Annual Report 2012 - Swiss Life

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144 Consolidated Financial Statements Premiums and policy fees from external customers In CHF million Net earned premiums Net earned policy fees 2012 2011 2012 2011 Life Individual life 3 757 3 620 300 287 Group life 7 726 7 584 8 8 Total life 11 483 11 204 309 295 Non-life Accident and health 14 13 – – Property, casualty and other 374 382 – – Total non-life 388 395 – – Total 11 871 11 599 309 295 The Swiss Life Group operates in selected countries. The Group’s income and non-current assets by geographical location are detailed below: In CHF million Total income Non-current assets 2012 2011 31.12.2012 31.12.2011 Switzerland 12 195 10 792 13 828 13 305 France 3 669 3 342 2 176 2 077 Germany 2 815 2 784 1 762 2 336 Liechtenstein 40 47 149 169 Luxembourg 188 176 62 57 Other countries 168 150 4 4 Total 19 075 17 291 17 982 17 948 Non-current assets for this purpose consist of investment property, property and equipment and intangible assets (except for intangible assets arising from insurance contracts). information about major customers No revenue from transactions with a single external customer amounted to 10% or more of the Group’s revenue. Swiss Life – Annual Report 2012
145 Consolidated Financial Statements 5 Risk Management Policies and Procedures The Group’s core business is life insurance and pensions. A life insurance and pensions contract re presents a long-term promise to the policyholder. To fulfil its future payment obligations to the policyholders, the insurance entities of the Group must be financially sound over an extended period of time. The ability to remain financially sound and strong depends on a number of risk factors. The Group’s risk map can be broadly divided into financial, insurance, strategic and operational risks. All of these risk categories can impact the financial stability of the Group. Risks must be identified, assessed, managed and monitored locally and aggregated. Monthly reports covering interest rate risk, equity price risk, currency risk, credit risk and insurance risk are prepared on a consolidated basis. Additionally, market risks and financial risk limits are reported for the largest operations in the insurance business. Strategic and operational risks are assessed and reported on an annual basis. The risk appetite for the largest operations in the insurance business is defined with the help of local risk bud gets which are used as a basis for the determination of the individual risk limits. These limits are used as a framework for the asset and liability management process, the objective of which is to define a strategic asset allocation. From this strategic asset allocation a scenario-based expected return is calculated which forms the basis for the mid-term planning of the Group. Risk management functions are performed at several levels by different bodies within the Swiss Life Group, such as the Investment and Risk Committee at the level of the Board of Directors of the Swiss Life Group and the Group Risk Committee at the level of the Corporate Executive Board of the Swiss Life Group. The risk management functions at the level of the individual operations of the Swiss Life Group are organised accordingly. Group risk management is responsible for the definition of the group-wide methodology for the measurement of the risks and produces a consolidated risk report which consolidates the main quantitative elements of the risk management of the Swiss Life Group’s operations. Furthermore, Group risk management also produces consolidated views on the operational and strategic risks of the Swiss Life Group. The information below focuses first on the risk budgeting and asset and liability management process before covering in an extensive way the principal risk categories faced by the Swiss Life Group. 5.1 Contracts for the account and risk of the Swiss Life Group’s customers The assets relating to certain life insurance and investment contracts are managed for the account and risk of the Swiss Life Group’s customers (separate account/unit-linked contracts, private placement life insurance). They are segregated and managed to meet specific investment objectives of the policyholders. The assets back the insurance liabilities and the financial liabilities arising from these contracts. The fair values of the liabilities reflect the fair values of the assets. Certain contracts with unit-linking features contain financial and insurance guarantees. The liabilities relating to this part are included in the financial and insurance liabilities. The assets and liabilities from separate account/unit-linked contracts and private placement life insurance are generally excluded from the Swiss Life Group’s financial risk management considerations to the extent that the risks are borne by the customers. Swiss Life – Annual Report 2012
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Swiss Life Group annual report 2012
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4 Facts & Figures The Swiss Life
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6 Shareholder’s Letter Dear Share
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8 Summary of Group results Summary
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Amounts in CHF million 2012 2011 +/
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12 Segment Reporting Segment Report
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14 Segment Reporting New products l
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28 Corporate Governance Talanx AG,
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34 Corporate Governance FRANK SCHNE
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36 Corporate Governance HENRY PETER
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42 Corporate Governance Management
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44 Corporate Governance MEMBERS OF
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52 Corporate Governance COMPENSATIO
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54 Corporate Governance In the same
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56 Corporate Governance The number
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58 Corporate Governance HIGHEST TOT
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60 Corporate Governance Shareholder
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62 Corporate Governance SUPERVISORY
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64 Risk Management Risk Management
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66 Market Consistent Embedded Value
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In CHF million 2012 2011 70 Market
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In CHF million 31.12.2012 31.12.201
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In CHF million 2012 2011 In CHF mil
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200 Consolidated Financial Statemen
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Number of shares 2012 2011 204 Cons
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In CHF million 2012 208 Consolidate
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In CHF million 01.04.2011 210 Conso
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226 Swiss Life Holding Financial St
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In CHF million 2012 2011 228 Swiss
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As % of total share capital 31.12.2
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In CHF million 2012 2011 232 Swiss
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250 Share Performance and Historica
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252 Contacts and Publishing Details
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130 286 The future starts here. Swi
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Annual Report 2012 - Swiss Life

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