Balance sheet
Assets
As of 31 December
USD millions |
Note |
2018 |
2019 |
||
|---|---|---|---|---|---|
|
|||||
Investments |
|
|
|||
Fixed income securities: |
|
|
|
||
Available-for-sale (including 11 502 in 2018 and 14 175 in 2019 subject to securities lending and repurchase agreements) (amortised cost: 2018: 89 673; 2019: 74 780) |
|
92 538 |
79 163 |
||
Trading (including 2 599 in 2018 and 1 911 in 2019 subject to securities lending and repurchase agreements) |
|
3 414 |
2 410 |
||
Equity securities at fair value through earnings (including 480 in 2018 and 186 in 2019 subject to securities lending and repurchase agreements) |
|
3 036 |
2 993 |
||
Policy loans, mortgages and other loans |
|
4 542 |
3 021 |
||
Investment real estate |
|
2 411 |
2 528 |
||
Short-term investments (including 552 in 2018 and 1 157 in 2019 subject to securities lending and repurchase agreements) |
|
5 417 |
5 768 |
||
Other invested assets |
|
6 398 |
7 343 |
||
Investments for unit-linked and with-profit business (including fixed income securities trading: 4 938 in 2018 and nil in 2019, equity securities at fair value through earnings: 23 123 in 2018 and 520 in 2019) |
|
29 546 |
520 |
||
Total investments |
|
147 302 |
103 746 |
||
|
|
|
|
||
Cash and cash equivalents (including 717 in 2018 and 1 257 in 2019 subject to securities lending, and 1 175 in 2018 and 4 in 2019 backing unit-linked and with-profit contracts) |
|
5 985 |
7 562 |
||
Accrued investment income |
|
1 052 |
673 |
||
Premiums and other receivables |
|
13 789 |
15 271 |
||
Reinsurance recoverable on unpaid claims and policy benefits |
|
7 058 |
5 898 |
||
Funds held by ceding companies |
|
9 009 |
9 472 |
||
Deferred acquisition costs |
8 217 |
7 838 |
|||
Acquired present value of future profits |
1 818 |
1 042 |
|||
Goodwill |
|
4 071 |
3 945 |
||
Income taxes recoverable |
|
526 |
466 |
||
Deferred tax assets |
5 411 |
4 726 |
|||
Other assets |
|
3 332 |
3 489 |
||
Assets held for sale¹ |
|
74 439 |
|||
|
|
|
|
||
Total assets |
|
207 570 |
238 567 |
||
Liabilities and Equity
USD millions |
Note |
2018 |
2019 |
||
|---|---|---|---|---|---|
|
|||||
Liabilities |
|
|
|
||
Unpaid claims and claim adjustment expenses |
67 446 |
72 373 |
|||
Liabilities for life and health policy benefits |
39 593 |
19 836 |
|||
Policyholder account balances |
|
31 938 |
5 405 |
||
Unearned premiums |
|
11 721 |
13 365 |
||
Funds held under reinsurance treaties |
|
3 224 |
3 521 |
||
Reinsurance balances payable |
|
920 |
889 |
||
Income taxes payable |
|
597 |
378 |
||
Deferred and other non-current tax liabilities |
6 471 |
5 663 |
|||
Short-term debt |
1 633 |
185 |
|||
Accrued expenses and other liabilities |
6 798 |
7 191 |
|||
Long-term debt |
8 502 |
10 138 |
|||
Liabilities held for sale¹ |
|
68 586 |
|||
Total liabilities |
|
178 843 |
207 530 |
||
|
|
|
|
||
Equity |
|
|
|
||
Common shares, CHF 0.10 par value |
|
|
|
||
2018: 338 619 465; 2019: 327 404 704 shares authorised and issued |
|
32 |
31 |
||
Additional paid-in capital |
|
496 |
256 |
||
Treasury shares, net of tax |
|
–2 291 |
–2 220 |
||
Accumulated other comprehensive income: |
|
|
|
||
Net unrealised investment gains/losses, net of tax |
|
1 905 |
5 152 |
||
Other-than-temporary impairment, net of tax |
|
–3 |
–1 |
||
Cash flow hedges, net of tax |
|
6 |
–2 |
||
Foreign currency translation, net of tax |
|
–5 904 |
–5 794 |
||
Adjustment for pension and other post-retirement benefits, net of tax |
|
–828 |
–850 |
||
Credit risk of financial liabilities at fair value option, net of tax |
|
5 |
3 |
||
Total accumulated other comprehensive income |
|
–4 819 |
–1 492 |
||
|
|
|
|
||
Retained earnings |
|
34 512 |
32 676 |
||
Shareholders’ equity |
|
27 930 |
29 251 |
||
|
|
|
|
||
Non-controlling interests |
|
797 |
1 786 |
||
Total equity |
|
28 727 |
31 037 |
||
|
|
|
|
||
Total liabilities and equity |
|
207 570 |
238 567 |
||
The accompanying notes are an integral part of the Group financial statements.