Statement of income for the year ended 31 December 2008

In CHF million
 
Insurance
Switzerland

Insurance
France

Insurance
Germany

Insurance
Other

Investment
Management


AWD


Other

Insurance
(Discontinued)

Banking
(Discontinued)


Eliminations


Total
Less:
discontinued
operations

Continuing
operations
 
Income 
Premiums earned on insurance contracts  7 7953 6741 86281782–2014 174–78213 392
Premiums earned on investment contracts with discretionary participation   158 8 – – – – – – – – 166 – 166
Premiums ceded to reinsurers  –14–199–70–39–720–3095–304
Net earned premiums  7 9393 4831 79242775014 031–77713 254
Policy fees earned on insurance contracts  1044458–454
Policy fees earned on investment and unit-linked contracts   14 91 27 74 – – – 53 – – 259 –53 206
Net earned policy fees  24135277457317–57260
Asset management and other commission income  496627126575091535–223994–44950
Investment income  2 91073088234576327563–694 900–3374 563
Net gains/losses on financial assets  –5 262–323–417–9–1–359–118–6 119109–6 010
Net gains/losses on financial instruments at fair value through profit or loss   2 185 –407 92 –3 0 –2 –12 27 28 – 1 908 –55 1 853
Net gains/losses on investment property  14257–5001940194
Other income  2921617–4415–381 039690–82 023–1 731292
Total income  8 2793 7572 415135273767272 197698–30018 248–2 89215 356
of which inter-segment  9415–71721517–25–300
 
Expenses 
Benefits and claims under insurance contracts  –7 892–2 824–2 089–39–9190–13 763919–12 844
Benefits and claims under investment contracts with discretionary participation   –172 –12 – – – – – – – – –184 – –184
Benefits and claims recovered from reinsurers  53259192–2115–2113
Net insurance benefits and claims  –8 059–2 804–2 030–20–917–2–13 832917–12 915
Policyholder participation  –11247269–120430–1429
Interest expense  –141–219–19–1700–2–34–4912–46976–393
Commission expense  –202–342–108–45–36–429–2–24–4204–98825–963
Employee benefits expense  –334–237–106–43–98–162–3–61–30–2–1 07691–985
Depreciation and amortisation expense  –12–321–138–60–41–28–54628–518
Impairment of property and equipment and intangible assets   –4 – – – – – – 0 – – –4 0 –4
Other expenses  –163–266–54–39–45–176–11–36–2024–78653–733
Total expenses  –9 027–3 717–2 386–171–179–808–18–1 098–103236–17 2711 189–16 082
of which inter-segment  –136–16–45–28–28029–2–10236
 
Segment result  –7484029–3694–4191 099595–64977–1 703–726
of which inter-segment  –42–15–40–351441546–4–5–64
 
Unallocated corporate costs  –116–116
Result from operations  861–1 703–842
Borrowing costs  –174–10–4–13–42–2–164–1821–181
Share of results of associates  1510–1561–148–1–149
Income tax expense  –18621529
Net result  345–1 488–1 143
 
Additions to non-current assets  436104447401 5262 517