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Zurich/2023/FY/Financial supplement

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Document info
OrganizationZurich
Year2023
PeriodFY
Period labelFY23
Document categoryFinancial supplement
Document nameSupplementary information (unaudited)
LanguageEnglish
SourceOriginal URL
Archive file.md file

Zurich 2023 full year financial supplement.

BOP by Business

Business operating profit build-up by business unit
USD million Property & Casualty Life Farmers Group Functions and Operations Non-Core Businesses Eliminations Total
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
Insurance revenue 18,648 20,516 39,164 20,163 22,130 42,293 5,069 4,973 10,042 5,398 5,598 10,996 619 659 1,278 1,269 1,284 2,553 127 213 340 170 123 293 52 60 112 50 49 98 -57 -88 -144 -79 -56 -135 24,457 26,335 50,792 26,971 29,128 56,099
Insurance service expense -15,030 -18,276 -33,306 -16,968 -19,486 -36,454 -4,284 -4,282 -8,566 -4,205 -4,253 -8,458 -547 -548 -1,096 -1,218 -972 -2,190 -151 -169 -320 -185 -110 -296 -22 -238 -260 -49 -82 -131 46 56 102 63 45 107 -19,989 -23,457 -43,446 -22,562 -24,859 -47,422
Net expenses from reinsurance contracts held -1,602 -1,328 -2,929 -1,341 -1,312 -2,653 -126 -106 -231 -133 -123 -256 17 1 18 -1 -130 -131 7 -49 -43 13 -13 -0 -4 28 24 -2 35 32 11 32 43 16 11 28 -1,697 -1,422 -3,119 -1,449 -1,532 -2,981
Insurance service result 2,016 913 2,928 1,854 1,332 3,186 659 586 1,245 1,060 1,221 2,281 89 112 201 50 183 233 (18) (5) (23) (2) 0 (2) 26 (150) (124) (2) 1 (1) 0 0 0 0 0 0 2,771 1,455 4,227 2,959 2,737 5,696
Net investment income on Group investments 890 946 1,836 1,087 1,104 2,191 1,543 1,437 2,980 1,471 1,454 2,924 77 83 160 88 58 146 39 85 124 51 84 135 45 63 108 71 74 145 -18 -61 -80 -71 -89 -160 2,577 2,552 5,128 2,698 2,685 5,382
Net capital gains/(losses) and impairments on Group investments -45 24 -21 73 152 225 40 28 68 -33 -124 -156 -8 0 -8 5 2 7 8 25 33 90 52 142 -344 -114 -458 -6 23 16 0 0 0 0 0 0 -350 -37 -387 130 105 234
Net investment result on Group investments 845 970 1,815 1,160 1,256 2,416 1,583 1,465 3,048 1,438 1,330 2,768 69 83 152 93 60 153 47 110 157 141 136 277 -299 -51 -350 65 97 162 -18 -61 -80 -71 -89 -160 2,227 2,515 4,742 2,827 2,789 5,616
Net investment income on unit-linked investments 0 0 0 0 0 0 643 571 1,214 679 481 1,160 54 70 124 12 34 47 0 0 0 0 0 0 -0 0 0 0 0 0 0 0 0 0 0 0 697 641 1,338 691 515 1,207
Change in liabilities for investment contracts and other funds 0 0 0 0 0 0 -457 -325 -782 -434 -299 -733 -1 -1 -1 -1 -1 -1 0 0 0 0 0 0 -4 -4 -9 -4 -4 -8 0 0 0 0 0 0 -462 -330 -793 -438 -304 -742
Re-/Insurance finance income/(expenses) -169 -271 -439 -396 -491 -887 -1,453 -1,332 -2,785 -1,414 -1,189 -2,603 -59 -84 -143 -13 -3 -16 0 -1 -0 -1 -1 -2 202 31 232 -52 -70 -122 -0 -0 -0 0 -0 0 -1,478 -1,657 -3,135 -1,876 -1,755 -3,631
Net investment result 676 700 1,376 765 764 1,529 316 379 695 270 323 592 63 68 132 92 91 182 48 109 157 140 134 275 (102) (25) (127) 9 23 32 (19) (61) (80) (71) (89) (160) 983 1,169 2,152 1,204 1,246 2,450
Fee income 356 307 664 224 253 476 267 328 595 430 450 880 2,218 2,270 4,487 2,251 2,278 4,529 0 0 0 0 0 0 -0 0 0 0 0 0 0 0 0 0 0 0 2,840 2,906 5,746 2,905 2,980 5,885
Fee business expenses -344 -231 -575 -172 -189 -361 -226 -235 -461 -305 -319 -624 -1,344 -1,371 -2,714 -1,333 -1,254 -2,586 -0 -1 -1 -1 -1 -1 -0 0 0 0 -0 0 -3 -3 -6 -5 -5 -9 -1,917 -1,840 -3,757 -1,815 -1,768 -3,583
Fee result 12 77 89 51 64 115 41 93 134 126 130 256 874 899 1,773 918 1,024 1,942 (0) (1) (1) (1) (1) (1) (0) 0 0 0 0 0 (3) (3) (5) (5) (5) (9) 924 1,065 1,989 1,090 1,212 2,303
Other revenues 279 99 378 183 190 373 40 154 194 75 104 180 -20 -1 -22 -3 36 33 60 93 153 110 106 216 5 10 14 10 11 21 -136 -232 -368 -279 -333 -613 228 122 350 96 114 210
Interest expense on debt -8 -25 -33 -33 -38 -71 -5 -6 -11 -5 -31 -36 13 -17 -4 -0 -1 -2 -245 -314 -559 -350 -371 -721 -2 -17 -19 -25 -33 -58 24 158 182 184 248 432 -223 -221 -444 -229 -227 -456
Other expenses -561 -611 -1,173 -731 -711 -1,442 -352 -308 -660 -348 -341 -689 -93 -35 -129 -106 -137 -242 -290 -329 -619 -390 -281 -671 -15 -17 -33 -19 -13 -32 133 139 272 171 179 350 -1,179 -1,162 -2,341 -1,424 -1,303 -2,727
Restructuring costs and other items not relevant for BOP 32 158 190 224 109 334 81 -50 31 51 24 75 56 79 135 42 108 150 64 32 96 61 14 75 0 0 0 0 0 0 0 0 0 0 0 0 234 219 453 378 255 634
Other result (258) (379) (637) (357) (450) (807) (236) (209) (445) (226) (243) (469) (44) 25 (19) (67) 6 (61) (410) (518) (929) (569) (532) (1,101) (13) (24) (37) (34) (36) (70) 21 64 85 75 93 169 (941) (1,042) (1,982) (1,178) (1,161) (2,339)
Income tax (expense)/benefit attributable to policyholders (BOP relevant) 0 0 0 0 -2 -2 253 -25 228 -74 -97 -170 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 253 -25 228 -74 -99 -172
Business operating profit before non-controlling interests 2,446 1,310 3,756 2,313 1,708 4,020 1,033 823 1,856 1,156 1,334 2,490 982 1,105 2,086 993 1,303 2,296 (381) (416) (796) (432) (398) (830) (89) (199) (288) (27) (11) (38) 0 0 0 (0) 0 (0) 3,991 2,623 6,613 4,002 3,936 7,938
Non-controlling interest 67 55 122 65 62 127 185 184 369 217 213 430 0 0 0 0 0 0 0 -1 -1 -0 -0 -0 0 0 0 0 0 0 0 0 0 0 0 0 253 238 490 282 274 557
Business operating profit 2,379 1,255 3,634 2,247 1,646 3,893 847 640 1,487 939 1,121 2,060 982 1,105 2,086 993 1,303 2,296 (381) (415) (796) (432) (398) (830) (89) (199) (288) (27) (11) (38) 0 0 0 (0) 0 (0) 3,738 2,385 6,123 3,720 3,661 7,381

