2. Assets under management/client assets
Change in %
31.03.02
in CHF bn 31.12.01 30.09.01 30.06.01 31.03.01 from 31.12.01
Credit Suisse Financial Services
Private Banking
557.6
Assets under management 546.8 514.9 571.3 545.3 2.0
138.8
of which discretionary 131.5 116.9 126.4 114.5 5.6
593.0
Client assets 583.3 547.5 608.9 583.9 1.7
Corporate & Retail Banking
54.4
Assets under management 55.9 50.5 52.4 53.1 (2.7)
69.4
Client assets 73.3 66.6 69.6 70.2 (5.3)
Life & Pensions
115.0
Assets under management (discretionary) 115.2 112.5 116.3 113.5 (0.2)
115.0
Client assets 115.2 112.5 116.3 113.5 (0.2)
Insurance
29.1
Assets under management (discretionary) 30.5 29.3 32.6 32.7 (4.6)
29.1
Client assets 30.5 29.3 32.6 32.7 (4.6)
Credit Suisse Financial Services
756.1
Assets under management 748.4 707.2 772.6 744.6 1.0
284.5
of which discretionary 278.9 260.4 276.9 262.4 2.0
806.5
Client assets 802.3 755.9 827.4 800.3 0.5
Credit Suisse First Boston
Investment Banking
44.5
Assets under management 41.7 36.1 32.4 32.0 6.7
30.7
of which Private Equity on behalf of clients (discretionary) 29.3 27.1 32.4 32.0 4.8
121.7
Client assets 121.7 125.1 125.1 146.3 0.0
CSFB Financial Services
606.4
Assets under management 640.5 551.8 652.3 620.3 (5.3)
388.2
of which discretionary 393.6 346.1 398.3 380.4 (1.4)
1'233.2
Client assets 1'214.2 1'053.8 1'233.3 1'137.5 1.6
Credit Suisse First Boston
650.9
Assets under management 682.2 587.9 684.7 652.3 (4.6)
426.1
of which discretionary 428.2 376.4 430.7 412.4 (0.5)
1'354.9
Client assets 1'335.9 1'178.9 1'358.4 1'283.8 1.4
Credit Suisse Group
1'407.0
Assets under management 1'430.6 1'295.1 1'457.3 1'396.9 (1.6)
710.6
of which discretionary 707.1 636.8 707.6 674.8 0.5
2'161.4
Client assets 2'138.2 1'934.8 2'185.8 2'084.1 1.1
Net new assets
Change in % Change in %
1Q2002
in CHF bn 4Q2001 3Q2001 2Q2001 1Q2001 from 4Q2001 from 1Q2001
Credit Suisse Financial Services
9.2
Private Banking 8.6 5.1 12.8 9.2 7.0 0.0
(1.4)
Corporate & Retail Banking 0.9 1.1 (2.4) 1.7 - -
3.0
Life & Pensions 1.8 0.1 0.8 2.3 66.7 30.4
Credit Suisse Financial Services 10.8 11.3 6.3 11.2 13.2 (4.4) (18.2)
Credit Suisse First Boston
3.5
Investment Banking 1) 0.5 - - - - -
(0.8)
CSFB Financial Services 1) 2) 6.7 0.9 5.7 11.7 - -
Credit Suisse First Boston 2.7 7.2 0.9 5.7 11.7 (62.5) (76.9)
Credit Suisse Group 13.5 18.5 7.2 16.9 24.9 (27.0) (45.8)
2001 figures have been restated to reflect the realignment effective as of January 1, 2002.
1) For the Investment Banking and Private Client Services businesses, measured as the balance from accounts opened minus accounts closed.
2) Net new discretionary assets for institutional assets management.
