Consolidated balance sheet

Figures in CHF thousand	Notes	31.12.2019	31.12.2018	31.12.2017	31.12.2016

Assets
Investments	6, 7	7,064,032	6,237,458	6,272,074	6,035,180
Intangible assets	8	37,021	28,825	29,506	68,096
Property, plant and equipment	8	9,968	12,755	13,410	10,053
Deferred charges	9	417,729	591,728	612,058	414,518
Deferred income tax assets ¹		78,321	117,546	98,300	96,564
Receivables	10	509,295	405,670	378,903	343,352
Cash and cash equivalents		658,865	512,569	188,502	91,244
Total assets		8,775,231	7,906,551	7,592,753	7,059,008

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		1,841,287	1,789,322	1,574,940	1,479,071
Consolidated earnings		435,977	54,065	217,882	97,969
Non-controlling interest		2,214	2,275	2,309	2,072
Equity		2,755,079	2,321,263	2,270,732	2,054,714
Net technical provisions	11	3,879,021	3,904,586	3,638,098	3,416,519
Non-technical provisions	12	112,597	122,627	124,867	118,277
Provision for investment risk	13	1,021,632	846,632	842,632	791,632
Deferred credits	9	106,152	54,220	56,612	96,093
Deferred income tax liabilities ¹		84	39	38	50
Liabilities	10	900,666	657,184	659,774	581,722
Liabilities		6,020,152	5,585,288	5,322,021	5,004,294
Total liabilities and equity		8,775,231	7,906,551	7,592,753	7,059,008

1 The deferred income tax rate of 18.4% (2019: 21.5%) (or 18.8% for companies that can claim a participation deduction, 2019: 0.31%) equals the tax rate which is expected to apply to the pre-tax profit.