BOP to NIAS by Business

Business operating profit to net income after taxes reconciliation by business unit
USD million Property & Casualty Life Farmers Group Functions and Operations Non-Core Businesses Eliminations Total
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
Business operating profit 2,379 1,255 3,634 2,247 1,646 3,893 847 640 1,487 939 1,121 2,060 982 1,105 2,086 993 1,303 2,296 (381) (415) (796) (432) (398) (830) (89) (199) (288) (27) (11) (38) 0 0 0 (0) 0 (0) 3,738 2,385 6,123 3,720 3,661 7,381
Revenues/(expenses) not relevant for BOP: — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Net capital gains/(losses) on Group investments and impairments -235 148 -87 170 -300 -130 -1,217 -72 -1,288 -280 79 -200 -4 5 1 -36 -443 -479 6 -82 -76 -117 -11 -128 -7 -1 -8 5 3 8 0 0 0 0 0 0 -1,456 -2 -1,458 -258 -672 -930
Net capital gains/(losses) on unit-linked investments 0 0 0 0 0 0 -13,354 734 -12,621 6,153 6,274 12,426 -327 -50 -376 126 55 182 0 0 0 0 0 0 -656 -5 -661 185 191 377 0 0 0 0 0 0 -14,337 679 -13,658 6,464 6,520 12,984
Change in liabilities for investment contracts and other funds 0 0 0 0 0 0 6,619 -8 6,611 -2,692 -2,944 -5,637 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6,619 -8 6,611 -2,692 -2,944 -5,637
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 7,699 -727 6,972 -3,260 -3,510 -6,769 327 42 368 -126 -53 -180 0 0 0 0 0 0 743 22 765 -192 -192 -383 0 0 0 0 0 0 8,769 -664 8,106 -3,578 -3,755 -7,332
Net gains/(losses) on divestment of businesses 0 -17 -17 0 0 0 -19 -124 -144 -28 -87 -116 0 0 0 0 0 0 1 1 1 -0 12 12 0 0 0 0 0 0 0 0 0 0 0 0 -19 -140 -159 -28 -76 -104
Restructuring costs -15 -46 -61 -137 -74 -211 -9 -24 -32 -12 -22 -34 0 -7 -7 -0 -74 -75 -4 -5 -9 -2 -6 -7 0 0 0 0 0 0 0 0 0 0 0 0 -27 -82 -109 -151 -176 -327
Other adjustments -18 -112 -129 -88 -35 -123 -72 73 1 -39 -2 -42 -57 -71 -128 -42 -34 -75 -60 -27 -87 -59 -8 -68 0 0 0 0 0 0 0 0 0 0 0 0 -207 -137 -343 -228 -80 -307
Add back: — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Business operating profit attributable to non-controlling interests 67 55 122 65 62 127 185 184 369 217 213 430 0 0 0 0 0 0 0 -1 -1 -0 -0 -0 0 0 0 0 0 0 0 0 0 0 0 0 253 238 490 282 274 557
Net income before shareholders' taxes 2,179 1,283 3,462 2,258 1,299 3,557 680 675 1,355 997 1,122 2,119 922 1,023 1,944 915 754 1,669 (439) (528) (967) (610) (411) (1,021) (8) (184) (192) (28) (9) (37) 0 0 0 0 0 0 3,333 2,269 5,602 3,532 2,754 6,286
Income tax expense/(benefit) attributable to policyholders (BOP relevant) 0 0 0 0 2 2 -253 25 -228 74 97 170 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -253 25 -228 74 99 172
Net income before income taxes 2,179 1,283 3,462 2,258 1,301 3,559 426 701 1,127 1,070 1,218 2,289 922 1,023 1,944 915 754 1,669 (439) (528) (967) (610) (411) (1,021) (8) (184) (192) (28) (9) (37) 0 0 0 0 0 0 3,080 2,294 5,374 3,605 2,853 6,458
Income tax (expense)/benefit — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — -577 -499 -1,076 -935 -806 -1,741
attributable to policyholders — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 253 -12 241 -73 -99 -172
attributable to shareholders — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — -830 -487 -1,317 -861 -707 -1,568
Net income after taxes — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 2,503 1,795 4,299 2,670 2,047 4,717
attributable to non-controlling interests — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 160 175 334 179 188 366
attributable to shareholders — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 2,344 1,620 3,964 2,492 1,859 4,351

BS by Business

Assets and liabilities by business unit
USD million Property & Casualty Life Farmers Group Functions and Operations Non-Core Businesses Eliminations Total
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
— 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 9,981 7,343 6,665 7,175 4,231 4,163 4,492 4,866 831 939 608 2,633 2,525 2,929 2,208 3,142 613 376 466 392 (11,670) (8,190) (8,002) (10,927) 6,510 7,560 6,437 7,280
Total Group Investments 67,459 64,463 67,660 68,102 65,530 65,961 65,187 67,878 5,234 4,670 4,817 1,172 9,614 8,919 6,881 8,204 4,591 4,354 4,241 4,174 -9,376 -8,256 -7,759 -8,564 143,052 140,111 141,027 140,966
Equity securities 8,603 7,722 8,240 8,445 4,831 4,379 4,514 4,661 130 348 384 29 601 609 299 21 81 72 68 61 0 0 0 0 14,246 13,130 13,505 13,217
Debt securities 48,606 45,944 49,249 49,527 45,619 44,996 44,895 47,399 3,795 3,624 3,737 1,023 5,334 5,266 3,333 4,149 4,068 3,911 3,865 3,826 0 0 0 0 107,422 103,740 105,079 105,924
Investment property 4,834 5,275 5,185 5,047 8,504 9,257 8,897 8,454 159 174 175 113 0 0 0 0 94 92 83 70 0 0 0 0 13,590 14,798 14,340 13,684
Mortgage loans 870 886 920 964 3,664 4,093 3,334 3,360 542 518 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5,076 5,497 4,254 4,324
Other loans 4,543 4,631 4,062 4,116 2,895 3,214 3,522 3,979 608 7 521 7 3,643 3,033 3,225 3,987 292 225 171 157 -9,376 -8,256 -7,759 -8,564 2,605 2,855 3,743 3,682
Investments in associates and joint ventures 4 5 3 3 18 21 25 26 0 0 0 0 35 11 23 46 55 55 55 60 0 0 0 0 112 92 106 135
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 0 116,241 119,003 130,539 137,249 1,012 1,035 1,169 1,245 0 0 0 0 3,519 2,423 2,574 2,650 0 0 0 0 120,773 122,461 134,282 141,144
Total investments 67,459 64,463 67,660 68,102 181,771 184,964 195,725 205,127 6,246 5,706 5,986 2,417 9,614 8,919 6,881 8,204 8,110 6,777 6,816 6,825 (9,376) (8,256) (7,759) (8,564) 263,824 262,573 275,309 282,110
Insurance contract assets 365 380 357 357 306 296 284 223 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 671 676 641 580
Reinsurance contract assets 12,366 12,632 13,057 13,569 3,075 3,224 3,273 3,197 1,789 1,609 1,739 3,094 109 134 151 0 2,341 2,229 2,131 2,115 -148 51 -204 -33 19,531 19,878 20,147 21,942
Goodwill 1,778 1,760 1,885 1,855 1,207 1,413 1,390 1,412 1,237 1,237 1,237 1,264 8 10 10 10 0 0 0 0 0 0 0 0 4,231 4,420 4,522 4,541
Other intangible assets 1,383 1,424 1,445 1,453 1,444 1,590 1,628 1,597 823 778 728 1,232 32 43 45 55 0 0 0 0 0 0 0 0 3,682 3,835 3,846 4,337
Other assets 6,805 6,983 7,042 7,207 34,209 25,377 28,236 27,843 3,328 3,298 3,303 3,591 1,775 1,986 1,663 2,931 2,165 2,068 2,430 2,227 -3,393 -3,242 -3,520 -3,208 44,890 36,470 39,153 40,591
Total assets 100,137 94,984 98,109 99,718 226,244 221,028 235,029 244,264 14,255 13,567 13,602 14,231 14,064 14,021 10,958 14,343 13,228 11,450 11,842 11,558 (24,588) (19,637) (19,485) (22,731) 343,339 335,412 350,055 361,382
Liabilities — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for investment contracts 0 0 0 0 49,334 50,391 55,925 60,115 42 43 42 42 0 0 0 0 130 123 118 113 0 0 0 0 49,507 50,557 56,085 60,270
Insurance contract liabilities 58,890 59,397 61,495 63,252 131,643 131,568 136,625 140,897 4,857 5,254 5,384 5,355 205 45 295 3 9,041 7,517 7,514 7,488 -142 56 -206 -33 204,494 203,837 211,107 216,962
Reinsurance contract liabilities 25 26 21 19 441 340 340 347 0 0 0 138 0 0 0 0 0 0 0 0 0 0 0 0 466 367 361 504
Other liabilities 10,062 10,993 10,588 11,848 34,165 27,632 30,429 30,729 1,867 1,865 1,745 1,433 13,442 7,857 8,818 10,757 3,343 2,952 3,405 3,101 -15,178 -11,547 -12,012 -14,251 47,702 39,752 42,973 43,617
Senior debt 887 954 1,028 1,163 543 434 426 402 0 0 0 0 9,862 9,201 8,557 8,504 281 281 292 292 -6,360 -5,799 -5,152 -5,171 5,212 5,071 5,150 5,190
Subordinated debt 875 868 915 917 583 578 610 611 558 0 0 760 9,608 9,800 10,012 9,548 0 0 0 0 -2,907 -2,346 -2,493 -3,277 8,717 8,899 9,044 8,559
Total liabilities 70,738 72,238 74,047 77,199 216,710 210,944 224,355 233,102 7,325 7,162 7,171 7,728 33,117 26,902 27,682 28,812 12,795 10,873 11,329 10,994 (24,587) (19,636) (19,864) (22,733) 316,097 308,482 324,720 335,102
Equity — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Shareholders’ equity — — — — — — — — — — — — — — — — — — — — — — — — 26,047 25,683 23,843 24,860
Non-controlling interests — — — — — — — — — — — — — — — — — — — — — — — — 1,194 1,247 1,492 1,419
Total equity — — — — — — — — — — — — — — — — — — — — — — — — 27,242 26,930 25,335 26,280
Total liabilities and equity — — — — — — — — — — — — — — — — — — — — — — — — 343,339 335,412 350,055 361,382
Supplementary information — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Risk adjustment for non-financial risk 1,028 1,162 1,082 1,095 1,706 1,691 1,666 1,715 398 413 428 14 4 4 4 0 72 137 86 76 -0 -0 0 -0 3,207 3,408 3,266 2,900
Liability for remaining coverage, net 5,231 5,275 6,275 5,836 124,748 125,320 130,018 134,012 2,870 3,754 3,958 3,158 -26 5 8 0 3,413 2,358 2,537 2,645 -37 -28 -9 -16 136,198 136,684 142,788 145,634
Liability for incurred claims, net 40,953 41,137 41,827 43,509 3,955 3,068 3,389 3,811 197 -110 -313 -759 123 -94 136 3 3,287 2,931 2,846 2,729 44 33 6 16 48,560 46,965 47,892 49,309

