Consolidated Statement of Income

Consolidated statement of income for the years ended 31 December

In CHF million   
Notes20152014
INCOME
Premiums earned on insurance contracts12 90313 075
Premiums earned on investment contracts
with discretionary participation
1 009893
Premiums ceded to reinsurers-141-192
Net earned premiums713 77113 776
Policy fees earned on insurance contracts1824
Policy fees earned on investment and unit-linked contracts259284
Net earned policy fees7276308
Commission income81 016998
Investment income5, 84 2904 448
Net gains/losses on financial assets5, 82482 631
Net gains/losses on financial instruments at
fair value through profit or loss
5, 881-2 009
Net gains/losses on investment property5, 14655288
Share of profit or loss ofassociates5, 1573
Other income821031
TOTAL INCOME20 55520 474
EXPENSES
Benefits and claims under insurance contracts-14 558-14 385
Benefits and claims under investment contracts
with discretionary participation
-1 053-932
Benefits and claims recovered from reinsurers9598
Net insurance benefits and claims8-15 516-15 218
Policyholder participation-899-1 146
Interest expense8-162-205
Commission expense8-797-940
Employee benefits expense8-871-867
Depreciation and amortisation expense8-468-383
Impairment of property and equipment and intangible assets16, 17-16-12
Other expenses8-497-532
TOTAL EXPENSES-19 226-19 304
PROFIT FROM OPERATIONS1 3291 169
Borrowing costs-161-157
PROFIT BEFORE INCOME TAX1 1681 012
Income tax expense24-290-194
NET PROFIT878818
Net profit attributable to
equity holders of Swiss Life Holding872814
non-controlling interests64
NET PROFIT878818
Earnings per share attributable to equity holders of
Swiss Life Holding
Basic earnings per share (in CHF)627.4125.52
Diluted earnings per share (in CHF)625.8524.11

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