Annual Report 2012 - Swiss Life

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In CHF million CHF EUR USD GBP JPY Other In CHF million CHF EUR USD GBP JPY Other 158 Consolidated Financial Statements at covering its exposure mainly from an economic perspective. The instruments which the Swiss Life Group uses to hedge exposure may not be perfectly correlated to the related assets, so the Group will still be exposed to losses if the value of the hedge and the value of the underlying asset or liability do not correspond appropriately. Due to the limitations of the Swiss capital market with regard to liquidity, investments in Switzerland are also made in currencies other than the Swiss franc. The balance sheet currency exposure is to a large extent hedged using foreign currency derivatives. The following table shows the Group’s foreign currency exposure against the major functional currencies Swiss franc and euro: Currency Exposure as At 31 December 2012 Balance sheet currency exposure Entities with functional currency CHF – 7 197 18 410 4 165 110 3 041 Entities with functional currency EUR –21 – 1 961 179 0 185 Hedging effect Entities with functional currency CHF – –6 323 –17 533 –3 732 –100 –2 840 Entities with functional currency EUR – – –1 434 –174 – –163 Currency Exposure as At 31 December 2011 Balance sheet currency exposure Entities with functional currency CHF – 13 820 13 919 3 872 100 2 838 Entities with functional currency EUR 6 – 1 335 301 7 373 Hedging effect Entities with functional currency CHF – –12 595 –13 490 –3 169 –100 –2 211 Entities with functional currency EUR – – –906 –111 – –207 Swiss Life – Annual Report 2012
159 Consolidated Financial Statements Liquidity risk Liquidity risk is the risk that not enough cash resources may be available to pay obligations when due (primarily obligations arising from the insurance business and debt) at a reasonable cost. The Swiss Life Group is exposed to liquidity risk which primarily arises on calls on its cash resources from claims, amounts payable at maturity and surrenders arising from insurance and investment contracts. The Swiss Life Group faces the risk of not being able to refinance its debt obligations due to unexpected long-term market disruptions. At operational level, rolling forecasts are in place to address situational liquidity risk, which primarily arises on unexpected calls on cash resources from claims, amounts payable at maturity and surrenders arising from insurance and investment contracts. To overcome unexpected liquidity shortfalls at times asset disposals are not desired, repurchase agreements are used to ensure short-term refinancing at minimal cost. At strategic level, the Swiss Life Group holds substantial liquidity and uses active debt maturity planning to ensure full financial flexibility and efficient liquidity management. The liquidity analysis of financial liabilities and commitments is based on undiscounted cash flows by remaining contractual maturities, whereas insurance and policyholder participation liabilities are analysed by estimated timing of net cash outflows. For derivative financial instruments, the maturity analysis shows the fair values by contractual maturity. The analysis is made for amounts for the account and risk of the Swiss Life Group. 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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16 Segment Reporting insurance Fran
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18 Segment Reporting insurance Germ
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20 Segment Reporting insurance inte
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22 Segment Reporting Investment Man
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24 Segment Reporting AWD The AWD Gr
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26 Corporate Governance Corporate G
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28 Corporate Governance Talanx AG,
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30 Corporate Governance decreased t
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32 Corporate Governance The accepta
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34 Corporate Governance FRANK SCHNE
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36 Corporate Governance HENRY PETER
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38 Corporate Governance The Board o
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40 Corporate Governance also regula
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42 Corporate Governance Management
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44 Corporate Governance MEMBERS OF
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46 Corporate Governance Other appoi
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48 Corporate Governance Transfer of
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50 Corporate Governance The Board o
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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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102 Market Consistent Embedded Valu
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104 Consolidated Financial Statemen
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In CHF million Notes 2012 2011 106
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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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