3. Credit Suisse Financial Services business unit income statement
Change in % Change in %
1Q2002 4Q2001 3Q2001 2Q2001 1Q2001 from 4Q2001 from 1Q2001
in CHF m
Operating income 3'306 3'582 3'498 4'261 4'041 (8) (18)
1'443
Personnel expenses 1'244 1'472 1'496 1'427 16 1
814
Other operating expenses 1'065 820 927 874 (24) (7)
Operating expenses 2'257 2'309 2'292 2'423 2'301 (2) (2)
Gross operating profit 1'049 1'273 1'206 1'838 1'740 (18) (40)
162
Depreciation of non-current assets 218 122 141 100 (26) 62
43
Amortization of Present Value of future Profits (PVFP) 78 73 44 42 (45) 2
99
Valuation adjustments, provisions and losses 48 84 123 128 106 (23)
Net operating profit before extraordinary items and taxes 745 929 927 1'530 1'470 (20) (49)
(3)
Extraordinary income/(expenses), net 8 6 9 2 - -
(120)
Taxes 1) (151) (192) (400) (370) (21) (68)
Net operating profit before minority interests 622 786 741 1'139 1'102 (21) (44)
Amortization of acquired intangible assets and goodwill (29) (52) (22) (25) (17) (44) 71
1
Tax impact 1 0 1 0 -
-
Net profit before minority interests 594 735 719 1'115 1'085 (19) (45)
Minority interests (2) 22 (3) (59) (29) - (93)
592 757 716 1'056 1'056 (22) (44)
Net profit
Reconciliation to net operating profit
Amortization of acquired intangible assets and goodwill 29 52 22 25 17 (44) 71
Tax impact (1) (1) 0 (1) 0 - -
620 808 738 1'080 1'073 (23) (42)
Net operating profit
2001 figures have been restated to reflect the realignment effective as of January 1, 2002. The business unit income statement differs from the presentation of the Group's
consolidated results in excluding amortization of Present Value of Future Profits (PVFP) from depreciation of non-current assets.
1) Excluding tax impact on amortization of acquired intangible assets and goodwill.
Credit Suisse Financial Services key information
1Q2002 4Q2001 3Q2001 2Q2001 1Q2001
1) 2) 73.2%
Cost/income ratio (operating) 70.5% 69.0% 60.2% 59.4%
1) 56.9%
Cost/income ratio (operating), banking 65.7% 64.3% 60.7% 56.5%
19.1%
Return on average allocated capital 24.2% 21.6% 30.7% 28.6%
1) 20.0%
Return on average allocated capital (operating) 25.8% 22.3% 31.4% 29.0%
3) 12'431
Average allocated capital in CHF m 12'170 13'311 14'517 15'177
1) (42.2%)
Growth in net operating profit (20.2%) (32.0%) (5.3%) (10.1%)
1.0%
Growth in assets under management 5.8% (8.5%) 3.8% 2.0%
1.4%
of which net new assets 1.6% 0.8% 1.5% 1.8%
-
of which market movement and structural effects 3.8% (9.2%) 2.3% (0.4%)
(0.4%)
of which acquisition 0.4% (0.1%) - 0.6%
0.7%
of which discretionary 2.6% (2.1%) 1.9% n/a
31.03.02 31.12.01 30.09.01 30.06.01 31.03.01
756.1
Assets under management in CHF bn 748.4 707.2 772.6 744.6
31.03.02 31.12.01
52'053
Number of employees 51'206
1) Excluding amortization of acquired intangible assets and goodwill.
2) Excluding amortization of Present Value of Future Profits (PVFP) from the insurance businesses within Credit Suisse Financial Services.
3) New definition based on revised capital allocation methodology.
4. Private Banking income statement
Change in % Change in %
1Q2002 4Q2001 3Q2001 2Q2001 1Q2001 from 4Q2001 from 1Q2001
in CHF m
440
Net interest income 500 458 508 510 (12) (14)
1'233
Net commission and service fee income 1'060 1'075 1'198 1'186 16 4
155
Net trading income 153 139 169 179 1 (13)
6
Other ordinary income 22 10 11 67 (73) (91)
Operating income 1'834 1'735 1'682 1'886 1'942 6 (6)
Personnel expenses 624 570 654 642 636 9 (2)
Other operating expenses 345 420 346 398 358 (18) (4)
Operating expenses 969 990 1'000 1'040 994 (2) (3)
Gross operating profit 865 745 682 846 948 16 (9)
Depreciation of non-current assets 53 99 48 31 37 (46) 43
14
Valuation adjustments, provisions and losses 1) (41) 14 51 51 - (73)
798 687 620 764 860 16 (7)
Net operating profit before extraordinary items and taxes
(2)
Extraordinary income/(expenses), net 8 2 2 0 - -
(162)
Taxes (116) (121) (189) (216) 40 (25)
Net operating profit before minority interests 634 579 501 577 644 9 (2)
Increased/(decreased) credit-related valuation adjustments 2
1) (6) (10) (5) (4) - -
2001 figures have been restated to reflect the realignment effective as of January 1, 2002. The presentation of segment results differs from the presentation of business unit results by
excluding acquisition-related costs and minority interests, and reporting these items at business unit level only.
