Annual Report 2021

Consolidated Statement of Income

Consolidated statement of income for the years ended 31 December

In CHF million
	Notes	2021	2020

Income
Premiums earned on insurance contracts		13 778	14 621
Premiums earned on investment contracts with discretionary participation		790	851
Premiums ceded to reinsurers		–179	–169
Net earned premiums	7	14 389	15 304
Policy fees earned on insurance contracts		35	27
Policy fees earned on investment and unit-linked contracts		408	342
Net earned policy fees	7	443	370
Commission income	8	1 853	1 588
Investment income	5, 8	3 918	4 021
Net gains/losses on financial assets	5, 8	715	–796
Net gains/losses on financial instruments at fair value through profit or loss	5, 8	–953	191
Net gains/losses on investment property	5, 14	1 505	847
Share of profit or loss of associates	5, 15	8	9
Other income	8	340	195
Total income		22 219	21 728
Expenses
Benefits and claims under insurance contracts		–13 658	–14 891
Benefits and claims under investment contracts with discretionary participation		–800	–846
Benefits and claims recovered from reinsurers		115	109
Net insurance benefits and claims	8	–14 343	–15 629
Policyholder participation		–2 001	–910
Interest expense	8	–172	–127
Commission expense	8	–1 520	–1 293
Employee benefits expense	8	–1 210	–1 070
Depreciation and amortisation expense	8	–466	–450
Impairment of property and equipment and intangible assets	16, 17	–15	–21
Other expenses	8	–709	–756
Total expenses		–20 435	–20 256
Profit from operations		1 783	1 472
Borrowing costs		–121	–121
Profit before income tax		1 663	1 351
Income tax expense	24	–406	–300
Net profit		1 257	1 051

Net profit attributable to
equity holders of Swiss Life Holding		1 247	1 046
non-controlling interests		10	5
Net profit		1 257	1 051

Earnings per share attributable to equity holders of Swiss Life Holding
Basic earnings per share (in CHF)	6	40.05	32.87
Diluted earnings per share (in CHF)	6	39.93	32.78