Annual Report 2012 - Swiss Life

In CHF million
Notes 2012 2011
106 Consolidated Financial Statements
Consolidated Statement of Income
Consolidated statement of income for the years ended 31 December
Income
Premiums earned on insurance contracts 11 385 11 105
Premiums earned on investment contracts with discretionary participation 661 685
Premiums ceded to reinsurers –175 –191
Net earned premiums 7 11 871 11 599
Policy fees earned on insurance contracts 36 39
Policy fees earned on investment and unit-linked contracts 273 256
Net earned policy fees 7 309 295
Commission income 8 826 893
Investment income 5, 8 4 297 4 216
Net gains/losses on financial assets 5, 8 776 550
Net gains/losses on financial instruments at fair value through profit or loss 5, 8 580 –820
Net gains/losses on investment property 5, 15 390 513
Other income 8 25 45
Total income 19 075 17 291
Expenses
Benefits and claims under insurance contracts –13 214 –12 008
Benefits and claims under investment contracts with discretionary participation –685 –709
Benefits and claims recovered from reinsurers 79 103
Net insurance benefits and claims 8 –13 819 –12 614
Policyholder participation –1 104 –791
Interest expense 8 –253 –274
Commission expense 8 –871 –983
Employee benefits expense 8 –871 –835
Depreciation and amortisation expense 8 –685 –554
Impairment of property and equipment and intangible assets 17, 18 –604 –11
Other expenses 8 –521 –530
Total expenses –18 728 –16 592
Profit from operations 346 699
Borrowing costs –125 –120
Share of profit or loss of associates 5, 16 8 6
Profit before income tax 229 585
Income tax expense 25 –137 21
Net profit 93 606
Net profit attributable to
equity holders of Swiss Life Holding 92 605
non-controlling interests 1 1
Net profit 93 606
Earnings per share attributable to equity holders of Swiss Life Holding
Basic earnings per share (in CHF) 6 2.88 18.97
Diluted earnings per share (in CHF) 6 2.86 18.87
Swiss Life – Annual Report 2012