8 Details of Certain Items in the Consolidated Statement of Income
Commission income
In CHF million | ||||
---|---|---|---|---|
2021 | 2020 | |||
Brokerage commissions | 907 | 774 | ||
Asset management commissions | 643 | 565 | ||
Other commissions and fees | 303 | 248 | ||
Total commission income | 1 853 | 1 588 |
Investment income
In CHF million | ||||||
---|---|---|---|---|---|---|
Notes | 2021 | 2020 | ||||
Interest income on financial assets available for sale | 2 081 | 2 160 | ||||
Interest income on loans and receivables | 456 | 440 | ||||
Other interest income | –9 | –8 | ||||
Dividend income on financial assets available for sale | 345 | 477 | ||||
Net income on investment property | 1 045 | 951 | ||||
Total investment income | 5 | 3 918 | 4 021 |
Net gains /losses on financial assets
In CHF million | ||||||
---|---|---|---|---|---|---|
Notes | 2021 | 2020 | ||||
Sale of | ||||||
financial assets available for sale | 717 | 825 | ||||
loans and receivables | 138 | 125 | ||||
Net gains/losses from sales | 855 | 950 | ||||
Impairment losses on | ||||||
debt instruments available for sale | –11 | –16 | ||||
equity instruments available for sale | –181 | –628 | ||||
loans and receivables | –2 | –18 | ||||
Impairment losses on financial assets | –195 | –662 | ||||
Hedging gains/losses reclassified from other comprehensive income | –15 | 358 | ||||
Foreign currency gains/losses | 70 | –1 442 | ||||
Total net gains/losses on financial assets | 5 | 715 | –796 |
Net gains/losses on financial instruments at fair value through profit or loss
In CHF million | ||||||
---|---|---|---|---|---|---|
Notes | 2021 | 2020 | ||||
Currency derivatives | –436 | 938 | ||||
Interest rate derivatives | 77 | –181 | ||||
Equity derivatives | –1 088 | –612 | ||||
Other derivatives | 0 | 3 | ||||
Financial assets designated as at fair value through profit or loss 1 | 698 | 85 | ||||
Investments in associates 2 | 2 | 3 | ||||
Investment contracts without discretionary participation | 42 | 11 | ||||
Third-party interests in consolidated investment funds | –275 | –60 | ||||
Other financial liabilities | 0 | 6 | ||||
Assets for the account and risk of the Swiss Life Group's customers | 4 143 | 81 | ||||
Liabilities linked to assets for the account and risk of the Swiss Life Group's customers | –4 116 | –82 | ||||
Total net gains/losses on financial instruments at fair value through profit or loss | 5 | –953 | 191 | |||
1 Includes interest and dividend income of CHF 245 million (2020: CHF 117 million)
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2 Includes dividend income of CHF 0 million (2020: CHF 0 million)
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Other income
In CHF million | ||||
---|---|---|---|---|
2021 | 2020 | |||
Realised gains/losses on sales of subsidiaries and other assets | 32 | 3 | ||
Revenue from sale of inventory property | 133 | 153 | ||
Other foreign currency gains/losses | 153 | 22 | ||
Other | 22 | 18 | ||
Total other income | 340 | 195 |
Net insurance benefits and claims
In CHF million | ||||
---|---|---|---|---|
2021 | 2020 | |||
Benefits and claims under insurance contracts | ||||
Life benefits and claims paid, gross | 12 144 | 11 734 | ||
Change in future life policyholder benefits and claims, gross | 1 259 | 2 901 | ||
Non-life claims paid, gross | 265 | 231 | ||
Change in non-life claims, gross | –10 | 25 | ||
Benefits and claims recovered from reinsurers | –115 | –109 | ||
Net benefits and claims under insurance contracts | 13 543 | 14 783 | ||
Benefits and claims under investment contracts with discretionary participation | ||||
Life benefits and claims paid, gross | 735 | 672 | ||
Change in future life policyholder benefits and claims, gross | 65 | 174 | ||
Net benefits and claims under investment contracts with discretionary participation | 800 | 846 | ||
Total net insurance benefits and claims | 14 343 | 15 629 |
Interest expense
In CHF million | ||||||
---|---|---|---|---|---|---|
Notes | 2021 | 2020 | ||||
Interest expense on deposits | 20 | 18 | ||||
Negative interest on repurchase agreements | –28 | –26 | ||||
Interest expense on due to banks | 38 | 24 | ||||
Interest expense on investment contracts | 66 | 68 | ||||
Interest expense on deposits under insurance contracts | 22 | 55 | 27 | |||
Interest expense on lease liabilities | 4 | 4 | ||||
Other interest expense | 16 | 12 | ||||
Total interest expense | 172 | 127 |
Commission expense
In CHF million | ||||
---|---|---|---|---|
2021 | 2020 | |||
Insurance agent and broker commissions | 1 292 | 1 070 | ||
Asset management commissions | 104 | 90 | ||
Other commissions and fees | 124 | 132 | ||
Total commission expense | 1 520 | 1 293 |
Employee benefits expense
In CHF million | ||||||
---|---|---|---|---|---|---|
Notes | 2021 | 2020 | ||||
Wages and salaries | 862 | 811 | ||||
Social security | 177 | 157 | ||||
Defined benefit plans | 23 | 97 | 39 | |||
Defined contribution plans | 5 | 4 | ||||
Other employee benefits | 69 | 60 | ||||
Total employee benefits expense | 1 210 | 1 070 |
Depreciation and amortisation expense
In CHF million | ||||||
---|---|---|---|---|---|---|
Notes | 2021 | 2020 | ||||
Depreciation of property and equipment 1 | 16 | 67 | 67 | |||
Amortisation of present value of future profits (PVP) | 17 | 3 | 1 | |||
Amortisation of deferred acquisition costs (DAC) | 17 | 342 | 335 | |||
Amortisation of deferred origination costs (DOC) | 17 | 26 | 17 | |||
Amortisation of other intangible assets | 17 | 28 | 30 | |||
Total depreciation and amortisation expense | 466 | 450 | ||||
1 Including depreciation of IFRS 16 right-of-use assets of CHF 38 million (2020: CHF 40 million)
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Other expenses
In CHF million | ||||||
---|---|---|---|---|---|---|
2021 | 2020 | |||||
Marketing and advertising | 53 | 50 | ||||
Information technology and systems | 137 | 120 | ||||
Maintenance and repair | 32 | 32 | ||||
Short-term leases | 3 | 3 | ||||
Leases of low-value assets | 1 | 1 | ||||
Professional services | 238 | 219 | ||||
Cost of inventory property sold | 100 | 127 | ||||
Premium taxes and other non-income taxes | 74 | 78 | ||||
Other | 71 | 126 | ||||
Total other expenses | 709 | 756 |