---
title: Zurich/2024/FY/Financial supplement
---
# Zurich/2024/FY/Financial supplement
## BOP by Business
Caption: BOP build-up by business unit
| USD million | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Life | Life | Life | Life | Life | Life | Farmers | Farmers | Farmers | Farmers | Farmers | Farmers | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Total | Total | Total | Total | Total | Total |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Insurance revenue | 20,163 | 22,130 | 42,293 | 21,446 | 23,346 | 44,792 | 5,398 | 5,598 | 10,996 | 5,797 | 5,903 | 11,700 | 1,269 | 1,284 | 2,553 | 1,456 | 1,485 | 2,941 | 170 | 123 | 293 | 0 | 0 | 0 | 50 | 49 | 98 | 45 | 52 | 97 | (79) | (56) | (135) | (8) | (14) | (22) | 26,971 | 29,128 | 56,099 | 28,736 | 30,772 | 59,507 |
| Insurance service expense | (16,968) | (19,486) | (36,454) | (17,830) | (20,649) | (38,479) | (4,205) | (4,253) | (8,458) | (4,541) | (4,590) | (9,130) | (1,218) | (972) | (2,190) | (1,305) | (1,220) | (2,525) | (185) | (110) | (296) | (0) | 0 | 0 | (49) | (82) | (131) | (70) | (269) | (338) | 63 | 45 | 107 | 5 | 11 | 16 | (22,562) | (24,859) | (47,422) | (23,740) | (26,716) | (50,456) |
| Net expenses from reinsurance contracts held | (1,341) | (1,312) | (2,653) | (1,753) | (1,059) | (2,812) | (133) | (123) | (256) | (85) | (76) | (161) | (1) | (130) | (131) | (64) | (145) | (209) | 13 | (13) | (0) | 0 | 0 | 0 | (2) | 35 | 32 | 31 | 114 | 144 | 16 | 11 | 28 | 3 | 3 | 7 | (1,449) | (1,532) | (2,981) | (1,867) | (1,163) | (3,031) |
| '''Insurance service result''' | '''1,854''' | '''1,332''' | '''3,186''' | '''1,863''' | '''1,637''' | '''3,500''' | '''1,060''' | '''1,221''' | '''2,281''' | '''1,172''' | '''1,237''' | '''2,409''' | '''50''' | '''183''' | '''233''' | '''88''' | '''120''' | '''208''' | '''(2)''' | '''0''' | '''(2)''' | '''(0)''' | '''0''' | '''0''' | '''(2)''' | '''1''' | '''(1)''' | '''6''' | '''(103)''' | '''(97)''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''2,959''' | '''2,737''' | '''5,696''' | '''3,128''' | '''2,892''' | '''6,020''' |
| Net investment income on Group investments | 1,087 | 1,104 | 2,191 | 1,233 | 1,270 | 2,503 | 1,471 | 1,454 | 2,924 | 1,521 | 1,471 | 2,992 | 88 | 58 | 146 | 23 | 23 | 46 | 51 | 84 | 135 | 128 | 111 | 238 | 71 | 74 | 145 | 68 | 80 | 148 | (71) | (89) | (160) | (111) | (86) | (197) | 2,698 | 2,685 | 5,382 | 2,862 | 2,868 | 5,730 |
| Net capital gains/(losses) on Group investments | 73 | 152 | 225 | 152 | 117 | 269 | (33) | (124) | (156) | (48) | (73) | (121) | 5 | 2 | 7 | (3) | (0) | (4) | 90 | 52 | 142 | 74 | 82 | 156 | (6) | 23 | 16 | (53) | (6) | (60) | 0 | 0 | 0 | 0 | 0 | 0 | 130 | 105 | 234 | 122 | 120 | 241 |
| Net investment result on Group investments | 1,160 | 1,256 | 2,416 | 1,386 | 1,387 | 2,772 | 1,438 | 1,330 | 2,768 | 1,473 | 1,398 | 2,871 | 93 | 60 | 153 | 20 | 23 | 43 | 141 | 136 | 277 | 202 | 193 | 394 | 65 | 97 | 162 | 15 | 74 | 88 | (71) | (89) | (160) | (111) | (86) | (197) | 2,827 | 2,789 | 5,616 | 2,984 | 2,988 | 5,972 |
| Net investment income on unit-linked investments | 0 | 0 | 0 | 0 | 0 | 0 | 679 | 481 | 1,160 | 641 | 619 | 1,260 | 12 | 34 | 47 | 19 | 46 | 64 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 691 | 515 | 1,207 | 660 | 665 | 1,325 |
| Change in liabilities for investment contracts and other funds | 0 | 0 | 0 | 0 | 0 | 0 | (434) | (299) | (733) | (444) | (398) | (842) | (1) | (1) | (1) | (1) | (1) | (2) | 0 | 0 | 0 | 0 | 0 | 0 | (4) | (4) | (8) | (4) | (4) | (7) | 0 | 0 | 0 | 0 | 0 | 0 | (438) | (304) | (742) | (448) | (403) | (851) |
| Re-/Insurance finance income/(expenses) | (396) | (491) | (887) | (588) | (645) | (1,233) | (1,414) | (1,189) | (2,603) | (1,380) | (1,305) | (2,685) | (13) | (3) | (16) | (9) | (38) | (47) | (1) | (1) | (2) | 0 | 0 | 0 | (52) | (70) | (122) | (10) | (26) | (36) | 0 | (0) | 0 | 0 | (0) | 0 | (1,876) | (1,755) | (3,631) | (1,988) | (2,015) | (4,002) |
| '''Net investment result''' | '''765''' | '''764''' | '''1,529''' | '''797''' | '''742''' | '''1,539''' | '''270''' | '''323''' | '''592''' | '''290''' | '''314''' | '''604''' | '''92''' | '''91''' | '''182''' | '''29''' | '''29''' | '''58''' | '''140''' | '''134''' | '''275''' | '''202''' | '''193''' | '''394''' | '''9''' | '''23''' | '''32''' | '''1''' | '''44''' | '''45''' | '''(71)''' | '''(89)''' | '''(160)''' | '''(111)''' | '''(86)''' | '''(197)''' | '''1,204''' | '''1,246''' | '''2,450''' | '''1,208''' | '''1,235''' | '''2,443''' |
| Fee income | 224 | 253 | 476 | 243 | 240 | 483 | 430 | 450 | 880 | 460 | 491 | 951 | 2,251 | 2,278 | 4,529 | 2,266 | 2,311 | 4,577 | 0 | 0 | 0 | 0 | (1) | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 0 | 2,905 | 2,980 | 5,885 | 2,969 | 3,042 | 6,011 |
| Fee business expenses | (172) | (189) | (361) | (186) | (200) | (385) | (305) | (319) | (624) | (326) | (320) | (646) | (1,333) | (1,254) | (2,586) | (1,250) | (1,285) | (2,535) | (1) | (1) | (1) | (0) | (0) | (0) | 0 | (0) | 0 | (0) | (0) | (0) | (5) | (5) | (9) | (4) | (5) | (9) | (1,815) | (1,768) | (3,583) | (1,766) | (1,809) | (3,575) |
| '''Fee result''' | '''51''' | '''64''' | '''115''' | '''57''' | '''40''' | '''98''' | '''126''' | '''130''' | '''256''' | '''134''' | '''172''' | '''306''' | '''918''' | '''1,024''' | '''1,942''' | '''1,016''' | '''1,026''' | '''2,042''' | '''(1)''' | '''(1)''' | '''(1)''' | '''(0)''' | '''(1)''' | '''(1)''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''(5)''' | '''(5)''' | '''(9)''' | '''(4)''' | '''(5)''' | '''(9)''' | '''1,090''' | '''1,212''' | '''2,303''' | '''1,203''' | '''1,232''' | '''2,436''' |
| Other revenues | 183 | 190 | 373 | 206 | 255 | 461 | 75 | 104 | 180 | 159 | 100 | 259 | (3) | 36 | 33 | 29 | 38 | 67 | 110 | 106 | 216 | 128 | 123 | 251 | 10 | 11 | 21 | 12 | 12 | 24 | (279) | (333) | (613) | (335) | (368) | (703) | 96 | 114 | 210 | 198 | 160 | 358 |
| Interest expense on debt | (33) | (38) | (71) | (42) | (38) | (80) | (5) | (31) | (36) | (31) | (22) | (53) | (0) | (1) | (2) | (7) | (0) | (7) | (350) | (371) | (721) | (371) | (365) | (736) | (25) | (33) | (58) | (32) | (30) | (63) | 184 | 248 | 432 | 258 | 241 | 499 | (229) | (227) | (456) | (225) | (215) | (440) |
| Other expenses | (731) | (711) | (1,442) | (710) | (762) | (1,471) | (348) | (341) | (689) | (333) | (368) | (701) | (106) | (137) | (242) | (75) | (77) | (152) | (390) | (281) | (671) | (369) | (480) | (850) | (19) | (13) | (32) | (27) | (74) | (101) | 171 | 179 | 350 | 193 | 218 | 411 | (1,424) | (1,303) | (2,727) | (1,322) | (1,542) | (2,864) |
| Restructuring costs and other items not relevant for BOP | 224 | 109 | 334 | 126 | 186 | 311 | 51 | 24 | 75 | 26 | 18 | 44 | 42 | 108 | 150 | 35 | 35 | 70 | 61 | 14 | 75 | 53 | 18 | 71 | 0 | 0 | 0 | 0 | 87 | 87 | 0 | 0 | 0 | 0 | 0 | 0 | 378 | 255 | 634 | 240 | 344 | 584 |
| '''Other result''' | '''(357)''' | '''(450)''' | '''(807)''' | '''(420)''' | '''(359)''' | '''(779)''' | '''(226)''' | '''(243)''' | '''(469)''' | '''(179)''' | '''(272)''' | '''(451)''' | '''(67)''' | '''6''' | '''(61)''' | '''(17)''' | '''(4)''' | '''(22)''' | '''(569)''' | '''(532)''' | '''(1,101)''' | '''(559)''' | '''(704)''' | '''(1,264)''' | '''(34)''' | '''(36)''' | '''(70)''' | '''(47)''' | '''(5)''' | '''(52)''' | '''75''' | '''93''' | '''169''' | '''115''' | '''91''' | '''206''' | '''(1,178)''' | '''(1,161)''' | '''(2,339)''' | '''(1,108)''' | '''(1,253)''' | '''(2,362)''' |
| Income tax (expense)/benefit attributable to policyholders (BOP relevant) | 0 | (2) | (2) | (2) | (3) | (5) | (74) | (97) | (170) | (130) | (32) | (163) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (74) | (99) | (172) | (132) | (35) | (168) |
| '''Business operating profit before non-controlling interests''' | '''2,313''' | '''1,708''' | '''4,020''' | '''2,296''' | '''2,058''' | '''4,353''' | '''1,156''' | '''1,334''' | '''2,490''' | '''1,287''' | '''1,418''' | '''2,705''' | '''993''' | '''1,303''' | '''2,296''' | '''1,115''' | '''1,171''' | '''2,286''' | '''(432)''' | '''(398)''' | '''(830)''' | '''(358)''' | '''(512)''' | '''(870)''' | '''(27)''' | '''(11)''' | '''(38)''' | '''(40)''' | '''(64)''' | '''(104)''' | '''(0)''' | '''0''' | '''(0)''' | '''0''' | '''0''' | '''0''' | '''4,002''' | '''3,936''' | '''7,938''' | '''4,299''' | '''4,071''' | '''8,370''' |
| Non-controlling interest | 65 | 62 | 127 | 71 | 78 | 149 | 217 | 213 | 430 | 239 | 231 | 470 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | (0) | (0) | (0) | (0) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 282 | 274 | 557 | 311 | 308 | 619 |
| '''Business operating profit''' | '''2,247''' | '''1,646''' | '''3,893''' | '''2,224''' | '''1,980''' | '''4,204''' | '''939''' | '''1,121''' | '''2,060''' | '''1,048''' | '''1,187''' | '''2,235''' | '''993''' | '''1,303''' | '''2,296''' | '''1,115''' | '''1,171''' | '''2,286''' | '''(432)''' | '''(398)''' | '''(830)''' | '''(358)''' | '''(512)''' | '''(870)''' | '''(27)''' | '''(11)''' | '''(38)''' | '''(40)''' | '''(64)''' | '''(104)''' | '''(0)''' | '''0''' | '''(0)''' | '''0''' | '''0''' | '''0''' | '''3,720''' | '''3,661''' | '''7,381''' | '''3,988''' | '''3,763''' | '''7,751''' |
## BOP to NIAS by Business
Caption: BOP to NIAS reconciliation by business unit
| USD million | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Life | Life | Life | Life | Life | Life | Farmers | Farmers | Farmers | Farmers | Farmers | Farmers | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Total | Total | Total | Total | Total | Total |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Business operating profit''' | '''2,247''' | '''1,646''' | '''3,893''' | '''2,224''' | '''1,980''' | '''4,204''' | '''939''' | '''1,121''' | '''2,060''' | '''1,048''' | '''1,187''' | '''2,235''' | '''993''' | '''1,303''' | '''2,296''' | '''1,115''' | '''1,171''' | '''2,286''' | '''(432)''' | '''(398)''' | '''(830)''' | '''(358)''' | '''(512)''' | '''(870)''' | '''(27)''' | '''(11)''' | '''(38)''' | '''(40)''' | '''(64)''' | '''(104)''' | '''(0)''' | '''0''' | '''(0)''' | '''0''' | '''0''' | '''0''' | '''3,720''' | '''3,661''' | '''7,381''' | '''3,988''' | '''3,763''' | '''7,751''' |
| Revenues/(expenses) not relevant for BOP: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net capital gains/(losses) on Group investments | 170 | (300) | (130) | 414 | 153 | 567 | (280) | 79 | (200) | 32 | 293 | 325 | (36) | (443) | (479) | (2) | (0) | (2) | (117) | (11) | (128) | (20) | (5) | (25) | 5 | 3 | 8 | (23) | 0 | (22) | 0 | 0 | 0 | 0 | 0 | 0 | (258) | (672) | (930) | 402 | 441 | 843 |
| Net capital gains/(losses) on unit-linked investments | 0 | 0 | 0 | 0 | 0 | 0 | 6,153 | 6,274 | 12,426 | 8,752 | 5,827 | 14,579 | 126 | 55 | 182 | 116 | 42 | 158 | 0 | 0 | 0 | 0 | 0 | 0 | 185 | 191 | 377 | 190 | 133 | 322 | 0 | 0 | 0 | 0 | 0 | 0 | 6,464 | 6,520 | 12,984 | 9,058 | 6,001 | 15,059 |
| Change in liabilities for investment contracts and other funds | 0 | 0 | 0 | 0 | 0 | 0 | (2,692) | (2,944) | (5,637) | (4,508) | (2,754) | (7,261) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2,692) | (2,944) | (5,637) | (4,508) | (2,754) | (7,261) |
| Re-/Insurance finance income/(expenses) (footnote: Includes change in fair value of underlying investment, the impact of change in discount rates and risk mitigation arising from derivatives.) | 0 | 0 | 0 | 0 | 0 | 0 | (3,260) | (3,510) | (6,769) | (4,397) | (3,378) | (7,775) | (126) | (53) | (180) | (114) | (43) | (158) | 0 | 0 | 0 | 0 | 0 | 0 | (192) | (192) | (383) | (173) | (136) | (310) | 0 | 0 | 0 | 0 | 0 | 0 | (3,578) | (3,755) | (7,332) | (4,685) | (3,557) | (8,242) |
| Net gains/(losses) on divestment of businesses | 0 | 0 | 0 | 13 | 3 | 16 | (28) | (87) | (116) | 14 | 84 | 98 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 12 | 12 | (1) | (0) | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (28) | (76) | (104) | 26 | 87 | 114 |
