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Credit Suisse Group Corrected Q4 and Full-Year 2003 Income Statements


Consolidated income statement                                                 Page 1
Credit Suisse Financial Services business unit income statement - operating   Page 2
Life & Pensions income statement                                              Page 3
Insurance income statement                                                    Page 4
CONSOLIDATED RESULTS CREDIT SUISSE GROUP
Consolidated income statement

                                                          4Q2003                   4Q2003     12 months 2003                12 months 2003
in CHF m                                                  Reported   Correction   Corrected         Reported   Correction        Corrected

Interest and discount income                               3'035             0      3'035           13'116             0          13'116
Interest and dividend income from trading portfolios       2'747             0      2'747            9'797             0           9'797
Interest and dividend income from financial investments      198             0        198              726             0             726
Interest expenses                                         (4'081)            0    (4'081)         (16'215)             0        (16'215)
Net interest income                                        1'899             0      1'899            7'424             0           7'424
Commission income from lending activities                    239             0        239              911             0             911
Commission income from securities and
 investment transactions                                   2'781             0      2'781           10'898             0          10'898
Commission income from other services                        228             0        228            1'004             0           1'004
Commission expenses                                        (305)             0      (305)             (873)            0            (873)
Net commission and service fee income                      2'943             0      2'943           11'940             0          11'940
Net trading income                                         (157)             0      (157)            2'515             0           2'515
Premiums earned, net                                       6'704             0      6'704           31'891             0          31'891
Claims incurred and actuarial provisions                  (7'874)       (503)     (8'377)         (32'908)        (503)         (33'411)
Commission expenses, net                                   (463)             0      (463)           (2'295)            0          (2'295)
Investment income from the insurance business              2'414             0      2'414            8'436             0           8'436
Net income from the insurance business                       781        (503)         278            5'124        (503)            4'621
Income from the sale of financial investments                161             0        161              485             0             485
Income from investments in associates                         15             0         15               64             0               64
Income from other non-consolidated participations               5            0           5              24             0               24
Real estate income                                            37             0         37              166             0             166
Sundry ordinary income                                       200             0        200              866             0             866
Sundry ordinary expenses                                   (163)             0      (163)           (1'783)            0          (1'783)
Other ordinary income/(expenses), net                        255             0        255             (178)            0            (178)

Operating income                                           5'721        (503)       5'218           26'825        (503)           26'322

Personnel expenses                                         3'042             0      3'042           13'630             0          13'630
Other operating expenses                                   1'381             0      1'381            5'271             0           5'271
Operating expenses                                         4'423             0      4'423           18'901             0          18'901

Gross operating profit                                     1'298        (503)         795            7'924        (503)            7'421
Depreciation of non-current assets                           521             0        521            1'887             0           1'887
Amortization of acquired intangible assets                   350             0        350              593             0             593
Amortization of goodwill                                     144             0        144              594             0             594
Valuation adjustments, provisions and losses
  from the banking business                                  282             0        282              861             0             861
Depreciation, valuation adjustments and losses             1'297             0      1'297            3'935             0           3'935

Profit/(loss) before extraordinary items,
  cumulative effect of change in accounting
  principle and taxes                                           1       (503)       (502)            3'989        (503)            3'486
Extraordinary income                                         350             0        350            2'047             0           2'047
Extraordinary expenses                                       (58)            0        (58)            (575)            0            (575)
Cumulative effect of change in accounting principle          319             0        319              319             0             319
Taxes                                                        650          210         860             (364)         210             (154)
Net profit before minority interests                       1'262        (293)         969            5'416        (293)            5'123
Minority interests                                           (96)          83         (13)            (207)          83             (124)
Net profit                                                 1'166        (210)         956            5'209        (210)            4'999
Credit Suisse Financial Services business
unit income statement – operating


                                                                   4Q2003                   4Q2003     12 months 2003                12 months 2003
in CHF m                                                           Reported   Correction   Corrected         Reported   Correction        Corrected
Operating income                                                    2'801        (503)       2'298           14'395        (503)           13'892
Personnel expenses                                                  1'202             0      1'202            5'434             0           5'434
Other operating expenses                                              775             0        775            3'067             0           3'067
Operating expenses                                                  1'977             0      1'977            8'501             0           8'501
Gross operating profit                                                824        (503)         321            5'894        (503)            5'391
Depreciation of non-current assets                                    169             0        169              672             0             672
Amortization of Present Value of Future Profits (PVFP)                108             0        108              300             0             300
Valuation adjustments, provisions and losses                          113             0        113              374             0             374
Net operating profit/(loss) before extraordinary and exceptional
 items, acquisition-related costs, cumulative effect of
 change in accounting principle and taxes                             434        (503)         (69)           4'548        (503)            4'045
Extraordinary income/(expenses), net                                  109             0        109              127             0             127
Taxes                                                                 607          210         817             (135)         210                75
Net operating profit before exceptional items,
 acquisition-related costs, cumulative effect of change
 in accounting principle and minority interests                     1'150        (293)         857            4'540        (293)            4'247
Amortization of acquired intangible assets and goodwill               (25)            0        (25)            (102)            0            (102)
Cumulative effect of change in accounting principle                      1            0           1                1            0                1
Tax impact                                                               0            0           0                2            0                2
Business unit result before minority interests                      1'126        (293)         833            4'441        (293)            4'148
Minority interests                                                    (59)          83          24              (69)          83                14
Business unit result                                                1'067        (210)         857            4'372        (210)            4'162

