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Annual Report 2016

Income statement

For the years ended 31 December

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USD millions

Note

2015

2016

1

Total impairments for the years ended 31 December of USD 83 million in 2015 and USD 66 million in 2016, respectively, were fully recognised in earnings.

2

Total impairments for the years ended 31 December of USD 57 million in 2015 and USD 88 million in 2016, respectively, were fully recognised in earnings.

3

Letter of credit fees of USD 55 million for the year ended 31 December 2015 have been reclassified from “Operating expenses” to “Interest expenses”.

4

The translation from USD to CHF is shown for informational purposes only and has been calculated using the Group’s average exchange rates.

Revenues

 

 

 

Gross premiums written

4

32 249

35 622

Net premiums written

4

30 442

33 570

Change in unearned premiums

 

–691

–879

Premiums earned

3

29 751

32 691

Fee income from policyholders

3

463

540

Net investment income – non-participating business1

7

3 436

3 661

Net realised investment gains/losses – non-participating business2

7

1 206

1 484

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

7

814

5 382

Other revenues

 

44

28

Total revenues

 

35 714

43 786

 

 

 

 

Expenses

 

 

 

Claims and claim adjustment expenses

3

–9 848

–12 564

Life and health benefits

3

–9 080

–10 859

Return credited to policyholders

 

–1 166

–5 099

Acquisition costs

3

–6 419

–6 928

Operating expenses3

 

–3 248

–3 358

Total expenses before interest expenses

 

–29 761

–38 808

 

 

 

 

Income before interest and income tax expense

 

5 953

4 978

Interest expenses3

 

–634

–606

Income before income tax expense

 

5 319

4 372

Income tax expense

13

–651

–749

Net income before attribution of non-controlling interests

 

4 668

3 623

 

 

 

 

Income/loss attributable to non-controlling interests

 

–3

3

Net income after attribution of non-controlling interests

 

4 665

3 626

 

 

 

 

Interest on contingent capital instruments

 

–68

–68

Net income attributable to common shareholders

 

4 597

3 558

 

 

 

 

Earnings per share in USD

 

 

 

Basic

12

13.44

10.72

Diluted

12

12.28

9.82

Earnings per share in CHF4

 

 

 

Basic

12

12.93

10.55

Diluted

12

11.81

9.66

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