2 Information on business segments
The Group provides reinsurance and insurance throughout the world through its business segments. The business segments are determined by the organisational structure and by the way in which management reviews the operating performance of the Group.
The Group presents four core operating business segments: Property & Casualty Reinsurance, Life & Health Reinsurance, Corporate Solutions and Life Capital. The presentation of each segment’s balance sheet is closely aligned to the segment legal entity structure. The assignment of assets and liabilities for entities that span more than one segment is determined by considering local statutory requirements, legal and other constraints, the economic view of duration and currency requirements of the reinsurance business written and the capacity of the segments to absorb risks. Interest expense is based on the segment’s capital funding position. The tax impact of a segment is derived from the legal entity tax obligations and the segmentation of the pre-tax result. While most of the tax items can be directly attributed to individual segments, the tax which impacts two or more segments is allocated to the segments on a reasonable basis. Property & Casualty Reinsurance and Life & Health Reinsurance share the same year-to-date effective tax rate as both business segments belong to the Reinsurance Business Unit.
Accounting policies applied by the business segments are in line with those described in the summary of significant accounting policies (please refer to Note 1).
The Group operating segments are outlined below.
Property & Casualty Reinsurance and Life & Health Reinsurance
Reinsurance consists of two segments, Property & Casualty and Life & Health. The Reinsurance Business Unit operates globally, both through brokers and directly with clients, and provides a large range of solutions for risk and capital management. Clients include stock and mutual insurance companies as well as public sector and governmental entities. In addition to traditional reinsurance solutions, Reinsurance offers insurance-linked securities and other insurance-related capital market products in both Property & Casualty and Life & Health.
Property & Casualty includes the business lines property, casualty (including motor) and specialty. Life & Health includes the life and health lines of business.
Corporate Solutions
Corporate Solutions offers innovative insurance capacity to mid-sized and large multinational corporations across the globe. Offerings range from standard risk transfer covers and multi-line programmes to customised solutions tailored to the needs of clients. Corporate Solutions serves customers from over 50 offices worldwide.
Life Capital
Life Capital manages Swiss Re’s primary life and health business. It encompasses the closed and open life and health insurance books, including the ReAssure business and the primary life and health insurance business comprising elipsLife and iptiQ.
Through ReAssure, Swiss Re acquires closed blocks of inforce life and health insurance business, either through reinsurance or corporate acquisition, and typically assumes responsibility for administering the underlying policies. The administration of the business may be managed directly or, where appropriate, in partnership with a third party. In the open books business, elipsLife, the Group life and health insurance business, offers solutions to pension funds, corporates and affinity groups through an intermediated business to business to consumer (“B2B2C”) model. The iptiQ business, primarily the individual life and health business, partners with distributors and enables individuals to address their protection needs on a white labelled basis.
In the fourth quarter of 2019, the Group entered into an agreement to sell its subsidiary ReAssure Group plc, currently within the Life Capital business segment, to Phoenix Group Holdings plc. For more details on the transaction, please refer to Note 11 “Assets held for sale“.
Group items
Items not allocated to the business segments are included in the “Group items” column, which encompasses Swiss Re Ltd, the Group’s ultimate parent company, the former Legacy business in run-off, Principal Investments and certain Treasury units. Swiss Re Ltd charges trademark licence fees to the business segments which are reported as other revenues. Certain administrative expenses of the corporate centre functions that are not recharged to the operating segments are reported as Group items.