Increased/(decreased) credit-related valuation adjustments,
  net of tax                                                           90             0         90               62             0               62
Net profit                                                            977        (210)         767            4'310        (210)            4'100


Reconciliation to net operating profit
Business unit result                                                1'067        (210)         857            4'372        (210)            4'162
Amortization of acquired intangible assets and goodwill,
 net of tax                                                            25             0         25              100             0             100
Exceptional items, net of tax                                            0            0           0                0            0                0
Cumulative effect of change in accounting principle,
 net of tax                                                            (1)            0         (1)              (1)            0              (1)
Net operating profit                                                1'091        (210)         881            4'471        (210)            4'261
Life & Pensions income statement


                                                          4Q2003                   4Q2003     12 months 2003                12 months 2003
in CHF m                                                  Reported   Correction   Corrected         Reported   Correction        Corrected
Gross premiums written                                     3'996             0      3'996           17'273             0          17'273
Reinsurance ceded                                            (18)            0        (18)             (87)            0             (87)
Net premiums written                                       3'978             0      3'978           17'186             0          17'186
Change in provision for unearned premiums                       7            0           7              (1)            0              (1)
Net premiums earned                                        3'985             0      3'985           17'185             0          17'185
Death and other benefits incurred                         (5'482)            0    (5'482)         (16'243)             0        (16'243)
Change in provision for future policyholder benefits
 (technical)                                               1'240             0      1'240           (2'486)            0          (2'486)
Change in provision for future policyholder benefits
 (separate account)                                        (578)             0      (578)           (1'718)            0          (1'718)
Dividends to policyholders incurred                        (843)        (423)     (1'266)           (1'238)       (423)           (1'661)
Policy acquisition costs (including change in DAC/PVFP)    (309)             0      (309)             (854)            0            (854)
Administration costs                                       (257)             0      (257)           (1'119)            0          (1'119)
Investment income general account                          1'530             0      1'530            5'351             0           5'351
Investment income separate account                           578             0        578            1'718             0           1'718
Interest received and paid                                   (56)            0        (56)            (117)            0            (117)
Interest on bonuses credited to policyholders                (37)            0        (37)            (155)            0            (155)
Other income/(expenses), net                                 (64)            0        (64)            (142)            0            (142)

Net operating profit/(loss) before cumulative effect
 of change in accounting principle and taxes               (293)        (423)       (716)              182        (423)             (241)
Taxes                                                        662          178         840              541          178              719
Net operating profit before cumulative
  effect of change in accounting principle and
  minority interests (segment result)                        369        (245)         124              723        (245)              478
Insurance income statement


                                                          4Q2003                   4Q2003     12 months 2003                12 months 2003
in CHF m                                                  Reported   Correction   Corrected         Reported   Correction        Corrected
Gross premiums written                                     1'955             0      1'955           16'212             0          16'212
Reinsurance ceded                                            (40)            0        (40)            (939)            0            (939)
Net premiums written                                       1'915             0      1'915           15'273             0          15'273
Change in provision for unearned premiums and
 in provision for future policy benefits (health)            779             0        779             (703)            0            (703)
Net premiums earned                                        2'694             0      2'694           14'570             0          14'570
Claims and annuities incurred, net                        (1'957)            0    (1'957)         (10'646)             0        (10'646)
Dividends to policyholders incurred, net                   (202)         (80)       (282)             (419)        (80)             (499)
Policy acquisition costs (including change in DAC/PVFP)    (415)             0      (415)           (2'433)            0          (2'433)
Administration costs                                       (278)             0      (278)           (1'633)            0          (1'633)
Underwriting result, net                                   (158)         (80)       (238)             (561)        (80)             (641)
Net investment income                                        288             0        288            1'240             0           1'240
Interest received and paid                                   (54)            0        (54)            (156)            0            (156)
Other income/(expenses), net                                 (15)            0        (15)             809             0             809

