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Consolidated income statement

Figures in CHF thousand

Notes

2020

2019

 

 

 

 

Net premiums earned

4

7,095,781

6,743,233

 

 

 

 

Net cost of claims and benefits

4

−6,636,205

−6,340,004

 

 

 

 

Allocated interest

 

6,252

9,895

Risk adjustment between insurers

 

339,621

445,820

Policyholder participation

 

−48,188

−65,290

Net operating expenses

4

−712,967

−696,692

Underwriting result

 

44,295

96,961

 

 

 

 

Investment income

 

618,372

914,043

Investment expenses

 

−467,624

−347,307

Change in provision for investment risk

 

14,000

−175,000

Earnings from investments

5

164,748

391,736

 

 

 

 

Allocated interest expenses

 

−6,252

−9,895

Other operating income

4

42,919

39,694

Other operating expenses

4

−71,492

−31,130

Operating earnings

 

174,218

487,367

 

 

 

 

Non-operating earnings

4

−7,697

9,090

 

 

 

 

Consolidated earnings before taxes

 

166,521

496,458

 

 

 

 

Deferred income taxes

 

−3,970

−39,270

Income taxes

 

−7,409

−20,584

Non-controlling interest

 

−430

−627

 

 

 

 

Consolidated earnings

 

154,713

435,977