Consolidated income statement

Figures in CHF thousand	Notes	2019	2018	2017	2016

Net premiums earned	4	6,743,233	6,500,592	6,390,452	6,370,241

Net cost of claims and benefits	4	–6,340,004	–6,194,830	–6,315,342	–6,101,461

Allocated interest		9,895	10,082	10,132	10,020
Risk adjustment between insurers		445,820	575,911	624,599	434,630
Policyholder participation		–65,290	–61,022	–39,837	–34,258
Net operating expenses	4	–696,692	–655,482	–679,835	–624,393
Underwriting result		96,961	175,252	–9,831	54,779

Investment income		914,043	493,524	757,624	655,103
Investment expenses		–347,307	–625,232	–403,244	–447,653
Change in provision for investment risk		–175,000	–4,000	–51,000	–152,000
Earnings from investments	5	391,736	–135,708	303,380	55,450

Allocated interest expenses		–9,895	–10,082	–10,132	–10,020
Other operating income	4	39,694	40,711	9,384	14,348
Other operating expenses	4	–31,130	–23,883	–67,820	–5,837
Operating earnings		487,367	46,290	224,981	108,720

Non-operating earnings	4	9,090	–1,047	5,317	2,657

Consolidated earnings before taxes		496,458	45,243	230,286	111,349

Deferred income taxes		–39,270	19,245	1,748	57,412
Income taxes		–20,584	–9,721	–13,424	–70,027
Non-controlling interest		–627	–702	–728	–765

Consolidated earnings		435,977	54,065	217,882	97,969