Summary of financial statements
Income statement
Download |
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 |
Changes in equity
Download |
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 |
Summary balance sheet
Download |
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 |