In CHF million		Notes	2008 HY		2007 HY
Continuing operations
Income
Premiums earned on insurance contracts			8 544		8 414
Premiums earned on investment contracts with discretionary participation			166		98
Premiums ceded to reinsurers			–153		–116
Net earned premiums		5	8 557		8 396
Policy fees earned on insurance contracts			26		34
Policy fees earned on investment and unit-linked contracts			100		190
Net earned policy fees		5	126		224
Asset management and other commission income		6	350		104
Investment income		4, 6	2 400		2 606
Net gains/losses on financial assets		4, 6	–2 266		746
Net gains/losses on financial instruments at fair value through profit or loss		4, 6	1 040		–21
Net gains/losses on investment property		4	99		66
Other income		6	112		–37
Total income			10 418		12 084
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			100		78
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			227		610
Borrowing costs			–93		–81
Share of results of associates		4	8		8
Profit before income tax			142		537
Income tax expense		7	10		–112
Net profit from continuing operations			152		425
Discontinued operations
Net profit from discontinued operations		19	1 485		210
Net profit			1 637		635
Net profit attributable to
equity holders of Swiss Life Holding Ltd			1 638		615
minority interest			–1		20
Net profit			1 637		635
Earnings per share from continuing operations attributable to equity holders of Swiss Life Holding Ltd
Basic earnings per share (in CHF)			4.65		12.15
Diluted earnings per share (in CHF)			4.62		11.75
Earnings per share attributable to equity holders of Swiss Life Holding Ltd
Basic earnings per share (in CHF)			49.71		18.41
Diluted earnings per share (in CHF)			49.06		17.72