Consolidation
Segment information is presented net of external and internal retrocession and other intra-group arrangements. The Group total is obtained after elimination of intra-group transactions in the “Consolidation” column. This includes significant intra-group reinsurance arrangements, recharge of trademark licence fees and intersegmental funding.
a) Business segments – income statement
For the year ended 31 December
2018 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Life Capital |
Group items |
Consolidation |
Total |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||
Revenues |
|
|
|
|
|
|
|
||||
Gross premiums written |
16 545 |
14 527 |
4 694 |
2 739 |
|
–2 099 |
36 406 |
||||
Net premiums written |
16 098 |
12 647 |
4 122 |
1 175 |
|
|
34 042 |
||||
Change in unearned premiums |
–3 |
36 |
–197 |
–3 |
|
|
–167 |
||||
Premiums earned |
16 095 |
12 683 |
3 925 |
1 172 |
|
|
33 875 |
||||
Fee income from policyholders |
|
152 |
|
434 |
|
|
586 |
||||
Net investment income – non-participating business |
1 380 |
1 305 |
207 |
1 256 |
262 |
–335 |
4 075 |
||||
Net realised investment gains/losses – non-participating business |
–16 |
347 |
16 |
66 |
–348 |
|
65 |
||||
Net investment result – unit-linked and with-profit business |
|
–33 |
|
–1 560 |
|
|
–1 593 |
||||
Other revenues |
36 |
1 |
3 |
|
353 |
–354 |
39 |
||||
Total revenues |
17 495 |
14 455 |
4 151 |
1 368 |
267 |
–689 |
37 047 |
||||
|
|
|
|
|
|
|
|
||||
Expenses |
|
|
|
|
|
|
|
||||
Claims and claim adjustment expenses |
–11 614 |
|
–3 241 |
|
|
|
–14 855 |
||||
Life and health benefits |
|
–10 280 |
|
–1 489 |
|
|
–11 769 |
||||
Return credited to policyholders |
|
–5 |
|
1 038 |
|
|
1 033 |
||||
Acquisition costs |
–4 012 |
–2 045 |
–607 |
–255 |
|
|
–6 919 |
||||
Operating expenses |
–1 114 |
–758 |
–763 |
–549 |
–599 |
351 |
–3 432 |
||||
Total expenses before interest expenses |
–16 740 |
–13 088 |
–4 611 |
–1 255 |
–599 |
351 |
–35 942 |
||||
|
|
|
|
|
|
|
|
||||
Income/loss before interest and income tax expense/benefit |
755 |
1 367 |
–460 |
113 |
–332 |
–338 |
1 105 |
||||
Interest expenses |
–313 |
–410 |
–24 |
–41 |
–105 |
338 |
–555 |
||||
Income/loss before income tax expense/benefit |
442 |
957 |
–484 |
72 |
–437 |
0 |
550 |
||||
Income tax expense/benefit |
–72 |
–155 |
75 |
–26 |
109 |
|
–69 |
||||
Net income/loss before attribution of non-controlling interests |
370 |
802 |
–409 |
46 |
–328 |
0 |
481 |
||||
|
|
|
|
|
|
|
|
||||
Income/loss attributable to non-controlling interests |
|
|
4 |
–23 |
|
|
–19 |
||||
Net income/loss after attribution of non-controlling interests |
370 |
802 |
–405 |
23 |
–328 |
0 |
462 |
||||
|
|
|
|
|
|
|
|
||||
Interest on contingent capital instruments, net of tax |
|
–41 |
|
|
|
|
–41 |
||||
Net income/loss attributable to common shareholders |
370 |
761 |
–405 |
23 |
–328 |
0 |
421 |
||||
|
|