1) Increased/decreased valuation adjustments taken at Group level resulting from the difference between the statistical and actual credit provisions.
Private Banking key information
1Q2002 4Q2001 3Q2001 2Q2001 1Q2001
Cost/income ratio (operating) 1) 55.7% 62.8% 62.3% 56.8% 53.1%
Average allocated capital in CHF m 2) 3'484 3'233 3'353 3'366 3'167
43.4%
Pre-tax margin (operating) 1) 40.1% 37.0% 40.6% 44.3%
67.2%
Fee income/operating income 61.1% 63.9% 63.5% 61.1%
9.2
Net new assets in CHF bn 8.6 5.1 12.8 9.2
3.2
of which European Financial Services Initiative 0.9 0.5 0.4 0.8
2.0%
Growth in assets under management 6.2% (9.9%) 4.8% 1.5%
1.7%
of which net new assets 1.7% 0.9% 2.4% 1.7%
0.3%
of which market movement and structural effects 4.0% (11.0%) 2.4% (0.9%)
-
of which acquisition 0.5% 0.2% - 0.7%
1) 46.0 bp
Net operating profit before minority interests/average AuM 43.6 bp 36.9 bp 41.3 bp 47.6 bp
31.03.02 31.12.01 30.09.01 30.06.01 31.03.01
557.6
Assets under management in CHF bn 546.8 514.9 571.3 545.3
23.9
of which European Financial Services Initiative 20.9 19.4 21.5 20.6
31.03.02 31.12.01
Number of advisors European Financial Services Initiative 658 677
Number of clients European Financial Services Initiative 45'494 41'419
Number of employees 15'176 14'952
1) Excluding amortization of acquired intangible assets and goodwill.
2) New definition based on revised capital allocation methodology.
Private Banking balance sheet information
31.03.02
in CHF m 31.12.01
168'361
Total assets 170'364
31'261
Due from customers 31'410
41'808
Mortgages 42'008
5. Corporate & Retail Banking income statement
Change in % Change in %
1Q2002 4Q2001 3Q2001 2Q2001 1Q2001 from 4Q2001 from 1Q2001
in CHF m
426
Net interest income 413 412 412 421 3 1
122
Net commission and service fee income 108 91 132 130 13 (6)
53
Net trading income 60 59 63 68 (12) (22)
15
Other ordinary income 2 6 4 17 - (12)
583 568 611 636 6 (3)
Operating income 616
223
Personnel expenses 235 257 256 252 (5) (12)
132
Other operating expenses 161 121 177 161 (18) (18)
396 378 433 413 (10) (14)
Operating expenses 355
187 190 178 223 40 17
Gross operating profit 261
18
Depreciation of non-current assets 39 21 11 13 (54) 38
85
Valuation adjustments, provisions and losses 1) 89 70 72 77 (4) 10
Net operating profit before extraordinary items and taxes 59 99 95 133 168 19
158
(1)
Extraordinary income/(expenses), net 0 4 7 2 - -
(37)
Taxes 2) (14) (24) (25) (31) 164 19
Net operating profit before minority interests 45 79 77 104 167 15
120
Increased/(decreased) credit-related valuation adjustments 1) 16 26 33 (28) - -
(6)
2001 figures have been restated to reflect the realignment effective as of January 1, 2002. The presentation of segment results differs from the presentation of business
unit results by excluding acquisition-related costs and minority interests, and reporting these items at business unit level only.
1) Increased/decreased valuation adjustments taken at Group level resulting from the difference between the statistical and actual credit provisions.
2) Excluding tax impact on amortization acquired intangible assets and goodwill.
Corporate & Retail Banking key information
1Q2002 4Q2001 3Q2001 2Q2001 1Q2001
60.6%
Cost/income ratio (operating) 1) 74.6% 70.2% 72.7% 67.0%
12.1%
Return on average allocated capital (operating) 1) 4.6% 8.0% 7.8% 10.8%
3'972
Average allocated capital in CHF m 2) 3'901 3'964 3'965 3'846
25.5%
Pre-tax margin (operating) 1) 10.1% 18.1% 16.7% 21.2%
36.2%
Personnel expenses/operating income 40.3% 45.2% 41.9% 39.6%
238 bp
Net interest margin 228 bp 224 bp 222 bp 229 bp
3.3%
Loan growth 0.2% (4.2%) 2.2% 0.6%
(1.4)
Net new assets in CHF bn 0.9 1.1 (2.4) 1.7
31.03.02 31.12.01 30.09.01 30.06.01 31.03.01
54.4
Assets under management in CHF bn 55.9 50.5 52.4 53.1
31.03.02 31.12.01
67.8%
Deposit/loan ratio 74.2%
226
Number of branches 227
6'673
Number of employees 6'742
1) Excluding amortization of acquired intangible assets and goodwill.
