8 Details of Certain Items in the Consolidated Statement of Income

Commission income
In CHF million  
  2011 2010
Brokerage commissions
  634 716
Asset management commissions
  123 96
Other commissions and fees
  136 110
Total commission income
  893 922


Investment income
In CHF million  
Notes  2011 2010
Interest income on financial assets held to maturity and available for sale
  2 430 2 201
Interest income on loans and receivables
  1 110 1 352
Other interest income
  15 13
Dividend income on financial assets available for sale
  75 111
Net income on investment property
  586 565
Total investment income
5  4 216 4 242


Net gains/losses on financial assets
In CHF million  
Notes  2011 2010
Sale of
 
financial assets available for sale
27  344 385
loans
  140 17
Net gains/losses from sales
  484 402
Impairment losses on
 
debt securities available for sale
27  –57 4
equity securities available for sale
27  –87 –68
loans and receivables
13  –4 –9
Impairment losses on financial assets
  –148 –73
Foreign currency gains/losses
  214 –4 759
Total net gains/losses on financial assets
5  550 –4 430


Net gains/losses on financial instruments at fair value through profit or loss
In CHF million  
Notes  2011 2010
Interest rate derivatives
  –45 42
Equity derivatives
  –101 –32
Currency derivatives
  –532 4 185
Other derivatives
  0 –14
Financial assets designated as at fair value through profit or loss
  –155 57
Financial liabilities designated as at fair value through profit or loss
  30 11
Financial instruments for the account and risk of the Swiss Life Group's customers
  –17 1
Total net gains/losses on financial instruments at fair value through profit or loss
5  –820 4 250


Other income
In CHF million  
  2011 2010
Realised gains/losses on sales of subsidiaries and other assets
  –1 15
Other foreign currency gains/losses
  40 469
Other
  6 19
Total other income
  45 503


Net insurance benefits and claims
In CHF million  
  2011 2010
Benefits and claims under insurance contracts
 
Life benefits and claims paid, gross
  9 728 9 451
Change in liability for future life policyholder benefits, gross
  2 028 2 543
Non-life claims paid, gross
  259 306
Change in reserve for non-life claims, gross
  –7 –11
Benefits and claims recovered from reinsurers
  –103 –128
Net benefits and claims under insurance contracts
  11 905 12 161
Benefits and claims under investment contracts with discretionary participation
 
Life benefits and claims paid, gross
  437 164
Change in liability for future life policyholder benefits, gross
  272 379
Benefits and claims recovered from reinsurers
 
Net benefits and claims under investment contracts with discretionary participation
  709 543
Total net insurance benefits and claims
  12 614 12 704


Interest expense
In CHF million  
Notes  2011 2010
Interest expense on deposits
  43 40
Interest expense on investment contracts
20  97 120
Interest expense on deposits under insurance contracts
23  100 118
Other interest expense
  34 33
Total interest expense
  274 311


Commission expense
In CHF million  
  2011 2010
Insurance agent and broker commissions
  911 917
Asset management and banking commissions
  52 49
Other commissions and fees
  20 42
Total commission expense
  983 1 008


Employee benefits expense
In CHF million  
Notes  2011 2010
Wages and salaries
  585 587
Social security
  120 138
Defined benefit plans
24  84 72
Defined contribution plans
  1 1
Other employee benefits
  45 48
Total employee benefits expense
  835 846


Depreciation and amortisation expense
In CHF million  
Notes  2011 2010
Depreciation of property and equipment
17  30 35
Amortisation of present value of future profits (PVP)
18  1 1
Amortisation of deferred acquisition costs (DAC)
18  461 503
Amortisation of deferred origination costs (DOC)
18  27 14
Amortisation of other intangible assets
18  35 41
Total depreciation and amortisation expense
  554 594


Other expenses
In CHF million  
  2011 2010
Marketing and advertising
  64 69
Information technology and systems
  65 62
Rental, maintenance and repair
  72 75
Professional services
  174 183
Premium taxes and other non-income taxes
  58 132
Other
  97 88
Total other expenses
  530 609


Net gains/losses on financial instruments at fair value through profit or loss include interest and dividend income of CHF 79 million for the period ended 31 December 2011 (2010: CHF 48 million). Net gains/losses on liabilities designated as at fair value through profit or loss include changes attributable to credit risk: nil for the period ended 31 December 2011 (2010: nil).

 

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