|
|
|
|
|
|
||||
Claims ratio in % |
72.2 |
|
82.6 |
|
|
|
74.2 |
||||
Expense ratio in % |
31.8 |
|
34.9 |
|
|
|
32.4 |
||||
Combined ratio in % |
104.0 |
|
117.5 |
|
|
|
106.6 |
||||
Management expense ratio¹ in % |
|
5.4 |
|
|
|
|
|
||||
Net operating margin2 in % |
4.3 |
9.4 |
–11.1 |
3.9 |
|
|
2.9 |
||||
Business segments – income statement
For the year ended 31 December
2019 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Life Capital |
Group items |
Consolidation |
Total |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||
Revenues |
|
|
|
|
|
|
|
||||
Gross premiums written |
21 562 |
14 452 |
4 974 |
2 831 |
|
–1 591 |
42 228 |
||||
Net premiums written |
20 882 |
12 734 |
4 253 |
1 780 |
|
|
39 649 |
||||
Change in unearned premiums |
–1 607 |
101 |
–87 |
–82 |
|
|
–1 675 |
||||
Premiums earned |
19 275 |
12 835 |
4 166 |
1 698 |
|
|
37 974 |
||||
Fee income from policyholders |
|
169 |
|
451 |
|
|
620 |
||||
Net investment income – non-participating business |
1 419 |
1 207 |
234 |
1 193 |
552 |
–434 |
4 171 |
||||
Net realised investment gains – non-participating business |
883 |
628 |
162 |
18 |
–111 |
|
1 580 |
||||
Net investment result – unit-linked and with-profit business |
|
118 |
|
4 821 |
|
|
4 939 |
||||
Other revenues |
18 |
4 |
5 |
1 |
414 |
–412 |
30 |
||||
Total revenues |
21 595 |
14 961 |
4 567 |
8 182 |
855 |
–846 |
49 314 |
||||
|
|
|
|
|
|
|
|
||||
Expenses |
|
|
|
|
|
|
|
||||
Claims and claim adjustment expenses |
–14 783 |
|
–3 900 |
|
|
|
–18 683 |
||||
Life and health benefits |
|
–10 587 |
|
–2 500 |
|
|
–13 087 |
||||
Return credited to policyholders |
|
–162 |
|
–4 471 |
|
|
–4 633 |
||||
Acquisition costs |
–4 810 |
–1 975 |
–640 |
–409 |
|
|
–7 834 |
||||
Operating expenses |
–1 189 |
–746 |
–788 |
–721 |
–547 |
412 |
–3 579 |
||||
Total expenses before interest expenses |
–20 782 |
–13 470 |
–5 328 |
–8 101 |
–547 |
412 |
–47 816 |
||||
|
|
|
|
|
|
|
|
||||
Income/loss before interest and income tax expense/benefit |
813 |
1 491 |
–761 |
81 |
308 |
–434 |
1 498 |
||||
Interest expenses |
–352 |
–445 |
–40 |
–72 |
–114 |
434 |
–589 |
||||
Income/loss before income tax expense/benefit |
461 |
1 046 |
–801 |
9 |
194 |
0 |
909 |
||||
Income tax expense/benefit |
–65 |
–147 |
143 |
–133 |
62 |
|
–140 |
||||
Net income/loss before attribution of non-controlling interests |
396 |
899 |
–658 |
–124 |
256 |
0 |
769 |
||||
|
|
|
|
|
|
|
|
||||
Income/loss attributable to non-controlling interests |
|
|
11 |
–53 |
|
|
–42 |
||||
Net income/loss after attribution of non-controlling interests |
396 |
899 |
–647 |
–177 |
256 |
0 |
727 |
||||
|
|
|
|
|
|
|
|
||||
Interest on contingent capital instruments, net of tax |
|
|
|
|
|
|
0 |
||||
Net income/loss attributable to common shareholders |
396 |
899 |
–647 |
–177 |
256 |
0 |
727 |
||||
|
|
|
|
|
|
|
|
||||
Claims ratio in % |
76.7 |
