Consolidated Statement of Income

Consolidated statement of income for the years ended 31 December
In CHF million  
Notes  2012 2011
 
Income
 
Premiums earned on insurance contracts
  11 385 11 105
Premiums earned on investment contracts with discretionary participation
  661 685
Premiums ceded to reinsurers
  –175 –191
Net earned premiums
7  11 871 11 599
Policy fees earned on insurance contracts
  36 39
Policy fees earned on investment and unit-linked contracts
  273 256
Net earned policy fees
7  309 295
Commission income
8  826 893
Investment income
58  4 297 4 216
Net gains/losses on financial assets
58  776 550
Net gains/losses on financial instruments at fair value through profit or loss
58  580 –820
Net gains/losses on investment property
515  390 513
Other income
8  25 45
Total income
  19 075 17 291
Expenses
 
Benefits and claims under insurance contracts
  –13 214 –12 008
Benefits and claims under investment contracts with discretionary participation
  –685 –709
Benefits and claims recovered from reinsurers
  79 103
Net insurance benefits and claims
8  –13 819 –12 614
Policyholder participation
  –1 104 –791
Interest expense
8  –253 –274
Commission expense
8  –871 –983
Employee benefits expense
8  –871 –835
Depreciation and amortisation expense
8  –685 –554
Impairment of property and equipment and intangible assets
1718  –604 –11
Other expenses
8  –521 –530
Total expenses
  –18 728 –16 592
Profit from operations
  346 699
Borrowing costs
  –125 –120
Share of profit or loss of associates
516  8 6
Profit before income tax
  229 585
Income tax expense
25  –137 21
Net profit
  93 606
 
Net profit attributable to
 
equity holders of Swiss Life Holding
  92 605
non-controlling interests
  1 1
Net profit
  93 606
 
Earnings per share attributable to equity holders of Swiss Life Holding
 
Basic earnings per share (in CHF)
6  2.88 18.97
Diluted earnings per share (in CHF)
6  2.86 18.87


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