Net operating profit/(loss) before cumulative effect
 of change in accounting principle and taxes                  61         (80)         (19)           1'332         (80)            1'252
Taxes                                                         92           32         124                 6          32                38
Net operating profit before cumulative
 effect of change in accounting principle and
 minority interests (segment result)                         153         (48)         105            1'338         (48)            1'290

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credit-suisse Corrected Income Statement Q4 and Full-Year 2003

  • 1. Credit Suisse Group Corrected Q4 and Full-Year 2003 Income Statements Consolidated income statement Page 1 Credit Suisse Financial Services business unit income statement - operating Page 2 Life & Pensions income statement Page 3 Insurance income statement Page 4
  • 2. CONSOLIDATED RESULTS CREDIT SUISSE GROUP Consolidated income statement 4Q2003 4Q2003 12 months 2003 12 months 2003 in CHF m Reported Correction Corrected Reported Correction Corrected Interest and discount income 3'035 0 3'035 13'116 0 13'116 Interest and dividend income from trading portfolios 2'747 0 2'747 9'797 0 9'797 Interest and dividend income from financial investments 198 0 198 726 0 726 Interest expenses (4'081) 0 (4'081) (16'215) 0 (16'215) Net interest income 1'899 0 1'899 7'424 0 7'424 Commission income from lending activities 239 0 239 911 0 911 Commission income from securities and investment transactions 2'781 0 2'781 10'898 0 10'898 Commission income from other services 228 0 228 1'004 0 1'004 Commission expenses (305) 0 (305) (873) 0 (873) Net commission and service fee income 2'943 0 2'943 11'940 0 11'940 Net trading income (157) 0 (157) 2'515 0 2'515 Premiums earned, net 6'704 0 6'704 31'891 0 31'891 Claims incurred and actuarial provisions (7'874) (503) (8'377) (32'908) (503) (33'411) Commission expenses, net (463) 0 (463) (2'295) 0 (2'295) Investment income from the insurance business 2'414 0 2'414 8'436 0 8'436 Net income from the insurance business 781 (503) 278 5'124 (503) 4'621 Income from the sale of financial investments 161 0 161 485 0 485 Income from investments in associates 15 0 15 64 0 64 Income from other non-consolidated participations 5 0 5 24 0 24 Real estate income 37 0 37 166 0 166 Sundry ordinary income 200 0 200 866 0 866 Sundry ordinary expenses (163) 0 (163) (1'783) 0 (1'783) Other ordinary income/(expenses), net 255 0 255 (178) 0 (178) Operating income 5'721 (503) 5'218 26'825 (503) 26'322 Personnel expenses 3'042 0 3'042 13'630 0 13'630 Other operating expenses 1'381 0 1'381 5'271 0 5'271 Operating expenses 4'423 0 4'423 18'901 0 18'901 Gross operating profit 1'298 (503) 795 7'924 (503) 7'421 Depreciation of non-current assets 521 0 521 1'887 0 1'887 Amortization of acquired intangible assets 350 0 350 593 0 593 Amortization of goodwill 144 0 144 594 0 594 Valuation adjustments, provisions and losses from the banking business 282 0 282 861 0 861 Depreciation, valuation adjustments and losses 1'297 0 1'297 3'935 0 3'935 Profit/(loss) before extraordinary items, cumulative effect of change in accounting principle and taxes 1 (503) (502) 3'989 (503) 3'486 Extraordinary income 350 0 350 2'047 0 2'047 Extraordinary expenses (58) 0 (58) (575) 0 (575) Cumulative effect of change in accounting principle 319 0 319 319 0 319 Taxes 650 210 860 (364) 210 (154) Net profit before minority interests 1'262 (293) 969 5'416 (293) 5'123 Minority interests (96) 83 (13) (207) 83 (124) Net profit 1'166 (210) 956 5'209 (210) 4'999
