USD millions

20091

2010

2011

20122

2013

2014

2015

2016

2017

2018

1

The Group changed its reporting currency from CHF into USD in 2010. Periods prior to 2010 have been translated to USD for informational purposes only based on the Group’s average exchange rates for the income statements and year-end rates for the balance sheets.

2

The Group updated its balance sheet presentation of deferred tax assets and liabilities. Deferred tax assets and liabilities are presented on a gross basis as per the first quarter 2013. The comparative period has been adjusted accordingly and is consistent with the relevant income tax disclosure in the notes to the financial statements in the prior year.

Income statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

Premiums earned

22 664

19 652

21 300

24 661

28 276

30 756

29 751

32 691

33 119

33 875

Fee income

847

918

876

785

542

506

463

540

586

586

Net investment income

6 399

5 422

5 469

5 302

4 735

4 992

4 236

4 740

4 702

5 077

Net realised investment gains/losses

875

2 783

388

2 688

3 325

1 059

1 220

5 787

4 048

–2 530

Other revenues

178

60

50

188

24

34

44

28

32

39

Total revenues

30 963

28 835

28 083

33 624

36 902

37 347

35 714

43 786

42 487

37 047

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses

–8 336

–7 254

–8 810

–7 763

–9 655

–10 577

–9 848

–12 564

–16 730

–14 855

Life and health benefits

–8 639

–8 236

–8 414

–8 878

–9 581

–10 611

–9 080

–10 859

–11 083

–11 769

Return credited to policyholders

–4 597

–3 371

–61

–2 959

–3 678

–1 541

–1 166

–5 099

–3 298

1 033

Acquisition costs

–4 495

–3 679

–4 021

–4 548

–4 895

–6 515

–6 419

–6 928

–6 977

–6 919

Other operating costs and expenses

–3 976

–3 620

–3 902

–3 953

–4 268

–3 876

–3 882

–3 964

–3 874

–3 987

Total expenses

–30 043

–26 160

–25 208

–28 101

–32 077

–33 120

–30 395

–39 414

–41 962

–36 497

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

920

2 675

2 875

5 523

4 825

4 227

5 319

4 372

525

550

Income tax expense

–221

–541

–77

–1 125

–312

–658

–651

–749

–132

–69

Net income before attribution of non-controlling interests

699

2 134

2 798

4 398

4 513

3 569

4 668

3 623

393

481

 

 

 

 

 

 

 

 

 

 

 

Income/loss attributable to non-controlling interests

 

–154

–172

–141

–2

 

–3

3

5

–19

Net income after attribution of non-controlling interests

699

1 980

2 626

4 257

4 511

3 569

4 665

3 626

398

462

 

 

 

 

 

 

 

 

 

 

 

Interest on contingent capital instruments, net of tax

–203

–1 117

 

–56

–67

–69

–68

–68

–67

–41

Net income attributable to common shareholders

496

863

2 626

4 201

4 444

3 500

4 597

3 558

331

421

 

 

 

 

 

 

 

 

 

 

 

Balance sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

Investments

151 341

156 947

162 224

152 812

150 075

143 987

137 810

155 016

161 897

147 302

Other assets

81 407

71 456

63 675

68 691

63 445

60 474

58 325

60 049

60 629

60 268

Total assets

232 748

228 403

225 899

221 503

213 520

204 461

196 135

215 065

222 526

207 570

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Unpaid claims and claim adjustment expenses

68 412

64 690

64 878

63 670

61 484

57 954

55 518

57 355

66 795

67 446

Liabilities for life and health policy benefits

39 944

39 551

39 044

36 117

36 033

33 605

30 131

41 176

42 561

39 593

Unearned premiums

6 528

6 305

8 299

9 384

10 334

10 576

10 869

11 629

11 769

11 721

Other liabilities

73 336

72 524

65 850

62 020

57 970

53 670

55 033

59 402

56 959

51 581

Long-term debt

19 184

18 427

16 541

16 286

14 722

12 615

10 978

9 787

10 148

8 502

Total liabilities

207 404

201 497

194 612

187 477

180 543

168 420

162 529

179 349

188 232

178 843

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

25 344

25 342

29 590

34 002

32 952

35 930

33 517

35 634

34 124

27 930

 

 

 

 

 

 

 

 

 

 

 

Non-controlling interests

 

1 564

1 697

24

25

111

89

82

170

797

Total equity

25 344

26 906

31 287

34 026

32 977

36 041

33 606

35 716

34 294

28 727

 

 

 

 

 

 

 

 

 

 

 

Earnings/losses per share in USD

1.46

2.52

7.68

11.85

12.97

10.23

13.44

10.72

1.03

1.37

Earnings/losses per share in CHF

1.49

2.64

6.79

11.13

12.04

9.33

12.93

10.55

1.02

1.34