Consolidated balance sheet

Figures in CHF thousand	Notes	31.12.2018	31.12.2017	31.12.2016	31.12.2015

Assets
Investments	6, 7	6,237,458	6,272,074	6,035,180	5,802,947
Intangible assets	8	28,825	29,506	68,096	45,255
Property, plant and equipment	8	12,755	13,410	10,053	13,880
Deferred charges	9	591,728	612,058	414,518	432,670
Deferred income tax assets ¹		117,546	98,300	96,564	39,103
Receivables	10	405,670	378,903	343,352	271,169
Cash and cash equivalents		512,569	188,502	91,244	300,888
Total assets		7,906,551	7,592,753	7,059,008	6,905,912

Liabilities and equity
Organisation capital		70,000	70,000	70,000	70,000
Capital reserves		405,601	405,601	405,601	405,601
Retained earnings		1,789,322	1,574,940	1,479,071	1,464,535
Consolidated earnings		54,065	217,882	97,969	15,936
Non-controlling interest		2,275	2,309	2,072	2,282
Equity		2,321,263	2,270,732	2,054,714	1,958,354
Technical provisions, net	11	3,904,586	3,638,098	3,416,519	3,400,076
Non-technical provisions	12	122,627	124,867	118,277	141,687
Provision for investment risk	13	846,632	842,632	791,632	639,632
Deferred credits	9	54,220	56,612	96,093	123,217
Deferred income tax liabilities ¹		39	38	50	2
Liabilities	10	657,184	659,774	581,722	642,944
Liabilities		5,585,288	5,322,021	5,004,294	4,947,558
Total liabilities and equity		7,906,551	7,592,753	7,059,008	6,905,912

1 The deferred income tax rate of 21,5 % (or 0,31 % for companies that can claim a participation deduction) equals the tax rate which is expected to apply to the pre-tax profit.