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Consolidated Statement of Income

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Consolidated statement of income for the years ended 31 December

In CHF millionNotes20162015
    
INCOME
Premiums earned on insurance contracts12 40212 903
Premiums earned on investment contracts with discretionary participation9851 009
Premiums ceded to reinsurers–159–141
Net earned premiums713 22813 771
Policy fees earned on insurance contracts1918
Policy fees earned on investment and unit-linked contracts261259
Net earned policy fees7280276
Commission income81 0711 016
Investment income5, 84 2854 290
Net gains/losses on financial assets5, 8425248
Net gains/losses on financial instruments at fair value through profit or loss5, 8–42081
Net gains/losses on investment property5, 14763655
Share of profit or loss of associates5, 1597
Other income866210
TOTAL INCOME 19 70720 555
EXPENSES   
Benefits and claims under insurance contracts –13 149–14 558
Benefits and claims under investment contracts with discretionary participation –1 009–1 053
Benefits and claims recovered from reinsurers 9495
Net insurance benefits and claims8–14 064–15 516
Policyholder participation–1 325–899
Interest expense8–160–162
Commission expense8–842–797
Employee benefits expense8–907–871
Depreciation and amortisation expense8–503–468
Impairment of property and equipment and intangible assets16 , 17–7–16
Other expenses8–506–497
TOTAL EXPENSES –18 314–19 226
PROFIT FROM OPERATIONS 1 3931 329
Borrowing costs –178–161
PROFIT BEFORE INCOME TAX 1 2151 168
Income tax expense24–289–290
NET PROFIT 926878
    
Net profit attributable to   
equity holders of Swiss Life Holding 922872
non-controlling interests 46
NET PROFIT 926878
    
Earnings per share attributable to equity holders of Swiss Life Holding   
Basic earnings per share (in CHF)628.9227.41
Diluted earnings per share (in CHF)627.2725.85

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