Balance sheet

As of 31 December

Assets

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USD millions

Note

2017

2018

1

Change due to ASU 2016-01. Please refer to Note 1 for more details.

Investments

7, 8, 9

 

 

Fixed income securities:

 

 

 

Available-for-sale (including 12 969 in 2017 and 11 502 in 2018 subject to securities lending and repurchase agreements) (amortised cost: 2017: 93 278; 2018: 89 673)

 

99 248

92 538

Trading (including 1 761 in 2017 and 2 599 in 2018 subject to securities lending and repurchase agreements)

 

2 538

3 414

Equity securities:

 

 

 

Available-for-sale (including 277 in 2017 subject to securities lending and repurchase agreements) (cost: 2017: 3 544)1

 

3 862

 

Trading1

 

3

 

At fair value through earnings (including 480 in 2018 subject to securities lending and repurchase agreements)1

 

 

3 036

Policy loans, mortgages and other loans

 

4 110

4 542

Investment real estate

 

2 220

2 411

Short-term investments (including 411 in 2017 and 552 in 2018 subject to securities lending and repurchase agreements)

 

4 846

5 417

Other invested assets

 

9 904

6 398

Investments for unit-linked and with-profit business (including fixed income securities trading: 5 209 in 2017 and 4 938 in 2018, equity securities trading: 28 783 in 2017, equity securities at fair value through earnings: 23 123 in 2018)

 

35 166

29 546

Total investments

 

161 897

147 302

 

 

 

 

Cash and cash equivalents (including 322 in 2017 and 717 in 2018 subject to securities lending, and 1 878 in 2017 and 1 175 in 2018 backing unit-linked and with-profit contracts)

 

6 806

5 985

Accrued investment income

 

1 095

1 052

Premiums and other receivables

 

13 834

13 789

Reinsurance recoverable on unpaid claims and policy benefits

 

7 942

7 058

Funds held by ceding companies

 

9 155

9 009

Deferred acquisition costs

6

6 871

8 217

Acquired present value of future profits

6

1 989

1 818

Goodwill

 

4 172

4 071

Income taxes recoverable

 

378

526

Deferred tax assets

13

4 817

5 411

Other assets

 

3 570

3 332

 

 

 

 

Total assets

 

222 526

207 570

Liabilities and equity

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USD millions

Note

2017

2018

Liabilities

 

 

 

Unpaid claims and claim adjustment expenses

5

66 795

67 446

Liabilities for life and health policy benefits

8

42 561

39 593

Policyholder account balances

 

37 537

31 938

Unearned premiums

 

11 769

11 721

Funds held under reinsurance treaties

 

3 109

3 224

Reinsurance balances payable

 

1 036

920

Income taxes payable

 

679

597

Deferred and other non-current tax liabilities

13

6 975

6 471

Short-term debt

11

433

1 633

Accrued expenses and other liabilities

7

7 190

6 798

Long-term debt

11

10 148

8 502

Total liabilities

 

188 232

178 843

 

 

 

 

Equity

 

 

 

Contingent capital instruments

 

750

 

Common shares, CHF 0.10 par value

 

 

 

2017: 349 452 281; 2018: 338 619 465 shares authorised and issued

 

33

32

Additional paid-in capital

 

368

496

Treasury shares, net of tax

 

–1 842

–2 291

Accumulated other comprehensive income:

 

 

 

Net unrealised investment gains/losses, net of tax

 

4 746

1 905

Other-than-temporary impairment, net of tax

 

–2

–3

Cash flow hedges, net of tax

 

–10

6

Foreign currency translation, net of tax

 

–5 548

–5 904

Adjustment for pension and other post-retirement benefits, net of tax

 

–820

–828

Credit risk of financial liabilities at fair value option, net of tax

 

 

5

Total accumulated other comprehensive income

 

–1 634

–4 819

 

 

 

 

Retained earnings

 

36 449

34 512

Shareholders’ equity

 

34 124

27 930

 

 

 

 

Non-controlling interests

 

170

797

Total equity

 

34 294

28 727

 

 

 

 

Total liabilities and equity

 

222 526

207 570

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