Condensed Consolidated Statement of Income (unaudited)

Consolidated statement of income for the half-years ended 30 June
In CHF million Notes  2008 HY2007 HY
Continuing operations  
Income  
Premiums earned on insurance contracts   8 5448 414
Premiums earned on investment contracts with discretionary participation   16698
Premiums ceded to reinsurers   –153–116
Net earned premiums 5  8 5578 396
Policy fees earned on insurance contracts   2634
Policy fees earned on investment and unit-linked contracts   100190
Net earned policy fees 5  126224
Asset management and other commission income 6  350104
Investment income 46  2 4002 606
Net gains/losses on financial assets 46  –2 266746
Net gains/losses on financial instruments at fair value through profit or loss 46  1 040–21
Net gains/losses on investment property 4  9966
Other income 6  112–37
Total income   10 41812 084
Expenses  
Benefits and claims under insurance contracts   –8 393–8 217
Benefits and claims under investment contracts with discretionary participation   –166–107
Benefits and claims recovered from reinsurers   10078
Net insurance benefits and claims 6  –8 459–8 246
Policyholder participation   –77–1 685
Interest expense 6  –199–248
Commission expense 6  –385–328
Employee benefits expense 6  –477–434
Depreciation and amortisation expense 6  –231–271
Impairment of property and equipment and intangible assets   –5–1
Other expenses 6  –358–261
Total expenses   –10 191–11 474
Profit from operations   227610
Borrowing costs   –93–81
Share of results of associates 4  88
Profit before income tax   142537
Income tax expense 7  10–112
Net profit from continuing operations   152425
  
Discontinued operations  
Net profit from discontinued operations 19  1 485210
  
Net profit   1 637635
  
Net profit attributable to  
equity holders of Swiss Life Holding Ltd   1 638615
minority interest   –120
Net profit   1 637635
Earnings per share from continuing operations attributable to equity holders of Swiss Life Holding Ltd  
Basic earnings per share (in CHF)   4.6512.15
Diluted earnings per share (in CHF)   4.6211.75
Earnings per share attributable to equity holders of Swiss Life Holding Ltd  
Basic earnings per share (in CHF)   49.7118.41
Diluted earnings per share (in CHF)   49.0617.72



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