2) New definition based on revised capital allocation methodology.
Corporate & Retail Banking balance sheet information
31.03.02
in CHF m 31.12.01
Total assets 72'372
70'644
Due from customers 28'889
29'791
35'458
Mortgages 34'279
Due to customers in savings and investment deposits 17'631
17'502
26'757
Due to customers, other 29'218
6. Life & Pensions income statement
Change in % Change in %
1Q2002
in CHF m 4Q2001 3Q2001 2Q2001 1Q2001 from 4Q2001 from 1Q2001
Gross premiums written 6'762 4'899 3'138 3'187 6'189 38 9
(96)
Reinsurance ceded (61) (91) (7) (51) 57 88
Net premiums written 6'666 4'838 3'047 3'180 6'138 38 9
(39)
Change in provision for unearned premiums (5) 1 3 (14) - 179
Net premiums earned 6'627 4'833 3'048 3'183 6'124 37 8
(3'813)
Death and other benefits incurred (3'234) (2'560) (2'687) (3'686) 18 3
(3'289)
Change in provision for future policyholder benefits (technical) (2'059) (766) (982) (2'765) 60 19
Change in provision for future policyholder benefits (separate account) (141)
1) (652) 1'319 (223) 671 (78) -
135
Dividends to policyholders incurred 458 (114) (228) (403) (71) -
(424)
Operating expenses, net (incl. commissions paid) (452) (463) (581) (372) (6) 14
792
Investment income general account 663 943 1'696 1'464 19 (46)
141
Investment income separate account 1) 652 (1'319) 223 (671) (78) -
23
Interest received on deposits and bank accounts 24 25 24 13 (4) 77
(29)
Interest on bonuses credited to policyholders (36) (27) (40) (32) (19) (9)
(50)
Other interest paid (91) (35) (62) (37) (45) 35
6
Other income/(expenses) (including foreign exchange impact) 2 11 (27) (39) 200 -
Net operating profit before taxes and minority interests (22) 108 62 296 267 - -
37
Taxes (28) 4 (66) (63) - -
Net operating profit before minority interests 15 80 66 230 204 (81) (93)
The segment's income statement differs from the presentation of business unit results as it reflects the way the insurance business is managed, which is in line with Life &
Pensions' peers in the insurance industry. Amortization of acquired intangible assets and goodwill are excluded from quot;Operating expensesquot; and are reported, like minority interests,
at business unit level only.
1) This represents market impact for separate account (or unit-linked) business, where the investment risk is borne by the policyholder.
Reconciliation insurance vs. CSG chart of account
Change in % Change in %
in CHF m 1Q2002 4Q2001 3Q2001 2Q2001 1Q2001 from 4Q2001 from 1Q2001
565 522 768 648 (27) (36)
Operating income 415
211
Personnel expenses 142 212 212 183 49 15
140
Other operating expenses 223 148 164 136 (37) 3
365 360 376 319 (4) 10
Operating expenses 351
200 162 392 329 (68) (81)
Gross operating profit 64
Depreciation of non-current assets/Amortization of PVFP 92 100 96 62 (7) 39
86
108 62 296 267 - -
Net operating profit before taxes and minority interests (22)
37
Taxes (28) 4 (66) (63) - -
Net operating profit before minority interests (81) (93)
80 66 230 204
15
Life & Pensions key information
1Q2002 4Q2001 3Q2001 2Q2001 1Q2001
Expense ratio 1) 6.4% 9.4% 15.2% 18.3% 6.1%
Growth in gross premiums written 9.3% 16.0% 17.7% (4.6%) 18.5%
Return on invested assets (excluding separate account)
Current income 4.0% 4.1% 3.9% 4.9% 4.4%
Realized gains/losses and other income/expenses (0.8%) (1.6%) - 1.9% 1.8%
Total return on invested assets 2) 3.2% 2.5% 3.9% 6.9% 6.2%
Net new assets in CHF bn 3) 3.0 1.8 0.1 0.8 2.3
Total sales in CHF m 4) 7'783 6'172 4'411 4'460 7'462
31.03.02 31.12.01 30.09.01 30.06.01 31.03.01
115.0
Assets und management in CHF bn 5) 115.2 112.5 116.3 113.5
31.03.02 31.12.01
Technical provisions in CHF m 109'890 108'326
Number of employees 7'417 7'697
1) Operating expenses/net premiums earned.
