Income statement

For the years ended 31 December

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

35 622

34 775

Net premiums written

33 570

32 316

Change in unearned premiums

–879

803

Premiums earned

32 691

33 119

Fee income from policyholders

540

586

Net investment income – non-participating business¹

3 661

3 708

Net realised investment gains/losses – non-participating business²

1 484

1 727

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

5 382

3 315

Other revenues

Total revenues

43 786

42 487

Expenses

Claims and claim adjustment expenses

–12 564

–16 730

Life and health benefits

–10 859

–11 083

Return credited to policyholders

–5 099

–3 298

Acquisition costs

–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

–749

–132

Net income before attribution of non-controlling interests

3 623

393

Income/loss attributable to non-controlling interests

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

10.72

1.03

Diluted

9.82

1.03

Earnings per share in CHF³

Basic

10.55

1.02

Diluted

9.66

1.01

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