Consolidated income statement

 

Notes

 

2014

 

2013

in CHF million

 

 

 

reclassified

Income

 

 

 

Gross premiums written

 

3

 

7 613.6

 

7 293.2

Reinsurance premiums ceded

 

 

– 298.9

 

– 288.6

Net premiums written

 

 

7 314.7

 

7 004.6

 

 

 

Net change in unearned premium reserve

 

 

126.3

 

15.1

Net earned premiums

 

 

7 441.0

 

7 019.7

 

 

 

Current income from Group investments (net)1

 

7.1.1

 

992.9

 

967.0

Gains and losses on Group investments (net)1

 

7.1.3

 

282.5

 

189.8

Income investments with market risk for the policyholder1

 

7.1.5

 

200.5

 

160.2

Share of profit or loss of associates

 

 

1.0

 

15.2

Other income1

 

 

73.3

 

73.2

Total operating income

 

 

8 991.2

 

8 425.1

 

 

 

Expenses

 

 

 

Claims incurred including claims handling costs (non-life)

 

 

– 1 933.1

 

– 1 761.8

Claims and benefits paid (life)

 

 

– 4 142.4

 

– 2 932.4

Change in actuarial reserves

 

 

– 823.2

 

– 1 891.1

Reinsurers’ share of benefits and claims

 

 

136.9

 

146.8

Policyholder dividends and bonuses

 

 

– 109.2

 

– 159.6

Income attributable to deposits for investment contracts1

 

 

– 73.8

 

– 87.4

 

 

 

Net benefits to policyholders and claims

 

 

– 6 944.8

 

– 6 685.5

 

 

 

Acquisition costs

 

 

– 906.2

 

– 799.5

Reinsurers’ share of acquisition costs

 

 

59.0

 

47.1

Operating and administrative expenses

 

 

– 477.6

 

– 412.3

Interest payable

 

 

– 24.9

 

– 25.0

Other expenses1

 

18.2

 

– 220.4

 

– 66.2

Total operating expenses

 

 

– 8 514.9

 

– 7 941.4

 

 

 

Profit or loss from operating activities

 

 

476.3

 

483.7

 

 

 

Financing costs

 

 

– 13.0

 

– 22.0

Profit or loss before tax

 

 

463.3

 

461.7

 

 

 

Income taxes

 

10.1

 

– 70.0

 

– 97.9

 

 

 

 

 

Profit or loss for the period

 

 

 

393.3

 

363.8

 

 

 

Attributable to:

 

 

 

Shareholders of Helvetia Holding AG

 

 

391.7

 

363.3

Minority interests

 

 

1.6

 

0.5

 

 

 

Earnings per share:

 

 

 

Basic earnings per share (in CHF)

 

11.5

 

42.98

 

40.89

Diluted earnings per share (in CHF)

 

11.5

 

42.98

 

40.89

1 Voluntary change in presentation (see section 2.3 on page 117)