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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