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Consolidated statement of income for the years ended 31 December

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In CHF millionNotes20182017
    
INCOME
Premiums earned on insurance contracts12 54012 100
Premiums earned on investment contracts with discretionary participation795849
Premiums ceded to reinsurers–177–157
Net earned premiums7 13 15712 791
Policy fees earned on insurance contracts2717
Policy fees earned on investment and unit-linked contracts313296
Net earned policy fees7 340313
Commission income8 1 2751 156
Investment income5 , 8 4 3724 270
Net gains/losses on financial assets5 , 8 –509651
Net gains/losses on financial instruments at fair value through profit or loss5 , 8 415–1 181
Net gains/losses on investment property5 , 14 725651
Share of profit or loss of associates5 , 15 03
Other income8 286113
TOTAL INCOME 20 06218 769
EXPENSES   
Benefits and claims under insurance contracts –13 388–12 392
Benefits and claims under investment contracts with discretionary participation –665–867
Benefits and claims recovered from reinsurers 9270
Net insurance benefits and claims8 –13 961–13 189
Policyholder participation–1 155–949
Interest expense8 –143–144
Commission expense8 –1 051–959
Employee benefits expense8 –1 008–961
Depreciation and amortisation expense8 –512–399
Impairment of property and equipment and intangible assets16 , 17 –140
Other expenses8 –683–691
TOTAL EXPENSES –18 527–17 292
PROFIT FROM OPERATIONS 1 5341 476
Borrowing costs –137–156
PROFIT BEFORE INCOME TAX 1 3971 320
Income tax expense24 –318–308
NET PROFIT 1 0801 013
    
Net profit attributable to   
equity holders of Swiss Life Holding 1 0761 007
non-controlling interests 46
NET PROFIT 1 0801 013
    
Earnings per share attributable to equity holders of Swiss Life Holding   
Basic earnings per share (in CHF)6 31.5830.98
Diluted earnings per share (in CHF)6 31.4929.63