Income statement

For the years ended 31 December

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

34 775

36 406

Net premiums written

32 316

34 042

Change in unearned premiums

803

–167

Premiums earned

33 119

33 875

Fee income from policyholders

586

586

Net investment income – non-participating business¹

3 708

4 075

Net realised investment gains/losses – non-participating business²

1 727

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

3 315

–1 593

Other revenues

Total revenues

42 487

37 047

Expenses

Claims and claim adjustment expenses

–16 730

–14 855

Life and health benefits

–11 083

–11 769

Return credited to policyholders

–3 298

1 033

Acquisition costs

–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

–132

–69

Net income before attribution of non-controlling interests

393

481

Income/loss attributable to non-controlling interests

–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

1.03

1.37

Diluted

1.03

1.37

Earnings per share in CHF³

Basic

1.02

1.34

Diluted

1.01

1.34

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