Summary of financial statements

USD millions	2014	2015	Change in %
Revenues
Premiums earned	30 756	29 751	–3
Fee income from policyholders	506	463	–8
Net investment income – non-participating business	4 103	3 436	–16
Net realised investment gains/losses – non-participating business	567	1 206	113
Net investment result – unit-linked and with-profit business	1 381	814	–41
Other revenues	34	44	29
Total revenues	37 347	35 714	–4

Expenses
Claims and claim adjustment expenses	–10 577	–9 848	–7
Life and health benefits	–10 611	–9 080	–14
Return credited to policyholders	–1 541	–1 166	–24
Acquisition costs	–6 515	–6 419	–1
Administrative expenses	–3 056	–3 039	–1
Other expenses	–99	–264	167
Interest expenses	–721	–579	–20
Total expenses	–33 120	–30 395	–8

Income before income tax expense	4 227	5 319	26
Income tax expense	–658	–651	–1
Net income before attribution of non-controlling interests	3 569	4 668	31

Income attributable to non-controlling interests		–3	–
Net income after attribution of non-controlling interests	3 569	4 665	31

Interest on contingent capital instruments	–69	–68	–1
Net income attributable to common shareholders	3 500	4 597	31

USD millions	2014	2015	Change in %
Total shareholders’ equity as of 1 January	32 952	35 930	9
Net income attributable to common shareholders	3 500	4 597	31
Change in unrealised gains/losses on securities, net	3 796	–2 670	–
Change in other-than-temporary impairment, net of tax	3	–8	–
Change in foreign currency translation	–778	–1 012	30
Dividends	–3 129	–2 608	–17
Purchase/sale of treasury shares and shares issued under employee plans	–114	–521	–
Other changes in equity	–300	–191	–36
Total shareholders’ equity as of 31 December	35 930	33 517	–7
Non-controlling interests	111	89	–20
Total equity as of 31 December	36 041	33 606	–7

USD millions	2014	2015	Change in %
Assets
Investments
Fixed income securities	86 669	82 331	–5
Equity securities	4 089	4 787	17
Policy loans, mortgages and other loans	3 205	3 123	–3
Investment real estate	888	1 556	75
Short-term investments	14 127	7 405	–48
Other invested assets	9 684	10 367	7
Investments for unit-linked and with-profit business	25 325	28 241	12
Total investments	143 987	137 810	–4
Cash and cash equivalents	7 471	8 204	10
Reinsurance assets	30 437	28 157	–7
Deferred acquisition costs and other intangible assets	8 137	8 435	4
Goodwill	4 025	3 862	–4
Other assets	10 404	9 667	–7
Total assets	204 461	196 135	–4

Liabilities and equity
Unpaid claims and claim adjustment expenses	57 954	55 518	–4
Liabilities for life and health policy benefits	33 605	30 131	–10
Policyholder account balances	29 242	31 422	7
Unearned premiums	10 576	10 869	3
Funds held under reinsurance treaties	3 385	3 320	–2
Reinsurance balances payable	2 115	1 928	–9
Income taxes payable	909	488	–46
Deferred and other non-current taxes	9 445	8 093	–14
Short-term debt	1 701	1 834	8
Accrued expenses and other liabilities	6 873	7 948	16
Long-term debt	12 615	10 978	–13
Total liabilities	168 420	162 529	–3
Total shareholders’ equity	35 930	33 517	–7
Non-controlling interests	111	89	–20
Total equity	36 041	33 606	–7
Total liabilities and equity	204 461	196 135	–4

Income statement