Income statement

For the years ended 31 December

USD millions

Note

2014

2015

¹	Total impairments for the years ended 31 December were nil in 2014 and USD 83 million in 2015, of which nil and USD 83 million, respectively, were recognised in earnings.
²	Total impairments for the years ended 31 December were USD 40 million in 2014 and USD 57 million in 2015, of which USD 40 million and USD 57 million, respectively, were recognised in earnings.
³	The translation from USD to CHF is shown for informational purposes only and has been calculated using the Group’s average exchange rates.

Revenues

Premiums earned

30 756

29 751

Fee income from policyholders

506

463

Net investment income – non-participating business¹

4 103

3 436

Net realised investment gains/losses – non-participating business²

567

1 206

Net investment result – unit-linked and with-profit business

1 381

814

Other revenues

Total revenues

37 347

35 714

Expenses

Claims and claim adjustment expenses

–10 577

–9 848

Life and health benefits

–10 611

–9 080

Return credited to policyholders

–1 541

–1 166

Acquisition costs

–6 515

–6 419

Other expenses

–3 155

–3 303

Interest expenses

–721

–579

Total expenses

–33 120

–30 395

Income before income tax expense

4 227

5 319

Income tax expense

–658

–651

Net income before attribution of non-controlling interests

3 569

4 668

Income attributable to non-controlling interests

–3

Net income after attribution of non-controlling interests

3 569

4 665

Interest on contingent capital instruments

–69

–68

Net income attributable to common shareholders

3 500

4 597

Earnings per share in USD

Basic

10.23

13.44

Diluted

9.39

12.28

Earnings per share in CHF³

Basic

9.33

12.93

Diluted

8.56

11.81

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