Annual Report 2012 - Swiss Life

104
Consolidated Financial Statements
Consolidated Financial Statements
106 Consolidated Statement of Income
107 Consolidated Statement of Comprehensive Income
108 Consolidated Balance Sheet
110 Consolidated Statement of Cash Flows
112 Consolidated Statement of Changes in Equity
113 Notes to the Consolidated Financial Statements
113 1 General Information
113 2 Summary of Significant Accounting Policies
113 2.1 Basis of preparation
113 2.2 Changes in accounting policies
114 2.3 Consolidation principles
114 2.4 Foreign currency translation and transactions
115 2.5 Cash and cash equivalents
115 2.6 Derivatives
116 2.7 Financial assets
118 2.8 Impairment of financial assets
119 2.9 Investment property
120 2.10 Insurance operations
125 2.11 Property and equipment
125 2.12 Leases
125 2.13 Investment management
126 2.14 Commission income and expense
126 2.15 Intangible assets
128 2.16 Impairment of non-financial assets
128 2.17 Income taxes
129 2.18 Assets held for sale and associated liabilities
129 2.19 Financial liabilities
130 2.20 Employee benefits
131 2.21 Provisions and contingent liabilities
131 2.22 Treasury shares
131 2.23 Earnings per share
131 2.24 Offsetting
132 2.25 Forthcoming changes in accounting policies
133 3 Critical Accounting Estimates and Judgements in Applying Accounting Policies
138 4 Segment Information
145 5 Risk Management Policies and Procedures
145 5.1 Contracts for the account and risk of the Swiss Life Group’s customers
146 5.2 Risk budgeting and limit setting
147 5.3 Asset and liability management (ALM)
148 5.4 Financial risk management objectives and policies
162 5.5 Insurance risk management objectives and policies
169 6 Earnings per Share
Swiss Life – Annual Report 2012