P&C by Segment

Property & casualty underlying earnings by geography
USD million Europe, Middle East & Africa North America Asia Pacific Latin America Group Reinsurance Eliminations Total
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
Insurance revenue (footnote: Includes add-back and international programs business.) 7,798 7,824 15,622 8,267 8,903 17,170 8,787 10,573 19,360 9,559 11,049 20,607 1,565 1,636 3,201 1,702 1,732 3,434 1,304 1,338 2,642 1,461 1,351 2,812 311 334 645 380 401 781 -1,117 -1,190 -2,307 -1,205 -1,306 -2,511 18,648 20,516 39,164 20,163 22,130 42,293
Insurance service expense - losses, gross -4,605 -5,108 -9,714 -5,183 -6,295 -11,478 -4,679 -7,173 -11,852 -5,346 -6,524 -11,870 -749 -755 -1,503 -859 -834 -1,693 -539 -551 -1,091 -573 -717 -1,290 -267 -78 -345 -222 -179 -401 581 553 1,134 597 783 1,381 -10,259 -13,112 -23,371 -11,585 -13,766 -25,351
Insurance service expense - expenses, gross -1,769 -1,847 -3,616 -1,977 -2,102 -4,080 -2,031 -2,314 -4,345 -2,301 -2,545 -4,846 -448 -476 -924 -517 -512 -1,030 -516 -505 -1,021 -568 -543 -1,110 -7 -19 -26 -18 -13 -31 -1 -3 -4 -3 -5 -7 -4,771 -5,164 -9,936 -5,383 -5,720 -11,104
Net expenses from reinsurance contracts held (footnote: Includes add-back and international programs business.) -706 -503 -1,209 -404 -447 -852 -907 -743 -1,650 -1,012 -950 -1,962 -168 -235 -403 -162 -231 -393 -144 -188 -331 -177 -16 -194 -214 -299 -512 -196 -195 -391 537 640 1,177 610 527 1,138 -1,602 -1,328 -2,929 -1,341 -1,312 -2,653
Insurance service result 718 365 1,083 702 58 760 1,169 344 1,514 900 1,029 1,929 200 170 371 164 155 319 105 94 199 143 75 218 (176) (61) (238) (56) 15 (42) 0 0 0 0 0 0 2,016 913 2,928 1,854 1,332 3,186
Net investment income on Group investments 280 253 533 345 392 736 441 488 929 537 557 1,094 47 56 102 63 71 134 113 141 254 137 87 224 9 8 17 5 -3 2 0 0 0 -0 0 0 890 946 1,836 1,087 1,104 2,191
Net capital gains/(losses) and impairments on Group investments -3 33 29 12 6 18 -43 -6 -48 66 119 185 -1 1 -0 0 -3 -3 13 -4 8 -9 26 17 -11 1 -10 4 3 8 0 0 0 0 0 0 -45 24 -21 73 152 225
Net investment result on Group investments 277 286 563 357 398 755 399 482 881 603 676 1,278 46 57 102 63 68 131 126 136 262 128 114 242 -2 9 7 9 0 10 0 0 0 -0 0 0 845 970 1,815 1,160 1,256 2,416
Re-/Insurance finance income/(expenses) 0 -25 -24 -86 -136 -222 -127 -193 -320 -236 -298 -534 -10 -16 -26 -23 -28 -52 -36 -36 -72 -39 -20 -59 3 -1 2 -11 -9 -20 -0 0 0 0 -0 0 -169 -271 -439 -396 -491 -887
Net investment result 277 261 538 271 262 533 272 289 561 366 378 744 36 40 76 40 39 80 90 100 190 89 94 183 1 9 10 (2) (9) (11) 0 0 0 0 (0) 0 676 700 1,376 765 764 1,529
Fee income 220 167 388 98 115 213 92 99 191 100 110 210 44 41 85 25 28 53 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 356 307 664 224 253 476
Fee business expenses -204 -157 -361 -74 -88 -162 -68 -55 -124 -65 -66 -131 -71 -17 -88 -32 -34 -65 -0 -0 -0 -0 1 0 0 0 0 1 -1 0 -0 -1 -1 -2 -2 -4 -344 -231 -575 -172 -189 -361
Fee result 16 10 26 24 27 51 24 43 67 35 44 79 (27) 24 (3) (6) (6) (12) (0) (0) (0) (0) 1 0 0 0 0 1 (1) 0 (0) (1) (1) (2) (2) (4) 12 77 89 51 64 115
Other result (126) (203) (329) (208) (297) (506) (65) (46) (111) (61) (44) (105) (23) (84) (108) (47) (45) (92) (25) (50) (75) (50) (68) (118) (18) 3 (15) 8 2 10 (0) 1 1 2 2 4 (258) (379) (637) (357) (450) (807)
of which: technical non-qualifying expense -265 -133 -397 -197 -216 -414 -80 -74 -154 -97 -83 -180 -50 -58 -108 -53 -46 -99 -36 -46 -82 -58 -56 -114 -20 -15 -35 -14 -31 -45 -0 1 1 2 2 4 -451 -324 -775 -417 -431 -847
Income tax (expense)/benefit attributable to policyholders (BOP relevant) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -2 -2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -2 -2
Business operating profit before non-controlling interests 884 434 1,319 789 50 839 1,400 630 2,030 1,240 1,407 2,647 186 151 336 151 141 293 169 144 313 182 102 284 (193) (50) (243) (49) 7 (42) 0 0 0 0 0 0 2,446 1,310 3,756 2,313 1,708 4,020
Non-controlling interest 10 9 19 12 11 23 0 0 0 0 0 0 3 2 5 1 1 2 54 44 98 52 50 102 0 0 0 0 0 0 0 0 0 0 0 0 67 55 122 65 62 127
Business operating profit 874 425 1,300 777 39 816 1,400 630 2,030 1,240 1,407 2,647 183 149 331 150 141 290 115 100 215 130 52 181 (193) (50) (243) (49) 7 (42) 0 0 0 0 0 0 2,379 1,255 3,634 2,247 1,646 3,893
Ratios, as % of insurance revenue — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Loss ratio 68.1% 71.7% 69.9% 67.6% 75.7% 71.8% 63.6% 74.9% 69.7% 66.5% 67.6% 67.1% 58.6% 60.5% 59.6% 60.0% 61.5% 60.7% 52.4% 55.2% 53.8% 51.4% 54.2% 52.7% nm nm nm nm nm nm nm nm nm nm nm nm 63.6% 70.4% 67.2% 64.1% 68.1% 66.2%
of which catastrophes 1.8% 1.6% 1.7% 0.9% 6.7% 3.9% 1.6% 6.5% 4.3% 2.8% 2.4% 2.6% 2.5% 2.1% 2.3% 0.6% 0.8% 0.7% 0.0% (0.0%) 0.0% 0.0% 1.2% 0.6% nm nm nm nm nm nm nm nm nm nm nm nm 2.2% 4.1% 3.2% 1.8% 4.2% 3.0%
of which discount impact (current accident year) (1.3%) (2.5%) (1.9%) (3.1%) (3.3%) (3.2%) (3.0%) (3.6%) (3.3%) (4.2%) (3.8%) (4.0%) (1.1%) (1.5%) (1.3%) (1.6%) (1.7%) (1.6%) (1.3%) (2.1%) (1.7%) (2.2%) (1.6%) (1.9%) nm nm nm nm nm nm nm nm nm nm nm nm (2.1%) (3.1%) (2.6%) (3.6%) (3.5%) (3.6%)
of which prior year development (1.7%) (1.9%) (1.8%) (2.0%) (2.2%) (2.1%) (1.7%) 0.4% (0.6%) (1.0%) (1.2%) (1.1%) (3.0%) (2.4%) (2.7%) (2.2%) (2.8%) (2.5%) (1.4%) (0.0%) (0.7%) (0.2%) (1.1%) (0.6%) nm nm nm nm nm nm nm nm nm nm nm nm (1.7%) (0.9%) (1.3%) (1.5%) (1.6%) (1.5%)
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.) 26.1% 25.3% 25.7% 26.3% 26.0% 26.2% 24.0% 22.6% 23.2% 25.1% 23.8% 24.4% 31.8% 32.7% 32.3% 33.5% 32.2% 32.9% 42.4% 41.1% 41.8% 42.8% 44.3% 43.5% nm nm nm nm nm nm nm nm nm nm nm nm 28.0% 26.8% 27.3% 28.8% 27.8% 28.3%
Combined ratio 94.2% 97.0% 95.6% 93.9% 101.8% 98.0% 87.6% 97.4% 93.0% 91.6% 91.4% 91.5% 90.4% 93.1% 91.8% 93.4% 93.7% 93.6% 94.8% 96.4% 95.6% 94.2% 98.6% 96.3% nm nm nm nm nm nm nm nm nm nm nm nm 91.6% 97.1% 94.5% 92.9% 95.9% 94.5%