2) Total investment return on invested assets includes depreciation on real estate and investment expenses as well as investment income and realized gains and losses.
3) Based on change in technical provisions for traditional business, adjusted for technical interests; net inflow of unit-linked business; and change in off-balance sheet business such as
funds.
4) Includes gross premiums written and off-balance sheet sales.
5) Based on savings-related provisions for policyholders plus off-balance sheet assets.
7. Life & Pensions income statement
Reconciliation insurance vs. CSG chart of account in CHF m
Net
operating Net
profit operating
Amortization
before profit
Depreciation of Present
Gross taxes and before
Other of non- Value of
Operating Operating operating minority minority
Personnel operating current Future Profit
income expenses profit interests interests
expenses expenses assets (PVFP) Taxes
1Q2002
415 (211) (140) (351) 64 (45) (41) (22) 37 15
Gross premiums written 6'762 6'762
(96)
Reinsurance ceded (96)
Net premiums written 6'666
(39)
Change in provision for unearned premiums (39)
Net premiums earned 6'627
(3'813)
Death and other benefits incurred (3'813)
(3'289)
Change in provision for future policyholder benefits (technical) (3'289)
(141)
Change in provision for future policyholder benefits (separate account) (141)
135
Dividends to policyholders incurred 135
(424)
Operating expenses, net (incl. commissions paid) 7 (211) (140) (39) (41)
792
Investment income general account 793 (1)
141
Investment income separate account 141
23
Interest received on deposits and bank accounts 23
(29)
Interest on bonuses credited to policyholders (29)
(50)
Other interest paid (50)
6
Other income/(expenses) (including foreign exchange impact) 11 (5)
Net operating profit before taxes and minority interests (22)
37
Taxes 37
Net operating profit before minority interests 15
4Q2001
565 (142) (223) (365) 200 (21) (71) 108 (28) 80
Gross premiums written 4'899 4'899
(61)
Reinsurance ceded (61)
Net premiums written 4'838
(5)
Change in provision for unearned premiums (5)
Net premiums earned 4'833
(3'234)
Death and other benefits incurred (3'234)
(2'059)
Change in provision for future policyholder benefits (technical) (2'059)
(652)
Change in provision for future policyholder benefits (separate account) (652)
458
Dividends to policyholders incurred 458
(452)
Operating expenses, net (incl. commissions paid) 1 (142) (223) (17) (71)
663
Investment income general account 665 (2)
652
Investment income separate account 652
24
Interest received on deposits and bank accounts 24
(36)
Interest on bonuses credited to policyholders (36)
(91)
Other interest paid (91)
2
Other income/(expenses) (including foreign exchange impact) 4 (2)
Net operating profit before taxes and minority interests 108
(28)
Taxes (28)
Net operating profit before minority interests 80
3Q2001
522 (212) (148) (360) 162 (27) (73) 62 4 66
Gross premiums written 3'138 3'138
(91)
Reinsurance ceded (91)
Net premiums written 3'047
1
Change in provision for unearned premiums 1
Net premiums earned 3'048
(2'560)
Death and other benefits incurred (2'560)
(766)
Change in provision for future policyholder benefits (technical) (766)
1'319
Change in provision for future policyholder benefits (separate account) 1'319
(114)
Dividends to policyholders incurred (114)
(463)
Operating expenses, net (incl. commissions paid) (12) (212) (148) (18) (73)
943
Investment income general account 944 (1)
(1'319)
Investment income separate account (1'319)
25
Interest received on deposits and bank accounts 25
(27)
Interest on bonuses credited to policyholders (27)
(35)
Other interest paid (35)
11
Other income/(expenses) (including foreign exchange impact) 19 (8)
Net operating profit before taxes and minority interests 62
4
Taxes 4
Net operating profit before minority interests 66
8. Life & Pensions income statement
Reconciliation insurance vs. CSG chart of account in CHF m
