Consolidated Statement of Income

Consolidated statement of income for the years ended 31 December
In CHF million  
Notes  2011 2010
 
Income
 
Premiums earned on insurance contracts
  11 105 11 456
Premiums earned on investment contracts with discretionary participation
  685 523
Premiums ceded to reinsurers
  –191 –226
Net earned premiums
7  11 599 11 753
Policy fees earned on insurance contracts
  39 41
Policy fees earned on investment and unit-linked contracts
  256 257
Net earned policy fees
7  295 298
Commission income
8  893 922
Investment income
58  4 216 4 242
Net gains/losses on financial assets
58  550 –4 430
Net gains/losses on financial instruments at fair value through profit or loss
58  –820 4 250
Net gains/losses on investment property
515  513 306
Other income
8  45 503
Total income
  17 291 17 844
Expenses
 
Benefits and claims under insurance contracts
  –12 008 –12 289
Benefits and claims under investment contracts with discretionary participation
  –709 –543
Benefits and claims recovered from reinsurers
  103 128
Net insurance benefits and claims
8  –12 614 –12 704
Policyholder participation
  –791 –1 073
Interest expense
8  –274 –311
Commission expense
8  –983 –1 008
Employee benefits expense
8  –835 –846
Depreciation and amortisation expense
8  –554 –594
Impairment of property and equipment and intangible assets
1718  –11 –5
Other expenses
8  –530 –609
Total expenses
  –16 592 –17 150
Profit from operations
  699 694
Borrowing costs
  –120 –104
Share of results of associates
516  6 6
Profit before income tax
  585 596
Income tax expense
25  21 –36
Net profit
  606 560
 
Net profit attributable to
 
equity holders of Swiss Life Holding
  605 557
non-controlling interests
  1 3
Net profit
  606 560
 
Earnings per share attributable to equity holders of Swiss Life Holding
 
Basic earnings per share (in CHF)
6  18.97 17.46
Diluted earnings per share (in CHF)
6  18.87 17.37


 

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