P&C by Country & Customer Unit

Property & casualty key metrics by country and customer unit
USD million Gross written premium Insurance revenue Business operating profit Combined ratio Loss ratio Expense ratio
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
Germany 1,703 1,127 2,830 1,779 1,313 3,091 1,319 1,342 2,661 1,399 1,541 2,940 160 74 234 113 18 130 95.7% 94.9% 95.3% 96.1% 103.0% 99.7% 65.1% 68.8% 67.0% 64.3% 73.0% 68.9% 30.6% 26.0% 28.3% 31.8% 30.0% 30.9%
Ireland 237 210 447 245 219 464 220 214 435 230 234 464 24 20 43 18 -5 12 92.7% 92.5% 92.6% 95.0% 106.4% 100.7% 61.7% 65.9% 63.7% 64.7% 77.2% 71.0% 31.1% 26.7% 28.9% 30.2% 29.3% 29.7%
Italy 777 752 1,529 850 872 1,723 768 740 1,508 787 846 1,632 114 9 123 50 -203 -154 89.4% 98.9% 94.1% 96.9% 126.1% 112.0% 59.7% 69.5% 64.5% 67.0% 96.0% 82.0% 29.7% 29.4% 29.6% 29.9% 30.1% 30.0%
Spain 678 567 1,244 744 653 1,396 613 598 1,210 656 695 1,351 39 8 47 15 2 17 96.5% 99.5% 98.0% 99.2% 101.2% 100.2% 63.1% 67.4% 65.2% 65.9% 66.5% 66.2% 33.4% 32.1% 32.7% 33.3% 34.7% 34.0%
Switzerland 2,613 1,028 3,641 2,781 1,194 3,975 1,732 1,759 3,491 1,846 1,967 3,814 176 40 216 205 31 236 96.0% 102.5% 99.2% 92.1% 100.9% 96.7% 74.6% 79.2% 76.9% 70.8% 81.2% 76.2% 21.4% 23.3% 22.3% 21.4% 19.7% 20.5%
United Kingdom 2,272 2,018 4,290 2,331 2,299 4,630 1,942 1,951 3,893 2,091 2,247 4,339 214 108 323 214 112 326 92.1% 95.9% 94.0% 92.6% 95.0% 93.8% 67.0% 69.9% 68.5% 66.4% 68.8% 67.6% 25.1% 26.0% 25.5% 26.2% 26.2% 26.2%
Rest of Europe, Middle East & Africa 1,440 1,116 2,555 1,566 1,212 2,778 1,204 1,220 2,424 1,257 1,374 2,630 148 165 314 163 85 248 95.4% 91.9% 93.7% 91.2% 97.3% 94.4% 72.9% 71.6% 72.3% 70.3% 74.3% 72.4% 22.5% 20.3% 21.4% 20.9% 23.1% 22.0%
Europe, Middle East & Africa 9,719 6,818 16,537 10,296 7,762 18,058 7,798 7,824 15,622 8,267 8,903 17,170 874 425 1,300 777 39 816 94.2% 97.0% 95.6% 93.9% 101.8% 98.0% 68.1% 71.7% 69.9% 67.6% 75.7% 71.8% 26.1% 25.3% 25.7% 26.3% 26.0% 26.2%
United States 10,508 8,902 19,410 11,346 9,081 20,427 8,341 10,076 18,416 9,036 10,429 19,465 1,326 546 1,872 1,083 1,219 2,302 87.7% 98.0% 93.3% 92.5% 92.4% 92.4% 63.9% 75.5% 70.3% 67.5% 68.6% 68.1% 23.7% 22.5% 23.0% 25.0% 23.8% 24.3%
Rest of North America 439 585 1,024 527 674 1,201 446 498 944 523 620 1,143 74 84 158 157 188 345 86.2% 87.2% 86.7% 76.3% 75.1% 75.6% 56.9% 62.0% 59.6% 48.9% 51.6% 50.3% 29.3% 25.1% 27.1% 27.4% 23.5% 25.3%
North America 10,947 9,487 20,434 11,873 9,755 21,628 8,787 10,573 19,360 9,559 11,049 20,607 1,400 630 2,030 1,240 1,407 2,647 87.6% 97.4% 93.0% 91.6% 91.4% 91.5% 63.6% 74.9% 69.7% 66.5% 67.6% 67.1% 24.0% 22.6% 23.2% 25.1% 23.8% 24.4%
Australia 553 674 1,227 646 668 1,314 515 594 1,108 630 649 1,279 36 37 73 65 12 77 95.5% 96.5% 96.0% 92.4% 100.7% 96.6% 66.4% 64.3% 65.3% 64.8% 64.3% 64.5% 29.1% 32.2% 30.7% 27.6% 36.4% 32.1%
Japan 462 408 870 439 408 847 440 403 843 417 390 807 72 46 118 45 35 80 84.0% 88.8% 86.3% 89.4% 92.6% 90.9% 48.9% 51.0% 49.9% 50.3% 56.8% 53.4% 35.2% 37.8% 36.4% 39.1% 35.8% 37.5%
Rest of Asia Pacific 658 670 1,328 732 720 1,451 610 640 1,250 655 693 1,348 75 65 140 40 93 133 90.7% 92.8% 91.8% 97.1% 87.9% 92.3% 59.0% 62.9% 61.0% 61.5% 61.6% 61.5% 31.7% 29.9% 30.8% 35.6% 26.3% 30.8%
Asia Pacific 1,673 1,752 3,425 1,816 1,796 3,612 1,565 1,636 3,201 1,702 1,732 3,434 183 149 331 150 141 290 90.4% 93.1% 91.8% 93.4% 93.7% 93.6% 58.6% 60.5% 59.6% 60.0% 61.5% 60.7% 31.8% 32.7% 32.3% 33.5% 32.2% 32.9%
Argentina 223 270 492 257 89 345 220 205 425 219 56 275 46 23 69 40 -21 19 96.9% 108.9% 102.7% 98.7% 176.3% 114.5% 58.3% 62.4% 60.2% 57.1% 128.7% 71.7% 38.6% 46.6% 42.5% 41.6% 47.6% 42.8%
Brazil 426 422 848 444 494 938 376 404 780 440 448 887 20 53 73 38 45 83 100.2% 92.8% 96.3% 96.4% 95.2% 95.8% 47.8% 42.4% 45.0% 43.9% 38.7% 41.3% 52.4% 50.4% 51.4% 52.4% 56.5% 54.5%
Rest of Latin America 731 783 1,514 875 881 1,755 708 729 1,437 802 848 1,650 49 24 73 51 28 79 91.2% 94.8% 93.1% 91.7% 95.2% 93.5% 53.0% 60.4% 56.7% 53.9% 57.5% 55.7% 38.2% 34.5% 36.3% 37.9% 37.7% 37.8%
Latin America 1,379 1,474 2,853 1,575 1,463 3,039 1,304 1,338 2,642 1,461 1,351 2,812 115 100 215 130 52 181 94.8% 96.4% 95.6% 94.2% 98.6% 96.3% 52.4% 55.2% 53.8% 51.4% 54.2% 52.7% 42.4% 41.1% 41.8% 42.8% 44.3% 43.5%
Group Reinsurance 453 296 749 524 345 869 311 334 645 380 401 781 (193) (50) (243) (49) 7 (42) nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm
Eliminations (1,419) (1,145) (2,564) (1,525) (1,280) (2,805) (1,117) (1,190) (2,307) (1,205) (1,306) (2,511) (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 22,753 18,682 41,435 24,560 19,841 44,401 18,648 20,516 39,164 20,163 22,130 42,293 2,379 1,255 3,634 2,247 1,646 3,893 91.6% 97.1% 94.5% 92.9% 95.9% 94.5% 63.6% 70.4% 67.2% 64.1% 68.1% 66.2% 28.0% 26.8% 27.3% 28.8% 27.8% 28.3%
Property & casualty key metrics by customer unit
USD million Gross written premium Insurance revenue Business operating profit Combined ratio Loss ratio Expense ratio
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
Commercial insurance 15,104 12,452 27,556 16,423 12,856 29,279 12,106 13,914 26,020 13,046 14,744 27,789 1,972 1,090 3,062 1,767 1,806 3,573 88.3% 95.8% 92.3% 91.0% 91.6% 91.4% 64.1% 73.0% 68.8% 66.1% 67.6% 66.9% 24.2% 22.8% 23.5% 25.0% 24.1% 24.5%
Retail and SME 7,598 6,251 13,849 8,064 7,012 15,076 6,529 6,579 13,108 7,078 7,335 14,413 600 215 815 529 -167 362 95.3% 99.5% 97.4% 95.8% 103.7% 99.8% 60.1% 64.2% 62.2% 59.8% 69.5% 64.8% 35.1% 35.3% 35.2% 36.0% 34.2% 35.1%
Group Reinsurance 453 296 749 524 345 869 311 334 645 380 401 781 -193 -50 -243 -49 7 -42 nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm
Eliminations -402 -317 -719 -452 -373 -824 -298 -311 -609 -340 -350 -690 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 22,753 18,682 41,435 24,560 19,841 44,401 18,648 20,516 39,164 20,163 22,130 42,293 2,379 1,255 3,634 2,247 1,646 3,893 91.6% 97.1% 94.5% 92.9% 95.9% 94.5% 63.6% 70.4% 67.2% 64.1% 68.1% 66.2% 28.0% 26.8% 27.3% 28.8% 27.8% 28.3%

