Annual Report 2012 - Swiss Life

In CHF million
31.12.2012 31.12.2011
184 Consolidated Financial Statements
18 Intangible Assets including Intangible Insurance Assets
Intangible insurance assets 1 605 1 817
Other intangible assets 1 288 1 905
Total intangible assets 2 893 3 722
Intangible insurance assets
In CHF million
Present value of future profits
from acquired insurance Deferred acquisition costs Deferred origination costs
portfolios (PVP) (DAC) (DOC) Total
2012 2011 2012 2011 2012 2011 2012 2011
Balance as at 1 January 15 16 1 743 1 986 59 31 1 817 2 033
Additions 1 2 391 389 31 55 422 446
Amortisation –1 –1 –565 –461 –53 –27 –619 –489
Impairment – –2 –2 –1 – – –2 –3
Effect of shadow accounting 0 0 –4 –139 – – –4 –139
Foreign currency translation differences 0 0 –9 –31 0 0 –10 –31
Balance as at end of period 15 15 1 554 1 743 36 59 1 605 1 817
Present value of future profits (PVP)
The present value of future profits relates to portfolios of insurance contracts and investment contracts
with discretionary participation acquired in a business combination or transfer of portfolios. It
relates to contracts acquired in Germany and France and is amortised in proportion to gross profits
or margins over the effective life of the acquired insurance and investment contracts.
Deferred acquisition costs (DAC)
Certain ac qui sition costs relating to new and renewed insurance contracts and investment contracts
with discretionary participation are deferred.
Deferred origination costs (DOC)
These costs are recoverable and are directly attributable to securing the right for investment management
services within investment contract policies. They relate to contracts in Luxembourg and Switzerland.
Swiss Life – Annual Report 2012