

 

Equity

 

 

 

Contingent capital instruments

11

1 102

1 102

Common shares, CHF 0.10 par value

 

 

 

2014: 370 706 931; 2015: 370 706 931 shares authorised and issued

 

35

35

Additional paid-in capital

 

1 806

482

Treasury shares, net of tax

 

–1 185

–1 662

Accumulated other comprehensive income:

 

 

 

Net unrealised investment gains/losses, net of tax

 

5 418

2 748

Other-than-temporary impairment, net of tax

 

–3

–11

Foreign currency translation, net of tax

 

–4 675

–5 687

Adjustment for pension and post-retirement benefits, net of tax

 

–825

–1 016

Total accumulated other comprehensive income

 

–85

–3 966

 

 

 

 

Retained earnings

 

34 257

37 526

Shareholders’ equity

 

35 930

33 517

 

 

 

 

Non-controlling interests

 

111

89

Total equity

 

36 041

33 606

 

 

 

 

Total liabilities and equity

 

204 461

196 135

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