Life by Segment

Life underlying earnings by geography
USD million Europe, Middle East & Africa North America Asia Pacific Latin America Group Reinsurance Eliminations Total
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
Insurance revenue 2,571 2,517 5,088 2,874 3,038 5,912 143 135 278 100 94 194 1,157 1,090 2,248 1,119 1,138 2,258 1,197 1,230 2,427 1,306 1,331 2,637 16 12 27 15 15 30 -15 -11 -26 -15 -20 -35 5,069 4,973 10,042 5,398 5,598 10,996
Insurance service expense -2,192 -2,038 -4,230 -2,144 -2,266 -4,410 -177 -133 -310 -62 -21 -83 -968 -1,084 -2,052 -987 -932 -1,919 -948 -1,025 -1,973 -1,012 -1,035 -2,047 -10 -0 -10 -4 -7 -10 11 -1 10 4 7 11 -4,284 -4,282 -8,566 -4,205 -4,253 -8,458
Net expenses from reinsurance contracts held -58 -83 -141 -83 -86 -169 1 -16 -15 -16 -9 -25 -56 -8 -65 -25 -21 -46 -12 -6 -18 -16 -18 -34 -4 -4 -8 -5 -2 -7 4 12 16 11 13 24 -126 -106 -231 -133 -123 -256
Insurance service result 321 396 717 647 686 1,333 (33) (14) (47) 22 64 86 133 (2) 131 108 185 293 236 199 435 278 279 557 1 8 9 6 7 13 0 0 0 0 0 0 659 586 1,245 1,060 1,221 2,281
Net investment income on Group investments 1,097 990 2,087 1,073 1,092 2,164 14 18 32 26 32 59 88 113 201 113 110 224 345 317 662 259 219 478 0 0 0 0 0 0 -0 -0 -1 -0 -0 -1 1,543 1,437 2,980 1,471 1,454 2,924
Net capital gains/(losses) and impairments on Group investments 16 -20 -4 -72 -162 -234 -25 -5 -30 17 10 26 43 -7 36 -9 9 0 6 60 66 32 31 63 0 -0 -0 -0 -12 -12 0 0 0 0 0 0 40 28 68 -33 -124 -156
Net investment result on Group investments 1,113 970 2,083 1,000 930 1,930 -11 13 2 43 42 85 131 106 237 104 119 224 351 377 728 291 251 542 0 -0 -0 -0 -12 -12 -0 -0 -1 -0 -0 -1 1,583 1,465 3,048 1,438 1,330 2,768
Net investment income on unit-linked investments 579 519 1,098 631 459 1,090 0 0 0 0 0 0 50 34 83 30 24 54 14 18 33 19 -3 16 0 0 0 0 0 0 0 0 0 0 0 0 643 571 1,214 679 481 1,160
Change in liabilities for investment contracts and other funds -389 -286 -676 -416 -284 -700 0 0 0 0 0 0 -68 -39 -107 -18 -15 -33 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -457 -325 -782 -434 -299 -733
Re-/Insurance finance income/(expenses) -1,181 -981 -2,162 -1,099 -918 -2,017 33 -24 9 -43 -47 -90 -73 -58 -131 -70 -85 -156 -239 -262 -501 -201 -139 -340 6 -6 -0 -0 -1 -1 0 0 0 0 0 0 -1,453 -1,332 -2,785 -1,414 -1,189 -2,603
Net investment result 121 221 342 116 188 304 22 (11) 11 0 (5) (5) 40 43 83 46 43 89 127 133 260 108 109 218 6 (7) (0) (0) (12) (13) (0) (0) (1) (0) (0) (1) 316 379 695 270 323 592
Fee income 272 300 572 397 405 802 0 0 0 0 0 0 -17 19 3 25 35 60 11 9 20 9 9 18 0 0 0 0 0 0 0 0 0 0 0 0 267 328 595 430 450 880
Fee business expenses -222 -220 -442 -295 -299 -594 -0 -0 -0 -0 0 -0 -4 -2 -5 -3 -14 -17 -1 -13 -13 -7 -7 -13 0 0 0 0 0 0 0 0 0 0 0 0 -226 -235 -461 -305 -319 -624
Fee result 51 79 130 102 107 208 (0) (0) (0) (0) 0 (0) (20) 18 (3) 21 22 43 10 (4) 6 2 2 5 0 0 0 0 0 0 0 0 0 0 0 0 41 93 134 126 130 256
Other revenues 27 25 52 42 73 115 1 7 8 12 12 24 3 120 123 8 7 15 10 1 11 13 7 20 0 0 0 1 5 5 0 0 0 0 0 0 40 154 194 75 104 180
Interest expense on debt -1 -2 -3 -0 -16 -16 -0 -0 -0 -0 -0 -0 -4 -3 -7 -4 -14 -18 -1 -1 -2 -1 -1 -3 0 -0 -0 -0 -0 -0 0 0 1 0 0 1 -5 -6 -11 -5 -31 -36
Other expenses -175 -188 -363 -189 -212 -402 -3 -4 -7 4 -2 3 -110 -54 -164 -84 -57 -141 -64 -58 -122 -79 -70 -149 0 -5 -5 0 0 0 0 -0 -0 -0 -0 -0 -352 -308 -660 -348 -341 -689
Restructuring costs and other items not relevant for BOP 15 21 36 2 8 10 2 3 5 -0 -0 -0 47 -98 -51 17 7 23 17 25 42 32 9 42 0 0 0 0 0 0 0 0 0 0 0 0 81 -50 31 51 24 75
Other result (135) (144) (279) (145) (147) (292) (0) 6 6 16 11 27 (64) (34) (99) (63) (56) (120) (38) (33) (71) (35) (55) (90) 0 (5) (5) 1 4 5 0 0 1 0 0 1 (236) (209) (445) (226) (243) (469)
Income tax (expense)/benefit attributable to policyholders (BOP relevant) 216 -9 207 -60 -77 -137 0 0 0 0 0 0 37 -4 33 -12 -19 -31 0 -12 -12 -2 -0 -2 0 0 0 0 0 0 0 0 0 0 0 0 253 -25 228 -74 -97 -170
Business operating profit before non-controlling interests 575 543 1,118 660 756 1,416 (11) (19) (30) 38 70 108 126 19 145 100 174 274 335 283 618 352 335 687 8 (3) 4 6 (1) 5 0 0 0 0 0 0 1,033 823 1,856 1,156 1,334 2,490
Non-controlling interest 62 63 124 71 77 148 0 0 0 0 0 0 -0 -0 -1 -0 -0 -1 124 121 245 146 137 283 0 0 0 0 0 0 0 0 0 0 0 0 185 184 369 217 213 430
Business operating profit 513 481 994 589 679 1,268 (11) (19) (30) 38 70 108 126 20 146 100 175 275 211 162 373 206 198 404 8 (3) 4 6 (1) 5 0 0 0 0 0 0 847 640 1,487 939 1,121 2,060
Life insurance service result build-up by geography
USD million Europe, Middle East & Africa North America Asia Pacific Latin America Group Reinsurance Eliminations Total
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
CSM amortization (footnote: Includes USD 8 million and USD 10 million adjustments related to Argentina hyperinflation for 2023 and 2022, respectively.) 512 515 1,027 551 532 1,082 12 13 25 12 14 25 99 155 254 122 134 257 46 47 93 50 50 100 -0 0 0 -0 0 0 0 0 0 0 0 0 669 730 1,399 735 730 1,465
Release of risk adjustment 42 37 79 40 42 83 2 1 3 2 2 5 51 22 73 29 29 58 5 5 9 5 4 9 0 0 0 0 0 0 0 -0 -0 0 3 4 99 65 164 77 81 158
Insurance result - short-term life business -6 -5 -11 -1 -15 -16 1 2 2 1 1 1 0 -0 0 0 0 0 239 152 391 229 228 457 -3 -2 -5 -1 1 -1 0 0 0 0 0 0 230 148 378 227 215 442
Insurance margin 549 547 1,096 590 559 1,149 14 16 30 15 17 31 149 177 326 152 163 315 289 204 493 284 282 566 -3 -1 -4 -1 1 0 0 -0 -0 0 3 4 999 943 1,941 1,039 1,026 2,065
Onerous contracts -117 -136 -253 -5 -8 -13 -30 -39 -68 13 60 72 -10 -108 -118 -11 65 53 -11 -37 -48 -7 3 -4 -0 3 3 0 2 3 -0 -0 -0 0 4 4 -167 -317 -484 -10 125 115
Experience adjustments -111 -15 -126 61 135 196 -17 8 -9 -5 -13 -18 -7 -71 -78 -33 -43 -75 -42 32 -10 1 -6 -5 5 6 11 7 3 10 0 0 0 -0 -7 -7 -172 -40 -212 31 70 100
Insurance service result 321 396 717 647 686 1,333 (33) (14) (47) 22 64 86 133 (2) 131 108 185 293 236 199 435 278 279 557 1 8 9 6 7 13 0 0 0 0 0 0 659 586 1,245 1,060 1,221 2,281

