Annual Report 2012 - Swiss Life

In CHF million (if not noted otherwise)
2012 2011
169 Consolidated Financial Statements
At 31 December 2012, if the market value of equity securities and property had been 10% lower, the
embedded value would have been CHF 732 million lower (2011: CHF 814 million lower).
At 31 December 2012, if the equity securities and property implied volatilities had been 25% higher,
the embedded value would have been CHF 261 million lower (2011: CHF 243 million lower).
At 31 December 2012, if the equity securities and property implied volatilities had been 25% lower, the
embedded value would have been CHF 211 million higher (2011: CHF 200 million higher).
The sensitivity of insurance liabilities is also analysed on an economic basis for internal risk management
purposes and to satisfy regulatory requirements (Swiss Solvency Test).
6 Earnings per Share
Basic earnings per share (EPS) are calculated on the weighted average number of shares outstanding
during the reporting period, excluding the average number of shares purchased by the Group and
held as treasury shares.
Diluted earnings per share include the dilutive effect of convertible bonds and share options issued.
In the diluted EPS calculation, the profit attributable to shareholders is adjusted for the applicable
interest expense minus the related taxes. Share options are dilutive when they would result in the
issuance of shares for less than the average market price during the period. Dilutive share options are
assumed to have been exercised. The assumed proceeds are regarded as having been received from the
issuance of shares at the average market price during the period. The difference between the number
of shares issued and the number of shares that would have been issued at the average market price
during the period is considered as an issuance of shares for no consideration.
Basic earnings per share
Net result attributable to equity holders of Swiss Life Holding 92 605
Weighted average number of shares outstanding 31 902 670 31 893 573
Basic earnings per share for the net result attributable to
equity holders of Swiss Life Holding (in CHF) 2.88 18.97
Diluted earnings per share
Net result attributable to equity holders of Swiss Life Holding 92 605
Result used to determine diluted earnings per share 92 605
Weighted average number of shares outstanding 31 902 670 31 893 573
Adjustments (number of shares)
Equity compensation plans 142 012 166 740
Weighted average number of shares outstanding for diluted
earnings per share 32 044 682 32 060 313
Diluted earnings per share for the net result attributable to
equity holders of Swiss Life Holding (in CHF) 2.86 18.87
Swiss Life – Annual Report 2012