| Restructuring costs | (137) | (74) | (211) | (118) | (116) | (234) | (12) | (22) | (34) | (10) | (23) | (33) | (0) | (74) | (75) | (1) | (3) | (4) | (2) | (6) | (7) | (4) | (3) | (6) | 0 | 0 | 0 | (0) | 0 | (0) | 0 | 0 | 0 | 0 | 0 | 0 | (151) | (176) | (327) | (133) | (144) | (277) |
| Other adjustments | (88) | (35) | (123) | (7) | (70) | (77) | (39) | (2) | (42) | (16) | 5 | (11) | (42) | (34) | (75) | (34) | (32) | (66) | (59) | (8) | (68) | (49) | (16) | (65) | 0 | 0 | 0 | 0 | (87) | (87) | 0 | 0 | 0 | 0 | 0 | 0 | (228) | (80) | (307) | (107) | (199) | (307) |
| Add back: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Business operating profit attributable to non-controlling interests | 65 | 62 | 127 | 71 | 78 | 149 | 217 | 213 | 430 | 239 | 231 | 470 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | (0) | (0) | (0) | (0) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 282 | 274 | 557 | 311 | 308 | 619 |
| '''Net income before shareholders' taxes''' | '''2,258''' | '''1,299''' | '''3,557''' | '''2,596''' | '''2,028''' | '''4,625''' | '''997''' | '''1,122''' | '''2,119''' | '''1,154''' | '''1,473''' | '''2,628''' | '''915''' | '''754''' | '''1,669''' | '''1,080''' | '''1,134''' | '''2,214''' | '''(610)''' | '''(411)''' | '''(1,021)''' | '''(432)''' | '''(536)''' | '''(968)''' | '''(28)''' | '''(9)''' | '''(37)''' | '''(47)''' | '''(154)''' | '''(201)''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''3,532''' | '''2,754''' | '''6,286''' | '''4,352''' | '''3,946''' | '''8,298''' |
| Income tax expense/(benefit) attributable to policyholders (BOP relevant) | 0 | 2 | 2 | 2 | 3 | 5 | 74 | 97 | 170 | 130 | 32 | 163 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74 | 99 | 172 | 132 | 35 | 168 |
| '''Net income before income taxes''' | '''2,258''' | '''1,301''' | '''3,559''' | '''2,599''' | '''2,031''' | '''4,630''' | '''1,070''' | '''1,218''' | '''2,289''' | '''1,285''' | '''1,506''' | '''2,790''' | '''915''' | '''754''' | '''1,669''' | '''1,080''' | '''1,134''' | '''2,214''' | '''(610)''' | '''(411)''' | '''(1,021)''' | '''(432)''' | '''(536)''' | '''(968)''' | '''(28)''' | '''(9)''' | '''(37)''' | '''(47)''' | '''(154)''' | '''(201)''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''3,605''' | '''2,853''' | '''6,458''' | '''4,484''' | '''3,981''' | '''8,465''' |
| Income tax (expense)/benefit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (935) | (806) | (1,741) | (1,264) | (997) | (2,261) |
| attributable to policyholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (73) | (99) | (172) | (131) | (48) | (179) |
| attributable to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (861) | (707) | (1,568) | (1,132) | (949) | (2,082) |
| '''Net income after taxes''' | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | '''2,670''' | '''2,047''' | '''4,717''' | '''3,221''' | '''2,984''' | '''6,204''' |
| attributable to non-controlling interests | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 179 | 188 | 366 | 194 | 196 | 390 |
| attributable to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,492 | 1,859 | 4,351 | 3,026 | 2,788 | 5,814 |
## BS by Business
Caption: Assets by business unit
| USD million | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Life | Life | Life | Life | Farmers | Farmers | Farmers | Farmers | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Eliminations | Eliminations | Eliminations | Eliminations | Total | Total | Total | Total |
| | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 |
| | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| '''Cash and cash equivalents''' | '''6,665''' | '''7,175''' | '''6,668''' | '''7,468''' | '''4,492''' | '''4,866''' | '''4,962''' | '''4,614''' | '''608''' | '''2,633''' | '''831''' | '''914''' | '''2,208''' | '''3,142''' | '''3,305''' | '''2,829''' | '''466''' | '''392''' | '''408''' | '''558''' | '''(8,002)''' | '''(10,927)''' | '''(9,590)''' | '''(9,615)''' | '''6,437''' | '''7,280''' | '''6,585''' | '''6,768''' |
| Total Group Investments | 67,660 | 68,102 | 68,085 | 68,038 | 65,187 | 67,878 | 81,715 | 80,027 | 4,817 | 1,172 | 1,155 | 1,163 | 6,881 | 8,204 | 7,470 | 7,074 | 4,241 | 4,174 | 3,899 | 3,707 | (7,759) | (8,564) | (8,209) | (7,447) | 141,027 | 140,966 | 154,116 | 152,562 |
| Equity securities | 8,240 | 8,445 | 8,944 | 8,796 | 4,514 | 4,661 | 5,761 | 5,243 | 384 | 29 | 43 | 57 | 299 | 21 | 21 | 24 | 68 | 61 | 57 | 61 | 0 | 0 | 0 | 0 | 13,505 | 13,217 | 14,826 | 14,182 |
| Debt securities | 49,249 | 49,527 | 48,953 | 49,404 | 44,895 | 47,399 | 61,014 | 60,194 | 3,737 | 1,023 | 1,059 | 1,068 | 3,333 | 4,149 | 4,139 | 4,255 | 3,865 | 3,826 | 3,562 | 3,494 | 0 | 0 | 0 | 0 | 105,079 | 105,924 | 118,727 | 118,415 |
| Investment property | 5,185 | 5,047 | 4,864 | 4,573 | 8,897 | 8,454 | 7,643 | 7,061 | 175 | 113 | 46 | 30 | 0 | 0 | 0 | 0 | 83 | 70 | 77 | 70 | 0 | 0 | 0 | 0 | 14,340 | 13,684 | 12,630 | 11,734 |
| Mortgage loans | 920 | 964 | 899 | 865 | 3,334 | 3,360 | 3,323 | 3,182 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,254 | 4,324 | 4,222 | 4,047 |
| Other financial assets | 4,062 | 4,116 | 4,421 | 4,396 | 3,522 | 3,979 | 3,948 | 4,324 | 521 | 7 | 6 | 7 | 3,225 | 3,987 | 3,265 | 2,677 | 171 | 157 | 144 | 82 | (7,759) | (8,564) | (8,209) | (7,447) | 3,743 | 3,682 | 3,576 | 4,039 |
| Investments in associates and joint ventures | 3 | 3 | 5 | 5 | 25 | 26 | 27 | 24 | 0 | 0 | 0 | 0 | 23 | 46 | 45 | 117 | 55 | 60 | 60 | 0 | 0 | 0 | 0 | 0 | 106 | 135 | 136 | 146 |
| Holding in affiliates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments for unit-linked contracts | 0 | 0 | 0 | 0 | 130,539 | 137,249 | 142,301 | 144,343 | 1,169 | 1,245 | 1,357 | 1,422 | 0 | 0 | 0 | 0 | 2,574 | 2,650 | 2,752 | 2,769 | 0 | 0 | 0 | 0 | 134,282 | 141,144 | 146,410 | 148,535 |
| '''Total investments''' | '''67,660''' | '''68,102''' | '''68,085''' | '''68,038''' | '''195,725''' | '''205,127''' | '''224,016''' | '''224,370''' | '''5,986''' | '''2,417''' | '''2,512''' | '''2,586''' | '''6,881''' | '''8,204''' | '''7,470''' | '''7,074''' | '''6,816''' | '''6,825''' | '''6,651''' | '''6,477''' | '''(7,759)''' | '''(8,564)''' | '''(8,209)''' | '''(7,447)''' | '''275,309''' | '''282,110''' | '''300,526''' | '''301,098''' |
| Insurance contract assets | 357 | 357 | 313 | 342 | 284 | 223 | 340 | 426 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 641 | 580 | 653 | 768 |
| Reinsurance contract assets | 13,057 | 13,569 | 13,051 | 13,264 | 3,273 | 3,197 | 3,180 | 3,004 | 1,739 | 3,094 | 3,141 | 3,125 | 151 | 0 | 0 | 0 | 2,131 | 2,115 | 2,121 | 2,089 | (204) | (33) | (32) | (33) | 20,147 | 21,942 | 21,461 | 21,450 |
| Goodwill | 1,885 | 1,855 | 1,890 | 2,245 | 1,390 | 1,412 | 1,377 | 1,286 | 1,237 | 1,264 | 1,264 | 1,264 | 10 | 10 | 10 | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,522 | 4,541 | 4,540 | 4,805 |
| Other intangible assets | 1,445 | 1,453 | 1,325 | 1,382 | 1,628 | 1,597 | 1,516 | 1,430 | 728 | 1,232 | 1,155 | 1,118 | 45 | 55 | 50 | 46 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,846 | 4,337 | 4,046 | 3,977 |
| Other assets | 7,042 | 7,207 | 6,383 | 6,854 | 28,236 | 27,843 | 8,020 | 5,287 | 3,303 | 3,591 | 3,528 | 3,550 | 1,663 | 2,931 | 2,700 | 4,219 | 2,430 | 2,227 | 2,216 | 2,176 | (3,520) | (3,208) | (2,779) | (2,946) | 39,153 | 40,591 | 20,068 | 19,140 |
| '''Total assets''' | '''98,109''' | '''99,718''' | '''97,715''' | '''99,594''' | '''235,029''' | '''244,264''' | '''243,412''' | '''240,419''' | '''13,602''' | '''14,231''' | '''12,430''' | '''12,555''' | '''10,958''' | '''14,343''' | '''13,534''' | '''14,178''' | '''11,842''' | '''11,558''' | '''11,396''' | '''11,300''' | '''(19,485)''' | '''(22,731)''' | '''(20,609)''' | '''(20,040)''' | '''350,055''' | '''361,382''' | '''357,878''' | '''358,005''' |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities for investment contracts | 0 | 0 | 0 | 0 | 55,925 | 60,115 | 64,146 | 66,364 | 42 | 42 | 40 | 40 | 0 | 0 | 0 | 0 | 118 | 113 | 108 | 103 | 0 | 0 | 0 | 0 | 56,085 | 60,270 | 64,295 | 66,507 |
| Insurance contract liabilities | 61,495 | 63,252 | 62,066 | 63,083 | 136,625 | 140,897 | 156,298 | 154,192 | 5,384 | 5,355 | 5,541 | 5,579 | 295 | 3 | 3 | 3 | 7,514 | 7,488 | 7,855 | 7,652 | (206) | (33) | (29) | (30) | 211,107 | 216,962 | 231,734 | 230,479 |
| Reinsurance contract liabilities | 21 | 19 | 15 | 14 | 340 | 347 | 333 | 332 | 0 | 138 | 87 | 91 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 361 | 504 | 435 | 437 |
| Other liabilities | 10,588 | 11,848 | 11,094 | 11,715 | 30,429 | 30,729 | 10,872 | 7,823 | 1,745 | 1,433 | 1,348 | 1,398 | 8,818 | 10,757 | 8,948 | 9,998 | 3,405 | 3,101 | 2,619 | 2,492 | (12,012) | (14,251) | (12,484) | (12,673) | 42,973 | 43,617 | 22,397 | 20,753 |
| Senior debt | 1,028 | 1,163 | 1,155 | 987 | 426 | 402 | 437 | 0 | 0 | 0 | 0 | 0 | 8,557 | 8,504 | 8,690 | 7,537 | 292 | 292 | 292 | 324 | (5,152) | (5,171) | (5,582) | (4,828) | 5,150 | 5,190 | 4,992 | 4,020 |
| Subordinated debt | 915 | 917 | 910 | 901 | 610 | 611 | 607 | 601 | 0 | 760 | 0 | 0 | 10,012 | 9,548 | 9,459 | 9,880 | 0 | 0 | 0 | 0 | (2,493) | (3,277) | (2,516) | (2,511) | 9,044 | 8,559 | 8,460 | 8,871 |
| '''Total liabilities''' | '''74,047''' | '''77,199''' | '''75,240''' | '''76,700''' | '''224,355''' | '''233,102''' | '''232,693''' | '''229,312''' | '''7,171''' | '''7,728''' | '''7,016''' | '''7,108''' | '''27,682''' | '''28,812''' | '''27,100''' | '''27,417''' | '''11,329''' | '''10,994''' | '''10,874''' | '''10,572''' | '''(19,864)''' | '''(22,733)''' | '''(20,611)''' | '''(20,042)''' | '''324,720''' | '''335,102''' | '''332,312''' | '''331,067''' |
| Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | 23,843 | 24,860 | 24,119 | 25,472 |
| Non-controlling interests | | | | | | | | | | | | | | | | | | | | | | | | | 1,492 | 1,419 | 1,446 | 1,466 |
| Total equity | | | | | | | | | | | | | | | | | | | | | | | | | 25,335 | 26,280 | 25,565 | 26,938 |
| '''Total liabilities and equity''' | | | | | | | | | | | | | | | | | | | | | | | | | '''350,055''' | '''361,382''' | '''357,878''' | '''358,005''' |
| Supplementary information | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Risk adjustment for non-financial risk | 1,082 | 1,095 | 1,081 | 1,098 | 1,666 | 1,715 | 1,692 | 1,429 | 428 | 14 | 15 | 17 | 4 | 0 | 0 | 0 | 86 | 76 | 71 | 70 | 0 | (0) | 0 | 0 | 3,266 | 2,900 | 2,859 | 2,614 |
| Liability for remaining coverage, net | 6,275 | 5,836 | 6,389 | 5,753 | 130,018 | 134,012 | 149,811 | 148,283 | 3,958 | 3,158 | 3,327 | 3,199 | 8 | 0 | 0 | (0) | 2,537 | 2,645 | 2,806 | 2,582 | (9) | (16) | 19 | 3 | 142,788 | 145,634 | 162,352 | 159,820 |
| Liability for incurred claims, net | 41,827 | 43,509 | 42,328 | 43,738 | 3,389 | 3,811 | 3,300 | 2,811 | (313) | (759) | (840) | (655) | 136 | 3 | 3 | 3 | 2,846 | 2,729 | 2,928 | 2,981 | 6 | 16 | (16) | (0) | 47,892 | 49,309 | 47,704 | 48,878 |
## P&C by Segment
Caption: Property & casualty underlying earnings build-up by segment
| USD million | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | North America | North America | North America | North America | North America | North America | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Latin America | Latin America | Latin America | Latin America | Latin America | Latin America | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Total | Total | Total | Total | Total | Total |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Insurance revenue (footnote: Includes add-back and international programs business.) | 8,267 | 8,903 | 17,170 | 8,989 | 9,662 | 18,651 | 9,559 | 11,049 | 20,607 | 9,970 | 11,015 | 20,985 | 1,702 | 1,732 | 3,434 | 1,746 | 2,047 | 3,793 | 1,461 | 1,351 | 2,812 | 1,573 | 1,589 | 3,162 | 380 | 401 | 781 | 398 | 400 | 799 | (1,205) | (1,306) | (2,511) | (1,232) | (1,367) | (2,598) | 20,163 | 22,130 | 42,293 | 21,446 | 23,346 | 44,792 |
| Insurance service expense: losses, gross | (5,183) | (6,295) | (11,478) | (5,364) | (6,576) | (11,940) | (5,346) | (6,524) | (11,870) | (5,577) | (7,304) | (12,881) | (859) | (834) | (1,693) | (815) | (960) | (1,775) | (573) | (717) | (1,290) | (630) | (475) | (1,105) | (222) | (179) | (401) | (208) | (415) | (623) | 597 | 783 | 1,381 | 487 | 1,272 | 1,758 | (11,585) | (13,766) | (25,351) | (12,108) | (14,458) | (26,566) |