|
93.6 |
|
|
|
79.7 |
||||
Expense ratio in % |
31.1 |
|
34.3 |
|
|
|
31.7 |
||||
Combined ratio in % |
107.8 |
|
127.9 |
|
|
|
111.4 |
||||
Management expense ratio¹ in % |
|
5.2 |
|
|
|
|
|
||||
Net operating margin2 in % |
3.8 |
10.0 |
–16.7 |
2.4 |
|
|
3.4 |
||||
Business segments – balance sheet
As of 31 December
2018 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Life Capital |
Group items |
Consolidation |
Total |
|---|---|---|---|---|---|---|---|
Assets |
|
|
|
|
|
|
|
Fixed income securities |
35 968 |
29 158 |
8 157 |
22 637 |
32 |
|
95 952 |
Equity securities |
1 776 |
670 |
180 |
69 |
341 |
|
3 036 |
Other investments |
13 298 |
3 200 |
132 |
2 550 |
6 447 |
–12 276 |
13 351 |
Short-term investments |
2 547 |
1 174 |
451 |
1 207 |
38 |
|
5 417 |
Investments for unit-linked and with-profit business |
|
424 |
|
29 122 |
|
|
29 546 |
Cash and cash equivalents |
1 651 |
1 705 |
796 |
1 605 |
228 |
|
5 985 |
Deferred acquisition costs |
2 156 |
4 784 |
488 |
789 |
|
|
8 217 |
Acquired present value of future profits |
|
804 |
|
1 014 |
|
|
1 818 |
Reinsurance recoverable |
2 345 |
4 359 |
5 486 |
4 914 |
|
–10 046 |
7 058 |
Other reinsurance assets |
9 715 |
9 304 |
2 461 |
6 859 |
|
–5 541 |
22 798 |
Goodwill |
1 908 |
1 823 |
206 |
134 |
|
|
4 071 |
Other |
8 798 |
4 169 |
2 108 |
1 823 |
1 752 |
–8 329 |
10 321 |
Total assets |
80 162 |
61 574 |
20 465 |
72 723 |
8 838 |
–36 192 |
207 570 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Unpaid claims and claim adjustment expenses |
45 659 |
12 192 |
11 929 |
2 601 |
1 |
–4 936 |
67 446 |
Liabilities for life and health policy benefits |
|
17 888 |
501 |
26 314 |
|
–5 110 |
39 593 |
Policyholder account balances |
|
1 356 |
|
30 582 |
|
|
31 938 |
Other reinsurance liabilities |
10 331 |
4 162 |
3 816 |
3 365 |
3 |
–5 812 |
15 865 |
Short-term debt |
2 735 |
5 075 |
|
238 |
|
–6 415 |
1 633 |
Long-term debt |
2 402 |
7 749 |
798 |
1 515 |
552 |
–4 514 |
8 502 |
Other |
9 551 |
6 878 |
1 483 |
2 342 |
3 017 |
–9 405 |
13 866 |
Total liabilities |
70 678 |
55 300 |
18 527 |
66 957 |
3 573 |
–36 192 |
178 843 |
|
|
|
|
|
|
|
|
Shareholders’ equity |
9 483 |
6 274 |
1 795 |
5 113 |
5 265 |
0 |
27 930 |
|
|
|
|
|
|
|
|
Non-controlling interests |
1 |
|
143 |
653 |
|
|
797 |
Total equity |
9 484 |
6 274 |
1 938 |
5 766 |
5 265 |
0 |
28 727 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
80 162 |
61 574 |
20 465 |
72 723 |
8 838 |
–36 192 |
207 570 |
Business segments – balance sheet
As of 31 December
2019 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Life Capital |
Group items |
Consolidation |
Total |
||
|---|---|---|---|---|---|---|---|---|---|
|
|||||||||
Assets |
|
|
|
|
|
|
|
||
Fixed income securities |
38 877 |
32 008 |
7 473 |
3 088 |
127 |
|
81 573 |
||
Equity securities |
1 749 |
620 |
172 |
57 |
395 |
|
2 993 |
||
Other investments |
