Consolidated Statement of Income

Consolidated statement of income for the years ended 31 December
In CHF millionNotes  20082007
Continuing operations 
Income 
Premiums earned on insurance contracts  13 39213 455
Premiums earned on investment contracts with discretionary participation  166107
Premiums ceded to reinsurers  –304–246
Net earned premiums7  13 25413 316
Policy fees earned on insurance contracts  5470
Policy fees earned on investment and unit-linked contracts  206319
Net earned policy fees7  260389
Asset management and other commission income8  950196
Investment income58  4 5634 878
Net gains/losses on financial assets58  –6 010–5
Net gains/losses on financial instruments at fair value through profit or loss58  1 853–179
Net gains/losses on investment property515  194229
Other income8  292147
Total income  15 35618 971
Expenses 
Benefits and claims under insurance contracts  –12 844–13 332
Benefits and claims under investment contracts with discretionary participation  –184–124
Benefits and claims recovered from reinsurers  113188
Net insurance benefits and claims8  –12 915–13 268
Policyholder participation  429–1 746
Interest expense8  –393–455
Commission expense8  –963–620
Employee benefits expense8  –1 041–870
Depreciation and amortisation expense8  –518–448
Impairment of property and equipment and intangible assets1718  –4–6
Other expenses8  –793–545
Total expenses  –16 198–17 958
Result from operations  –8421 013
Borrowing costs  –181–177
Share of results of associates516  –14912
Result before income tax  –1 172848
Income tax expense25  29–122
Net result from continuing operations  –1 143726
 
Discontinued operations 
Net profit from discontinued operations30  1 488642
 
Net profit  3451 368
 
Net profit attributable to 
equity holders of Swiss Life Holding  3501 345
minority interest  –523
Net profit  3451 368
Earnings per share from continuing operations attributable to equity holders of Swiss Life Holding 
Basic earnings per share (in CHF)6  -35.3721.33
Diluted earnings per share (in CHF)6  -35.3720.83
Earnings per share attributable to equity holders of Swiss Life Holding 
Basic earnings per share (in CHF)6  10.8840.76
Diluted earnings per share (in CHF)6  10.8839.60