Income statement

For the years ended 31 December

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USD millions

Note

2017

2018

1

Total impairments for the years ended 31 December of USD 46 million in 2017 and nil in 2018, respectively, were fully recognised in earnings.

2

Total impairments for the years ended 31 December of USD 57 million in 2017 and USD 16 million 2018, respectively, were fully recognised in earnings.

3

The translation from USD to CHF is shown for informational purposes only and has been calculated using the Group’s average exchange rates.

Revenues

 

 

 

Gross premiums written

4

34 775

36 406

Net premiums written

4

32 316

34 042

Change in unearned premiums

 

803

–167

Premiums earned

3

33 119

33 875

Fee income from policyholders

3

586

586

Net investment income – non-participating business1

7

3 708

4 075

Net realised investment gains/losses – non-participating business2

7

1 727

65

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

7

3 315

–1 593

Other revenues

 

32

39

Total revenues

 

42 487

37 047

 

 

 

 

Expenses

 

 

 

Claims and claim adjustment expenses

3

–16 730

–14 855

Life and health benefits

3

–11 083

–11 769

Return credited to policyholders

 

–3 298

1 033

Acquisition costs

3

–6 977

–6 919

Operating expenses

 

–3 308

–3 432

Total expenses before interest expenses

 

–41 396

–35 942

 

 

 

 

Income before interest and income tax expense

 

1 091

1 105

Interest expenses

 

–566

–555

Income before income tax expense

 

525

550

Income tax expense

13

–132

–69

Net income before attribution of non-controlling interests

 

393

481

 

 

 

 

Income/loss attributable to non-controlling interests

 

5

–19

Net income after attribution of non-controlling interests

 

398

462

 

 

 

 

Interest on contingent capital instruments, net of tax

 

–67

–41

Net income attributable to common shareholders

 

331

421

 

 

 

 

Earnings per share in USD

 

 

 

Basic

12

1.03

1.37

Diluted

12

1.03

1.37

Earnings per share in CHF3

 

 

 

Basic

12

1.02

1.34

Diluted

12

1.01

1.34

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