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DE R J (1)

Consolidated statement of income for the years ended 31 December

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In CHF millionNotes20202019
    
INCOME
Premiums earned on insurance contracts14 62116 323
Premiums earned on investment contracts with discretionary participation851890
Premiums ceded to reinsurers–169–179
Net earned premiums7 15 30417 034
Policy fees earned on insurance contracts2726
Policy fees earned on investment and unit-linked contracts342342
Net earned policy fees7 370368
Commission income8 1 5881 452
Investment income5 , 8 4 0214 387
Net gains/losses on financial assets5 , 8 –7961 678
Net gains/losses on financial instruments at fair value through profit or loss5 , 8 191–1 620
Net gains/losses on investment property5 , 14 847776
Share of profit or loss of associates5 , 15 96
Other income8 195239
TOTAL INCOME 21 72824 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 10998
Net insurance benefits and claims8 –15 629–17 838
Policyholder participation–910–1 124
Interest expense8 –127–165
Commission expense8 –1 293–1 285
Employee benefits expense8 –1 070–1 094
Depreciation and amortisation expense8 –450–516
Impairment of property and equipment and intangible assets16 , 17 –21–3
Other expenses8 –756–643
TOTAL EXPENSES –20 256–22 669
PROFIT FROM OPERATIONS 1 4721 651
Borrowing costs –121–123
PROFIT BEFORE INCOME TAX 1 3511 528
Income tax expense24 –300–324
NET PROFIT 1 0511 205
  
Net profit attributable to 
equity holders of Swiss Life Holding 1 0461 199
non-controlling interests 56
NET PROFIT 1 0511 205
   
Earnings per share attributable to equity holders of Swiss Life Holding  
Basic earnings per share (in CHF)6 32.8736.59
Diluted earnings per share (in CHF)6 32.7836.48

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