Net
operating Net
profit operating
Amortization
before profit
Depreciation of Present
Gross taxes and before
Other of non- Value of
Operating Operating operating minority minority
Personnel operating current Future Profit
income expenses profit interests interests
expenses expenses assets (PVFP) Taxes
2Q2001
768 (212) (164) (376) 392 (52) (44) 296 (66) 230
Gross premiums written 3'187 3'187
(7)
Reinsurance ceded (7)
Net premiums written 3'180
3
Change in provision for unearned premiums 3
Net premiums earned 3'183
(2'687)
Death and other benefits incurred (2'687)
(982)
Change in provision for future policyholder benefits (technical) (982)
(223)
Change in provision for future policyholder benefits (separate account) (223)
(228)
Dividends to policyholders incurred (228)
(581)
Operating expenses, net (incl. commissions paid) (116) (212) (164) (45) (44)
1'696
Investment income general account 1'699 (3)
223
Investment income separate account 223
24
Interest received on deposits and bank accounts 24
(40)
Interest on bonuses credited to policyholders (40)
(62)
Other interest paid (62)
(27)
Other income/(expenses) (including foreign exchange impact) (23) (4)
Net operating profit before taxes and minority interests 296
(66)
Taxes (66)
Net operating profit before minority interests 230
1Q2001
648 (183) (136) (319) 329 (20) (42) 267 (63) 204
Gross premiums written 6'189 6'189
(51)
Reinsurance ceded (51)
Net premiums written 6'138
(14)
Change in provision for unearned premiums (14)
Net premiums earned 6'124
(3'686)
Death and other benefits incurred (3'686)
(2'765)
Change in provision for future policyholder benefits (technical) (2'765)
671
Change in provision for future policyholder benefits (separate account) 671
(403)
Dividends to policyholders incurred (403)
(372)
Operating expenses, net (incl. commissions paid) 5 (183) (136) (16) (42)
1'464
Investment income general account 1'464
(671)
Investment income separate account (671)
13
Interest received on deposits and bank accounts 13
(32)
Interest on bonuses credited to policyholders (32)
(37)
Other interest paid (37)
(39)
Other income/(expenses) (including foreign exchange impact) (35) (4)
Net operating profit before taxes and minority interests 267
(63)
Taxes (63)
Net operating profit before minority interests 204
9. Insurance income statement
Change in % Change in %
1Q2002
in CHF m 4Q2001 3Q2001 2Q2001 1Q2001 from 4Q2001 from 1Q2001
Gross premiums written 6'668 3'685 3'614 4'339 6'774 81 (2)
(415)
Reinsurance ceded (209) (317) (445) (601) 99 (31)
Net premiums written 6'253 3'476 3'297 3'894 6'173 80 1
Change in provision for unearned premiums and
in provision for future policy benefits (health) (2'502) 319 411 (7) (2'556) - (2)
Net premiums earned 3'751 3'795 3'708 3'887 3'617 (1) 4
(2'819)
Claims and annuities incurred, net (2'837) (2'817) (3'056) (2'799) (1) 1
(67)
Dividends to policyholders incurred, net (50) (78) (71) (112) 34 (40)
(1'077)
Operating expenses, net (incl. commissions paid) 0 3
(1'081) (1'033) (1'172) (1'049)
Underwriting result, net (212) (173) (220) (412) (343) 23 (38)
87
Net investment income 503 360 825 529 (83) (84)
16
Interest received on deposits and bank accounts (4) 9 17 7 - 129
(19)
Interest paid (35) (25) (41) (26) (46) (27)
Other income/(expenses) (including foreign exchange impact) (61) (216) 22 (14) 43 (72) -
Net operating profit before taxes and minority interests (189) 75 146 375 210 - -
42
Taxes 7 (51) (120) (60) 500 -
Net operating profit before minority interests (147) 82 95 255 150 - -
The segment's income statement differs from the presentation of business unit results as it reflects the way the insurance business is managed, which is in line with
Insurance's peers in the insurance industry. Amortization of acquired intangible assets and goodwill are excluded from quot;Operating expensesquot; and are reported, like minority
interests, at business unit level only.