| Insurance service expense: expenses, gross | (1,977) | (2,102) | (4,080) | (2,159) | (2,327) | (4,486) | (2,301) | (2,545) | (4,846) | (2,397) | (2,609) | (5,005) | (517) | (512) | (1,030) | (535) | (617) | (1,152) | (568) | (543) | (1,110) | (618) | (622) | (1,240) | (18) | (13) | (31) | (11) | (18) | (29) | (3) | (5) | (7) | (2) | 1 | (1) | (5,383) | (5,720) | (11,104) | (5,722) | (6,191) | (11,913) |
| Net expenses from reinsurance contracts held (footnote: Includes add-back and international programs business.) | (404) | (447) | (852) | (749) | (156) | (905) | (1,012) | (950) | (1,962) | (1,085) | (336) | (1,421) | (162) | (231) | (393) | (231) | (260) | (491) | (177) | (16) | (194) | (197) | (338) | (535) | (196) | (195) | (391) | (238) | (63) | (301) | 610 | 527 | 1,138 | 746 | 94 | 840 | (1,341) | (1,312) | (2,653) | (1,753) | (1,059) | (2,812) |
| '''Insurance service result''' | '''702''' | '''58''' | '''760''' | '''716''' | '''603''' | '''1,320''' | '''900''' | '''1,029''' | '''1,929''' | '''912''' | '''766''' | '''1,678''' | '''164''' | '''155''' | '''319''' | '''165''' | '''210''' | '''375''' | '''143''' | '''75''' | '''218''' | '''129''' | '''154''' | '''282''' | '''(56)''' | '''15''' | '''(42)''' | '''(59)''' | '''(96)''' | '''(154)''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''1,854''' | '''1,332''' | '''3,186''' | '''1,863''' | '''1,637''' | '''3,500''' |
| Net investment income on Group investments | 345 | 392 | 736 | 444 | 464 | 908 | 537 | 557 | 1,094 | 564 | 577 | 1,141 | 63 | 71 | 134 | 75 | 104 | 180 | 137 | 87 | 224 | 149 | 122 | 271 | 5 | (3) | 2 | 1 | 3 | 4 | (0) | 0 | 0 | 0 | 0 | 0 | 1,087 | 1,104 | 2,191 | 1,233 | 1,270 | 2,503 |
| Net capital gains/(losses) on Group investments | 12 | 6 | 18 | 53 | 26 | 79 | 66 | 119 | 185 | 88 | 106 | 194 | 0 | (3) | (3) | (2) | 1 | (1) | (9) | 26 | 17 | 12 | (17) | (5) | 4 | 3 | 8 | 1 | 2 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 73 | 152 | 225 | 152 | 117 | 269 |
| Net investment result on Group investments | 357 | 398 | 755 | 497 | 490 | 987 | 603 | 676 | 1,278 | 652 | 682 | 1,335 | 63 | 68 | 131 | 73 | 105 | 178 | 128 | 114 | 242 | 161 | 105 | 265 | 9 | 0 | 10 | 2 | 4 | 7 | (0) | 0 | 0 | 0 | 0 | 0 | 1,160 | 1,256 | 2,416 | 1,386 | 1,387 | 2,772 |
| Re-/Insurance finance income/(expenses) | (86) | (136) | (222) | (184) | (195) | (380) | (236) | (298) | (534) | (321) | (369) | (690) | (23) | (28) | (52) | (27) | (32) | (59) | (39) | (20) | (59) | (45) | (33) | (78) | (11) | (9) | (20) | (11) | (16) | (27) | 0 | (0) | 0 | 0 | 0 | 0 | (396) | (491) | (887) | (588) | (645) | (1,233) |
| '''Net investment result''' | '''271''' | '''262''' | '''533''' | '''313''' | '''295''' | '''608''' | '''366''' | '''378''' | '''744''' | '''331''' | '''313''' | '''644''' | '''40''' | '''39''' | '''80''' | '''46''' | '''73''' | '''120''' | '''89''' | '''94''' | '''183''' | '''115''' | '''72''' | '''187''' | '''(2)''' | '''(9)''' | '''(11)''' | '''(9)''' | '''(11)''' | '''(20)''' | '''0''' | '''(0)''' | '''0''' | '''0''' | '''0''' | '''0''' | '''765''' | '''764''' | '''1,529''' | '''797''' | '''742''' | '''1,539''' |
| Fee income | 98 | 115 | 213 | 109 | 113 | 222 | 100 | 110 | 210 | 104 | 102 | 206 | 25 | 28 | 53 | 30 | 25 | 55 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 224 | 253 | 476 | 243 | 240 | 483 |
| Fee business expenses | (74) | (88) | (162) | (83) | (87) | (170) | (65) | (66) | (131) | (65) | (70) | (134) | (32) | (34) | (65) | (37) | (42) | (79) | (0) | 1 | 0 | 0 | (0) | (0) | 1 | (1) | 0 | 0 | 0 | 0 | (2) | (2) | (4) | (1) | (1) | (2) | (172) | (189) | (361) | (186) | (200) | (385) |
| '''Fee result''' | '''24''' | '''27''' | '''51''' | '''26''' | '''26''' | '''52''' | '''35''' | '''44''' | '''79''' | '''39''' | '''32''' | '''72''' | '''(6)''' | '''(6)''' | '''(12)''' | '''(7)''' | '''(17)''' | '''(24)''' | '''(0)''' | '''1''' | '''0''' | '''0''' | '''(0)''' | '''(0)''' | '''1''' | '''(1)''' | '''0''' | '''0''' | '''0''' | '''0''' | '''(2)''' | '''(2)''' | '''(4)''' | '''(1)''' | '''(1)''' | '''(2)''' | '''51''' | '''64''' | '''115''' | '''57''' | '''40''' | '''98''' |
| '''Other result''' | '''(208)''' | '''(297)''' | '''(506)''' | '''(263)''' | '''(203)''' | '''(466)''' | '''(61)''' | '''(44)''' | '''(105)''' | '''(46)''' | '''(35)''' | '''(80)''' | '''(47)''' | '''(45)''' | '''(92)''' | '''(55)''' | '''(61)''' | '''(116)''' | '''(50)''' | '''(68)''' | '''(118)''' | '''(64)''' | '''(66)''' | '''(130)''' | '''8''' | '''2''' | '''10''' | '''8''' | '''5''' | '''12''' | '''2''' | '''2''' | '''4''' | '''1''' | '''1''' | '''2''' | '''(357)''' | '''(450)''' | '''(807)''' | '''(420)''' | '''(359)''' | '''(779)''' |
| of which: technical non-qualifying expense | (197) | (216) | (414) | (259) | (216) | (475) | (97) | (83) | (180) | (87) | (78) | (165) | (53) | (46) | (99) | (55) | (52) | (107) | (58) | (56) | (114) | (62) | (67) | (129) | (14) | (31) | (45) | (21) | (24) | (45) | 2 | 2 | 4 | 1 | 1 | 2 | (417) | (431) | (847) | (484) | (436) | (919) |
| Income tax (expense)/benefit attributable to policyholders (BOP relevant) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2) | (2) | (2) | (3) | (5) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2) | (2) | (2) | (3) | (5) |
| '''Business operating profit before non-controlling interests''' | '''789''' | '''50''' | '''839''' | '''792''' | '''721''' | '''1,514''' | '''1,240''' | '''1,407''' | '''2,647''' | '''1,236''' | '''1,077''' | '''2,313''' | '''151''' | '''141''' | '''293''' | '''147''' | '''203''' | '''349''' | '''182''' | '''102''' | '''284''' | '''180''' | '''159''' | '''339''' | '''(49)''' | '''7''' | '''(42)''' | '''(60)''' | '''(102)''' | '''(162)''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''2,313''' | '''1,708''' | '''4,020''' | '''2,296''' | '''2,058''' | '''4,353''' |
| Non-controlling interest | 12 | 11 | 23 | 12 | 14 | 26 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 5 | 6 | 52 | 50 | 102 | 58 | 58 | 116 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65 | 62 | 127 | 71 | 78 | 149 |
| '''Business operating profit''' | '''777''' | '''39''' | '''816''' | '''781''' | '''707''' | '''1,487''' | '''1,240''' | '''1,407''' | '''2,647''' | '''1,236''' | '''1,077''' | '''2,313''' | '''150''' | '''141''' | '''290''' | '''145''' | '''198''' | '''343''' | '''130''' | '''52''' | '''181''' | '''122''' | '''101''' | '''223''' | '''(49)''' | '''7''' | '''(42)''' | '''(60)''' | '''(102)''' | '''(162)''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''2,247''' | '''1,646''' | '''3,893''' | '''2,224''' | '''1,980''' | '''4,204''' |
| Ratios, as % of insurance revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loss ratio | 67.6% | 75.7% | 71.8% | 68.0% | 69.7% | 68.9% | 66.5% | 67.6% | 67.1% | 66.8% | 69.4% | 68.2% | 60.0% | 61.5% | 60.7% | 59.9% | 59.6% | 59.7% | 51.4% | 54.2% | 52.7% | 52.6% | 51.2% | 51.9% | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | 64.1% | 68.1% | 66.2% | 64.6% | 66.5% | 65.6% |
| of which catastrophes | 0.9% | 6.7% | 3.9% | 1.0% | 1.7% | 1.4% | 2.8% | 2.4% | 2.6% | 3.5% | 5.4% | 4.5% | 0.6% | 0.8% | 0.7% | 0.2% | 0.0% | 0.1% | 0.0% | 1.2% | 0.6% | 0.6% | (0.0%) | 0.3% | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | 1.8% | 4.2% | 3.0% | 2.4% | 3.7% | 3.1% |
| of which discount impact (current accident year) | (3.1%) | (3.3%) | (3.2%) | (3.2%) | (2.8%) | (3.0%) | (4.2%) | (3.8%) | (4.0%) | (4.9%) | (3.9%) | (4.4%) | (1.6%) | (1.7%) | (1.6%) | (1.5%) | (1.5%) | (1.5%) | (2.2%) | (1.6%) | (1.9%) | (1.9%) | (1.4%) | (1.7%) | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | (3.6%) | (3.5%) | (3.6%) | (4.0%) | (3.2%) | (3.6%) |
| of which prior year development | (2.0%) | (2.2%) | (2.1%) | (2.4%) | (2.1%) | (2.3%) | (1.0%) | (1.2%) | (1.1%) | (1.0%) | (1.0%) | (1.0%) | (2.2%) | (2.8%) | (2.5%) | (3.2%) | (1.2%) | (2.2%) | (0.2%) | (1.1%) | (0.6%) | 0.1% | (0.1%) | (0.0%) | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | (1.5%) | (1.6%) | (1.5%) | (1.6%) | (1.5%) | (1.6%) |
| Expense ratio (footnote: Includes insurance service expenses reported in the insurance service result, as well as technical non-qualifying expenses reported in the other result.) | 26.3% | 26.0% | 26.2% | 26.9% | 26.3% | 26.6% | 25.1% | 23.8% | 24.4% | 24.9% | 24.4% | 24.6% | 33.5% | 32.2% | 32.9% | 33.8% | 32.7% | 33.2% | 42.8% | 44.3% | 43.5% | 43.2% | 43.4% | 43.3% | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | 28.8% | 27.8% | 28.3% | 28.9% | 28.4% | 28.6% |
| '''Combined ratio''' | '''93.9%''' | '''101.8%''' | '''98.0%''' | '''94.9%''' | '''96.0%''' | '''95.5%''' | '''91.6%''' | '''91.4%''' | '''91.5%''' | '''91.7%''' | '''93.7%''' | '''92.8%''' | '''93.4%''' | '''93.7%''' | '''93.6%''' | '''93.7%''' | '''92.2%''' | '''92.9%''' | '''94.2%''' | '''98.6%''' | '''96.3%''' | '''95.8%''' | '''94.5%''' | '''95.1%''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''92.9%''' | '''95.9%''' | '''94.5%''' | '''93.6%''' | '''94.9%''' | '''94.2%''' |
## P&C by Country & Customer Unit
Caption: Property & casualty key ratios by geography and customer unit
| USD million | Gross written premium | Gross written premium | Gross written premium | Gross written premium | Gross written premium | Gross written premium | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Combined ratio | Combined ratio | Combined ratio | Combined ratio | Combined ratio | Combined ratio | Loss ratio | Loss ratio | Loss ratio | Loss ratio | Loss ratio | Loss ratio | Expense ratio | Expense ratio | Expense ratio | Expense ratio | Expense ratio | Expense ratio |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Germany | 1,779 | 1,313 | 3,091 | 1,963 | 1,434 | 3,398 | 1,399 | 1,541 | 2,940 | 1,546 | 1,697 | 3,244 | 113 | 18 | 130 | 0 | 28 | 28 | 96.1% | 103.0% | 99.7% | 104.7% | 104.0% | 104.3% | 64.3% | 73.0% | 68.9% | 73.6% | 73.4% | 73.5% | 31.8% | 30.0% | 30.9% | 31.1% | 30.6% | 30.8% |
| Ireland | 245 | 219 | 464 | 250 | 224 | 474 | 230 | 234 | 464 | 230 | 239 | 469 | 18 | (5) | 12 | 33 | 40 | 72 | 95.0% | 106.4% | 100.7% | 88.5% | 86.8% | 87.7% | 64.7% | 77.2% | 71.0% | 59.8% | 58.7% | 59.2% | 30.2% | 29.3% | 29.7% | 28.7% | 28.1% | 28.4% |
| Italy | 850 | 872 | 1,723 | 936 | 950 | 1,886 | 787 | 846 | 1,632 | 866 | 935 | 1,801 | 50 | (203) | (154) | 107 | 85 | 192 | 96.9% | 126.1% | 112.0% | 90.3% | 93.2% | 91.8% | 67.0% | 96.0% | 82.0% | 61.2% | 64.9% | 63.1% | 29.9% | 30.1% | 30.0% | 29.1% | 28.3% | 28.7% |
| Spain | 744 | 653 | 1,396 | 808 | 722 | 1,531 | 656 | 695 | 1,351 | 713 | 747 | 1,459 | 15 | 2 | 17 | 37 | 35 | 72 | 99.2% | 101.2% | 100.2% | 96.1% | 96.2% | 96.2% | 65.9% | 66.5% | 66.2% | 62.7% | 61.7% | 62.2% | 33.3% | 34.7% | 34.0% | 33.4% | 34.5% | 34.0% |
| Switzerland | 2,781 | 1,194 | 3,975 | 2,920 | 1,337 | 4,257 | 1,846 | 1,967 | 3,814 | 1,948 | 2,115 | 4,063 | 205 | 31 | 236 | 168 | 161 | 329 | 92.1% | 100.9% | 96.7% | 95.4% | 96.3% | 95.9% | 70.8% | 81.2% | 76.2% | 73.9% | 75.6% | 74.8% | 21.4% | 19.7% | 20.5% | 21.5% | 20.7% | 21.1% |
| United Kingdom | 2,331 | 2,299 | 4,630 | 2,546 | 2,412 | 4,958 | 2,091 | 2,247 | 4,339 | 2,294 | 2,483 | 4,777 | 214 | 112 | 326 | 294 | 231 | 525 | 92.6% | 95.0% | 93.8% | 89.4% | 93.8% | 91.7% | 66.4% | 68.8% | 67.6% | 63.5% | 67.3% | 65.5% | 26.2% | 26.2% | 26.2% | 25.9% | 26.5% | 26.2% |
| Rest of Europe, Middle East & Africa | 1,566 | 1,212 | 2,778 | 1,710 | 1,401 | 3,111 | 1,257 | 1,374 | 2,630 | 1,393 | 1,446 | 2,838 | 163 | 85 | 248 | 142 | 127 | 269 | 91.2% | 97.3% | 94.4% | 95.8% | 93.2% | 94.5% | 70.3% | 74.3% | 72.4% | 69.3% | 69.8% | 69.6% | 20.9% | 23.1% | 22.0% | 26.5% | 23.3% | 24.9% |
