Summary of financial statements
Income statement
| Download |
USD millions |
2015 |
2016 |
Change in % |
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Revenues |
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Gross premiums written |
32 249 |
35 622 |
10 |
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Net premiums written |
30 442 |
33 570 |
10 |
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Change in unearned premiums |
–691 |
–879 |
27 |
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Premiums earned |
29 751 |
32 691 |
10 |
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Fee income from policyholders |
463 |
540 |
17 |
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Net investment income – non-participating business |
3 436 |
3 661 |
7 |
||
Net realised investment gains/losses – non-participating business |
1 206 |
1 484 |
23 |
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Net investment result – unit-linked and with-profit business |
814 |
5 382 |
– |
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Other revenues |
44 |
28 |
–36 |
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Total revenues |
35 714 |
43 786 |
23 |
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Expenses |
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Claims and claim adjustment expenses |
–9 848 |
–12 564 |
28 |
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Life and health benefits |
–9 080 |
–10 859 |
20 |
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Return credited to policyholders |
–1 166 |
–5 099 |
– |
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Acquisition costs |
–6 419 |
–6 928 |
8 |
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Operating expenses1 |
–3 248 |
–3 358 |
3 |
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Total expenses before interest expenses |
–29 761 |
–38 808 |
30 |
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Income before interest and income tax expense |
5 953 |
4 978 |
–16 |
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Interest expenses1 |
–634 |
–606 |
–4 |
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Income before income tax expense |
5 319 |
4 372 |
–18 |
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Income tax expense |
–651 |
–749 |
15 |
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Net income before attribution of non-controlling interests |
4 668 |
3 623 |
–22 |
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Income/loss attributable to non-controlling interests |
–3 |
3 |
– |
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Net income after attribution of non-controlling interests |
4 665 |
3 626 |
–22 |
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Interest on contingent capital instruments |
–68 |
–68 |
0 |
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Net income attributable to common shareholders |
4 597 |
3 558 |
–23 |
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Changes in equity
| Download |
USD millions |
2015 |
2016 |
Change in % |
Total shareholders’ equity as of 1 January |
35 930 |
33 517 |
–7 |
Net income attributable to common shareholders |
4 597 |
3 558 |
–23 |
Dividends |
–2 608 |
–1 561 |
–40 |
Change in unrealised gains/losses on securities, net |
–2 670 |
1 711 |
– |
Change in other-than-temporary impairment, net of tax |
–8 |
6 |
– |
Change in foreign currency translation |
–1 012 |
–387 |
–62 |
Purchase/sale of treasury shares and shares issued under employee plans |
–521 |
–1 084 |
108 |
Other changes in equity |
–191 |
–126 |
–34 |
Total shareholders’ equity as of 31 December |
33 517 |
35 634 |
6 |
Non-controlling interests |
89 |
82 |
–8 |
Total equity as of 31 December |
33 606 |
35 716 |
6 |
Summary balance sheet
| Download |
USD millions |
2015 |
2016 |
Change in % |
Assets |
|
|
|
Fixed income securities |
82 331 |
93 276 |
13 |
Equity securities |
4 787 |
3 435 |
–28 |
Other investments |
15 046 |
15 218 |
1 |
Short-term investments |
7 405 |
10 909 |
47 |
Investments for unit-linked and with-profit business |
28 241 |
32 178 |
14 |
Cash and cash equivalents |
8 204 |
9 011 |
10 |
Deferred acquisition costs |
5 471 |
6 200 |
13 |
Acquired present value of future profits |
2 964 |
2 003 |
–32 |
Reinsurance recoverable |
6 578 |
7 461 |
13 |
Other reinsurance assets |
21 579 |
21 454 |
–1 |
Goodwill |
3 862 |
3 965 |
3 |
Other |
9 667 |
9 955 |
3 |
Total assets |
196 135 |
215 065 |
10 |
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Liabilities and equity |
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Unpaid claims and claim adjustment expenses |
55 518 |
57 355 |
3 |
Liabilities for life and health policy benefits |
30 131 |
41 176 |
37 |
Policyholder account balances |
31 422 |
34 354 |
9 |
Other reinsurance liabilities |
16 117 |
16 086 |
0 |
Short-term debt |
1 834 |
1 564 |
–15 |
Long-term debt |
10 978 |
9 787 |
–11 |
Other |
16 529 |
19 027 |
15 |
Total liabilities |
162 529 |
179 349 |
10 |
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Shareholders’ equity |
33 517 |
35 634 |
6 |
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Non-controlling interests |
89 |
82 |
–8 |
Total equity |
33 606 |
35 716 |
6 |
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Total liabilities and equity |
196 135 |
215 065 |
10 |