Consolidated income statement

Consolidated income statement
Figures in CHF thousand Notes 2015
     
Net premiums earned 4 5,981,755
     
Net cost of claims and benefits 4 –5,875,765
     
Allocated interest   9,804
Risk adjustment between insurers   375,042
Policyholder participation   –26,091
Net operating expenses 4 –601,955
Underwriting result   –137,210
     
Investment income   706,193
Investment expenses   –567,444
Change in provision for investment risk   15,000
Earnings from investments 5 153,749
     
Allocated interest expenses   –9,804
Other operating income 4 10,594
Other operating expenses 4 –5,696
Operating earnings   11,633
     
Non-operating earnings 4 15,993
Extraordinary earnings 4 –47
     
Consolidated earnings before taxes   27,579
     
Income taxes   –10,664
Non-controlling interest   –979
     
Consolidated earnings   15,936