| '''Europe, Middle East & Africa''' | '''10,296''' | '''7,762''' | '''18,058''' | '''11,134''' | '''8,481''' | '''19,615''' | '''8,267''' | '''8,903''' | '''17,170''' | '''8,989''' | '''9,662''' | '''18,651''' | '''777''' | '''39''' | '''816''' | '''781''' | '''707''' | '''1,487''' | '''93.9%''' | '''101.8%''' | '''98.0%''' | '''94.9%''' | '''96.0%''' | '''95.5%''' | '''67.6%''' | '''75.7%''' | '''71.8%''' | '''68.0%''' | '''69.7%''' | '''68.9%''' | '''26.3%''' | '''26.0%''' | '''26.2%''' | '''26.9%''' | '''26.3%''' | '''26.6%''' |
| United States | 11,346 | 9,081 | 20,427 | 11,120 | 9,367 | 20,487 | 9,036 | 10,429 | 19,465 | 9,405 | 10,424 | 19,829 | 1,083 | 1,219 | 2,302 | 1,067 | 1,051 | 2,118 | 92.5% | 92.4% | 92.4% | 92.7% | 93.3% | 93.0% | 67.5% | 68.6% | 68.1% | 68.0% | 69.1% | 68.6% | 25.0% | 23.8% | 24.3% | 24.6% | 24.2% | 24.4% |
| Rest of North America | 527 | 674 | 1,201 | 484 | 613 | 1,096 | 523 | 620 | 1,143 | 566 | 591 | 1,156 | 157 | 188 | 345 | 169 | 26 | 195 | 76.3% | 75.1% | 75.6% | 76.3% | 101.6% | 89.2% | 48.9% | 51.6% | 50.3% | 46.8% | 74.8% | 61.1% | 27.4% | 23.5% | 25.3% | 29.6% | 26.8% | 28.2% |
| '''North America''' | '''11,873''' | '''9,755''' | '''21,628''' | '''11,604''' | '''9,980''' | '''21,584''' | '''9,559''' | '''11,049''' | '''20,607''' | '''9,970''' | '''11,015''' | '''20,985''' | '''1,240''' | '''1,407''' | '''2,647''' | '''1,236''' | '''1,077''' | '''2,313''' | '''91.6%''' | '''91.4%''' | '''91.5%''' | '''91.7%''' | '''93.7%''' | '''92.8%''' | '''66.5%''' | '''67.6%''' | '''67.1%''' | '''66.8%''' | '''69.4%''' | '''68.2%''' | '''25.1%''' | '''23.8%''' | '''24.4%''' | '''24.9%''' | '''24.4%''' | '''24.6%''' |
| Australia | 646 | 668 | 1,314 | 673 | 719 | 1,392 | 630 | 649 | 1,279 | 660 | 702 | 1,362 | 65 | 12 | 77 | 59 | 44 | 103 | 92.4% | 100.7% | 96.6% | 93.8% | 96.5% | 95.2% | 64.8% | 64.3% | 64.5% | 58.1% | 61.0% | 59.6% | 27.6% | 36.4% | 32.1% | 35.8% | 35.5% | 35.6% |
| Japan | 439 | 408 | 847 | 410 | 412 | 822 | 417 | 390 | 807 | 384 | 440 | 824 | 45 | 35 | 80 | 24 | 69 | 93 | 89.4% | 92.6% | 90.9% | 93.9% | 84.5% | 88.9% | 50.3% | 56.8% | 53.4% | 57.0% | 50.0% | 53.3% | 39.1% | 35.8% | 37.5% | 36.8% | 34.5% | 35.6% |
| Rest of Asia Pacific | 732 | 720 | 1,451 | 765 | 984 | 1,748 | 655 | 693 | 1,348 | 702 | 905 | 1,607 | 40 | 93 | 133 | 62 | 84 | 147 | 97.1% | 87.9% | 92.3% | 93.5% | 92.7% | 93.1% | 61.5% | 61.6% | 61.5% | 63.2% | 63.1% | 63.2% | 35.6% | 26.3% | 30.8% | 30.3% | 29.6% | 29.9% |
| '''Asia Pacific''' | '''1,816''' | '''1,796''' | '''3,612''' | '''1,847''' | '''2,115''' | '''3,963''' | '''1,702''' | '''1,732''' | '''3,434''' | '''1,746''' | '''2,047''' | '''3,793''' | '''150''' | '''141''' | '''290''' | '''145''' | '''198''' | '''343''' | '''93.4%''' | '''93.7%''' | '''93.6%''' | '''93.7%''' | '''92.2%''' | '''92.9%''' | '''60.0%''' | '''61.5%''' | '''60.7%''' | '''59.9%''' | '''59.6%''' | '''59.7%''' | '''33.5%''' | '''32.2%''' | '''32.9%''' | '''33.8%''' | '''32.7%''' | '''33.2%''' |
| Argentina | 257 | 89 | 345 | 278 | 304 | 582 | 219 | 56 | 275 | 224 | 264 | 489 | 40 | (21) | 19 | 26 | 6 | 33 | 98.7% | 176.3% | 114.5% | 118.3% | 106.4% | 111.8% | 57.1% | 128.7% | 71.7% | 76.1% | 67.8% | 71.6% | 41.6% | 47.6% | 42.8% | 42.1% | 38.5% | 40.2% |
| Brazil | 444 | 494 | 938 | 483 | 520 | 1,003 | 440 | 448 | 887 | 450 | 446 | 896 | 38 | 45 | 83 | 35 | 34 | 70 | 96.4% | 95.2% | 95.8% | 97.7% | 98.4% | 98.0% | 43.9% | 38.7% | 41.3% | 41.6% | 43.7% | 42.6% | 52.4% | 56.5% | 54.5% | 56.1% | 54.7% | 55.4% |
| Rest of Latin America | 875 | 881 | 1,755 | 1,003 | 918 | 1,921 | 802 | 848 | 1,650 | 899 | 878 | 1,777 | 51 | 28 | 79 | 60 | 60 | 121 | 91.7% | 95.2% | 93.5% | 89.2% | 89.0% | 89.1% | 53.9% | 57.5% | 55.7% | 52.2% | 50.0% | 51.1% | 37.9% | 37.7% | 37.8% | 37.0% | 39.1% | 38.0% |
| '''Latin America''' | '''1,575''' | '''1,463''' | '''3,039''' | '''1,764''' | '''1,742''' | '''3,506''' | '''1,461''' | '''1,351''' | '''2,812''' | '''1,573''' | '''1,589''' | '''3,162''' | '''130''' | '''52''' | '''181''' | '''122''' | '''101''' | '''223''' | '''94.2%''' | '''98.6%''' | '''96.3%''' | '''95.8%''' | '''94.5%''' | '''95.1%''' | '''51.4%''' | '''54.2%''' | '''52.7%''' | '''52.6%''' | '''51.2%''' | '''51.9%''' | '''42.8%''' | '''44.3%''' | '''43.5%''' | '''43.2%''' | '''43.4%''' | '''43.3%''' |
| '''Group Reinsurance''' | '''524''' | '''345''' | '''869''' | '''547''' | '''343''' | '''890''' | '''380''' | '''401''' | '''781''' | '''398''' | '''400''' | '''799''' | '''(49)''' | '''7''' | '''(42)''' | '''(60)''' | '''(102)''' | '''(162)''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' |
| '''Eliminations''' | '''(1,525)''' | '''(1,280)''' | '''(2,805)''' | '''(1,554)''' | '''(1,380)''' | '''(2,934)''' | '''(1,205)''' | '''(1,306)''' | '''(2,511)''' | '''(1,232)''' | '''(1,367)''' | '''(2,598)''' | '''(0)''' | '''0''' | '''(0)''' | '''(0)''' | '''0''' | '''(0)''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' |
| '''Total''' | '''24,560''' | '''19,841''' | '''44,401''' | '''25,342''' | '''21,282''' | '''46,624''' | '''20,163''' | '''22,130''' | '''42,293''' | '''21,446''' | '''23,346''' | '''44,792''' | '''2,247''' | '''1,646''' | '''3,893''' | '''2,224''' | '''1,980''' | '''4,204''' | '''92.9%''' | '''95.9%''' | '''94.5%''' | '''93.6%''' | '''94.9%''' | '''94.2%''' | '''64.1%''' | '''68.1%''' | '''66.2%''' | '''64.6%''' | '''66.5%''' | '''65.6%''' | '''28.8%''' | '''27.8%''' | '''28.3%''' | '''28.9%''' | '''28.4%''' | '''28.6%''' |
Caption: Property & casualty key ratios by segment
| USD million | Gross written premium | Gross written premium | Gross written premium | Gross written premium | Gross written premium | Gross written premium | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Combined ratio | Combined ratio | Combined ratio | Combined ratio | Combined ratio | Combined ratio | Loss ratio | Loss ratio | Loss ratio | Loss ratio | Loss ratio | Loss ratio | Expense ratio | Expense ratio | Expense ratio | Expense ratio | Expense ratio | Expense ratio |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commercial insurance | 16,423 | 12,856 | 29,279 | 16,408 | 13,438 | 29,847 | 13,046 | 14,744 | 27,789 | 13,752 | 14,983 | 28,735 | 1,767 | 1,806 | 3,573 | 1,781 | 1,605 | 3,387 | 91.0% | 91.6% | 91.4% | 91.4% | 93.1% | 92.3% | 66.1% | 67.6% | 66.9% | 66.3% | 68.5% | 67.4% | 25.0% | 24.1% | 24.5% | 25.0% | 24.7% | 24.8% |
| Retail and SME | 8,064 | 7,012 | 15,076 | 8,865 | 7,873 | 16,738 | 7,078 | 7,335 | 14,413 | 7,661 | 8,324 | 15,984 | 529 | (167) | 362 | 502 | 477 | 980 | 95.8% | 103.7% | 99.8% | 96.4% | 96.5% | 96.5% | 59.8% | 69.5% | 64.8% | 60.9% | 61.8% | 61.3% | 36.0% | 34.2% | 35.1% | 35.6% | 34.7% | 35.1% |
| Group Reinsurance | 524 | 345 | 869 | 547 | 343 | 890 | 380 | 401 | 781 | 398 | 400 | 799 | (49) | 7 | (42) | (60) | (102) | (162) | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm |
| Eliminations | (452) | (373) | (824) | (478) | (372) | (850) | (340) | (350) | (690) | (365) | (361) | (726) | (0) | 0 | 0 | (0) | 0 | 0 | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm |
| '''Total''' | '''24,560''' | '''19,841''' | '''44,401''' | '''25,342''' | '''21,282''' | '''46,624''' | '''20,163''' | '''22,130''' | '''42,293''' | '''21,446''' | '''23,346''' | '''44,792''' | '''2,247''' | '''1,646''' | '''3,893''' | '''2,224''' | '''1,980''' | '''4,204''' | '''92.9%''' | '''95.9%''' | '''94.5%''' | '''93.6%''' | '''94.9%''' | '''94.2%''' | '''64.1%''' | '''68.1%''' | '''66.2%''' | '''64.6%''' | '''66.5%''' | '''65.6%''' | '''28.8%''' | '''27.8%''' | '''28.3%''' | '''28.9%''' | '''28.4%''' | '''28.6%''' |
## Life by Segment
Caption: Life underlying earnings build-up by segment
| USD million | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | North America | North America | North America | North America | North America | North America | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Latin America | Latin America | Latin America | Latin America | Latin America | Latin America | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Total | Total | Total | Total | Total | Total |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Insurance revenue | 2,874 | 3,038 | 5,912 | 3,219 | 3,347 | 6,566 | 100 | 94 | 194 | 81 | 79 | 160 | 1,119 | 1,138 | 2,258 | 1,138 | 1,164 | 2,302 | 1,306 | 1,331 | 2,637 | 1,366 | 1,320 | 2,687 | 15 | 15 | 30 | 13 | 14 | 27 | (15) | (20) | (35) | (21) | (22) | (43) | 5,398 | 5,598 | 10,996 | 5,797 | 5,903 | 11,700 |
| Insurance service expense | (2,144) | (2,266) | (4,410) | (2,495) | (2,504) | (4,999) | (62) | (21) | (83) | (47) | (36) | (83) | (987) | (932) | (1,919) | (947) | (1,062) | (2,009) | (1,012) | (1,035) | (2,047) | (1,062) | (997) | (2,060) | (4) | (7) | (10) | (4) | (11) | (15) | 4 | 7 | 11 | 15 | 20 | 36 | (4,205) | (4,253) | (8,458) | (4,541) | (4,590) | (9,130) |
| Net expenses from reinsurance contracts held | (83) | (86) | (169) | (25) | (87) | (113) | (16) | (9) | (25) | (13) | (18) | (31) | (25) | (21) | (46) | (39) | 56 | 17 | (16) | (18) | (34) | (8) | (25) | (33) | (5) | (2) | (7) | (5) | (4) | (8) | 11 | 13 | 24 | 6 | 2 | 7 | (133) | (123) | (256) | (85) | (76) | (161) |
| '''Insurance service result''' | '''647''' | '''686''' | '''1,333''' | '''698''' | '''756''' | '''1,455''' | '''22''' | '''64''' | '''86''' | '''21''' | '''25''' | '''46''' | '''108''' | '''185''' | '''293''' | '''152''' | '''158''' | '''310''' | '''278''' | '''279''' | '''557''' | '''296''' | '''298''' | '''594''' | '''6''' | '''7''' | '''13''' | '''4''' | '''(1)''' | '''4''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''1,060''' | '''1,221''' | '''2,281''' | '''1,172''' | '''1,237''' | '''2,409''' |
| Net investment income on Group investments | 1,073 | 1,092 | 2,164 | 1,135 | 1,117 | 2,252 | 26 | 32 | 59 | 31 | 33 | 64 | 113 | 110 | 224 | 113 | 127 | 240 | 259 | 219 | 478 | 243 | 194 | 437 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | (0) | (1) | (0) | (0) | (1) | 1,471 | 1,454 | 2,924 | 1,521 | 1,471 | 2,992 |
| Net capital gains/(losses) on Group investments | (72) | (162) | (234) | (34) | (62) | (96) | 17 | 10 | 26 | 13 | 5 | 18 | (9) | 9 | 0 | (2) | (5) | (6) | 32 | 31 | 63 | (23) | (10) | (33) | (0) | (12) | (12) | (2) | (1) | (3) | 0 | 0 | 0 | 0 | 0 | 0 | (33) | (124) | (156) | (48) | (73) | (121) |
| Net investment result on Group investments | 1,000 | 930 | 1,930 | 1,100 | 1,056 | 2,156 | 43 | 42 | 85 | 44 | 37 | 82 | 104 | 119 | 224 | 111 | 122 | 234 | 291 | 251 | 542 | 219 | 184 | 404 | (0) | (12) | (12) | (2) | (1) | (3) | (0) | (0) | (1) | (0) | (0) | (1) | 1,438 | 1,330 | 2,768 | 1,473 | 1,398 | 2,871 |
| Net investment income on unit-linked investments | 631 | 459 | 1,090 | 588 | 572 | 1,160 | 0 | 0 | 0 | 0 | 0 | 0 | 30 | 24 | 54 | 30 | 35 | 65 | 19 | (3) | 16 | 23 | 13 | 35 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 679 | 481 | 1,160 | 641 | 619 | 1,260 |
| Change in liabilities for investment contracts and other funds | (416) | (284) | (700) | (423) | (373) | (796) | 0 | 0 | 0 | 0 | 0 | 0 | (18) | (15) | (33) | (21) | (25) | (47) | 0 | 0 | 0 | (0) | (0) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (434) | (299) | (733) | (444) | (398) | (842) |
| Re-/Insurance finance income/(expenses) | (1,099) | (918) | (2,017) | (1,073) | (1,064) | (2,137) | (43) | (47) | (90) | (50) | (43) | (93) | (70) | (85) | (156) | (96) | (89) | (184) | (201) | (139) | (340) | (161) | (110) | (271) | (0) | (1) | (1) | (0) | (0) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | (1,414) | (1,189) | (2,603) | (1,380) | (1,305) | (2,685) |
| '''Net investment result''' | '''116''' | '''188''' | '''304''' | '''193''' | '''191''' | '''384''' | '''0''' | '''(5)''' | '''(5)''' | '''(6)''' | '''(5)''' | '''(11)''' | '''46''' | '''43''' | '''89''' | '''24''' | '''43''' | '''67''' | '''108''' | '''109''' | '''218''' | '''81''' | '''87''' | '''168''' | '''(0)''' | '''(12)''' | '''(13)''' | '''(2)''' | '''(1)''' | '''(3)''' | '''(0)''' | '''(0)''' | '''(1)''' | '''(0)''' | '''(0)''' | '''(1)''' | '''270''' | '''323''' | '''592''' | '''290''' | '''314''' | '''604''' |
