8 Details of Certain Items in the Consolidated Statement of Income

Commission income
In CHF million  
  2012 2011
Brokerage commissions
  545 634
Asset management commissions
  122 123
Other commissions and fees
  159 136
Total commission income
  826 893


Investment income
In CHF million  
Notes  2012 2011
Interest income on financial assets held to maturity and available for sale
  2 644 2 430
Interest income on loans and receivables
  996 1 110
Other interest income
  11 15
Dividend income on financial assets available for sale
  61 75
Net income on investment property
  585 586
Total investment income
5  4 297 4 216


Net gains/losses on financial assets
In CHF million  
Notes  2012 2011
Sale of
 
financial assets held to maturity
  483
financial assets available for sale
27  782 344
loans
  156 140
Net gains/losses from sales
  1 421 484
Impairment losses on
 
debt securities available for sale
27  –1 –57
equity securities available for sale
27  –28 –87
loans and receivables
13  –7 –4
Impairment losses on financial assets
  –36 –148
Foreign currency gains/losses
  –608 214
Total net gains/losses on financial assets
5  776 550


Net gains/losses on financial instruments at fair value through profit or loss
In CHF million  
Notes  2012 2011
Interest rate derivatives
  –52 –45
Equity derivatives
  –63 –101
Currency derivatives
  405 –532
Other derivatives
  –2 0
Financial assets designated as at fair value through profit or loss
  463 –155
Financial liabilities designated as at fair value through profit or loss
  –122 30
Financial instruments for the account and risk of the Swiss Life Group's customers
  –49 –17
Total net gains/losses on financial instruments at fair value through profit or loss
5  580 –820


Other income
In CHF million  
  2012 2011
Realised gains/losses on sales of subsidiaries and other assets
  2 –1
Other foreign currency gains/losses
  17 40
Other
  6 6
Total other income
  25 45


Net insurance benefits and claims
In CHF million  
  2012 2011
Benefits and claims under insurance contracts
 
Life benefits and claims paid, gross
  9 468 9 728
Change in liability for future life policyholder benefits, gross
  3 495 2 028
Non-life claims paid, gross
  248 259
Change in reserve for non-life claims, gross
  3 –7
Benefits and claims recovered from reinsurers
  –79 –103
Net benefits and claims under insurance contracts
  13 134 11 905
Benefits and claims under investment contracts with discretionary participation
 
Life benefits and claims paid, gross
  374 437
Change in liability for future life policyholder benefits, gross
  311 272
Benefits and claims recovered from reinsurers
 
Net benefits and claims under investment contracts with discretionary participation
  685 709
Total net insurance benefits and claims
  13 819 12 614


Interest expense
In CHF million  
Notes  2012 2011
Interest expense on deposits
  25 43
Interest expense on investment contracts
20  99 97
Interest expense on deposits under insurance contracts
23  84 100
Other interest expense
  44 34
Total interest expense
  253 274


Commission expense
In CHF million  
  2012 2011
Insurance agent and broker commissions
  790 911
Asset management and banking commissions
  61 52
Other commissions and fees
  21 20
Total commission expense
  871 983


Employee benefits expense
In CHF million  
Notes  2012 2011
Wages and salaries
  571 585
Social security
  123 120
Defined benefit plans
24  110 84
Defined contribution plans
  1 1
Other employee benefits
  66 45
Total employee benefits expense
  871 835


Depreciation and amortisation expense
In CHF million  
Notes  2012 2011
Depreciation of property and equipment
17  28 30
Amortisation of present value of future profits (PVP)
18  1 1
Amortisation of deferred acquisition costs (DAC)
18  565 461
Amortisation of deferred origination costs (DOC)
18  53 27
Amortisation of other intangible assets
18  39 35
Total depreciation and amortisation expense
  685 554


Other expenses
In CHF million  
  2012 2011
Marketing and advertising
  59 64
Information technology and systems
  72 65
Rental, maintenance and repair
  67 72
Professional services
  171 174
Premium taxes and other non-income taxes
  55 58
Other
  98 97
Total other expenses
  521 530


Net gains/losses on financial instruments at fair value through profit or loss include interest and dividend income of CHF 77 million for the period ended 31 December 2012 (2011: CHF 79 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 2012 (2011: nil).

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