Life Details

New business production by product type
USD million Protection Unit-linked Savings and annuities Total (long-term insurance contracts)
2022 2023 2022 2023 2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
PVNBP 2,770 2,482 5,253 2,710 2,842 5,552 3,988 2,935 6,923 3,774 4,370 8,144 525 541 1,066 1,757 931 2,688 7,283 5,958 13,241 8,242 8,142 16,384
New business CSM 400 292 692 363 324 687 185 56 242 105 122 227 39 15 54 68 54 123 625 363 987 536 501 1,037
New business margin 14.4% 11.8% 13.2% 13.4% 11.4% 12.4% 4.7% 1.9% 3.5% 2.8% 2.8% 2.8% 7.5% 2.7% 5.1% 3.9% 5.9% 4.6% 8.6% 6.1% 7.5% 6.5% 6.2% 6.3%
CSM rollforward by product type
USD million Protection Unit-linked Savings and annuities Total (long-term insurance contracts)
2022 2023 2022 2023 2022 2023 2022 2023
— FY-22 FY-23 FY-22 FY-23 FY-22 FY-23 FY-22 FY-23
CSM BoP 4,008 3,665 5,680 4,723 2,591 2,108 12,279 10,496
Operating variances 61 101 -288 -137 378 27 150 -9
Economic variances -386 175 -253 393 -409 241 -1,048 809
New business CSM 692 687 242 227 54 123 987 1,037
CSM amortization -690 -769 -412 -388 -286 -300 -1,389 -1,457
FX -234 120 -249 394 -101 120 -584 634
Other 215 11 5 -24 -120 31 100 17
CSM EoP 3,665 3,989 4,723 5,188 2,108 2,349 10,496 11,526
Insurance revenue and service result
USD million Total
2022 2023
— H1 H2 FY-22 H1 H2 FY-23
Insurance revenue 1,012 1,030 2,042 1,089 1,222 2,311
Insurance service result 231 149 379 227 214 442
Fee business results and key performance indicators
USD million Total
2022 2023
— H1 H2 FY-22 H1 H2 FY-23
Fee revenues 247 284 532 316 332 648
Fee service expenses -212 -193 -405 -207 -216 -423
Fee service result 35 92 127 109 116 225
KPIs — — — — — —
Average AuM 100,631 92,783 101,468 97,878 105,867 101,609
Fee revenue / average AuM 0.49% 0.61% 0.52% 0.65% 0.63% 0.64%
Cost income ratio (%) 86% 68% 76% 66% 65% 65%
Fee service result / average AuM 0.07% 0.20% 0.12% 0.22% 0.22% 0.22%

Life by Country

Insurance revenue and business operating profit by geography
USD million Insurance revenue Business operating profit
2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
Germany 565 523 1,088 564 543 1,107 77 101 178 58 60 118
Ireland 181 166 346 173 174 347 34 32 67 37 38 75
Italy 176 150 326 129 144 273 12 -21 -9 15 15 29
Spain 275 222 497 301 309 610 109 92 200 110 110 220
Switzerland 658 611 1,269 687 633 1,320 153 179 332 177 181 358
United Kingdom 426 576 1,002 709 754 1,463 59 0 59 92 93 185
Zurich International 241 233 474 270 356 626 -7 30 23 20 91 112
Rest of Europe, Middle East & Africa 50 35 85 41 125 166 76 68 144 80 91 172
Europe, Middle East & Africa 2,571 2,517 5,088 2,874 3,038 5,912 513 481 994 589 679 1,268
North America 143 135 278 100 94 194 (11) (19) (30) 38 70 108
Australia 888 829 1,716 858 861 1,719 -2 78 76 54 108 161
Japan 136 118 253 133 131 264 9 37 46 18 32 50
Rest of Asia Pacific 134 144 278 128 146 274 119 -95 23 28 35 63
Asia Pacific 1,157 1,090 2,248 1,119 1,138 2,258 126 20 146 100 175 275
Argentina 66 88 155 70 32 102 38 42 79 41 39 80
Brazil 675 671 1,347 690 721 1,411 80 76 156 93 87 180
Rest of Latin America 455 471 926 546 579 1,124 93 44 137 72 72 144
Latin America 1,197 1,230 2,427 1,306 1,331 2,637 211 162 373 206 198 404
Group Reinsurance 16 12 27 15 15 30 8 (3) 4 6 (1) 5
Eliminations (15) (11) (26) (15) (20) (35) 0 0 0 0 0 0
Total 5,069 4,973 10,042 5,398 5,598 10,996 847 640 1,487 939 1,121 2,060

Life Reserves Liabilities AUM

Reserves and liabilities build-up by business unit and contract type
USD million Total reserves and liabilities of which: investment contracts of which: VFA unit-linked insurance contracts of which: VFA non unit-linked insurance contracts of which: Life BBA and PAA
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
— H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2
Europe, Middle East & Africa 140,358 138,281 148,187 156,461 47,811 48,946 54,570 58,790 47,875 46,879 49,800 51,272 30,789 29,653 30,059 31,910 13,883 12,803 13,759 14,489
of which: — — — — — — — — — — — — — — — — — — — —
Germany 26,141 25,342 27,283 28,715 34 31 28 28 22,524 21,974 24,168 25,463 3,644 3,401 3,167 3,245 -61 -64 -80 -21
Ireland 28,997 29,263 33,534 37,161 25,439 26,484 30,694 34,296 2,505 2,030 351 346 22 -223 1,476 1,448 1,031 972 1,013 1,071
Italy 9,698 10,567 10,870 10,918 420 934 962 986 5,227 5,977 6,380 6,527 4,002 3,616 3,468 3,392 50 40 60 14
Spain 10,484 9,813 10,482 10,954 0 0 0 0 488 496 553 766 107 108 102 111 9,889 9,210 9,828 10,077
Switzerland 19,623 19,751 20,519 22,158 0 0 0 0 0 0 1,374 1,103 19,573 19,572 18,753 20,611 50 179 393 445
United Kingdom 29,654 27,574 28,368 28,487 13,295 12,577 13,005 12,963 12,628 11,873 12,205 12,145 1,148 1,010 981 1,004 2,583 2,114 2,177 2,375
Zurich International 12,530 12,747 13,863 14,603 8,220 8,430 9,319 9,906 4,159 4,171 4,377 4,499 20 1 8 11 130 145 160 187
Rest of Europe, Middle East & Africa 3,231 3,225 3,267 3,465 403 489 562 612 345 358 392 423 2,273 2,169 2,105 2,089 210 208 208 342
North America 12,299 13,410 13,823 13,020 0 0 0 0 11,564 12,618 13,006 12,212 0 0 0 0 735 792 818 807
Asia Pacific 6,113 5,892 5,904 5,889 1,523 1,445 1,355 1,325 293 679 685 688 1,351 1,034 970 990 2,946 2,733 2,893 2,886
Latin America 19,248 21,168 21,386 22,536 0 0 0 0 15,252 16,365 19,221 20,481 -17 11 12 -0 4,013 4,793 2,154 2,056
Group Reinsurance 18 26 32 32 0 0 0 0 0 0 0 0 0 0 0 0 18 26 32 32
Eliminations 1 1 -0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 -0 0
Total 178,037 178,779 189,333 197,939 49,334 50,391 55,925 60,115 74,983 76,541 82,712 84,653 32,123 30,697 31,041 32,900 21,596 21,149 19,655 20,271
Assets under management rollforward by investment type
USD million Total of which: Investment and asset management contracts
2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
AuM beginning of the period (footnote: January 1 2023, balances are impacted by hyperinflation and IFRS 9 transition.) 296,518 228,612 296,518 232,517 246,428 232,517 109,317 91,945 109,317 93,620 102,136 93,620
Net inflows 3,519 1,680 5,199 1,913 1,053 2,966 1,405 960 2,366 799 1,452 2,251
Other -55,885 -1,063 -56,947 4,804 9,917 14,721 -11,641 -996 -12,637 4,526 2,950 7,475
FX -15,540 3,127 -12,413 7,194 2,077 9,271 -7,136 1,711 -5,425 3,191 3,061 6,252
AuM ending of the period 228,612 232,356 232,356 246,428 259,476 259,476 91,945 93,620 93,620 102,136 109,599 109,599
of which unit-linked 116,241 119,003 119,003 130,539 6,710 137,249 0 0 0 0 0 0
of which group investments 69,760 70,124 70,124 69,679 3,065 72,744 0 0 0 0 0 0
of which 3rd party investments 42,611 43,229 43,229 46,210 3,273 49,483 0 0 0 0 0 0

