Condensed Consolidated Statement of Income (unaudited)

Consolidated statement of income for the 6 months ended 30 June
In CHF million  
Notes  2011 HY 2010 HY
 
Income
 
Premiums earned on insurance contracts
  7 298 7 395
Premiums earned on investment contracts with discretionary participation
  393 163
Premiums ceded to reinsurers
  –81 –106
Net earned premiums
5  7 610 7 452
Policy fees earned on insurance contracts
  22 24
Policy fees earned on investment and unit-linked contracts
  124 120
Net earned policy fees
5  146 144
Commission income
6  405 467
Investment income
46  2 078 2 142
Net gains/losses on financial assets
46  –1 890 –1 382
Net gains/losses on financial instruments at fair value through profit or loss
46  1 866 1 294
Net gains/losses on investment property
4  146 125
Other income
6  57 297
Total income
  10 418 10 539
Expenses
 
Benefits and claims under insurance contracts
  –7 301 –7 510
Benefits and claims under investment contracts with discretionary participation
  –403 –171
Benefits and claims recovered from reinsurers
  37 54
Net insurance benefits and claims
6  –7 667 –7 627
Policyholder participation
  –747 –762
Interest expense
6  –140 –161
Commission expense
6  –461 –492
Employee benefits expense
6  –409 –463
Depreciation and amortisation expense
6  –293 –319
Impairment of property and equipment and intangible assets
  –4 0
Other expenses
6  –245 –300
Total expenses
  –9 966 –10 124
Profit from operations
  452 415
Borrowing costs
  –55 –54
Share of results of associates
4  5 2
Profit before income tax
  402 363
Income tax expense
7  1 –94
 
Net profit
  403 269
 
Net profit attributable to
 
equity holders of Swiss Life Holding
  403 268
non-controlling interests
  0 1
Net profit
  403 269
 
Earnings per share attributable to equity holders of Swiss Life Holding
 
Basic earnings per share (in CHF)
  12.61 8.39
Diluted earnings per share (in CHF)
  12.55 8.36