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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 | 2020 | 2019 |
| INCOME | |||
| Premiums earned on insurance contracts | 14 621 | 16 323 | |
| Premiums earned on investment contracts with discretionary participation | 851 | 890 | |
| Premiums ceded to reinsurers | –169 | –179 | |
| Net earned premiums | 7 | 15 304 | 17 034 |
| Policy fees earned on insurance contracts | 27 | 26 | |
| Policy fees earned on investment and unit-linked contracts | 342 | 342 | |
| Net earned policy fees | 7 | 370 | 368 |
| Commission income | 8 | 1 588 | 1 452 |
| Investment income | 5 , 8 | 4 021 | 4 387 |
| Net gains/losses on financial assets | 5 , 8 | –796 | 1 678 |
| Net gains/losses on financial instruments at fair value through profit or loss | 5 , 8 | 191 | –1 620 |
| Net gains/losses on investment property | 5 , 14 | 847 | 776 |
| Share of profit or loss of associates | 5 , 15 | 9 | 6 |
| Other income | 8 | 195 | 239 |
| TOTAL INCOME | 21 728 | 24 320 | |
| EXPENSES | |||
| Benefits and claims under insurance contracts | –14 891 | –17 037 | |
| Benefits and claims under investment contracts with discretionary participation | –846 | –898 | |
| Benefits and claims recovered from reinsurers | 109 | 98 | |
| Net insurance benefits and claims | 8 | –15 629 | –17 838 |
| Policyholder participation | –910 | –1 124 | |
| Interest expense | 8 | –127 | –165 |
| Commission expense | 8 | –1 293 | –1 285 |
| Employee benefits expense | 8 | –1 070 | –1 094 |
| Depreciation and amortisation expense | 8 | –450 | –516 |
| Impairment of property and equipment and intangible assets | 16 , 17 | –21 | –3 |
| Other expenses | 8 | –756 | –643 |
| TOTAL EXPENSES | –20 256 | –22 669 | |
| PROFIT FROM OPERATIONS | 1 472 | 1 651 | |
| Borrowing costs | –121 | –123 | |
| PROFIT BEFORE INCOME TAX | 1 351 | 1 528 | |
| Income tax expense | 24 | –300 | –324 |
| NET PROFIT | 1 051 | 1 205 | |
| Net profit attributable to | |||
| equity holders of Swiss Life Holding | 1 046 | 1 199 | |
| non-controlling interests | 5 | 6 | |
| NET PROFIT | 1 051 | 1 205 | |
| Earnings per share attributable to equity holders of Swiss Life Holding | |||
| Basic earnings per share (in CHF) | 6 | 32.87 | 36.59 |
| Diluted earnings per share (in CHF) | 6 | 32.78 | 36.48 |
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