Farmers

Farmers segment business operating profit build-up by business unit
USD million Farmers Life1 (footnote: Includes eliminations.) Farmers Management Services Farmers Re Total
2022 2023 2022 2023 2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
Insurance revenue 466 496 962 518 499 1,018 0 0 0 0 0 0 153 164 316 751 785 1,536 619 659 1,278 1,269 1,284 2,553
Insurance service expense -402 -396 -798 -417 -312 -729 0 0 0 0 0 0 -146 -152 -298 -801 -660 -1,461 -547 -548 -1,096 -1,218 -972 -2,190
Net expenses from reinsurance contracts held 17 1 18 -1 -130 -131 0 0 0 0 0 0 0 0 0 0 0 0 17 1 18 -1 -130 -131
Insurance service result 82 100 182 100 58 158 0 0 0 0 0 0 7 12 19 (50) 125 75 89 112 201 50 183 233
Net investment income on Group investments 70 75 145 80 49 129 1 1 2 -0 0 0 6 7 13 8 9 17 77 83 160 88 58 146
Net capital gains/(losses) and impairments on Group investments -7 -1 -9 5 -0 4 -1 2 1 1 2 3 0 0 0 -0 0 -0 -8 0 -8 5 2 7
Net investment result on Group investments 63 74 136 85 49 134 0 2 3 1 2 3 6 7 13 8 9 17 69 83 152 93 60 153
Net investment income on unit-linked investments 54 70 124 12 34 47 0 0 0 0 0 0 0 0 0 0 0 0 54 70 124 12 34 47
Change in liabilities for investment contracts and other funds -1 -1 -1 -1 -1 -1 0 0 0 0 0 0 0 0 0 0 0 0 -1 -1 -1 -1 -1 -1
Re-/Insurance finance income/(expenses) -59 -86 -145 -24 -16 -40 0 0 0 0 0 0 0 2 2 11 13 24 -59 -84 -143 -13 -3 -16
Net investment result 57 57 114 72 66 139 0 2 3 1 2 3 6 9 16 19 22 41 63 68 132 92 91 182
Fee income 0 0 0 0 0 0 2,218 2,270 4,487 2,251 2,278 4,529 0 0 0 0 0 0 2,218 2,270 4,487 2,251 2,278 4,529
Fee business expenses -0 1 0 0 0 0 -1,343 -1,371 -2,714 -1,333 -1,254 -2,587 0 0 0 0 0 0 -1,344 -1,371 -2,714 -1,333 -1,254 -2,586
Fee result (0) 1 0 0 0 0 874 898 1,773 918 1,024 1,942 0 0 0 0 0 0 874 899 1,773 918 1,024 1,942
Other revenues -0 -12 -13 -26 11 -15 -20 11 -9 23 24 46 0 0 0 1 1 2 -20 -1 -22 -3 36 33
Interest expense on debt -0 -0 -0 -0 -0 -1 13 -17 -4 0 -1 -1 -0 0 -0 0 0 0 13 -17 -4 -0 -1 -2
Other expenses -27 -8 -35 -58 -16 -74 -55 -15 -71 -48 -120 -167 -11 -11 -22 -0 -1 -1 -93 -35 -129 -106 -137 -242
Restructuring costs and other items not relevant for BOP 6 25 31 2 0 3 50 54 104 40 108 148 0 0 0 0 0 0 56 79 135 42 108 150
Other result (21) 4 (18) (82) (5) (87) (12) 33 21 15 10 25 (11) (11) (22) 1 0 1 (44) 25 (19) (67) 6 (61)
of which: Technical non-qualifying expense -21 -1 -22 -55 -16 -71 0 -1 -1 -3 1 -2 -11 -11 -22 -0 -1 -1 -31 -14 -45 -58 -16 -74
of which: Other management related income/(expenses) — — — — — — -29 -31 -59 -38 -30 -67 — — — — — — — — — — — —
Business operating profit before non-controlling interests 117 161 278 90 120 209 863 933 1,796 934 1,036 1,970 2 10 12 (30) 148 117 982 1,105 2,086 993 1,303 2,296
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 117 161 278 90 120 209 863 933 1,796 934 1,036 1,970 2 10 12 (30) 148 117 982 1,105 2,086 993 1,303 2,296
Additional information: — — — — — — — — — — — — — — — — — — — — — — — —
Gross management result — — — — — — 846 868 1,713 881 994 1,875 — — — — — — — — — — — —
Ratios, as % of insurance revenue — — — — — — — — — — — — — — — — — — — — — — — —
Loss ratio — — — — — — — — — — — — 95.5% 92.8% 94.1% 106.6% 84.0% 95.1% — — — — — —
Expense ratio — — — — — — — — — — — — 7.2% 7.0% 7.1% 0.1% 0.1% 0.1% — — — — — —
Combined ratio — — — — — — — — — — — — 102.6% 99.8% 101.2% 106.7% 84.2% 95.2% — — — — — —
CSM amortization and insurance result build-up for Farmers
USD million 2022 2023
— H1 H2 FY-22 H1 H2 FY-23
CSM amortization 70 81 150 91 -3 89
Release of risk adjustment 23 25 48 21 5 26
Insurance result - short-term life business 0 0 0 0 0 0
Insurance margin 92 106 198 112 2 114
Onerous contracts 3 -14 -12 -15 30 15
Experience adjustments -13 9 -5 3 26 29
Insurance service result 82 100 182 100 58 158

Group Functions and Ops

Business operating profit by group functions and operations
USD million 2022 2023
— H1 H2 FY-22 H1 H2 FY-23
Business operating profit: — — — — — —
Holding and Financing -209 -236 -446 -271 -216 -486
Headquarters -142 -150 -292 -147 -167 -314
Zurich Global Ventures (footnote: Includes only central initiatives.) -30 -29 -58 -14 -15 -29
Total business operating profit (381) (415) (796) (432) (398) (830)

Investment Result and Yield

Group investments net investment result build-up by asset class
USD million Net investment income Net capital gains/(losses)1 Net investment result
2022 2023 2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
Group investments — — — — — — — — — — — — — — — — — —
Investment-related cash -0 8 8 18 23 41 0 0 0 0 0 0 -0 8 8 18 23 41
Equity securities 236 179 415 195 195 390 -248 341 93 745 259 1,004 -12 520 508 940 453 1,393
Debt securities 2,051 2,082 4,133 2,153 2,161 4,314 -995 -689 -1,684 -617 -385 -1,002 1,056 1,393 2,449 1,536 1,776 3,312
Investment property 231 222 453 256 240 497 150 473 623 -224 -450 -674 381 695 1,076 32 -210 -177
Mortgage loans 82 76 159 52 48 100 -0 -2 -2 -2 0 -2 82 74 156 50 48 98
Other financial assets 72 78 150 120 129 250 23 10 33 2 -101 -98 95 88 183 123 28 151
Investments in associates and joint ventures -1 -3 -4 0 1 2 -3 -24 -27 -0 -10 -10 -4 -27 -31 0 -9 -9
Derivative financial instruments 0 0 0 0 0 0 -721 -101 -822 9 178 186 -721 -101 -822 9 178 186
Investment result, gross, for Group investments 2,671 2,642 5,313 2,795 2,798 5,593 (1,793) 7 (1,785) (87) (510) (597) 878 2,650 3,528 2,708 2,289 4,996
Investment expenses for Group investments -94 -90 -185 -98 -113 -211 0 0 0 0 0 0 -94 -90 -185 -98 -113 -211
Foreign Currency gains and losses 0 0 0 0 0 0 -14 -46 -59 -41 -58 -99 -14 -46 -59 -41 -58 -99
Investment result, net, for Group investments 2,577 2,552 5,128 2,698 2,685 5,382 (1,806) (38) (1,844) (128) (567) (696) 770 2,514 3,284 2,569 2,117 4,687
Investment result, net, for unit-linked contracts 697 641 1,338 691 515 1,207 -14,337 679 -13,658 6,464 6,520 12,984 -13,640 1,320 -12,320 7,156 7,035 14,191
Investment result, net, for total investments 3,273 3,193 6,466 3,389 3,200 6,589 (16,143) 641 (15,503) 6,336 5,953 12,288 (12,870) 3,834 (9,036) 9,725 9,153 18,877
Book yield, reinvestment yield, and investment income yield by business unit (footnote: Book yield calculated as weighted-average portfolio yield of debt securities during the period on an annual basis.)
USD million Property & Casualty Life Group
2022 2023 2022 2023 2022 2023
— H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23 H1 H2 FY-22 H1 H2 FY-23
Book yield of debt securities (approximated) (footnote: Includes ECL balances for 2023 as IFRS 9 was adopted as of January 1, 2023 and impairment losses reported under IAS 39 for 2022.) 2.4% 2.7% 2.6% 3.1% 3.3% 3.2% 2.4% 2.5% 2.5% 2.8% 2.9% 2.8% 2.4% 2.6% 2.5% 2.9% 3.1% 3.0%
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.) 2.9% 4.5% 3.7% 4.9% 5.0% 5.0% 2.3% 3.2% 2.8% 4.2% 4.2% 4.2% 2.5% 3.9% 3.2% 4.6% 4.8% 4.7%
Investment income yield of total Group investments, net of investment expenses (footnote: Investment income yield calculated based on average Group Investments (accounting view).) 1.3% 1.6% 2.9% 1.7% 1.8% 3.5% 1.7% 2.3% 4.1% 2.2% 2.3% 4.6% 1.5% 1.8% 3.4% 1.9% 1.9% 3.9%

