Annual Report 2012 - Swiss Life

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In CHF million 2012 2011 180 Consolidated Financial Statements tion is part of the regular review to determine whether the allowance for potential loan losses is warranted. Management believes that the allowance for loan losses is sufficient. However, management cannot predict with assurance the impact of future economic circumstances or how the mortgage and real estate portfolios would be affected by various economic circumstances. As at 1 July 2008, certain financial assets were reclassified from financial assets available for sale to loans due to the disappearance of an active market. The financial assets reclassified primarily consist of corporate debt instruments and debt instruments relating to emerging markets. The fair value as at 1 July 2008 of the financial assets reclassified amounted to CHF 14 966 million. At the date of reclassification the effective interest rate ranged from 0.8% to 9.7%, and the amount of cash flows expected to be recovered was estimated at CHF 32 658 million. In 2008, unrealised losses of CHF 740 million were recognised in equity in respect of these assets. Further details with regard to the financial assets reclassified are as follows: DEBT Securities previously classified as available for sale Carrying amount as at 31 December 6 403 7 945 Fair value as at 31 December 7 647 8 680 Gains (+)/losses (–) that would have been recognised in other comprehensive income if the assets had not been reclassified (excluding adjustments for income tax and policyholder participation) 679 –58 Gains (+)/losses (–) recognised in profit or loss (including impairment) –46 –19 Interest income 423 490 14 Financial Assets Held to Maturity In CHF million Allowance for impairment Cost/amortised cost Gross amount losses (carrying amount) Notes 31.12.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012 31.12.2011 Debt securities – 5 046 – – – 5 046 Other – – – – – – Total financial assets held to maturity 33 – 5 046 – – – 5 046 Financial assets held to maturity of CHF 4.1 billion were sold in 2012 due to the unstable situation in the euro zone. The remaining financial assets held to maturity of CHF 1.3 billion were reclassified to financial assets available for sale. Swiss Life – Annual Report 2012
In CHF million Notes 2012 2011 In CHF million 2012 2011 181 Consolidated Financial Statements 15 Investment Property Balance as at 1 January 15 445 14 142 Additions 744 1 221 Capitalised subsequent expenditure 230 187 Classification as assets held for sale and other disposals –731 –594 Gains/losses from fair value adjustments 390 513 Transfers from/to property and equipment 17 168 36 Foreign currency translation differences –20 –60 Balance as at end of period 16 225 15 445 Investment property consists of completed investment property 15 961 15 243 investment property under construction 264 202 Total investment property 16 225 15 445 Investment property held by the Group includes residential, commercial and mixed-use properties primarily located within Switzerland, and comprises both completed investment property and investment property under construction. Property held for investment purposes comprises land and buildings owned by the Group to earn rentals and/or for capital appreciation. Property that is used by the Group itself or leased to, and occupied by, another entity of the Group is classified as owner-occupied property under property and equipment. Property acquired with a view to its subsequent disposal in the near future is carried under assets held for sale. Rental income from investment property was CHF 761 million for the period ended 31 December 2012 (2011: CHF 751 million). Operating expenses arising from investment property that generated rental income stood at CHF 176 million for the period ended 31 December 2012 (2011: CHF 165 million). Operating expenses arising from investment property that did not generate rental income during the period stood at nil for the period ended 31 December 2012 (2011: nil). 16 Investments in Associates Balance as at 1 January 74 63 Additions – 10 Addition due to a subsidiary becoming an associate 8 – Classification as assets held for sale and other disposals 0 0 Share of profit or loss 8 6 Share of other comprehensive income 0 – Dividends paid –3 –4 Foreign currency translation differences 0 –1 Balance as at end of period 87 74 Goodwill relating to investments in associates is included in the carrying amount of investments in associates. 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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100 Market Consistent Embedded Valu
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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 Notes 31.12.2012 31.
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In CHF million 2012 2011 110 Consol
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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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234 Swiss Life Holding Financial St
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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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