14 606 |
4 871 |
147 |
865 |
5 009 |
–12 606 |
12 892 |
||
Short-term investments |
3 283 |
1 678 |
380 |
377 |
50 |
|
5 768 |
||
Investments for unit-linked and with-profit business |
|
520 |
|
|
|
|
520 |
||
Cash and cash equivalents |
3 674 |
1 694 |
1 698 |
494 |
2 |
|
7 562 |
||
Deferred acquisition costs |
2 613 |
4 529 |
483 |
213 |
|
|
7 838 |
||
Acquired present value of future profits |
|
577 |
|
465 |
|
|
1 042 |
||
Reinsurance recoverable |
2 325 |
4 887 |
7 058 |
3 111 |
|
–11 483 |
5 898 |
||
Other reinsurance assets |
12 524 |
8 471 |
2 667 |
5 951 |
3 |
–4 873 |
24 743 |
||
Goodwill |
1 895 |
1 846 |
204 |
|
|
|
3 945 |
||
Other |
7 723 |
5 325 |
2 342 |
658 |
2 256 |
–8 950 |
9 354 |
||
Assets held for sale¹ |
|
|
|
74 983 |
|
–544 |
74 439 |
||
Total assets |
89 269 |
67 026 |
22 624 |
90 262 |
7 842 |
–38 456 |
238 567 |
||
|
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
|
||
Unpaid claims and claim adjustment expenses |
49 963 |
13 094 |
12 881 |
2 489 |
|
–6 054 |
72 373 |
||
Liabilities for life and health policy benefits |
|
20 679 |
728 |
4 250 |
|
–5 821 |
19 836 |
||
Policyholder account balances |
|
1 401 |
|
4 004 |
|
|
5 405 |
||
Other reinsurance liabilities |
12 899 |
2 904 |
4 987 |
2 034 |
2 |
–5 051 |
17 775 |
||
Short-term debt |
915 |
1 500 |
|
66 |
60 |
–2 356 |
185 |
||
Long-term debt |
5 511 |
11 225 |
798 |
838 |
494 |
–8 728 |
10 138 |
||
Other |
11 662 |
7 970 |
1 093 |
1 015 |
1 900 |
–10 408 |
13 232 |
||
Liabilities held for sale¹ |
|
|
|
68 624 |
|
–38 |
68 586 |
||
Total liabilities |
80 950 |
58 773 |
20 487 |
83 320 |
2 456 |
–38 456 |
207 530 |
||
|
|
|
|
|
|
|
|
||
Shareholders’ equity |
8 318 |
8 253 |
2 005 |
5 289 |
5 386 |
0 |
29 251 |
||
|
|
|
|
|
|
|
|
||
Non-controlling interests |
1 |
|
132 |
1 653 |
|
|
1 786 |
||
Total equity |
8 319 |
8 253 |
2 137 |
6 942 |
5 386 |
0 |
31 037 |
||
|
|
|
|
|
|
|
|
||
Total liabilities and equity |
89 269 |
67 026 |
22 624 |
90 262 |
7 842 |
–38 456 |
238 567 |
||
b) Property & Casualty Reinsurance business segment – by line of business
For the year ended 31 December
2018 |
Property |
Casualty |
Specialty |
Unallocated |
Total |
|---|---|---|---|---|---|
Revenues |
|
|
|
|
|
Gross premiums written |
6 403 |
7 595 |
2 547 |
|
16 545 |
Net premiums written |
6 047 |
7 548 |
2 503 |
|
16 098 |
Change in unearned premiums |
–18 |
116 |
–101 |
|
–3 |
Premiums earned |
6 029 |
7 664 |
2 402 |
|
16 095 |
Net investment income |
|
|
|
1 380 |
1 380 |
Net realised investment gains/losses |
|
|
|
–16 |
–16 |
Other revenues |
|
|
|
36 |
36 |
Total revenues |
6 029 |
7 664 |
2 402 |
1 400 |
17 495 |
|
|
|
|
|
|
Expenses |
|
|
|
|
|
Claims and claim adjustment expenses |
–4 284 |
–5 860 |
–1 470 |
|
–11 614 |
Acquisition costs |
–1 189 |
–2 228 |
–595 |
|
–4 012 |
Operating expenses |
–547 |
–388 |
–179 |
|
–1 114 |
