Summary of financial statements

USD millions	2017	2018	Change in %
Revenues
Gross premiums written	34 775	36 406	5
Net premiums written	32 316	34 042	5
Change in unearned premiums	803	–167	—
Premiums earned	33 119	33 875	2
Fee income from policyholders	586	586	0
Net investment income – non-participating business	3 708	4 075	10
Net realised investment gains/losses – non-participating business	1 727	65	–96
Net investment result – unit-linked and with-profit business	3 315	–1 593	—
Other revenues	32	39	22
Total revenues	42 487	37 047	–13

Expenses
Claims and claim adjustment expenses	–16 730	–14 855	–11
Life and health benefits	–11 083	–11 769	6
Return credited to policyholders	–3 298	1 033	—
Acquisition costs	–6 977	–6 919	–1
Operating expenses	–3 308	–3 432	4
Total expenses before interest expenses	–41 396	–35 942	–13

Income before interest and income tax expense	1 091	1 105	1
Interest expenses	–566	–555	–2
Income before income tax expense	525	550	5
Income tax expense	–132	–69	–48
Net income before attribution of non-controlling interests	393	481	22

Income/loss attributable to non-controlling interests	5	–19	—
Net income after attribution of non-controlling interests	398	462	16

Interest on contingent capital instruments, net of tax	–67	–41	–39
Net income attributable to common shareholders	331	421	27

USD millions	2017	2018	Change in %
Total shareholders’ equity as of 1 January	35 634	34 124	–4
Net income attributable to common shareholders	331	421	27
Dividends	–1 559	–1 592	2
Change in unrealised gains/losses on securities, net	287	–2 841	—
Change in other-than-temporary impairment, net of tax	3	–1	—
Change in foreign currency translation	526	–356	—
Purchase/sale of treasury shares and share based payments	–1 100	–1 402	27
Other changes in equity	2	–423	—
Total shareholders’ equity as of 31 December	34 124	27 930	–18
Non-controlling interests	170	797	—
Total equity as of 31 December	34 294	28 727	–16

USD millions	2017	2018	Change in %
Assets
Fixed income securities	101 786	95 952	–6
Equity securities	3 865	3 036	–21
Other investments	16 234	13 351	–18
Short-term investments	4 846	5 417	12
Investments for unit-linked and with-profit business	35 166	29 546	–16
Cash and cash equivalents	6 806	5 985	–12
Deferred acquisition costs	6 871	8 217	20
Acquired present value of future profits	1 989	1 818	–9
Reinsurance recoverable	7 942	7 058	–11
Other reinsurance assets	22 989	22 798	–1
Goodwill	4 172	4 071	–2
Other	9 860	10 321	5
Total assets	222 526	207 570	–7

Liabilities and equity
Unpaid claims and claim adjustment expenses	66 795	67 446	1
Liabilities for life and health policy benefits	42 561	39 593	–7
Policyholder account balances	37 537	31 938	–15
Other reinsurance liabilities	15 914	15 865	0
Short-term debt	433	1 633	—
Long-term debt	10 148	8 502	–16
Other	14 844	13 866	–7
Total liabilities	188 232	178 843	–5

Shareholders’ equity	34 124	27 930	–18

Non-controlling interests	170	797	—
Total equity	34 294	28 727	–16

Total liabilities and equity	222 526	207 570	–7

Income statement