Consolidated income statement

Consolidated income statement
Figures in CHF thousand Notes 2016 2015
       
Net premiums earned 4 6,370,241 5,981,755
       
Net cost of claims and benefits 4 –6,101,461 –5,875,765
       
Allocated interest   10,020 9,804
Risk adjustment between insurers   434,630 375,042
Policyholder participation   –34,258 –26,091
Net operating expenses 4 –624,393 –601,955
Underwriting result   54,778 –137,210
       
Investment income   655,103 706,193
Investment expenses   –447,653 –567,444
Change in provision for investment risk   –152,000 15,000
Earnings from investments 5 55,450 153,749
       
Allocated interest expenses   –10,020 –9,804
Other operating income 4 14,348 10,594
Other operating expenses 4 –5,837 –5,696
Operating earnings   108,720 11,633
       
Non-operating earnings 4 2,657 15,993
Extraordinary earnings 4 –28 –47
       
Consolidated earnings before taxes   111,349 27,579
       
Deferred income taxes   57,412 69,482
Income taxes   –70,027 –80,146
Non-controlling interest   –765 –979
       
Consolidated earnings   97,969 15,936