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Annual Report 2022
Annual Report 2022
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8 Details of Certain Items in the Consolidated Statement of Income

Commission income

In CHF million
    2022   2021
Brokerage commissions   879   907
Asset management commissions   706   643
Other commissions and fees   362   303
Total commission income   1 947   1 853

Investment income

In CHF million
    Notes   2022   2021
Interest income on financial assets available for sale       2 056   2 081
Interest income on loans and receivables       425   456
Other interest income       11   –9
Dividend income on financial assets available for sale       340   345
Net income on investment property       1 085   1 045
Total investment income   5    3 917   3 918

Net gains /losses on financial assets

In CHF million
    Notes   2022   2021
Sale of            
financial assets available for sale       –147   717
loans and receivables       103   138
Net gains/losses from sales       –44   855
Impairment losses on            
debt instruments available for sale       –27   –11
equity instruments available for sale       –514   –181
loans and receivables       –3   –2
Impairment losses on financial assets       –544   –195
Hedging gains/losses reclassified from other comprehensive income       228   –15
Foreign currency gains/losses       –543   70
Total net gains/losses on financial assets   5    –903   715

Net gains/losses on financial instruments at fair value through profit or loss

In CHF million
    Notes   2022   2021
Currency derivatives       –65   –436
Interest rate derivatives       383   77
Equity derivatives       468   –1 088
Other derivatives       4   0
Financial assets designated as at fair value through profit or loss 1       –38   698
Investments in associates 2       33   2
Investment contracts without discretionary participation       –5   42
Third-party interests in consolidated investment funds       –48   –275
Other financial liabilities       –   0
Assets for the account and risk of the Swiss Life Group's customers       –4 379   4 143
Liabilities linked to assets for the account and risk of the Swiss Life Group's customers       4 361   –4 116
Total net gains/losses on financial instruments at fair value through profit or loss   5    713   –953
1 Includes interest and dividend income of CHF 169 million (2021: CHF 245 million)
2 Includes dividend income of CHF 15 million (2021: CHF 0 million)

Other income

In CHF million
    2022   2021
Realised gains/losses on sales of subsidiaries, associates and other assets   53   32
Revenue from sale of inventory property   99   133
Other foreign currency gains/losses   138   153
Other   17   22
Total other income   307   340

Net insurance benefits and claims

In CHF million
    2022   2021
Benefits and claims under insurance contracts        
Life benefits and claims paid, gross   13 421   12 144
Change in future life policyholder benefits and claims, gross   –776   1 259
Non-life claims paid, gross   266   265
Change in non-life claims, gross   45   –10
Benefits and claims recovered from reinsurers   –405   –115
Net benefits and claims under insurance contracts   12 552   13 543
Benefits and claims under investment contracts with discretionary participation        
Life benefits and claims paid, gross   686   735
Change in future life policyholder benefits and claims, gross   57   65
Net benefits and claims under investment contracts with discretionary participation   742   800
         
Total net insurance benefits and claims   13 294   14 343

Interest expense

In CHF million
    Notes   2022   2021
Interest expense on deposits       35   20
Negative interest on repurchase agreements       –16   –28
Interest expense on due to banks       61   38
Interest expense on investment contracts       57   66
Interest expense on deposits under insurance contracts   22    22   55
Interest expense on lease liabilities       4   4
Other interest expense       16   16
Total interest expense       180   172

Commission expense

In CHF million
    2022   2021
Insurance agent and broker commissions   1 308   1 292
Asset management commissions   114   104
Other commissions and fees   145   124
Total commission expense   1 567   1 520

Employee benefits expense

In CHF million
    Notes   2022   2021
Wages and salaries       916   862
Social security       172   177
Defined benefit plans   23    88   97
Defined contribution plans       6   5
Other employee benefits       72   69
Total employee benefits expense       1 255   1 210

Depreciation and amortisation expense

In CHF million
    Notes   2022   2021
Depreciation of property and equipment 1   16    66   67
Amortisation of present value of future profits (PVP)   17    0   3
Amortisation of deferred acquisition costs (DAC)   17    122   342
Amortisation of deferred origination costs (DOC)   17    36   26
Amortisation of other intangible assets   17    49   28
Total depreciation and amortisation expense       274   466
1 including depreciation of right-of-use assets arising from leases of CHF 37 million (2021: CHF 38 million)

Other expenses

In CHF million
    2022   2021
Marketing and advertising   67   53
Information technology and systems   140   137
Maintenance and repair   32   32
Short-term leases   6   3
Leases of low-value assets   1   1
Professional services   245   238
Cost of inventory property sold   93   100
Premium taxes and other non-income taxes   69   74
Other   178   71
Total other expenses   830   709