| Fee income | 397 | 405 | 802 | 426 | 462 | 888 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 35 | 60 | 25 | 18 | 43 | 9 | 9 | 18 | 9 | 11 | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 430 | 450 | 880 | 460 | 491 | 951 |
| Fee business expenses | (295) | (299) | (594) | (315) | (310) | (624) | (0) | 0 | (0) | (0) | 0 | (0) | (3) | (14) | (17) | (4) | (4) | (8) | (7) | (7) | (13) | (7) | (6) | (13) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (305) | (319) | (624) | (326) | (320) | (646) |
| '''Fee result''' | '''102''' | '''107''' | '''208''' | '''112''' | '''152''' | '''264''' | '''(0)''' | '''0''' | '''(0)''' | '''(0)''' | '''0''' | '''(0)''' | '''21''' | '''22''' | '''43''' | '''20''' | '''15''' | '''35''' | '''2''' | '''2''' | '''5''' | '''2''' | '''5''' | '''7''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''126''' | '''130''' | '''256''' | '''134''' | '''172''' | '''306''' |
| Other revenues | 42 | 73 | 115 | 118 | 66 | 184 | 12 | 12 | 24 | 16 | 14 | 30 | 8 | 7 | 15 | 10 | 6 | 17 | 13 | 7 | 20 | 13 | 12 | 25 | 1 | 5 | 5 | 2 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 75 | 104 | 180 | 159 | 100 | 259 |
| Interest expense on debt | (0) | (16) | (16) | (10) | (3) | (13) | (0) | (0) | (0) | (0) | (0) | (0) | (4) | (14) | (18) | (20) | (18) | (38) | (1) | (1) | (3) | (2) | (1) | (3) | (0) | (0) | (0) | (0) | (0) | (0) | 0 | 0 | 1 | 0 | 0 | 1 | (5) | (31) | (36) | (31) | (22) | (53) |
| Other expenses | (189) | (212) | (402) | (205) | (245) | (450) | 4 | (2) | 3 | (1) | (7) | (8) | (84) | (57) | (141) | (64) | (71) | (136) | (79) | (70) | (149) | (63) | (45) | (108) | 0 | 0 | 0 | 0 | 0 | 0 | (0) | (0) | (0) | 0 | 0 | 0 | (348) | (341) | (689) | (333) | (368) | (701) |
| Restructuring costs and other items not relevant for BOP | 2 | 8 | 10 | 19 | 44 | 64 | (0) | (0) | (0) | 0 | 0 | 0 | 17 | 7 | 23 | 4 | 1 | 6 | 32 | 9 | 42 | 2 | (28) | (26) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51 | 24 | 75 | 26 | 18 | 44 |
| '''Other result''' | '''(145)''' | '''(147)''' | '''(292)''' | '''(78)''' | '''(137)''' | '''(215)''' | '''16''' | '''11''' | '''27''' | '''15''' | '''7''' | '''23''' | '''(63)''' | '''(56)''' | '''(120)''' | '''(69)''' | '''(82)''' | '''(151)''' | '''(35)''' | '''(55)''' | '''(90)''' | '''(49)''' | '''(62)''' | '''(111)''' | '''1''' | '''4''' | '''5''' | '''2''' | '''1''' | '''2''' | '''0''' | '''0''' | '''1''' | '''0''' | '''0''' | '''1''' | '''(226)''' | '''(243)''' | '''(469)''' | '''(179)''' | '''(272)''' | '''(451)''' |
| Income tax (expense)/benefit attributable to policyholders (BOP relevant) | (60) | (77) | (137) | (116) | (26) | (141) | 0 | 0 | 0 | 0 | 0 | 0 | (12) | (19) | (31) | (14) | (6) | (20) | (2) | (0) | (2) | (1) | (0) | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (74) | (97) | (170) | (130) | (32) | (163) |
| '''Business operating profit before non-controlling interests''' | '''660''' | '''756''' | '''1,416''' | '''809''' | '''937''' | '''1,746''' | '''38''' | '''70''' | '''108''' | '''30''' | '''27''' | '''57''' | '''100''' | '''174''' | '''274''' | '''114''' | '''128''' | '''242''' | '''352''' | '''335''' | '''687''' | '''330''' | '''328''' | '''657''' | '''6''' | '''(1)''' | '''5''' | '''4''' | '''(1)''' | '''3''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''1,156''' | '''1,334''' | '''2,490''' | '''1,287''' | '''1,418''' | '''2,705''' |
| Non-controlling interest | 71 | 77 | 148 | 86 | 86 | 171 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | (0) | (1) | (1) | (1) | (1) | 146 | 137 | 283 | 154 | 146 | 300 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 217 | 213 | 430 | 239 | 231 | 470 |
| '''Business operating profit''' | '''589''' | '''679''' | '''1,268''' | '''724''' | '''851''' | '''1,575''' | '''38''' | '''70''' | '''108''' | '''30''' | '''27''' | '''57''' | '''100''' | '''175''' | '''275''' | '''114''' | '''129''' | '''243''' | '''206''' | '''198''' | '''404''' | '''175''' | '''182''' | '''357''' | '''6''' | '''(1)''' | '''5''' | '''4''' | '''(1)''' | '''3''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''939''' | '''1,121''' | '''2,060''' | '''1,048''' | '''1,187''' | '''2,235''' |
Caption: Life insurance margin build-up by segment
| USD million | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | North America | North America | North America | North America | North America | North America | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Latin America | Latin America | Latin America | Latin America | Latin America | Latin America | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Total | Total | Total | Total | Total | Total |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CSM amortization (footnote: Includes USD 5 million and USD 8 million adjustments related to Argentina hyperinflation for 2024 and 2023, respectively.) | 551 | 532 | 1,082 | 530 | 578 | 1,109 | 12 | 14 | 25 | 12 | 16 | 28 | 122 | 134 | 257 | 131 | 129 | 260 | 50 | 50 | 100 | 56 | 54 | 110 | (0) | 0 | 0 | 1 | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 735 | 730 | 1,465 | 731 | 778 | 1,509 |
| Release of risk adjustment | 40 | 42 | 83 | 55 | 54 | 109 | 2 | 2 | 5 | 2 | 2 | 3 | 29 | 29 | 58 | 26 | 27 | 53 | 5 | 4 | 9 | 4 | 4 | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 4 | 0 | 0 | 0 | 77 | 81 | 158 | 87 | 87 | 174 |
| Insurance result - short-term life business (footnote: Excludes impact of onerous contracts.) | (1) | (15) | (16) | 8 | 14 | 22 | 1 | 1 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 229 | 228 | 457 | 249 | 254 | 502 | (1) | 1 | (1) | (2) | (3) | (5) | 0 | 0 | 0 | 0 | 0 | 0 | 227 | 215 | 442 | 255 | 266 | 521 |
| Insurance margin | 590 | 559 | 1,149 | 593 | 646 | 1,239 | 15 | 17 | 31 | 14 | 18 | 32 | 152 | 163 | 315 | 158 | 156 | 314 | 284 | 282 | 566 | 309 | 312 | 621 | (1) | 1 | 0 | (1) | (2) | (3) | 0 | 3 | 4 | 0 | 0 | 0 | 1,039 | 1,026 | 2,065 | 1,072 | 1,131 | 2,204 |
| Onerous contracts | (5) | (8) | (13) | (11) | (34) | (45) | 13 | 60 | 72 | (7) | 34 | 27 | (11) | 65 | 53 | (6) | 21 | 15 | (7) | 3 | (4) | (2) | 3 | 1 | 0 | 2 | 3 | 0 | (0) | (0) | 0 | 4 | 4 | 0 | 0 | 0 | (10) | 125 | 115 | (25) | 24 | (2) |
| Experience adjustments | 61 | 135 | 196 | 116 | 144 | 260 | (5) | (13) | (18) | 14 | (27) | (13) | (33) | (43) | (75) | 1 | (19) | (19) | 1 | (6) | (5) | (11) | (16) | (27) | 7 | 3 | 10 | 6 | 1 | 7 | (0) | (7) | (7) | (0) | (0) | (1) | 31 | 70 | 100 | 125 | 82 | 207 |
| '''Insurance service result''' | '''647''' | '''686''' | '''1,333''' | '''698''' | '''756''' | '''1,455''' | '''22''' | '''64''' | '''86''' | '''21''' | '''25''' | '''46''' | '''108''' | '''185''' | '''293''' | '''152''' | '''158''' | '''310''' | '''278''' | '''279''' | '''557''' | '''296''' | '''298''' | '''594''' | '''6''' | '''7''' | '''13''' | '''4''' | '''(1)''' | '''4''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''1,060''' | '''1,221''' | '''2,281''' | '''1,172''' | '''1,237''' | '''2,409''' |
## Life Details
Caption: New business production by product type
| USD million | Protection | Protection | Protection | Protection | Protection | Protection | Unit-linked | Unit-linked | Unit-linked | Unit-linked | Unit-linked | Unit-linked | Savings and annuities | Savings and annuities | Savings and annuities | Savings and annuities | Savings and annuities | Savings and annuities | Total (long-term insurance contracts) | Total (long-term insurance contracts) | Total (long-term insurance contracts) | Total (long-term insurance contracts) | Total (long-term insurance contracts) | Total (long-term insurance contracts) |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| PVNBP | 2,710 | 2,842 | 5,552 | 3,074 | 2,664 | 5,738 | 3,774 | 4,370 | 8,144 | 4,599 | 4,760 | 9,359 | 1,757 | 931 | 2,688 | 837 | 956 | 1,793 | 8,242 | 8,142 | 16,384 | 8,510 | 8,381 | 16,891 |
| New business CSM | 363 | 324 | 687 | 375 | 347 | 721 | 105 | 122 | 227 | 134 | 168 | 301 | 68 | 54 | 123 | 35 | 36 | 71 | 536 | 501 | 1,037 | 543 | 550 | 1,094 |
| '''New business margin''' | '''13.40%''' | '''11.41%''' | '''12.38%''' | '''12.18%''' | '''13.02%''' | '''12.57%''' | '''2.77%''' | '''2.80%''' | '''2.79%''' | '''2.91%''' | '''3.51%''' | '''3.22%''' | '''3.89%''' | '''5.85%''' | '''4.57%''' | '''4.19%''' | '''3.77%''' | '''3.97%''' | '''6.51%''' | '''6.15%''' | '''6.33%''' | '''6.38%''' | '''6.57%''' | '''6.48%''' |
Caption: CSM rollforward by product type
| USD million | Protection | Protection | Protection | Protection | Unit-linked | Unit-linked | Unit-linked | Unit-linked | Savings and annuities | Savings and annuities | Savings and annuities | Savings and annuities | Total (long-term insurance contracts) | Total (long-term insurance contracts) | Total (long-term insurance contracts) | Total (long-term insurance contracts) |
| | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 |
| | H1 | FY-23 | H1 | FY-24 | H1 | FY-23 | H1 | FY-24 | H1 | FY-23 | H1 | FY-24 | H1 | FY-23 | H1 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''CSM BoP''' | '''3,665''' | '''3,665''' | '''3,989''' | '''3,989''' | '''4,723''' | '''4,723''' | '''5,188''' | '''5,188''' | '''2,108''' | '''2,108''' | '''2,349''' | '''2,349''' | '''10,496''' | '''10,496''' | '''11,526''' | '''11,526''' |
| Operating variances | (49) | 101 | (14) | 96 | (103) | (137) | 238 | (56) | 10 | 27 | 50 | 220 | (142) | (9) | 273 | 260 |
| Economic variances | 152 | 175 | 19 | 118 | 228 | 393 | 182 | 569 | 405 | 241 | (20) | 218 | 785 | 809 | 182 | 904 |
| New business CSM | 363 | 687 | 375 | 721 | 105 | 227 | 134 | 301 | 68 | 123 | 35 | 71 | 536 | 1,037 | 543 | 1,094 |
| CSM amortization | (388) | (769) | (399) | (806) | (189) | (388) | (198) | (395) | (155) | (300) | (132) | (303) | (732) | (1,457) | (729) | (1,504) |
| FX | 33 | 120 | (196) | (272) | 190 | 394 | (216) | (332) | 53 | 120 | (119) | (171) | 276 | 634 | (531) | (774) |
| Other | (61) | 11 | 37 | 27 | 190 | (24) | 2 | (6) | (138) | 31 | 113 | 130 | (9) | 17 | 152 | 151 |
| '''CSM EoP''' | '''3,715''' | '''3,989''' | '''3,811''' | '''3,872''' | '''5,144''' | '''5,188''' | '''5,329''' | '''5,270''' | '''2,351''' | '''2,349''' | '''2,276''' | '''2,515''' | '''11,211''' | '''11,526''' | '''11,415''' | '''11,657''' |
Caption: Insurance revenue and service result
| USD million | Total | Total | Total | Total | Total | Total |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- |
| Insurance revenue | 1,089 | 1,222 | 2,311 | 1,363 | 1,441 | 2,804 |
| Insurance service result | 227 | 214 | 442 | 255 | 265 | 520 |
Caption: Fee business result and KPIs
| USD million | Total | Total | Total | Total | Total | Total |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- |
| Fee revenues | 316 | 332 | 648 | 345 | 372 | 717 |
| Fee service expenses | (207) | (216) | (423) | (225) | (222) | (447) |
| '''Fee service result''' | '''109''' | '''116''' | '''225''' | '''120''' | '''151''' | '''270''' |
| KPIs | | | | | | |
| Average AuM | 97,878 | 105,867 | 101,609 | 111,176 | 114,367 | 112,789 |
| Fee revenue / average AuM | 0.65% | 0.63% | 0.64% | 0.62% | 0.65% | 0.64% |
| Cost income ratio (%) | 66% | 65% | 65% | 65% | 60% | 62% |
| Fee service result / average AuM | 0.22% | 0.22% | 0.22% | 0.22% | 0.26% | 0.24% |
## Life by Country
Caption: Gross premiums and deposits, insurance revenue, and business operating profit by geography
| USD million | Gross premiums and deposits1 (footnote: Gross written premiums for Protection, gross policyholder inflows for Savings & Annuities and Unit-linked (including investment and asset management contracts).) | Gross premiums and deposits1 | Gross premiums and deposits1 | Gross premiums and deposits1 | Gross premiums and deposits1 | Gross premiums and deposits1 | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Business operating profit |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Germany | 1,427 | 1,436 | 2,863 | 1,470 | 1,393 | 2,863 | 564 | 543 | 1,107 | 542 | 652 | 1,194 | 58 | 60 | 118 | 128 | 208 | 337 |
| Ireland | 2,808 | 2,938 | 5,746 | 3,034 | 3,624 | 6,658 | 173 | 174 | 347 | 181 | 192 | 373 | 37 | 38 | 75 | 49 | 65 | 115 |
