Statement of income for the half-year ended 30 June 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  5 6352 02585540782–119 326–7828 544
Premiums earned on investment contracts with discretionary participation   162 4 – – – – – – – – 166 – 166
Premiums ceded to reinsurers  –7–96–37–22–711–1585–153
Net earned premiums  5 7901 9338181877509 334–7778 557
Policy fees earned on insurance contracts  521430–426
Policy fees earned on investment and unit-linked contracts   7 50 9 34 – – – 53 – – 153 –53 100
Net earned policy fees  127193457183–57126
Commission income  241814013125351535–101394–44350
Investment income  1 57637343414332727563–312 737–3372 400
Net gains/losses on financial assets  –2 173–6–9100049–118–2 375109–2 266
Net gains/losses on financial instruments at fair value through profit or loss   1 185 –192 49 –1 – 0 –1 27 28 – 1 095 –55 1 040
Net gains/losses on investment property  7726–40099099
Other income  102152–217–111 03869001 842–1 730112
Total income  6 5932 2381 23163135263242 196698–13213 309–2 89110 418
of which inter-segment  64–10–4852–17–25–132
 
Expenses 
Benefits and claims under insurance contracts  –5 829–1 584–959–22–9191–9 312919–8 393
Benefits and claims under investment contracts with discretionary participation   –160 –6 – – – – – – – – –166 – –166
Benefits and claims recovered from reinsurers  44936142–3102–2100
Net insurance benefits and claims  –5 985–1 541–923–8–917–2–9 376917–8 459
Policyholder participation  –7475–8022–1–76–1–77
Interest expense  –76–110–9–7000–34–4910–27576–199
Commission expense  –103–158–51–23–20–122–1–24–496–41025–385
Employee benefits expense  –159–125–52–22–46–56–2–61–30–1–55491–463
Depreciation and amortisation expense  –5–148–62–2–1–13–28–25928–231
Impairment of property and equipment and intangible assets   –2 – –2 – – –1 – 0 – – –5 0 –5
Other expenses  –69–131–33–24–20–66–5–36–207–39753–344
Total expenses  –6 473–2 138–1 212–84–87–258–8–1 098–103109–11 3521 189–10 163
of which inter-segment  –88–2–17–17–13040–2–10109
 
Segment result  12010019–21485161 098595–231 957–1 702255
of which inter-segment  –24–3–17–2172223–4–5–23
 
Unallocated corporate costs  –28–28
Result from operations  1 929–1 702227
Borrowing costs  –89–5–1–5–14–2–123–941–93
Share of results of associates  1500219–18
Income tax expense  –20721710
Net result  1 637–1 485152