Balance sheet
As of 31 December
Assets
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USD millions |
Note |
2017 |
2018 |
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Investments |
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Fixed income securities: |
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|
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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) |
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99 248 |
92 538 |
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Trading (including 1 761 in 2017 and 2 599 in 2018 subject to securities lending and repurchase agreements) |
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2 538 |
3 414 |
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Equity securities: |
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Available-for-sale (including 277 in 2017 subject to securities lending and repurchase agreements) (cost: 2017: 3 544)1 |
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3 862 |
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Trading1 |
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3 |
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At fair value through earnings (including 480 in 2018 subject to securities lending and repurchase agreements)1 |
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3 036 |
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Policy loans, mortgages and other loans |
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4 110 |
4 542 |
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Investment real estate |
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2 220 |
2 411 |
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Short-term investments (including 411 in 2017 and 552 in 2018 subject to securities lending and repurchase agreements) |
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4 846 |
5 417 |
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Other invested assets |
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9 904 |
6 398 |
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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) |
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35 166 |
29 546 |
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Total investments |
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161 897 |
147 302 |
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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) |
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6 806 |
5 985 |
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Accrued investment income |
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1 095 |
1 052 |
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Premiums and other receivables |
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13 834 |
13 789 |
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Reinsurance recoverable on unpaid claims and policy benefits |
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7 942 |
7 058 |
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Funds held by ceding companies |
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9 155 |
9 009 |
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Deferred acquisition costs |
6 871 |
8 217 |
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Acquired present value of future profits |
1 989 |
1 818 |
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Goodwill |
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4 172 |
4 071 |
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Income taxes recoverable |
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378 |
526 |
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Deferred tax assets |
4 817 |
5 411 |
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Other assets |
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3 570 |
3 332 |
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Total assets |
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222 526 |
207 570 |
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Liabilities and equity
| Download |
USD millions |
Note |
2017 |
2018 |
Liabilities |
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Unpaid claims and claim adjustment expenses |
66 795 |
67 446 |
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Liabilities for life and health policy benefits |
42 561 |
39 593 |
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Policyholder account balances |
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37 537 |
31 938 |
Unearned premiums |
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11 769 |
11 721 |
Funds held under reinsurance treaties |
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3 109 |
3 224 |
Reinsurance balances payable |
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1 036 |
920 |
Income taxes payable |
|
679 |
597 |
Deferred and other non-current tax liabilities |
6 975 |
6 471 |
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Short-term debt |
433 |
1 633 |
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Accrued expenses and other liabilities |
7 190 |
6 798 |
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Long-term debt |
10 148 |
8 502 |
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Total liabilities |
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188 232 |
178 843 |
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Equity |
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Contingent capital instruments |
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750 |
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Common shares, CHF 0.10 par value |
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2017: 349 452 281; 2018: 338 619 465 shares authorised and issued |
|
33 |
32 |
Additional paid-in capital |
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368 |
496 |
Treasury shares, net of tax |
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–1 842 |
–2 291 |
Accumulated other comprehensive income: |
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Net unrealised investment gains/losses, net of tax |
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4 746 |
1 905 |
Other-than-temporary impairment, net of tax |
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–2 |
–3 |
Cash flow hedges, net of tax |
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–10 |
6 |
Foreign currency translation, net of tax |
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–5 548 |
–5 904 |
Adjustment for pension and other post-retirement benefits, net of tax |
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–820 |
–828 |
Credit risk of financial liabilities at fair value option, net of tax |
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|
5 |
Total accumulated other comprehensive income |
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–1 634 |
–4 819 |
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Retained earnings |
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36 449 |
34 512 |
Shareholders’ equity |
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34 124 |
27 930 |
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Non-controlling interests |
|
170 |
797 |
Total equity |
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34 294 |
28 727 |
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Total liabilities and equity |
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222 526 |
207 570 |
The accompanying notes are an integral part of the Group financial statements.