Consolidated financial statements

Consolidated balance sheets

in USD millions, as of December 31	Notes	2006	2005
Investments
Cash and cash equivalents		23,122	23,482
Equity securities		109,005	90,314
Debt securities		135,357	125,297
Real estate held for investment		15,281	12,702
Mortgage loans		10,806	9,307
Policyholders' collateral and other loans		12,636	11,987
Investments in associates		153	580
Other investments		3,643	3,624
Total investments	7	310,003	277,293
Reinsurers' share of reserves for insurance contracts		20,063	20,494
Deposits made under assumed reinsurance contracts		2,022	2,450
Deferred policy acquisition costs	15	13,197	11,179
Deferred origination costs	15	815	690
Accrued investment income		2,654	2,390
Receivables	16	11,436	11,283
Other assets		3,913	1,787
Mortgage loans given as collateral	17	2,426	3,064
Deferred tax assets	18	2,336	4,393
Fixed assets	19	1,905	1,729
Goodwill	20	660	605
Other intangible assets	20	2,425	2,255
Total assets		373,855	339,612

The notes to the consolidated financial statements are an integral part of these consolidated financial statements.

in USD millions, as of December 31	Notes	2006	2005
Liabilities
Reserve for premium refunds		655	753
Liabilities for investment contracts	12	50,705	40,999
Deposits received under ceded reinsurance contracts		2,375	2,500
Deferred front-end fees		5,395	4,659
Reserves for insurance contracts	11	240,648	219,924
Obligation to repurchase securities		6,144	5,295
Accrued liabilities		2,676	2,150
Other liabilities	21	21,368	21,040
Collateralized loans	17	2,427	3,056
Deferred tax liabilities	18	4,804	6,317
Debt related to capital markets and banking activities	22	1,889	2,139
Senior and subordinated debt	22	7,713	7,540
Total liabilities		346,799	316,372
Equity
Share capital		10	186
Additional paid-in capital		10,448	10,315
Net unrealized gains on investments	7	819	1,139
Cumulative translation adjustment		823	(111)
Retained earnings		13,760	9,801
Common shareholders' equity		25,860	21,330
Preferred securities	23	671	1,096
Shareholders' equity		26,531	22,426
Minority interests	24	525	814
Total equity		27,056	23,240
Total liabilities and equity		373,855	339,612

The notes to the consolidated financial statements are an integral part of these consolidated financial statements.