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Consolidated Statement of Income
Financial Part
Consolidated statement of income for the years ended 31 December
i Excel-Download| In CHF million | Notes | 2019 | 2018 |
| INCOME | |||
| Premiums earned on insurance contracts | 16 323 | 12 540 | |
| Premiums earned on investment contracts with discretionary participation | 890 | 795 | |
| Premiums ceded to reinsurers | –179 | –177 | |
| Net earned premiums | 7 | 17 034 | 13 157 |
| Policy fees earned on insurance contracts | 26 | 27 | |
| Policy fees earned on investment and unit-linked contracts | 342 | 313 | |
| Net earned policy fees | 7 | 368 | 340 |
| Commission income | 8 | 1 452 | 1 275 |
| Investment income | 5 , 8 | 4 387 | 4 372 |
| Net gains/losses on financial assets | 5 , 8 | 1 678 | –509 |
| Net gains/losses on financial instruments at fair value through profit or loss | 5 , 8 | –1 620 | 415 |
| Net gains/losses on investment property | 5 , 14 | 776 | 725 |
| Share of profit or loss of associates | 5 , 15 | 6 | 0 |
| Other income | 8 | 239 | 286 |
| TOTAL INCOME | 24 320 | 20 062 | |
| EXPENSES | |||
| Benefits and claims under insurance contracts | –17 037 | –13 388 | |
| Benefits and claims under investment contracts with discretionary participation | –898 | –665 | |
| Benefits and claims recovered from reinsurers | 98 | 92 | |
| Net insurance benefits and claims | 8 | –17 838 | –13 961 |
| Policyholder participation | –1 124 | –1 155 | |
| Interest expense | 8 | –165 | –143 |
| Commission expense | 8 | –1 285 | –1 051 |
| Employee benefits expense | 8 | –1 094 | –1 008 |
| Depreciation and amortisation expense | 8 | –516 | –512 |
| Impairment of property and equipment and intangible assets | 16 , 17 | –3 | –14 |
| Other expenses | 8 | –643 | –683 |
| TOTAL EXPENSES | –22 669 | –18 527 | |
| PROFIT FROM OPERATIONS | 1 651 | 1 534 | |
| Borrowing costs | –123 | –137 | |
| PROFIT BEFORE INCOME TAX | 1 528 | 1 397 | |
| Income tax expense | 24 | –324 | –318 |
| NET PROFIT | 1 205 | 1 080 | |
| Net profit attributable to | |||
| equity holders of Swiss Life Holding | 1 199 | 1 076 | |
| non-controlling interests | 6 | 4 | |
| NET PROFIT | 1 205 | 1 080 | |
| Earnings per share attributable to equity holders of Swiss Life Holding | |||
| Basic earnings per share (in CHF) | 6 | 36.59 | 31.58 |
| Diluted earnings per share (in CHF) | 6 | 36.48 | 31.49 |
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