Balance sheet

Assets

As of 31 December

USD millions

Note

2018

2019

1

Please refer to Note 11 “Assets held for sale” for more details.

Investments

7, 8, 9

 

 

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

6

8 217

7 838

Acquired present value of future profits

6

1 818

1 042

Goodwill

 

4 071

3 945

Income taxes recoverable

 

526

466

Deferred tax assets

15

5 411

4 726

Other assets

 

3 332

3 489

Assets held for sale¹

11

 

74 439

 

 

 

 

Total assets

 

207 570

238 567

Liabilities and Equity

USD millions

Note

2018

2019

1

Please refer to Note 11 “Assets held for sale” for more details.

Liabilities

 

 

 

Unpaid claims and claim adjustment expenses

5

67 446

72 373

Liabilities for life and health policy benefits

8

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

15

6 471

5 663

Short-term debt

12

1 633

185

Accrued expenses and other liabilities

7

6 798

7 191

Long-term debt

12

8 502

10 138

Liabilities held for sale¹

11

 

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.