Full-year Results 2020
Details of net investment result
CHF million (IFRS basis), insurance portfolio for own risk FY 2020
Direct
investment
income
Impairments
Gains and losses through
income statement
Net
investment
result
On
underlying
On
derivatives
Net
Bonds
2 319
-66
990
4
994
3 247
Equities
353
-547
222
-569
-348
-542
Loans
169
2
77
77
248
Mortgages
162
-3
0
0
159
Alternative investments
77
-19
-50
-50
8
Real estate
937
-4
856
856
1 789
Cash & other
27
1
1
28
Total before FX
4 044
-638
2 097
-566
1 531
4 937
FX hedging costs and gains/losses
-1 407
623
Total after FX
4 044
-638
690
57
747
Expense
Net investment result
-7841)
-784
4 154
-437
3 717
1) Incl. FX hedging costs of CHF -547 m (CHF -774 m in FY 2019)
40 | Investor presentation | Full-year results 2020
Net capital gains/losses
on investments of 110
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