Summary of financial statements

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**Income statement**
USD millions	2018	2019	Change in %
Revenues
Gross premiums written	36 406	42 228	16
Net premiums written	34 042	39 649	16
Change in unearned premiums	–167	–1 675	–
Premiums earned	33 875	37 974	12
Fee income from policyholders	586	620	6
Net investment income – non-participating business	4 075	4 171	2
Net realised investment gains/losses – non-participating business	65	1 580	–
Net investment result – unit-linked and with-profit business	–1 593	4 939	–
Other revenues	39	30	–23
Total revenues	37 047	49 314	33

Expenses
Claims and claim adjustment expenses	–14 855	–18 683	26
Life and health benefits	–11 769	–13 087	11
Return credited to policyholders	1 033	–4 633	–
Acquisition costs	–6 919	–7 834	13
Operating expenses	–3 432	–3 579	4
Total expenses before interest expenses	–35 942	–47 816	33

Income before interest and income tax expense	1 105	1 498	36
Interest expenses	–555	–589	6
Income before income tax expense	550	909	65
Income tax expense	–69	–140	103
Net income before attribution of non-controlling interests	481	769	60

Income attributable to non-controlling interests	–19	–42	121
Net income after attribution of non-controlling interests	462	727	57

Interest on contingent capital instruments, net of tax	–41		–100
Net income attributable to common shareholders	421	727	73

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**Changes in equity**
USD millions	2018	2019	Change in %
Total shareholders’ equity as of 1 January	34 124	27 930	–18
Net income attributable to common shareholders	421	727	73
Dividends	–1 592	–1 659	4
Change in unrealised gains/losses on securities, net	–2 841	3 247	–
Change in other-than-temporary impairment, net of tax	–1	2	–
Change in foreign currency translation	–356	110	–
Purchase/sale of treasury shares and share based payments	–1 402	–1 166	–17
Other changes in equity	–423	60	–
Total shareholders’ equity as of 31 December	27 930	29 251	5
Non-controlling interests	797	1 786	124
Total equity as of 31 December	28 727	31 037	8

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Summary balance sheet

USD millions

2018

2019

Change in %

¹	Please refer to Note 11 “Assets held for sale” for more details.

Assets

Fixed income securities

95 952

81 573

–15

Equity securities

3 036

2 993

–1

Other investments

13 351

12 892

–3

Short-term investments

5 417

5 768

6

Investments for unit-linked and with-profit business

29 546

520

–98

Cash and cash equivalents

5 985

7 562

26

Deferred acquisition costs

8 217

7 838

–5

Acquired present value of future profits

1 818

1 042

–43

Reinsurance recoverable

7 058

5 898

–16

Other reinsurance assets

22 798

24 743

9

Goodwill

4 071

3 945

–3

Other

10 321

9 354

–9

Assets held for sale¹

74 439

–

Total assets

207 570

238 567

15

Liabilities and equity

Unpaid claims and claim adjustment expenses

67 446

72 373

7

Liabilities for life and health policy benefits

39 593

19 836

–50

Policyholder account balances

31 938

5 405

–83

Other reinsurance liabilities

15 865

17 775

12

Short-term debt

1 633

185

–89

Long-term debt

8 502

10 138

19

Other

13 866

13 232

–5

Liabilities held for sale¹

68 586

–

Total liabilities

178 843

207 530

16

Shareholders’ equity

27 930

29 251

5

Non-controlling interests

797

1 786

124

Total equity

28 727

31 037

8

Total liabilities and equity

207 570

238 567

15