Income statement

For the years ended 31 December

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USD millions

Note

2016

2017

1

Total impairments for the years ended 31 December of USD 66 million in 2016 and USD 46 million in 2017, respectively, were fully recognised in earnings.

2

Total impairments for the years ended 31 December of USD 88 million in 2016 and USD 57 million in 2017, respectively, were fully 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

 

 

 

Gross premiums written

4

35 622

34 775

Net premiums written

4

33 570

32 316

Change in unearned premiums

 

–879

803

Premiums earned

3

32 691

33 119

Fee income from policyholders

3

540

586

Net investment income – non-participating business1

7

3 661

3 708

Net realised investment gains/losses – non-participating business2

7

1 484

1 727

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

7

5 382

3 315

Other revenues

 

28

32

Total revenues

 

43 786

42 487

 

 

 

 

Expenses

 

 

 

Claims and claim adjustment expenses

3

–12 564

–16 730

Life and health benefits

3

–10 859

–11 083

Return credited to policyholders

 

–5 099

–3 298

Acquisition costs

3

–6 928

–6 977

Operating expenses

 

–3 358

–3 308

Total expenses before interest expenses

 

–38 808

–41 396

 

 

 

 

Income before interest and income tax expense

 

4 978

1 091

Interest expenses

 

–606

–566

Income before income tax expense

 

4 372

525

Income tax expense

13

–749

–132

Net income before attribution of non-controlling interests

 

3 623

393

 

 

 

 

Income/loss attributable to non-controlling interests

 

3

5

Net income after attribution of non-controlling interests

 

3 626

398

 

 

 

 

Interest on contingent capital instruments, net of tax

 

–68

–67

Net income attributable to common shareholders

 

3 558

331

 

 

 

 

Earnings per share in USD

 

 

 

Basic

12

10.72

1.03

Diluted

12

9.82

1.03

Earnings per share in CHF3

 

 

 

Basic

12

10.55

1.02

Diluted

12

9.66

1.01

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