| Italy | 661 | 593 | 1,254 | 758 | 767 | 1,524 | 129 | 144 | 273 | 145 | 166 | 310 | 15 | 15 | 29 | 34 | 25 | 59 |
| Spain | 2,012 | 1,281 | 3,292 | 1,353 | 1,197 | 2,550 | 301 | 309 | 610 | 316 | 304 | 620 | 110 | 110 | 220 | 117 | 122 | 240 |
| Switzerland | 1,560 | 1,732 | 3,292 | 1,566 | 1,730 | 3,296 | 687 | 633 | 1,320 | 689 | 648 | 1,337 | 177 | 181 | 358 | 178 | 198 | 376 |
| United Kingdom | 789 | 635 | 1,423 | 848 | 679 | 1,527 | 709 | 754 | 1,463 | 838 | 753 | 1,591 | 92 | 93 | 185 | 114 | 90 | 203 |
| Zurich International | 1,125 | 893 | 2,018 | 984 | 1,100 | 2,083 | 270 | 356 | 626 | 283 | 289 | 572 | 20 | 91 | 112 | 33 | 45 | 79 |
| Rest of Europe, Middle East & Africa | 458 | 517 | 975 | 594 | 589 | 1,183 | 41 | 125 | 166 | 226 | 343 | 569 | 80 | 91 | 172 | 70 | 97 | 167 |
| '''Europe, Middle East & Africa''' | '''10,839''' | '''10,024''' | '''20,863''' | '''10,607''' | '''11,079''' | '''21,686''' | '''2,874''' | '''3,038''' | '''5,912''' | '''3,219''' | '''3,347''' | '''6,566''' | '''589''' | '''679''' | '''1,268''' | '''724''' | '''851''' | '''1,575''' |
| '''North America''' | '''514''' | '''386''' | '''900''' | '''494''' | '''555''' | '''1,049''' | '''100''' | '''94''' | '''194''' | '''81''' | '''79''' | '''160''' | '''38''' | '''70''' | '''108''' | '''30''' | '''27''' | '''57''' |
| Australia | 915 | 987 | 1,902 | 929 | 962 | 1,890 | 858 | 861 | 1,719 | 870 | 876 | 1,747 | 54 | 108 | 161 | 65 | 52 | 117 |
| Japan | 215 | 214 | 429 | 225 | 243 | 468 | 133 | 131 | 264 | 138 | 142 | 281 | 18 | 32 | 50 | 34 | 35 | 70 |
| Rest of Asia Pacific | 213 | 203 | 416 | 202 | 253 | 455 | 128 | 146 | 274 | 129 | 146 | 275 | 28 | 35 | 63 | 15 | 41 | 56 |
| '''Asia Pacific''' | '''1,343''' | '''1,403''' | '''2,747''' | '''1,356''' | '''1,457''' | '''2,813''' | '''1,119''' | '''1,138''' | '''2,258''' | '''1,138''' | '''1,164''' | '''2,302''' | '''100''' | '''175''' | '''275''' | '''114''' | '''129''' | '''243''' |
| Argentina | 101 | 19 | 120 | 122 | 129 | 250 | 70 | 32 | 102 | 70 | 82 | 152 | 41 | 39 | 80 | 6 | 14 | 21 |
| Brazil | 2,231 | 2,638 | 4,869 | 2,641 | 2,720 | 5,361 | 690 | 721 | 1,411 | 715 | 673 | 1,388 | 93 | 87 | 180 | 97 | 89 | 186 |
| Rest of Latin America | 1,401 | 1,562 | 2,963 | 1,329 | 1,082 | 2,412 | 546 | 579 | 1,124 | 581 | 565 | 1,147 | 72 | 72 | 144 | 72 | 79 | 151 |
| '''Latin America''' | '''3,733''' | '''4,219''' | '''7,953''' | '''4,093''' | '''3,931''' | '''8,024''' | '''1,306''' | '''1,331''' | '''2,637''' | '''1,366''' | '''1,320''' | '''2,687''' | '''206''' | '''198''' | '''404''' | '''175''' | '''182''' | '''357''' |
| '''Group Reinsurance''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''nm''' | '''15''' | '''15''' | '''30''' | '''13''' | '''14''' | '''27''' | '''6''' | '''(1)''' | '''5''' | '''4''' | '''(1)''' | '''3''' |
| '''Eliminations''' | '''(107)''' | '''(142)''' | '''(248)''' | '''(262)''' | '''(249)''' | '''(511)''' | '''(15)''' | '''(20)''' | '''(35)''' | '''(21)''' | '''(22)''' | '''(43)''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' |
| '''Total''' | '''16,323''' | '''15,891''' | '''32,214''' | '''16,287''' | '''16,773''' | '''33,061''' | '''5,398''' | '''5,598''' | '''10,996''' | '''5,797''' | '''5,903''' | '''11,700''' | '''939''' | '''1,121''' | '''2,060''' | '''1,048''' | '''1,187''' | '''2,235''' |
## Life Reserves Liabilities AUM
Caption: Total reserves and liabilities by geography and contract type
| USD million | Total reserves and liabilities | Total reserves and liabilities | Total reserves and liabilities | Total reserves and liabilities | of which: investment contracts | of which: investment contracts | of which: investment contracts | of which: investment contracts | of which: VFA unit-linked insurance contracts | of which: VFA unit-linked insurance contracts | of which: VFA unit-linked insurance contracts | of which: VFA unit-linked insurance contracts | of which: VFA non unit-linked insurance contracts | of which: VFA non unit-linked insurance contracts | of which: VFA non unit-linked insurance contracts | of which: VFA non unit-linked insurance contracts | of which: Life BBA and PAA | of which: Life BBA and PAA | of which: Life BBA and PAA | of which: Life BBA and PAA |
| | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 | 2023 | 2023 | 2024 | 2024 |
| | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Europe, Middle East & Africa | 148,187 | 156,461 | 176,494 | 176,570 | 54,570 | 58,790 | 62,868 | 65,211 | 49,800 | 51,272 | 51,978 | 51,889 | 30,059 | 31,910 | 48,283 | 46,429 | 13,759 | 14,489 | 13,365 | 13,042 |
| of which: | | | | | | | | | | | | | | | | | | | | |
| Germany | 27,283 | 28,715 | 47,412 | 46,278 | 28 | 28 | 27 | 26 | 24,168 | 25,463 | 26,397 | 25,891 | 3,167 | 3,245 | 21,207 | 20,499 | (80) | (21) | (219) | (138) |
| Ireland | 33,534 | 37,161 | 40,424 | 43,047 | 30,694 | 34,296 | 37,722 | 40,437 | 351 | 346 | 325 | 309 | 1,476 | 1,448 | 1,327 | 1,235 | 1,013 | 1,071 | 1,050 | 1,066 |
| Italy | 10,870 | 10,918 | 10,544 | 10,588 | 962 | 986 | 1,067 | 1,181 | 6,380 | 6,527 | 6,448 | 6,547 | 3,468 | 3,392 | 2,983 | 2,836 | 60 | 14 | 46 | 25 |
| Spain | 10,482 | 10,954 | 10,606 | 10,404 | 0 | 0 | 0 | 0 | 553 | 766 | 866 | 827 | 102 | 111 | 101 | 105 | 9,828 | 10,077 | 9,639 | 9,472 |
| Switzerland | 20,519 | 22,158 | 20,671 | 20,706 | 0 | 0 | 0 | 0 | 1,374 | 1,103 | 751 | 1,669 | 18,753 | 20,611 | 19,807 | 18,980 | 393 | 445 | 114 | 57 |
| United Kingdom | 28,368 | 28,487 | 28,075 | 26,481 | 13,005 | 12,963 | 12,908 | 12,104 | 12,205 | 12,145 | 12,047 | 11,461 | 981 | 1,004 | 914 | 871 | 2,177 | 2,375 | 2,206 | 2,045 |
| Zurich International | 13,863 | 14,603 | 15,424 | 15,771 | 9,319 | 9,906 | 10,555 | 10,895 | 4,377 | 4,499 | 4,701 | 4,735 | 8 | 11 | 8 | (9) | 160 | 187 | 160 | 150 |
| Rest of Europe, Middle East & Africa | 3,267 | 3,465 | 3,338 | 3,295 | 562 | 612 | 589 | 569 | 392 | 423 | 443 | 451 | 2,105 | 2,089 | 1,937 | 1,911 | 208 | 342 | 369 | 365 |
| North America | 13,823 | 13,020 | 13,545 | 14,314 | 0 | 0 | 0 | 0 | 13,006 | 12,212 | 12,726 | 13,487 | 0 | 0 | 0 | 0 | 818 | 807 | 819 | 827 |
| Asia Pacific | 5,904 | 5,889 | 5,707 | 5,622 | 1,355 | 1,325 | 1,275 | 1,149 | 685 | 688 | 787 | 746 | 970 | 990 | 937 | 1,075 | 2,893 | 2,886 | 2,708 | 2,651 |
| Latin America | 21,386 | 22,536 | 21,499 | 20,938 | 0 | 0 | 3 | 3 | 19,221 | 20,481 | 19,590 | 19,174 | 12 | (0) | (0) | (0) | 2,154 | 2,056 | 1,906 | 1,762 |
| Group Reinsurance | 32 | 32 | 11 | 13 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32 | 32 | 11 | 13 |
| Eliminations | (0) | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 0 | 1 | 1 |
| '''Total''' | '''189,333''' | '''197,939''' | '''217,257''' | '''217,458''' | '''55,925''' | '''60,115''' | '''64,146''' | '''66,364''' | '''82,712''' | '''84,653''' | '''85,081''' | '''85,296''' | '''31,041''' | '''32,900''' | '''49,220''' | '''47,503''' | '''19,655''' | '''20,271''' | '''18,809''' | '''18,296''' |
Caption: Assets under management rollforward by type
| USD million | Total | Total | Total | Total | Total | Total | of which: Investment and asset management contracts | of which: Investment and asset management contracts | of which: Investment and asset management contracts | of which: Investment and asset management contracts | of which: Investment and asset management contracts | of which: Investment and asset management contracts |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''AuM beginning of the period''' | '''232,517''' | '''246,428''' | '''232,517''' | '''259,476''' | '''277,586''' | '''259,476''' | '''93,620''' | '''102,136''' | '''93,620''' | '''109,599''' | '''112,753''' | '''109,599''' |
| Net inflows | 1,913 | 1,053 | 2,966 | 2,240 | 2,624 | 4,864 | 799 | 1,452 | 2,251 | 255 | 1,474 | 1,729 |
| Other | 4,804 | 9,917 | 14,721 | 27,627 | 7,016 | 34,643 | 4,526 | 2,950 | 7,475 | 7,365 | 4,506 | 11,871 |
| FX | 7,194 | 2,077 | 9,271 | (11,757) | (8,625) | (20,382) | 3,191 | 3,061 | 6,252 | (4,465) | (2,753) | (7,218) |
| '''AuM ending of the period''' | '''246,428''' | '''259,476''' | '''259,476''' | '''277,586''' | '''278,600''' | '''278,600''' | '''102,136''' | '''109,599''' | '''109,599''' | '''112,753''' | '''115,980''' | '''115,980''' |
| of which unit-linked | 130,539 | 137,249 | 137,249 | 142,301 | 144,343 | 144,343 | 0 | 0 | 0 | 0 | 0 | 0 |
| of which group investments | 69,679 | 72,744 | 72,744 | 86,678 | 84,641 | 84,641 | 0 | 0 | 0 | 0 | 0 | 0 |
| of which 3rd party investments | 46,210 | 49,483 | 49,483 | 48,607 | 49,616 | 49,616 | 0 | 0 | 0 | 0 | 0 | 0 |
## Farmers
Caption: Business operating profit build-up by Farmers segment
| USD million | Farmers Life1 (footnote: Includes eliminations.) | Farmers Life1 | Farmers Life1 | Farmers Life1 | Farmers Life1 | Farmers Life1 | Farmers Management Services | Farmers Management Services | Farmers Management Services | Farmers Management Services | Farmers Management Services | Farmers Management Services | Farmers Re | Farmers Re | Farmers Re | Farmers Re | Farmers Re | Farmers Re | Total | Total | Total | Total | Total | Total |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Insurance revenue | 518 | 499 | 1,018 | 503 | 509 | 1,012 | 0 | 0 | 0 | 0 | 0 | 0 | 751 | 785 | 1,536 | 953 | 976 | 1,929 | 1,269 | 1,284 | 2,553 | 1,456 | 1,485 | 2,941 |
| Insurance service expense | (417) | (312) | (729) | (406) | (328) | (734) | 0 | 0 | 0 | 0 | 0 | 0 | (801) | (660) | (1,461) | (898) | (892) | (1,790) | (1,218) | (972) | (2,190) | (1,305) | (1,220) | (2,525) |
| Net expenses from reinsurance contracts held | (1) | (130) | (131) | (64) | (145) | (209) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (130) | (131) | (64) | (145) | (209) |
| '''Insurance service result''' | '''100''' | '''58''' | '''158''' | '''33''' | '''36''' | '''69''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''(50)''' | '''125''' | '''75''' | '''55''' | '''84''' | '''139''' | '''50''' | '''183''' | '''233''' | '''88''' | '''120''' | '''208''' |
| Net investment income on Group investments | 80 | 49 | 129 | 13 | 12 | 26 | (0) | 0 | 0 | (0) | (0) | (0) | 8 | 9 | 17 | 10 | 11 | 21 | 88 | 58 | 146 | 23 | 23 | 46 |
| Net capital gains/(losses) on Group investments | 5 | (0) | 4 | 0 | (0) | 0 | 1 | 2 | 3 | (3) | (0) | (4) | (0) | 0 | (0) | 0 | (0) | (0) | 5 | 2 | 7 | (3) | (0) | (4) |
| Net investment result on Group investments | 85 | 49 | 134 | 13 | 12 | 26 | 1 | 2 | 3 | (3) | (0) | (4) | 8 | 9 | 17 | 10 | 11 | 21 | 93 | 60 | 153 | 20 | 23 | 43 |
| Net investment income on unit-linked investments | 12 | 34 | 47 | 19 | 46 | 64 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 34 | 47 | 19 | 46 | 64 |
| Change in liabilities for investment contracts and other funds | (1) | (1) | (1) | (1) | (1) | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | (1) | (1) | (2) |
| Re-/Insurance finance income/(expenses) | (24) | (16) | (40) | (24) | (53) | (77) | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 13 | 24 | 15 | 15 | 30 | (13) | (3) | (16) | (9) | (38) | (47) |
| '''Net investment result''' | '''72''' | '''66''' | '''139''' | '''7''' | '''4''' | '''11''' | '''1''' | '''2''' | '''3''' | '''(3)''' | '''(0)''' | '''(4)''' | '''19''' | '''22''' | '''41''' | '''25''' | '''26''' | '''51''' | '''92''' | '''91''' | '''182''' | '''29''' | '''29''' | '''58''' |
| Fee income | 0 | 0 | 0 | 0 | 0 | 0 | 2,251 | 2,278 | 4,529 | 2,266 | 2,311 | 4,577 | 0 | 0 | 0 | 0 | 0 | 0 | 2,251 | 2,278 | 4,529 | 2,266 | 2,311 | 4,577 |
| Fee business expenses | 0 | 0 | 0 | 0 | (0) | 0 | (1,333) | (1,254) | (2,587) | (1,250) | (1,285) | (2,535) | 0 | 0 | 0 | 0 | 0 | 0 | (1,333) | (1,254) | (2,586) | (1,250) | (1,285) | (2,535) |
| '''Fee result''' | '''0''' | '''0''' | '''0''' | '''0''' | '''(0)''' | '''0''' | '''918''' | '''1,024''' | '''1,942''' | '''1,015''' | '''1,026''' | '''2,041''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''0''' | '''918''' | '''1,024''' | '''1,942''' | '''1,016''' | '''1,026''' | '''2,042''' |
