Statement of income for the year ended 31 December 2007

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  8 0963 2812 046531 956–2115 411–1 95613 455
Premiums earned on investment contracts with discretionary participation   93 14 – – – – – – – – 107 – 107
Premiums ceded to reinsurers  –14–165–75–6–2119–26216–246
Net earned premiums  8 1753 1301 971471 935–215 256–1 94013 316
Policy fees earned on insurance contracts  1259374–470
Policy fees earned on investment and unit-linked contracts   13 212 38 56 – – – 145 – 0 464 –145 319
Net earned policy fees  2527138561480538–149389
Asset management and other commission income  3846320271931303–226504–308196
Investment income  2 9811 09982932362894412–1296 183–1 3054 878
Net gains/losses on financial assets  –205–3323610–56684144–149–5
Net gains/losses on financial instruments at fair value through profit or loss   –402 222 –11 1 – – 1 51 102 0 –36 –143 –179
Net gains/losses on investment property  18238100–32272229
Other income  –2415545881–9–81407147
Total income  10 7704 9283 109142282753 123892–36522 956–3 98518 971
of which inter-segment  1000–1–517269–333–365
 
Expenses 
Benefits and claims under insurance contracts  –8 658–2 467–2 190–21–2 3274–15 6592 327–13 332
Benefits and claims under investment contracts with discretionary participation   –106 –18 – – – – – – – – –124 – –124
Benefits and claims recovered from reinsurers  6113711–20–416721188
Net insurance benefits and claims  –8 758–2 372–2 119–20–2 3470–15 6162 348–13 268
Policyholder participation  –458–777–502–9221–1–1 526–220–1 746
Interest expense  –133–287–22–150–1–105–33778–822367–455
Commission expense  –209–397–128–39–39–3–66–39196–724104–620
Employee benefits expense  –324–254–103–27–99–2–164–198–3–1 174361–813
Depreciation and amortisation expense  –58–275–110–4–1–100–10–558110–448
Impairment of property and equipment and intangible assets   –5 – –1 – – – – – - – –6 – –6
Other expenses  –175–242–59–20–50–7–91–14033–751222–529
Total expenses  –10 120–4 604–3 044–134–189–13–2 652–724303–21 1773 292–17 885
of which inter-segment  –122–9–25–8–49–6–6–78303
 
Segment result  6503246589362471168–621 779–6931 086
of which inter-segment  –22–9–26–1312363–9–45–62
 
Unallocated corporate costs  –73–73
Result from operations  1 706–6931 013
Borrowing costs  –164–140–9–46–6–662–1836–177
Share of results of associates  141060113–112
Income tax expense  –16846–122
Net result  1 368–642726
 
Additions to non-current assets  432708318717621870