Total expenses before interest expenses |
–6 020 |
–8 476 |
–2 244 |
0 |
–16 740 |
|
|
|
|
|
|
Income/loss before interest and income tax expense |
9 |
–812 |
158 |
1 400 |
755 |
Interest expenses |
|
|
|
–313 |
–313 |
Income/loss before income tax expense |
9 |
–812 |
158 |
1 087 |
442 |
|
|
|
|
|
|
Claims ratio in % |
71.1 |
76.5 |
61.2 |
|
72.2 |
Expense ratio in % |
28.8 |
34.1 |
32.2 |
|
31.8 |
Combined ratio in % |
99.9 |
110.6 |
93.4 |
|
104.0 |
Property & Casualty Reinsurance business segment – by line of business
For the year ended 31 December
2019 |
Property |
Casualty |
Specialty |
Unallocated |
Total |
|---|---|---|---|---|---|
Revenues |
|
|
|
|
|
Gross premiums written |
7 927 |
10 497 |
3 138 |
|
21 562 |
Net premiums written |
7 329 |
10 452 |
3 101 |
|
20 882 |
Change in unearned premiums |
–122 |
–1 166 |
–319 |
|
–1 607 |
Premiums earned |
7 207 |
9 286 |
2 782 |
|
19 275 |
Net investment income |
|
|
|
1 419 |
1 419 |
Net realised investment gains/losses |
|
|
|
883 |
883 |
Other revenues |
|
|
|
18 |
18 |
Total revenues |
7 207 |
9 286 |
2 782 |
2 320 |
21 595 |
|
|
|
|
|
|
Expenses |
|
|
|
|
|
Claims and claim adjustment expenses |
–5 328 |
–7 675 |
–1 780 |
|
–14 783 |
Acquisition costs |
–1 365 |
–2 758 |
–687 |
|
–4 810 |
Operating expenses |
–610 |
–395 |
–184 |
|
–1 189 |
Total expenses before interest expenses |
–7 303 |
–10 828 |
–2 651 |
0 |
–20 782 |
|
|
|
|
|
|
Income/loss before interest and income tax expense |
–96 |
–1 542 |
131 |
2 320 |
813 |
Interest expenses |
|
|
|
–352 |
–352 |
Income/loss before income tax expense |
–96 |
–1 542 |
131 |
1 968 |
461 |
|
|
|
|
|
|
Claims ratio in % |
73.9 |
82.6 |
64.0 |
|
76.7 |
Expense ratio in % |
27.4 |
34.0 |
31.3 |
|
31.1 |
Combined ratio in % |
101.3 |
116.6 |
95.3 |
|
107.8 |
c) Life & Health Reinsurance business segment – by line of business
For the year ended 31 December
2018 |
Life |
Health |
Unallocated |
Total |
||||
|---|---|---|---|---|---|---|---|---|
|
||||||||
Revenues |
|
|
|
|
||||
Gross premiums written |
10 356 |
4 171 |
|
14 527 |
||||
Net premiums written |
8 606 |
4 041 |
|
12 647 |
||||
Change in unearned premiums |
29 |
7 |
|
36 |
||||
Premiums earned |
8 635 |
4 048 |
|
12 683 |
||||
Fee income from policyholders |
152 |
|
|
152 |
||||
Net investment income – non-participating business |
1 001 |
304 |
|
1 305 |
||||
Net realised investment gains/losses – non-participating business |
59 |
–4 |
292 |
347 |
||||
Net investment result – unit-linked and with-profit business |
–33 |
|
|
–33 |
||||
Other revenues |
1 |
|
|
1 |
||||
Total revenues |
9 815 |
4 348 |
292 |
14 455 |
||||
|
|
|
|
|
||||
Expenses |
|
|
|
|
||||
Life and health benefits |
–7 128 |
–3 152 |
|
–10 280 |
||||
Return credited to policyholders |
–5 |
|
|
–5 |
||||
Acquisition costs |
–1 449 |
–596 |
|
–2 045 |
||||
Operating expenses |
–513 |
–245 |
|
–758 |
||||
