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Annual Report 2017

Group financial years 2008–2017

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USD millions

20081

20091

2010

2011

20122

2013

2014

2015

2016

2017

1

The Group changed its reporting currency from CHF into USD in 2010. Periods prior to 2010 have been translated to USD for informational purposes only based on the Group’s average exchange rates for the income statements and year-end rates for the balance sheets.

2

The Group updated its balance sheet presentation of deferred tax assets and liabilities. Deferred tax assets and liabilities are presented on a gross basis as per the first quarter 2013. The comparative period has been adjusted accordingly and is consistent with the relevant income tax disclosure in the notes to the financial statements in the prior year.

Income statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

Premiums earned

23 577

22 664

19 652

21 300

24 661

28 276

30 756

29 751

32 691

33 119

Fee income

746

847

918

876

785

542

506

463

540

586

Net investment income

7 331

6 399

5 422

5 469

5 302

4 735

4 992

4 236

4 740

4 702

Net realised investment gains/losses

–8 677

875

2 783

388

2 688

3 325

1 059

1 220

5 787

4 048

Other revenues

249

178

60

50

188

24

34

44

28

32

Total revenues

23 226

30 963

28 835

28 083

33 624

36 902

37 347

35 714

43 786

42 487

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses

–9 222

–8 336

–7 254

–8 810

–7 763

–9 655

–10 577

–9 848

–12 564

–16 730

Life and health benefits

–8 381

–8 639

–8 236

–8 414

–8 878

–9 581

–10 611

–9 080

–10 859

–11 083

Return credited to policyholders

2 611

–4 597

–3 371

–61

–2 959

–3 678

–1 541

–1 166

–5 099

–3 298

Acquisition costs

–4 950

–4 495

–3 679

–4 021

–4 548

–4 895

–6 515

–6 419

–6 928

–6 977

Other operating costs and expenses

–4 358

–3 976

–3 620

–3 902

–3 953

–4 268

–3 876

–3 882

–3 964

–3 874

Total expenses

–24 300

–30 043

–26 160

–25 208

–28 101

–32 077

–33 120

–30 395

–39 414

–41 962

 

 

 

 

 

 

 

 

 

 

 

Income/loss before income tax expense/benefit

–1 074

920

2 675

2 875

5 523

4 825

4 227

5 319

4 372

525

Income tax expense/benefit

411

–221

–541

–77

–1 125

–312

–658

–651

–749

–132

Net income/loss before attribution of non-controlling interests

–663

699

2 134

2 798

4 398

4 513

3 569

4 668

3 623

393

 

 

 

 

 

 

 

 

 

 

 

Income/loss attributable to non-controlling interests

 

 

–154

–172

–141

–2

 

–3

3

5

Net income/loss after attribution of non-controlling interests

–663

699

1 980

2 626

4 257

4 511

3 569

4 665

3 626

398

 

 

 

 

 

 

 

 

 

 

 

Interest on contingent capital instruments, net of tax

 

–203

–1 117

 

–56

–67

–69

–68

–68

–67

Net income/loss attributable to common shareholders

–663

496

863

2 626

4 201

4 444

3 500

4 597

3 558

331

 

 

 

 

 

 

 

 

 

 

 

Balance sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

Investments

154 053

151 341

156 947

162 224

152 812

150 075

143 987

137 810

155 016

161 897

Other assets

71 322

81 407

71 456

63 675

68 691

63 445

60 474

58 325

60 049

60 629

Total assets

225 375

232 748

228 403

225 899

221 503

213 520

204 461

196 135

215 065

222 526

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Unpaid claims and claim adjustment expenses

70 944

68 412

64 690

64 878

63 670

61 484

57 954

55 518

57 355

66 795

Liabilities for life and health policy benefits

37 497

39 944

39 551

39 044

36 117

36 033

33 605

30 131

41 176

42 561

Unearned premiums

7 330

6 528

6 305

8 299

9 384

10 334

10 576

10 869

11 629

11 769

Other liabilities

73 366

73 336

72 524

65 850

62 020

57 970

53 670

55 033

59 402

56 959

Long-term debt

17 018

19 184

18 427

16 541

16 286

14 722

12 615

10 978

9 787

10 148

Total liabilities

206 155

207 404

201 497

194 612

187 477

180 543

168 420

162 529

179 349

188 232

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

19 220

25 344

25 342

29 590

34 002

32 952

35 930

33 517

35 634

34 124

 

 

 

 

 

 

 

 

 

 

 

Non-controlling interests

 

 

1 564

1 697

24

25

111

89

82

170

Total equity

19 220

25 344

26 906

31 287

34 026

32 977

36 041

33 606

35 716

34 294

 

 

 

 

 

 

 

 

 

 

 

Earnings/losses per share in USD

–2.00

1.46

2.52

7.68

11.85

12.97

10.23

13.44

10.72

1.03

Earnings/losses per share in CHF

–2.61

1.49

2.64

6.79

11.13

12.04

9.33

12.93

10.55

1.02