  • 3. Credit Suisse Financial Services business unit income statement – operating 4Q2003 4Q2003 12 months 2003 12 months 2003 in CHF m Reported Correction Corrected Reported Correction Corrected Operating income 2'801 (503) 2'298 14'395 (503) 13'892 Personnel expenses 1'202 0 1'202 5'434 0 5'434 Other operating expenses 775 0 775 3'067 0 3'067 Operating expenses 1'977 0 1'977 8'501 0 8'501 Gross operating profit 824 (503) 321 5'894 (503) 5'391 Depreciation of non-current assets 169 0 169 672 0 672 Amortization of Present Value of Future Profits (PVFP) 108 0 108 300 0 300 Valuation adjustments, provisions and losses 113 0 113 374 0 374 Net operating profit/(loss) before extraordinary and exceptional items, acquisition-related costs, cumulative effect of change in accounting principle and taxes 434 (503) (69) 4'548 (503) 4'045 Extraordinary income/(expenses), net 109 0 109 127 0 127 Taxes 607 210 817 (135) 210 75 Net operating profit before exceptional items, acquisition-related costs, cumulative effect of change in accounting principle and minority interests 1'150 (293) 857 4'540 (293) 4'247 Amortization of acquired intangible assets and goodwill (25) 0 (25) (102) 0 (102) Cumulative effect of change in accounting principle 1 0 1 1 0 1 Tax impact 0 0 0 2 0 2 Business unit result before minority interests 1'126 (293) 833 4'441 (293) 4'148 Minority interests (59) 83 24 (69) 83 14 Business unit result 1'067 (210) 857 4'372 (210) 4'162 Increased/(decreased) credit-related valuation adjustments, net of tax 90 0 90 62 0 62 Net profit 977 (210) 767 4'310 (210) 4'100 Reconciliation to net operating profit Business unit result 1'067 (210) 857 4'372 (210) 4'162 Amortization of acquired intangible assets and goodwill, net of tax 25 0 25 100 0 100 Exceptional items, net of tax 0 0 0 0 0 0 Cumulative effect of change in accounting principle, net of tax (1) 0 (1) (1) 0 (1) Net operating profit 1'091 (210) 881 4'471 (210) 4'261
  • 4. Life & Pensions income statement 4Q2003 4Q2003 12 months 2003 12 months 2003 in CHF m Reported Correction Corrected Reported Correction Corrected Gross premiums written 3'996 0 3'996 17'273 0 17'273 Reinsurance ceded (18) 0 (18) (87) 0 (87) Net premiums written 3'978 0 3'978 17'186 0 17'186 Change in provision for unearned premiums 7 0 7 (1) 0 (1) Net premiums earned 3'985 0 3'985 17'185 0 17'185 Death and other benefits incurred (5'482) 0 (5'482) (16'243) 0 (16'243) Change in provision for future policyholder benefits (technical) 1'240 0 1'240 (2'486) 0 (2'486) Change in provision for future policyholder benefits (separate account) (578) 0 (578) (1'718) 0 (1'718) Dividends to policyholders incurred (843) (423) (1'266) (1'238) (423) (1'661) Policy acquisition costs (including change in DAC/PVFP) (309) 0 (309) (854) 0 (854) Administration costs (257) 0 (257) (1'119) 0 (1'119) Investment income general account 1'530 0 1'530 5'351 0 5'351 Investment income separate account 578 0 578 1'718 0 1'718 Interest received and paid (56) 0 (56) (117) 0 (117) Interest on bonuses credited to policyholders (37) 0 (37) (155) 0 (155) Other income/(expenses), net (64) 0 (64) (142) 0 (142) Net operating profit/(loss) before cumulative effect of change in accounting principle and taxes (293) (423) (716) 182 (423) (241) Taxes 662 178 840 541 178 719 Net operating profit before cumulative effect of change in accounting principle and minority interests (segment result) 369 (245) 124 723 (245) 478
  • 5. Insurance income statement 4Q2003 4Q2003 12 months 2003 12 months 2003 in CHF m Reported Correction Corrected Reported Correction Corrected Gross premiums written 1'955 0 1'955 16'212 0 16'212 Reinsurance ceded (40) 0 (40) (939) 0 (939) Net premiums written 1'915 0 1'915 15'273 0 15'273 Change in provision for unearned premiums and in provision for future policy benefits (health) 779 0 779 (703) 0 (703) Net premiums earned 2'694 0 2'694 14'570 0 14'570 Claims and annuities incurred, net (1'957) 0 (1'957) (10'646) 0 (10'646) Dividends to policyholders incurred, net (202) (80) (282) (419) (80) (499) Policy acquisition costs (including change in DAC/PVFP) (415) 0 (415) (2'433) 0 (2'433) Administration costs (278) 0 (278) (1'633) 0 (1'633) Underwriting result, net (158) (80) (238) (561) (80) (641) Net investment income 288 0 288 1'240 0 1'240 Interest received and paid (54) 0 (54) (156) 0 (156) Other income/(expenses), net (15) 0 (15) 809 0 809 Net operating profit/(loss) before cumulative effect of change in accounting principle and taxes 61 (80) (19) 1'332 (80) 1'252 Taxes 92 32 124 6 32 38 Net operating profit before cumulative effect of change in accounting principle and minority interests (segment result) 153 (48) 105 1'338 (48) 1'290