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Consolidated statement of income for the years ended 31 December

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In CHF millionNotes20192018
    
INCOME
Premiums earned on insurance contracts16 32312 540
Premiums earned on investment contracts with discretionary participation890795
Premiums ceded to reinsurers–179–177
Net earned premiums7 17 03413 157
Policy fees earned on insurance contracts2627
Policy fees earned on investment and unit-linked contracts342313
Net earned policy fees7 368340
Commission income8 1 4521 275
Investment income5 , 8 4 3874 372
Net gains/losses on financial assets5 , 8 1 678–509
Net gains/losses on financial instruments at fair value through profit or loss5 , 8 –1 620415
Net gains/losses on investment property5 , 14 776725
Share of profit or loss of associates5 , 15 60
Other income8 239286
TOTAL INCOME 24 32020 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 9892
Net insurance benefits and claims8 –17 838–13 961
Policyholder participation–1 124–1 155
Interest expense8 –165–143
Commission expense8 –1 285–1 051
Employee benefits expense8 –1 094–1 008
Depreciation and amortisation expense8 –516–512
Impairment of property and equipment and intangible assets16 , 17 –3–14
Other expenses8 –643–683
TOTAL EXPENSES –22 669–18 527
PROFIT FROM OPERATIONS 1 6511 534
Borrowing costs –123–137
PROFIT BEFORE INCOME TAX 1 5281 397
Income tax expense24 –324–318
NET PROFIT 1 2051 080
   
Net profit attributable to 
equity holders of Swiss Life Holding 1 1991 076
non-controlling interests 64
NET PROFIT 1 2051 080
    
Earnings per share attributable to equity holders of Swiss Life Holding   
Basic earnings per share (in CHF)6 36.5931.58
Diluted earnings per share (in CHF)6 36.4831.49