Total expenses before interest expenses |
–9 095 |
–3 993 |
0 |
–13 088 |
||||
|
|
|
|
|
||||
Income before interest and income tax expense |
720 |
355 |
292 |
1 367 |
||||
Interest expenses |
|
|
–410 |
–410 |
||||
Income/loss before income tax expense |
720 |
355 |
–118 |
957 |
||||
|
|
|
|
|
||||
Management expense ratio1 in % |
5.2 |
5.6 |
|
5.4 |
||||
Net operating margin2 in % |
7.3 |
8.2 |
|
9.4 |
||||
Life & Health Reinsurance business segment – by line of business
For the year ended 31 December
2019 |
Life |
Health |
Unallocated |
Total |
||||
|---|---|---|---|---|---|---|---|---|
|
||||||||
Revenues |
|
|
|
|
||||
Gross premiums written |
10 123 |
4 329 |
|
14 452 |
||||
Net premiums written |
8 522 |
4 212 |
|
12 734 |
||||
Change in unearned premiums |
126 |
–25 |
|
101 |
||||
Premiums earned |
8 648 |
4 187 |
|
12 835 |
||||
Fee income from policyholders |
169 |
|
|
169 |
||||
Net investment income – non-participating business |
912 |
295 |
|
1 207 |
||||
Net realised investment gains/losses – non-participating business |
–24 |
|
652 |
628 |
||||
Net investment result – unit-linked and with-profit business |
118 |
|
|
118 |
||||
Other revenues |
3 |
1 |
|
4 |
||||
Total revenues |
9 826 |
4 483 |
652 |
14 961 |
||||
|
|
|
|
|
||||
Expenses |
|
|
|
|
||||
Life and health benefits |
–7 316 |
–3 271 |
|
–10 587 |
||||
Return credited to policyholders |
–162 |
|
|
–162 |
||||
Acquisition costs |
–1 295 |
–680 |
|
–1 975 |
||||
Operating expenses |
–472 |
–274 |
|
–746 |
||||
Total expenses before interest expenses |
–9 245 |
–4 225 |
0 |
–13 470 |
||||
|
|
|
|
|
||||
Income before interest and income tax expense |
581 |
258 |
652 |
1 491 |
||||
Interest expenses |
|
|
–445 |
–445 |
||||
Income before income tax expense |
581 |
258 |
207 |
1 046 |
||||
|
|
|
|
|
||||
Management expense ratio1 in % |
4.8 |
6.1 |
|
5.2 |
||||
Net operating margin2 in % |
6.0 |
5.8 |
|
10.0 |
||||
d) Net premiums earned and fee income from policyholders by geography
Net premiums earned and fee income from policyholders by region for the years ended 31 December
USD millions |
2018 |
2019 |
|---|---|---|
Americas |
16 075 |
18 158 |
Europe (including Middle East and Africa) |
11 044 |
12 017 |
Asia-Pacific |
7 342 |
8 419 |
Total |
34 461 |
38 594 |
Net premiums earned and fee income from policyholders by country for the years ended 31 December.
USD millions |
2018 |
2019 |
|---|---|---|
United States |
13 519 |
15 804 |
United Kingdom |
3 487 |
3 593 |
China |
1 644 |
2 136 |
Australia |
2 061 |
2 026 |
Japan |
1 426 |
1 620 |
Germany |
1 226 |
1 330 |
Canada |
1 209 |
1 205 |
Switzerland |
952 |
1 071 |
France |
789 |
941 |
Netherlands |
837 |
913 |
South Korea |
558 |
731 |
Other |
6 753 |
7 224 |
Total |
34 461 |
38 594 |
Net premiums earned and fee income from policyholders are allocated by country, based on the underlying contract.