Investments

Total investments breakdown by asset class
% 2022 2023
— H1 H2 H1 H2
Total investments (USD billions) (footnote: Market value of the investment portfolio (economic view).) 179 168 170 171
Government and Government Guaranteed 32.8% 31.8% 32.6% 33.5%
Credit, Private Debt 44.3% 44.2% 44.0% 43.1%
Mortgages 2.7% 2.7% 2.7% 2.7%
Real estate 8.5% 9.7% 9.4% 9.0%
Equities 4.7% 3.8% 4.0% 3.9%
Hedge Funds, Private Equity 2.2% 2.1% 2.2% 2.2%
Cash 4.8% 5.8% 5.1% 5.6%
Rating of fixed income securities breakdown by rating
% 2022 2023
— H1 H2 H1 H2
Rating of Fixed Income Securities2 (USD billions) (footnote: Includes government and government guaranteed, credit and private debt exposure.) 138 128 130 131
- AAA 21.1% 21.6% 21.6% 21.6%
- AA 28.0% 28.3% 29.0% 30.1%
- A 17.2% 18.5% 17.7% 17.8%
- BBB 28.6% 26.4% 25.7% 24.9%
- Non-investment grade 5.1% 5.4% 5.9% 5.5%
- Unrated 0.0% 0.0% 0.0% 0.0%
Rating of government and government guaranteed securities breakdown by rating
% 2022 2023
— H1 H2 H1 H2
Rating of Government & Government Guaranteed Securities (USD billions) 59 53 55 57
- AAA 24.0% 26.0% 26.7% 27.5%
- AA 48.0% 49.5% 49.7% 49.9%
- A 3.5% 5.9% 4.4% 4.1%
- BBB 21.6% 15.6% 15.6% 15.2%
- Non-investment grade 2.8% 3.0% 3.6% 3.3%
- Unrated 0.0% 0.0% 0.0% 0.0%
Rating of credit and private debt securities breakdown by rating
% 2022 2023
— H1 H2 H1 H2
Rating of Credit, Private Debt Securities (USD billions) 79 74 75 74
- AAA 18.9% 18.3% 17.9% 17.1%
- AA 13.2% 13.0% 13.8% 14.8%
- A 27.2% 27.5% 27.6% 28.4%
- BBB 33.9% 34.1% 33.1% 32.5%
- Non-investment grade 6.8% 7.0% 7.6% 7.2%
- Unrated 0.0% 0.0% 0.0% 0.0%
Government and government guaranteed investments breakdown by country
% 2022 2023
— H1 H2 H1 H2
Government and Government Guaranteed (USD billions) 59 53 55 57
- USA 25.8% 26.4% 24.1% 24.3%
- Italy 11.1% 7.0% 6.9% 6.0%
- Germany 9.6% 9.8% 10.2% 9.7%
- Spain 8.2% 8.1% 8.1% 8.3%
- France 9.9% 9.3% 9.7% 9.8%
- Switzerland 5.8% 6.8% 6.8% 7.6%
- UK 5.5% 5.9% 6.0% 5.9%
- Other 24.0% 26.7% 28.2% 28.3%
Credit and private debt breakdown by type
% 2022 2023
— H1 H2 H1 H2
Credit and Private Debt (USD billions) 79 74 75 74
- Non-Financial Credit 31.1% 31.6% 32.4% 32.9%
- Financial Credit 23.9% 24.1% 24.1% 25.3%
- Municipals, Agencies, State Credit 16.3% 16.4% 16.4% 16.8%
- Asset Backed Securities 9.3% 9.3% 8.8% 8.0%
- Covered Bonds 5.3% 5.0% 4.8% 5.4%
- Other 14.1% 13.7% 13.4% 11.6%
Non-financial credit breakdown by industry
% 2022 2023
— H1 H2 H1 H2
Non-Financial Credit (USD billions) 25 23 24 24
- Transport & Utilities 30.4% 30.9% 30.4% 29.7%
- Manufacturing 16.0% 15.6% 16.4% 16.9%
- Telecom 15.1% 14.4% 14.4% 14.3%
- Retail and Consumer Business 14.8% 14.8% 15.1% 15.1%
- Chemicals & Pharmaceuticals 9.7% 9.8% 10.0% 10.3%
- Other 14.1% 14.4% 13.7% 13.7%

RoE, EPS and BVPS

BOPAT ROE calculation
USD million 2022 2023
— H1 H2 FY-22 H1 H2 FY-23
BOPAT ROE calculation — — — — — —
BOP 3,738 2,385 6,123 3,720 3,661 7,381
Shareholders' effective tax rate (in %) 24.9% 21.3% 23.5% 24.4% 25.7% 25.0%
BOP after tax 2,807 1,876 4,687 2,813 2,721 5,540
NIAS 2,344 1,620 3,964 2,492 1,859 4,351
Average adjusted shareholders' equity 26,523 26,158 26,341 24,605 23,357 23,981
BOPAT ROE (in %) 21.2% 14.3% 17.8% 22.9% 23.3% 23.1%
NIAS ROE (in %) 17.7% 12.4% 15.0% 20.3% 15.9% 18.1%
Shares in issue
USD million 2022 2023
— H1 H2 FY-22 H1 H2 FY-23
Shares in issue — — — — — —
Common shares issued (footnote: 1M Shares were purchased from November 2022 to June 2023 relating to the share buyback program. In August 2023 the repurchased shares were canceled using the capital band introduced on April 6, 2023 by the AGM.) 150 150 150 150 146 146
Treasury shares 2 3 3 5 2 2
Common shares outstanding 149 148 148 145 144 144
Weighted average for basic EPS 149 148 148 146 144 145
Dilution impact 1 1 1 1 1 1
Weighted average for diluted EPS 150 149 150 147 145 146
EPS, diluted EPS, BVPS by currency
USD million 2022 2023
— H1 H2 FY-22 H1 H2 FY-23
EPS, Diluted EPS, BVPS — — — — — —
in USD — — — — — —
NIAS (in millions) 2,344 1,620 3,964 2,492 1,859 4,351
Basic EPS 15.78 10.92 26.71 17.06 12.87 29.96
Diluted EPS 15.68 10.85 26.50 16.96 12.78 29.73
in CHF — — — — — —
Average USD/CHF rate 1.060 1.036 1.048 1.097 1.130 1.113
Basic EPS 14.89 10.54 25.48 15.56 11.39 26.91
Diluted EPS 14.79 10.48 25.28 15.47 11.31 26.71
BVPS 167.24 160.99 160.99 147.17 145.40 145.40

Equity

Total equity rollforward
USD million 2022 2023
— H1 H2 FY-22 H1 H2 FY-23
Total equity, as previously reported 39,170 27,242 39,170 26,930 25,335 26,930
Effect of adoption IFRS 17 -8,762 0 -8,762 0 0 0
Effect of adoption IFRS 9 0 0 0 376 0 376
Effect of adoption IAS 29 and restatement under IFRIC 7 0 0 0 139 0 139
Total equity, after the adoption of IFRS 17, IFRS 9, IAS 29 and restatement under IFRIC 7 30,408 27,242 30,408 27,446 25,335 27,446
Non-controlling interests 1,288 1,194 1,288 1,247 1,492 1,247
Shareholders' equity 29,121 26,047 29,121 26,199 23,843 26,199
Issuance of share capital 0 0 0 0 -0 -0
Dividends to shareholders -3,521 0 -3,521 -3,877 0 -3,877
Treasury share transactions 120 -535 -415 -1,380 -382 -1,762
NIAS 2,344 1,620 3,964 2,492 1,859 4,351
Change in discount rate for insurance and reinsurance contracts 5,062 1,346 6,408 114 -1,093 -979
Change in fair value of underlying investment 7,170 1,202 8,373 -588 -663 -1,250
Net unreal. gains/(losses) on financial assets -14,240 -3,199 -17,439 819 2,155 2,974
CTA -620 -141 -761 56 -496 -440
Net actuarial gains/(losses) on pension plans 759 -506 253 35 -484 -448
Share-based payment transactions -158 61 -97 -26 131 106
Other 10 -213 -203 -2 -10 -12
Shareholders' equity 26,047 25,683 25,683 23,843 24,860 24,860
Non-controlling interests 1,194 1,247 1,247 1,492 1,419 1,419
Total equity, end of period 27,242 26,930 26,930 25,335 26,280 26,280
Total equity build-up
USD million 2022 2023
— H1 H2 H1 H2
Share capital 11 11 11 11
Treasury shares -0 -0 -1 -0
Additional paid-in capital 1,099 1,158 1,222 1,333
Net unreal. gains/(losses) on financial assets -4,747 -7,947 -6,461 -4,304
Change in discount rate for insurance 3,924 5,270 5,384 4,291
Change in fair value of underlying investment 839 2,041 1,716 1,053
Cumulative foreign currency translation adjustment -10,232 -10,433 -10,156 -10,616
Share of other comp. inc. of equity acctd investments -3 -1 -2 -3
Revaluation reserve 275 272 270 254
Retained earnings 34,881 35,313 31,860 32,842
Common shareholders' equity 26,047 25,683 23,843 24,860
Preferred securities 0 0 0 0
Shareholders' equity 26,047 25,683 23,843 24,860
Non-controlling interests 1,194 1,247 1,492 1,419
Total equity 27,242 26,930 25,335 26,280
Shareholders' equity rollforward
USD million 2022 2023
— H1 H2 FY-22 H1 H2 FY-23
Shareholders' equity at end of period 26,047 25,683 — 23,843 24,860 —
Net URG's/URL's -13 637 — -637 -1,037 —
Adjusted shareholders' equity at end of period 26,034 26,320 — 23,205 23,824 —
Average adjusted shareholders' equity of period 26,523 26,158 26,341 24,605 23,357 23,981

Currency Impact

Business operating profit and net income currency impact
USD million FY-23
Reported (in GC) in LC
— in USD millions Variance in %1 (footnote: Variance to the prior year period.)
Business operating profit 7,381 20.5% 27.3%
Net income attributable to shareholders 4,351 9.8% 10.9%
Gross written premiums 44,401 7.2% 9.2%
Insurance revenue 42,293 8.0% 9.2%
Insurance service result 3,186 8.8% 3.7%
Net investment income 2,191 19.3% 37.5%
Business operating profit 3,893 7.1% 10.2%
Insurance revenue 10,996 9.5% 11.0%
PVNBP 16,384 23.3% 25.3%
Business operating profit 2,060 38.5% 54.9%
Business operating profit -830 (4.3%) 3.1%
Business operating profit -38 86.7% 86.4%

Exchange Rates

USD per foreign currency unit exchange rates
USD Consolidated balance sheets at end-of-period exchange rates Consolidated income statements and cash flows at average exchange rates
— 12/31/22 12/31/23 12/31/22 12/31/23
Euro 1.0684 1.1053 1.0538 1.0813
Swiss franc 1.0813 1.1874 1.0482 1.1132
British pound 1.2049 1.2737 1.2372 1.2434
Brazilian real 0.1894 0.2059 0.1940 0.2003
Australian dollar 0.6797 0.6817 0.6950 0.6644
Japanese yen 0.0076 0.0071 0.0077 0.0071
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