| Other revenues | (26) | 11 | (15) | 3 | 1 | 4 | 23 | 24 | 46 | 25 | 35 | 60 | 1 | 1 | 2 | 1 | 1 | 2 | (3) | 36 | 33 | 29 | 38 | 67 |
| Interest expense on debt | (0) | (0) | (1) | (0) | (0) | (0) | 0 | (1) | (1) | (7) | 0 | (7) | 0 | 0 | 0 | 0 | (0) | (0) | (0) | (1) | (2) | (7) | (0) | (7) |
| Other expenses | (58) | (16) | (74) | (35) | (29) | (65) | (48) | (120) | (167) | (39) | (47) | (86) | (0) | (1) | (1) | (0) | (0) | (1) | (106) | (137) | (242) | (75) | (77) | (152) |
| Restructuring costs and other items not relevant for BOP | 2 | 0 | 3 | 0 | 0 | 0 | 40 | 108 | 148 | 35 | 34 | 70 | 0 | 0 | 0 | 0 | 0 | 0 | 42 | 108 | 150 | 35 | 35 | 70 |
| '''Other result''' | '''(82)''' | '''(5)''' | '''(87)''' | '''(32)''' | '''(28)''' | '''(60)''' | '''15''' | '''10''' | '''25''' | '''14''' | '''23''' | '''37''' | '''1''' | '''0''' | '''1''' | '''1''' | '''1''' | '''2''' | '''(67)''' | '''6''' | '''(61)''' | '''(17)''' | '''(4)''' | '''(22)''' |
| of which: Technical non-qualifying expense | (55) | (16) | (71) | (35) | (29) | (64) | (3) | 1 | (2) | (1) | (1) | (2) | (0) | (1) | (1) | (0) | (0) | (1) | (58) | (16) | (74) | (37) | (30) | (67) |
| of which: Other management related income/(expenses) | | | | | | | (38) | (30) | (67) | (33) | (30) | (63) | | | | | | | | | | | | |
| '''Business operating profit before non-controlling interests''' | '''90''' | '''120''' | '''209''' | '''8''' | '''11''' | '''20''' | '''934''' | '''1,036''' | '''1,970''' | '''1,026''' | '''1,048''' | '''2,074''' | '''(30)''' | '''148''' | '''117''' | '''81''' | '''111''' | '''192''' | '''993''' | '''1,303''' | '''2,296''' | '''1,115''' | '''1,171''' | '''2,286''' |
| Non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| '''Business operating profit''' | '''90''' | '''120''' | '''209''' | '''8''' | '''11''' | '''20''' | '''934''' | '''1,036''' | '''1,970''' | '''1,026''' | '''1,048''' | '''2,074''' | '''(30)''' | '''148''' | '''117''' | '''81''' | '''111''' | '''192''' | '''993''' | '''1,303''' | '''2,296''' | '''1,115''' | '''1,171''' | '''2,286''' |
| Additional information: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross management result | | | | | | | 881 | 994 | 1,875 | 968 | 992 | 1,960 | | | | | | | | | | | | |
| Ratios, as % of insurance revenue | | | | | | | | | | | | | | | | | | | | | | | | |
| Loss ratio | | | | | | | | | | | | | 106.6% | 84.0% | 95.1% | 94.2% | 91.3% | 92.8% | | | | | | |
| Expense ratio | | | | | | | | | | | | | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | | | | | | |
| '''Combined ratio''' | | | | | | | | | | | | | '''106.7%''' | '''84.2%''' | '''95.2%''' | '''94.3%''' | '''91.4%''' | '''92.8%''' | | | | | | |
Caption: Farmers Life insurance service result build-up
| USD million | Farmers Life | Farmers Life | Farmers Life | Farmers Life | Farmers Life | Farmers Life |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- |
| CSM amortization | 91 | (3) | 89 | 31 | 34 | 65 |
| Release of risk adjustment | 21 | 5 | 26 | (0) | (0) | (0) |
| Insurance margin | 112 | 2 | 114 | 30 | 34 | 65 |
| Onerous contracts | (15) | 30 | 15 | 1 | 1 | 1 |
| Experience adjustments | 3 | 26 | 29 | 2 | 1 | 2 |
| '''Insurance service result''' | '''100''' | '''58''' | '''158''' | '''33''' | '''36''' | '''69''' |
## Group Functions and Ops
Caption: Business operating profit by group function
| USD million | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- |
| Business operating profit: | | | | | | |
| Holding and Financing | (271) | (216) | (486) | (210) | (285) | (496) |
| Headquarters | (147) | (167) | (314) | (144) | (211) | (354) |
| Zurich Global Ventures (footnote: Includes only central initiatives.) | (14) | (15) | (29) | (4) | (16) | (20) |
| '''Total business operating profit''' | '''(432)''' | '''(398)''' | '''(830)''' | '''(358)''' | '''(512)''' | '''(870)''' |
## Investment Result and Yield
Caption: Group investments net investment result build-up by asset class
| USD million | Net investment income | Net investment income | Net investment income | Net investment income | Net investment income | Net investment income | Net capital gains/(losses)1 (footnote: Book yield calculated as weighted-average portfolio yield of debt securities during the period on an annual basis.) | Net capital gains/(losses)1 | Net capital gains/(losses)1 | Net capital gains/(losses)1 | Net capital gains/(losses)1 | Net capital gains/(losses)1 | Net investment result | Net investment result | Net investment result | Net investment result | Net investment result | Net investment result |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Group investments | | | | | | | | | | | | | | | | | | |
| Investment-related cash | 18 | 23 | 41 | 25 | 24 | 49 | 0 | 0 | 0 | 0 | 0 | 0 | 18 | 23 | 41 | 25 | 24 | 49 |
| Equity securities | 195 | 195 | 390 | 211 | 203 | 414 | 745 | 259 | 1,004 | 1,102 | 383 | 1,485 | 940 | 453 | 1,393 | 1,313 | 586 | 1,899 |
| Debt securities | 2,153 | 2,161 | 4,314 | 2,303 | 2,296 | 4,599 | (617) | (385) | (1,002) | (324) | (121) | (444) | 1,536 | 1,776 | 3,312 | 1,979 | 2,175 | 4,155 |
| Investment property | 256 | 240 | 497 | 246 | 225 | 471 | (224) | (450) | (674) | (91) | 160 | 69 | 32 | (210) | (177) | 155 | 385 | 540 |
| Mortgage loans | 52 | 48 | 100 | 47 | 45 | 92 | (2) | 0 | (2) | (0) | (2) | (2) | 50 | 48 | 98 | 46 | 43 | 90 |
| Other financial assets | 120 | 129 | 250 | 119 | 161 | 280 | 2 | (101) | (98) | (1) | 62 | 61 | 123 | 28 | 151 | 119 | 223 | 341 |
| Investments in associates and joint ventures | 0 | 1 | 2 | 1 | (5) | (3) | (0) | (10) | (10) | 0 | 0 | 0 | 0 | (9) | (9) | 1 | (5) | (3) |
| Derivative financial instruments | 0 | 0 | 0 | (1) | 10 | 9 | 9 | 178 | 186 | (51) | 119 | 68 | 9 | 178 | 186 | (52) | 130 | 77 |
| '''Investment result, gross, for Group investments''' | '''2,795''' | '''2,798''' | '''5,593''' | '''2,951''' | '''2,960''' | '''5,911''' | '''(87)''' | '''(510)''' | '''(597)''' | '''635''' | '''601''' | '''1,237''' | '''2,708''' | '''2,289''' | '''4,996''' | '''3,586''' | '''3,562''' | '''7,148''' |
| Investment expenses for Group investments | (98) | (113) | (211) | (89) | (92) | (181) | 0 | 0 | 0 | 0 | 0 | 0 | (98) | (113) | (211) | (89) | (92) | (181) |
| Foreign Currency gains and losses | 0 | 0 | 0 | 0 | 0 | 0 | (41) | (58) | (99) | (112) | (40) | (153) | (41) | (58) | (99) | (112) | (40) | (153) |
| '''Investment result, net, for Group investments''' | '''2,698''' | '''2,685''' | '''5,382''' | '''2,862''' | '''2,868''' | '''5,730''' | '''(128)''' | '''(567)''' | '''(696)''' | '''523''' | '''561''' | '''1,084''' | '''2,569''' | '''2,117''' | '''4,687''' | '''3,385''' | '''3,429''' | '''6,814''' |
| Investment result, net, for unit-linked contracts | 691 | 515 | 1,207 | 660 | 665 | 1,325 | 6,464 | 6,520 | 12,984 | 9,058 | 6,001 | 15,059 | 7,156 | 7,035 | 14,191 | 9,718 | 6,666 | 16,384 |
| '''Investment result, net, for total investments''' | '''3,389''' | '''3,200''' | '''6,589''' | '''3,522''' | '''3,533''' | '''7,055''' | '''6,336''' | '''5,953''' | '''12,288''' | '''9,581''' | '''6,562''' | '''16,143''' | '''9,725''' | '''9,153''' | '''18,877''' | '''13,103''' | '''10,095''' | '''23,198''' |
Caption: Investment yield by business unit
| USD million | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Life | Life | Life | Life | Life | Life | Group | Group | Group | Group | Group | Group |
| | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Book yield of debt securities (approximated) (footnote: Includes change of ECL allowance.) | 3.1% | 3.3% | 3.2% | 3.5% | 3.6% | 3.6% | 2.8% | 2.9% | 2.8% | 2.9% | 3.0% | 3.0% | 2.9% | 3.1% | 3.0% | 3.2% | 3.3% | 3.2% |
| Reinvestment yield of debt securities (approximated) (footnote: Reinvestment yield calculated as a weighted-average trade yield of purchased debt securities with maturity > 90 days during the period, on an annual basis.) | 4.9% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 4.2% | 4.2% | 4.2% | 4.1% | 3.8% | 4.0% | 4.6% | 4.8% | 4.7% | 4.6% | 4.5% | 4.6% |
| Investment income yield of total Group investments, net of investment expenses (footnote: Investment income yield calculated based on average Group Investments (accounting view). In 2024, the decrease mainly related to the reversal of the amounts previously held for sale regarding the legacy traditional life insurance book of Zurich Deutscher Herold Lebensversicherung Aktiengesellschaft.) | 1.7% | 1.8% | 3.5% | 1.8% | 1.9% | 3.8% | 2.2% | 2.3% | 4.6% | 1.8% | 1.7% | 3.6% | 1.9% | 1.9% | 3.9% | 1.8% | 1.8% | 3.7% |
## Investments
Caption: Total investments breakdown by asset class
| % | 2023 | 2023 | 2024 | 2024 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Total investments (USD billions) | 170 | 171 | 165 | 161 |
| Government and Government Guaranteed | 32.6% | 33.5% | 32.8% | 34.0% |
| Credit, Private Debt | 44.0% | 43.1% | 43.3% | 42.6% |
| Mortgages | 2.7% | 2.7% | 2.6% | 2.5% |
| Real estate | 9.4% | 9.0% | 8.8% | 8.0% |
| Equities | 4.0% | 3.9% | 4.5% | 4.3% |
| Hedge Funds, Private Equity | 2.2% | 2.2% | 2.5% | 2.6% |
| Cash | 5.1% | 5.6% | 5.3% | 6.0% |
Caption: Rating of fixed income securities breakdown by rating
| % | 2023 | 2023 | 2024 | 2024 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Rating of Fixed Income Securities2 (USD billions) (footnote: Includes government and government guaranteed, credit and private debt exposure.) | 130 | 131 | 125 | 123 |
| - AAA | 21.6% | 21.6% | 21.4% | 21.2% |
| - AA | 29.0% | 30.1% | 29.9% | 31.5% |
| - A | 17.7% | 17.8% | 19.1% | 18.1% |
| - BBB | 25.7% | 24.9% | 24.1% | 23.5% |
| - Non-investment grade | 5.9% | 5.5% | 5.5% | 5.6% |
| - Unrated | 0.0% | 0.0% | 0.0% | 0.0% |
Caption: Rating of government and government guaranteed securities breakdown by rating
| % | 2023 | 2023 | 2024 | 2024 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Rating of Government & Government Guaranteed Securities (USD billions) | 55 | 57 | 54 | 55 |
| - AAA | 26.7% | 27.5% | 27.3% | 26.6% |
| - AA | 49.7% | 49.9% | 49.5% | 51.1% |
| - A | 4.4% | 4.1% | 5.2% | 4.4% |
| - BBB | 15.6% | 15.2% | 14.5% | 14.9% |
| - Non-investment grade | 3.6% | 3.3% | 3.5% | 3.0% |
| - Unrated | 0.0% | 0.0% | 0.0% | 0.0% |
Caption: Rating of credit and private debt securities breakdown by rating
| % | 2023 | 2023 | 2024 | 2024 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Rating of Credit, Private Debt Securities (USD billions) | 75 | 74 | 71 | 68 |
| - AAA | 17.9% | 17.1% | 16.9% | 16.9% |
| - AA | 13.8% | 14.8% | 15.0% | 15.9% |
| - A | 27.6% | 28.4% | 29.6% | 29.2% |
| - BBB | 33.1% | 32.5% | 31.4% | 30.4% |
| - Non-investment grade | 7.6% | 7.2% | 7.0% | 7.6% |
| - Unrated | 0.0% | 0.0% | 0.0% | 0.0% |
Caption: Government and government guaranteed investments breakdown by country
| % | 2023 | 2023 | 2024 | 2024 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Government and Government Guaranteed (USD billions) | 55 | 57 | 54 | 55 |
| - USA | 24.1% | 24.3% | 24.4% | 24.6% |
| - Italy | 6.9% | 6.0% | 6.2% | 6.0% |
| - Germany | 10.2% | 9.7% | 9.2% | 8.6% |
| - Spain | 8.1% | 8.3% | 8.5% | 8.4% |
| - France | 9.7% | 9.8% | 8.7% | 9.0% |
| - Switzerland | 6.8% | 7.6% | 6.8% | 7.2% |
| - UK | 6.0% | 5.9% | 5.9% | 5.4% |
| - Other | 28.2% | 28.3% | 30.2% | 30.7% |
Caption: Credit and private debt investments breakdown by type
| % | 2023 | 2023 | 2024 | 2024 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Credit and Private Debt (USD billions) | 75 | 74 | 71 | 68 |
| - Non-Financial Credit | 32.4% | 32.9% | 32.5% | 31.7% |
| - Financial Credit | 24.1% | 25.3% | 26.0% | 26.4% |
| - Municipals, Agencies, State Credit | 16.4% | 16.8% | 16.8% | 17.1% |
| - Asset Backed Securities | 8.8% | 8.0% | 8.4% | 8.2% |
| - Covered Bonds | 4.8% | 5.4% | 4.8% | 5.0% |
| - Other | 13.4% | 11.6% | 11.6% | 11.7% |
Caption: Non-financial credit investments breakdown by industry (footnote: Market value of the investment portfolio (economic view).)
