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Annual Report 2021
Annual Report 2021
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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)
2 Includes dividend income of CHF 0 million (2020: CHF 0 million)

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)

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