Annual Report 2012 - Swiss Life

140 Consolidated Financial Statements
Statement of income for thE Year ENDED 31 December 2012
In CHF million Invest- Total
Insurance Insurance ment before
Switzer- Insurance Insurance Inter- Manage- elimi- Elimiland
France Germany national ment AWD Other nations nations Total
Income
Premiums earned on insurance contracts 7 166 2 719 1 541 45 – – 1 11 473 –87 11 385
Premiums earned on investment contracts
with discretionary participation 661 – – – – – – 661 – 661
Premiums ceded to reinsurers –25 –194 –35 –8 – – –1 –263 87 –175
Net earned premiums 7 802 2 525 1 506 37 – – 1 11 871 0 11 871
Policy fees earned on insurance contracts 16 19 – 0 – – – 36 – 36
Policy fees earned on investment and unit-linked contracts 50 105 37 81 – – – 273 – 273
Net earned policy fees 66 125 37 81 – – – 309 – 309
Commission income 34 78 35 12 338 583 60 1 140 –314 826
Investment income 2 954 651 652 32 1 2 49 4 341 –45 4 297
Net gains/losses on financial assets 515 12 169 85 0 –2 –3 776 – 776
Net gains/losses on financial instruments
at fair value through profit or loss 411 200 50 –84 – 1 2 580 – 580
Net gains/losses on investment property 366 15 9 – – – 0 390 – 390
Other income 30 4 1 0 0 2 1 39 –13 25
Total income 12 177 3 610 2 460 163 339 587 110 19 446 –372 19 075
of which inter-segment 103 –49 –8 –10 211 33 92 372 –372
Expenses
Benefits and claims under insurance contracts –9 378 –2 139 –1 722 –19 – – 1 –13 257 44 –13 214
Benefits and claims under investment contracts
with discretionary participation –685 – – – – – – –685 – –685
Benefits and claims recovered from reinsurers 15 104 13 1 – – –9 123 –44 79
Net insurance benefits and claims –10 048 –2 035 –1 709 –18 – – –9 –13 819 –1 –13 819
Policyholder participation –455 –311 –334 –15 – – 0 –1 115 11 –1 104
Interest expense –69 –156 –13 –16 0 –2 –1 –257 4 –253
Commission expense –327 –334 –79 –27 –41 –375 –3 –1 187 316 –871
Employee benefits expense –286 –192 –80 –54 –112 –102 –6 –833 1 –831
Depreciation and amortisation expense –250 –269 –125 –5 –2 –31 –3 –685 – –685
Impairment of property and equipment and intangible assets –7 – –2 –17 – –578 – –604 – –604
Other expenses –101 –154 –48 –45 –46 –91 –13 –498 –1 –499
Total expenses –11 543 –3 453 –2 390 –197 –201 –1 179 –35 –18 998 331 –18 667
of which inter-segment –262 14 –56 –15 –14 6 –4 –331 331
Segment result 634 157 69 –34 138 –591 75 448 –41 407
of which inter-segment –159 –35 –64 –26 197 39 88 41 –41
Unallocated corporate costs –61
Result from operations 346
Borrowing costs –148 0 –4 –5 – – –9 –166 41 –125
Share of profit or loss of associates 3 3 0 – 1 – 1 8 – 8
Income tax expense –137
Net result 93
Additions to non-current assets 818 177 62 3 3 7 1 1 073 – 1 073
Swiss Life – Annual Report 2012