Reconciliation insurance vs. CSG chart of account
Change from Change from
in CHF m 1Q2002 4Q2001 3Q2001 2Q2001 1Q2001 4Q2001 in % 1Q2001 in %
699 726 996 815 (37) (46)
Operating income 441
385
Personnel expenses 297 349 386 356 30 8
197
Other operating expenses 261 205 188 219 (25) (10)
558 554 574 575 4 1
Operating expenses 582
141 172 422 240 - -
Gross operating profit (141)
Depreciation of non-current assets/Amortization of PVFP 66 26 47 30
48 (27) 60
75 146 375 210 - -
Net operating profit before taxes and minority interests (189)
42
Taxes 7 (51) (120) (60) 500 -
(147) 82 95 255 150
Net operating profit before minority interests - -
Insurance key information
1Q2002 4Q2001 3Q2001 2Q2001 1Q2001
Combined ratio (excluding dividends to policyholders) 103.9% 103.3% 103.9% 108.8% 106.4%
Claims ratio 75.2% 74.8% 76.0% 78.6% 77.4%
Expense ratio 28.7% 28.5% 27.9% 30.2% 29.0%
Return on invested assets
Current income 3.9% 3.9% 3.9% 5.2% 4.6%
Realized gains/losses and other income/expenses (2.7%) 2.4% 0.8% 4.7% 1.7%
Total return on invested assets 1) 1.2% 6.3% 4.7% 9.8% 6.3%
31.03.02 31.12.01 30.09.01 30.06.01 31.03.01
29.1
Assets under management in CHF bn 30.5 29.3 32.6 32.7
.
31.03.02 31.12.01
Technical provisions in CHF m 30'603 27'738
Number of employees 22'787 21'815
1) Total investment return on invested assets includes depreciation on real estate and investment expenses as well as investment income and realized gains and losses.
10. Insurance income statement
Reconciliation insurance vs. CSG chart of account in CHF m
Net
operating Net
profit operating
Amortization
before profit
Depreciation of Present
Gross taxes and before
Other of non- Value of
Operating Operating operating minority minority
Personnel operating current Future Profit
income expenses profit interests interests
expenses expenses assets (PVFP) Taxes
1Q2002
441 (385) (197) (582) (141) (46) (2) (189) 42 (147)
Gross premiums written 6'668 6'668
(415)
Reinsurance ceded (415)
Net premiums written 6'253
Change in provision for unearned premiums and
in provision for future policy benefits (health) (2'502) (2'502)
Net premiums earned 3'751
(2'819)
Claims and annuities incurred, net (2'819)
(67)
Dividends to policyholders incurred, net (67)
Operating expenses, net (incl. commissions paid) (1'077) (454) (385) (197) (39) (2)
Underwriting result, net (212)
87
Net investment income 87
16
Interest received on deposits and bank accounts 16
(19)
Interest paid (19)
(61)
Other income/(expenses) (including foreign exchange impact) (54) (7)
Net operating profit before taxes and minority interests (189)
42
Taxes 42
Net operating profit before minority interests (147)
4Q2001
699 (297) (261) (558) 141 (59) (7) 75 7 82
Gross premiums written 3'685 3'685
(209)
Reinsurance ceded (209)
Net premiums written 3'476
Change in provision for unearned premiums and
in provision for future policy benefits (health) 319 319
Net premiums earned 3'795
(2'837)
Claims and annuities incurred, net (2'837)
(50)
Dividends to policyholders incurred, net (50)
Operating expenses, net (including commissions paid) (1'081) (468) (297) (261) (48) (7)
Underwriting result, net (173)
503
Net investment income 504 (1)
(4)
Interest received on deposits and bank accounts (4)
(35)
Interest paid (35)
(216)
Other income/(expenses) (including foreign exchange impact) (206) (10)
Net operating profit before taxes and minority interests 75
7
Taxes 7
Net operating profit before minority interests 82
3Q2001
726 (349) (205) (554) 172 (26) 0 146 (51) 95
Gross premiums written 3'614 3'614
(317)
Reinsurance ceded (317)
Net premiums written 3'297
Change in provision for unearned premiums and
in provision for future policy benefits (health) 411 411
Net premiums earned 3'708
(2'817)
Claims and annuities incurred, net (2'817)
(78)
Dividends to policyholders incurred, net (78)
Operating expenses, net (incl. commissions paid) (1'033) (446) (349) (205) (33)
Underwriting result, net (220)
360
Net investment income 360
9
Interest received on deposits and bank accounts 9
(25)
Interest paid (25)
22
Other income/(expenses) (including foreign exchange impact) 15 7
Net operating profit before taxes and minority interests 146
(51)
Taxes (51)
Net operating profit before minority interests 95