| In CHF million | ||||||
| Notes | 2009 | 2008 | ||||
Continuing operations | ||||||
Income | ||||||
Premiums earned on insurance contracts | 11 987 | 13 392 | ||||
Premiums earned on investment contracts with discretionary participation | 118 | 166 | ||||
Premiums ceded to reinsurers | –238 | –304 | ||||
Net earned premiums | 7 | 11 867 | 13 254 | |||
Policy fees earned on insurance contracts | 56 | 54 | ||||
Policy fees earned on investment and unit-linked contracts | 212 | 206 | ||||
Net earned policy fees | 7 | 268 | 260 | |||
Commission income | 8 | 934 | 950 | |||
Investment income | 5, 8 | 4 207 | 4 563 | |||
Net gains/losses on financial assets | 5, 8 | –118 | –6 010 | |||
Net gains/losses on financial instruments at fair value through profit or loss | 5, 8 | 315 | 1 853 | |||
Net gains/losses on investment property | 5, 14 | 184 | 194 | |||
Other income | 8 | 159 | 292 | |||
Total income | 17 816 | 15 356 | ||||
Expenses | ||||||
Benefits and claims under insurance contracts | –11 858 | –12 844 | ||||
Benefits and claims under investment contracts with discretionary participation | –129 | –184 | ||||
Benefits and claims recovered from reinsurers | 103 | 113 | ||||
Net insurance benefits and claims | 8 | –11 884 | –12 915 | |||
Policyholder participation | –1 539 | 429 | ||||
Interest expense | 8 | –353 | –393 | |||
Commission expense | 8 | –1 008 | –963 | |||
Employee benefits expense | 8 | –1 049 | –1 041 | |||
Depreciation and amortisation expense | 8 | –633 | –518 | |||
Impairment of property and equipment and intangible assets | 16, 17 | –24 | –4 | |||
Other expenses | 8 | –764 | –793 | |||
Total expenses | –17 254 | –16 198 | ||||
Result from operations | 562 | –842 | ||||
Borrowing costs | –141 | –181 | ||||
Share of results of associates | 5, 15 | 6 | –149 | |||
Result before income tax | 427 | –1 172 | ||||
Income tax expense | 24 | –103 | 29 | |||
Net result from continuing operations | 324 | –1 143 | ||||
Discontinued operations | ||||||
Net result from discontinued operations | 29 | –47 | 1 488 | |||
Net profit | 277 | 345 | ||||
Net profit attributable to | ||||||
equity holders of Swiss Life Holding | 278 | 350 | ||||
non-controlling interests | –1 | –5 | ||||
Net profit | 277 | 345 | ||||
Earnings per share from continuing operations attributable to equity holders of Swiss Life Holding | ||||||
Basic earnings per share (in CHF) | 6 | 10.36 | –35.37 | |||
Diluted earnings per share (in CHF) | 6 | 10.33 | –35.37 | |||
Earnings per share attributable to equity holders of Swiss Life Holding | ||||||
Basic earnings per share (in CHF) | 6 | 8.86 | 10.88 | |||
Diluted earnings per share (in CHF) | 6 | 8.83 | 10.88 | |||