Condensed Consolidated Statement of Income (unaudited)

Consolidated statement of income for the half-years ended 30 June
In CHF millionNotes  2009 HY2008 HY
Continuing operations 
Income 
Premiums earned on insurance contracts  7 5108 544
Premiums earned on investment contracts with discretionary participation  108166
Premiums ceded to reinsurers  –110–153
Net earned premiums5  7 5088 557
Policy fees earned on insurance contracts  2526
Policy fees earned on investment and unit-linked contracts  86100
Net earned policy fees5  111126
Commission income6  450350
Investment income46  2 1482 400
Net gains/losses on financial assets46  441–2 266
Net gains/losses on financial instruments at fair value through profit or loss46  –5751 040
Net gains/losses on investment property4  9599
Other income6  –4112
Total income  10 17410 418
Expenses 
Benefits and claims under insurance contracts  –7 357–8 393
Benefits and claims under investment contracts with discretionary participation  –111–166
Benefits and claims recovered from reinsurers  22100
Net insurance benefits and claims6  –7 446–8 459
Policyholder participation  –651–77
Interest expense6  –180–199
Commission expense6  –476–385
Employee benefits expense6  –500–477
Depreciation and amortisation expense6  –313–231
Impairment of property and equipment and intangible assets  0–5
Other expenses6  –357–358
Total expenses  –9 923–10 191
Profit from operations  251227
Borrowing costs  –81–93
Share of results of associates4  68
Profit before income tax  176142
Income tax expense7  –410
Net profit from continuing operations  172152
 
Discontinued operations 
Net result from discontinued operations19  –331 485
 
Net profit  1391 637
 
Net profit attributable to 
equity holders of Swiss Life Holding  1421 638
non-controlling interests  –3–1
Net profit  1391 637
Earnings per share from continuing operations attributable to equity holders of Swiss Life Holding 
Basic earnings per share (in CHF)  5.644.65
Diluted earnings per share (in CHF)  5.624.62
Earnings per share attributable to equity holders of Swiss Life Holding 
Basic earnings per share (in CHF)  4.5849.71
Diluted earnings per share (in CHF)  4.5649.06



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