| % | 2023 | 2023 | 2024 | 2024 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Non-Financial Credit (USD billions) | 24 | 24 | 23 | 22 |
| - Transport & Utilities | 30.4% | 29.7% | 28.2% | 27.3% |
| - Manufacturing | 16.4% | 16.9% | 16.6% | 17.4% |
| - Telecom | 14.4% | 14.3% | 14.7% | 15.0% |
| - Retail and Consumer Business | 15.1% | 15.1% | 16.0% | 16.1% |
| - Chemicals & Pharmaceuticals | 10.0% | 10.3% | 10.8% | 10.7% |
| - Other | 13.7% | 13.7% | 13.6% | 13.4% |
## RoE, EPS and BVPS
Caption: Core ROE calculation build-up
| USD million | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- |
| Core ROE calculation | | | | | | |
| BOP | 3,720 | 3,661 | 7,381 | 3,988 | 3,763 | 7,751 |
| Shareholders' effective tax rate (in %) | 24.4% | 25.7% | 25.0% | 26.0% | 24.1% | 25.1% |
| BOP after tax | 2,813 | 2,721 | 5,540 | 2,951 | 2,855 | 5,804 |
| NIAS | 2,492 | 1,859 | 4,351 | 3,026 | 2,788 | 5,814 |
| Average adjusted shareholders' equity (footnote: Average shareholders’ equity based on semi-annual data points (based on quarterly data points in previous disclosures).) | 24,556 | 23,515 | 24,035 | 23,402 | 23,688 | 23,545 |
| Core ROE (in %) (footnote: Previously named BOPAT ROE. Calculated as Business operating profit after tax (BOPAT) divided by average shareholders’ equity excluding unrealized gains and losses. Average shareholders’ equity based on semi-annual data points (based on quarterly data points in previous disclosures).) | 22.9% | 23.1% | 23.0% | 25.2% | 24.1% | 24.6% |
| NIAS ROE (in %) (footnote: Calculated as NIAS divided by average shareholders’ equity excluding unrealized gains and losses. Average shareholders’ equity based on semi-annual data points (based on quarterly data points in previous disclosures).) | 20.3% | 15.8% | 18.1% | 25.9% | 23.5% | 24.7% |
Caption: Shares in issue build-up
| USD million | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- |
| Shares in issue | | | | | | |
| Common shares issued | 150 | 146 | 146 | 146 | 146 | 146 |
| Treasury shares | 5 | 2 | 2 | 2 | 4 | 4 |
| Common shares outstanding | 145 | 144 | 144 | 144 | 142 | 142 |
| Weighted average for basic EPS | 146 | 144 | 145 | 144 | 143 | 144 |
| Dilution impact | 1 | 1 | 1 | 1 | 1 | 1 |
| Weighted average for diluted EPS | 147 | 145 | 146 | 145 | 144 | 145 |
Caption: EPS, diluted EPS, BVPS by currency
| USD million | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- |
| '''EPS, Diluted EPS, BVPS''' | | | | | | |
| in USD | | | | | | |
| NIAS (in millions) | 2,492 | 1,859 | 4,351 | 3,026 | 2,788 | 5,814 |
| Basic EPS | 17.06 | 12.87 | 29.96 | 20.98 | 19.49 | 40.48 |
| Diluted EPS | 16.96 | 12.78 | 29.73 | 20.82 | 19.35 | 40.15 |
| Core EPS (footnote: Business Operating Profit after tax divided by weighted average number of shares (diluted).) | 19.15 | 18.71 | 37.85 | 20.30 | 19.81 | 40.08 |
| in CHF | | | | | | |
| Average USD/CHF rate | 1.10 | 1.13 | 1.11 | 1.13 | 1.15 | 1.14 |
| Basic EPS | 15.56 | 11.39 | 26.91 | 18.64 | 17.00 | 35.62 |
| Diluted EPS | 15.47 | 11.31 | 26.71 | 18.50 | 16.87 | 35.33 |
| Core EPS (footnote: Business Operating Profit after tax divided by weighted average number of shares (diluted).) | 17.46 | 16.56 | 34.00 | 18.04 | 17.28 | 35.27 |
| BVPS | 147.17 | 145.40 | 145.40 | 150.11 | 162.23 | 162.23 |
## Equity
Caption: Total equity rollforward
| USD million | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- |
| '''Total equity, as previously reported''' | '''26,930''' | '''25,335''' | '''26,930''' | '''26,280''' | '''25,565''' | '''26,280''' |
| Effect of adoption IFRS 9 | 376 | 0 | 376 | 0 | 0 | 0 |
| Effect of adoption IAS 29 and restatement under IFRIC 7 | 139 | 0 | 139 | 0 | 0 | 0 |
| '''Total equity, after the adoption of IFRS 9, IAS 29 and restatement under IFRIC 7''' | '''27,446''' | '''25,335''' | '''27,446''' | '''26,280''' | '''25,565''' | '''26,280''' |
| Non-controlling interests | 1,247 | 1,492 | 1,247 | 1,419 | 1,446 | 1,419 |
| '''Shareholders' equity''' | '''26,199''' | '''23,843''' | '''26,199''' | '''24,860''' | '''24,119''' | '''24,860''' |
| Issuance of share capital | 0 | (0) | (0) | 0 | 0 | 0 |
| Dividends to shareholders | (3,877) | 0 | (3,877) | (4,156) | 0 | (4,156) |
| Treasury share transactions | (1,380) | (382) | (1,762) | 121 | (1,211) | (1,090) |
| NIAS | 2,492 | 1,859 | 4,351 | 3,026 | 2,788 | 5,814 |
| Change in discount rate for insurance/reinsurance contracts | 114 | (1,093) | (979) | 571 | (490) | 81 |
| Change in fair value of underlying investment | (588) | (663) | (1,250) | 932 | (828) | 104 |
| Net unreal. gains/(losses) on financial assets | 819 | 2,155 | 2,974 | (1,402) | 1,257 | (144) |
| CTA | 56 | (496) | (440) | (3) | (439) | (442) |
| Net actuarial gains/(losses) on pension plans | 35 | (484) | (448) | 232 | 136 | 368 |
| Share-based payment transactions | (26) | 131 | 106 | (62) | 138 | 76 |
| Other | (2) | (10) | (12) | (0) | 0 | (0) |
| '''Shareholders' equity''' | '''23,843''' | '''24,860''' | '''24,860''' | '''24,119''' | '''25,472''' | '''25,472''' |
| Non-controlling interests | 1,492 | 1,419 | 1,419 | 1,446 | 1,466 | 1,466 |
| '''Total equity, end of period''' | '''25,335''' | '''26,280''' | '''26,280''' | '''25,565''' | '''26,938''' | '''26,938''' |
Caption: Total equity build-up
| USD million | 2023 | 2023 | 2024 | 2024 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Share capital | 11 | 11 | 11 | 11 |
| Treasury shares | (1) | (0) | (0) | (0) |
| Additional paid-in capital | 1,222 | 1,333 | 1,272 | 1,410 |
| Net unreal. gains/(losses) on financial assets | (6,461) | (4,304) | (5,708) | (4,448) |
| Change in discount rate for insurance/reinsurance contracts | 5,384 | 4,291 | 4,862 | 4,372 |
| Change in fair value of underlying investment | 1,716 | 1,053 | 1,985 | 1,158 |
| Cumulative foreign currency translation adjustment | (10,156) | (10,616) | (10,659) | (11,103) |
| Share of other comp. inc. of equity acctd investments | (2) | (3) | (2) | (3) |
| Revaluation reserve | 270 | 254 | 254 | 254 |
| Retained earnings | 31,860 | 32,842 | 32,104 | 33,823 |
| Common shareholders' equity | 23,843 | 24,860 | 24,119 | 25,472 |
| Preferred securities | 0 | 0 | 0 | 0 |
| Shareholders' equity | 23,843 | 24,860 | 24,119 | 25,472 |
| Non-controlling interests | 1,492 | 1,419 | 1,446 | 1,466 |
| '''Total equity''' | '''25,335''' | '''26,280''' | '''25,565''' | '''26,938''' |
Caption: Shareholders' equity time series
| USD million | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 |
| | H1 | H2 | FY-23 | H1 | H2 | FY-24 |
| --- | --- | --- | --- | --- | --- | --- |
| Shareholders' equity at end of period | 23,843 | 24,860 | | 24,119 | 25,472 | |
| Net URG's/URL's (footnote: Includes net unrealized gains/(losses) on financial assets, net change in discount rate for (re-)insurance contracts and net change in fair value of underlying items through OCI.) | (637) | (1,037) | | (1,138) | (1,078) | |
| Adjusted shareholders' equity at end of period | 23,205 | 23,824 | | 22,981 | 24,394 | |
| Average adjusted shareholders' equity of period | 24,556 | 23,515 | 24,035 | 23,402 | 23,688 | 23,545 |
## Currency Impact
Caption: Business operating profit and net income variance by currency impact
| USD million | FY-24 | FY-24 | FY-24 |
| | Reported (in GC) | Reported (in GC) | in LC |
| | in USD millions | Variance in %1 (footnote: Variance to the prior year period.) | Variance in %1 |
| --- | --- | --- | --- |
| '''Business operating profit''' | '''7,751''' | '''5.0%''' | '''5.8%''' |
| '''Net income attributable to shareholders''' | '''5,814''' | '''33.6%''' | '''37.5%''' |
| Gross written premiums | 46,624 | 5.0% | 5.5% |
| Insurance revenue | 44,792 | 5.9% | 6.3% |
| Insurance service result | 3,500 | 9.9% | 10.0% |
| Net investment income | 2,503 | 14.3% | 16.3% |
| Business operating profit | 4,204 | 8.0% | 8.5% |
| Insurance revenue | 11,700 | 6.4% | 7.7% |
| PVNBP | 16,891 | 3.1% | 5.7% |
| Business operating profit | 2,235 | 8.5% | 9.4% |
| Business operating profit | (870) | (4.9%) | (2.1%) |
| Business operating profit | (104) | (171.2%) | (171.1%) |
## Exchange Rates
Caption: USD per foreign currency unit exchange rates
| USD | Consolidated balance sheets at end-of-period exchange rates | Consolidated balance sheets at end-of-period exchange rates | Consolidated income statements and cash flows at average exchange rates | Consolidated income statements and cash flows at average exchange rates |
| | 12/31/23 | 12/31/24 | 12/31/23 | 12/31/24 |
| --- | --- | --- | --- | --- |
| Euro | 1.1053 | 1.0353 | 1.0813 | 1.0821 |
| Swiss franc | 1.1874 | 1.1035 | 1.1132 | 1.1365 |
| British pound | 1.2737 | 1.2520 | 1.2434 | 1.2781 |
| Brazilian real | 0.2059 | 0.1619 | 0.2003 | 0.1865 |
| Australian dollar | 0.6817 | 0.6189 | 0.6644 | 0.6599 |
| Japanese yen | 0.0071 | 0.0064 | 0.0071 | 0.0066 |