Optimized printing

Annual Report 2017

Summary of financial statements

Income statement

Download

USD millions

2016

2017

Change in %

Revenues

 

 

 

Gross premiums written

35 622

34 775

–2

Net premiums written

33 570

32 316

–4

Change in unearned premiums

–879

803

Premiums earned

32 691

33 119

1

Fee income from policyholders

540

586

9

Net investment income – non-participating business

3 661

3 708

1

Net realised investment gains/losses – non-participating business

1 484

1 727

16

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

5 382

3 315

–38

Other revenues

28

32

14

Total revenues

43 786

42 487

–3

 

 

 

 

Expenses

 

 

 

Claims and claim adjustment expenses

–12 564

–16 730

33

Life and health benefits

–10 859

–11 083

2

Return credited to policyholders

–5 099

–3 298

–35

Acquisition costs

–6 928

–6 977

1

Operating expenses

–3 358

–3 308

–1

Total expenses before interest expenses

–38 808

–41 396

7

 

 

 

 

Income before interest and income tax expense

4 978

1 091

–78

Interest expenses

–606

–566

–7

Income before income tax expense

4 372

525

–88

Income tax expense

–749

–132

–82

Net income before attribution of non-controlling interests

3 623

393

–89

 

 

 

 

Income/loss attributable to non-controlling interests

3

5

67

Net income after attribution of non-controlling interests

3 626

398

–89

 

 

 

 

Interest on contingent capital instruments, net of tax

–68

–67

–1

Net income attributable to common shareholders

3 558

331

–91

Changes in equity

Download

USD millions

2016

2017

Change in %

Total shareholders’ equity as of 1 January

33 517

35 634

6

Net income attributable to common shareholders

3 558

331

–91

Dividends

–1 561

–1 559

Change in unrealised gains/losses on securities, net

1 711

287

–83

Change in other-than-temporary impairment, net of tax

6

3

–50

Change in foreign currency translation

–387

526

Purchase/sale of treasury shares and share based payments

–1 084

–1 100

1

Other changes in equity

–126

2

Total shareholders’ equity as of 31 December

35 634

34 124

–4

Non-controlling interests

82

170

107

Total equity as of 31 December

35 716

34 294

–4

Summary balance sheet

Download

USD millions

2016

2017

Change in %

Assets

 

 

 

Fixed income securities

93 276

101 786

9

Equity securities

3 435

3 865

13

Other investments

15 218

16 234

7

Short-term investments

10 909

4 846

–56

Investments for unit-linked and with-profit business

32 178

35 166

9

Cash and cash equivalents

9 011

6 806

–24

Deferred acquisition costs

6 200

6 871

11

Acquired present value of future profits

2 003

1 989

–1

Reinsurance recoverable

7 461

7 942

6

Other reinsurance assets

21 454

22 989

7

Goodwill

3 965

4 172

5

Other

9 955

9 860

–1

Total assets

215 065

222 526

3

 

 

 

 

Liabilities and equity

 

 

 

Unpaid claims and claim adjustment expenses

57 355

66 795

16

Liabilities for life and health policy benefits

41 176

42 561

3

Policyholder account balances

34 354

37 537

9

Other reinsurance liabilities

16 086

15 914

–1

Short-term debt

1 564

433

–72

Long-term debt

9 787

10 148

4

Other

19 027

14 844

–22

Total liabilities

179 349

188 232

5

 

 

 

 

Shareholders’ equity

35 634

34 124

–4

 

 

 

 

Non-controlling interests

82

170

107

Total equity

35 716

34 294

–4

 

 

 

 

Total liabilities and equity

215 065

222 526

3