Summary of financial statements

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

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

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

Income statement