Consolidated income statement
Figures in CHF thousand | Notes | 2018 | 2017 | 2016 | 2015 |
Net premiums earned | 4 | 6,500,592 | 6,390,452 | 6,370,241 | 5,981,755 |
Net cost of claims and benefits | 4 | –6,194,830 | –6,315,342 | –6,101,461 | –5,875,765 |
Allocated interest | 10,082 | 10,132 | 10,020 | 9,804 | |
Risk adjustment between insurers | 575,911 | 624,599 | 434,630 | 375,042 | |
Policyholder participation | –61,022 | –39,837 | –34,258 | –26,091 | |
Net operating expenses | 4 | –655,482 | –679,835 | –624,393 | –601,955 |
Underwriting result | 175,252 | –9,831 | 54,779 | –137,210 | |
Investment income | 493,524 | 757,624 | 655,103 | 706,193 | |
Investment expenses | –625,232 | –403,244 | –447,653 | –567,444 | |
Change in provision for investment risk | –4,000 | –51,000 | –152,000 | 15,000 | |
Earnings from investments | 5 | –135,708 | 303,380 | 55,450 | 153,749 |
Allocated interest expenses | –10,082 | –10,132 | –10,020 | –9,804 | |
Other operating income | 4 | 40,711 | 9,384 | 14,348 | 10,594 |
Other operating expenses | 4 | –23,883 | –67,820 | –5,837 | –5,696 |
Operating earnings | 46,290 | 224,981 | 108,720 | 11,633 | |
Non-operating earnings | 4 | –1,047 | 5,317 | 2,657 | 15,993 |
Extraordinary earnings | 4 | 0 | –12 | –28 | –47 |
Consolidated earnings before taxes | 45,243 | 230,286 | 111,349 | 27,579 | |
Deferred income taxes | 19,245 | 1,748 | 57,412 | 69,482 | |
Income taxes | –9,721 | –13,424 | –70,027 | –80,146 | |
Non-controlling interest | –702 | –728 | –765 | –979 | |
Consolidated earnings | 54,065 | 217,882 | 97,969 | 15,936 |
