Annual Report 2012 - Swiss Life

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186 Consolidated Financial Statements CapitalLeben are based on present values that traditionally use a single set of estimated cash flows and a single discount rate. No impairment loss would arise on the goodwill relating to Lloyd Continental if the eternal growth rate were reduced to 1% or the discount rate were increased by 1%. No impairment loss would arise on the goodwill relating to CapitalLeben if the eternal growth rate were set to nil (instead of 1%) or operating costs were to remain flat starting from 2013 (i.e. no further cost reductions achieved). The key assumptions used for the impairment testing on the carrying amount of goodwill were as follows: In CHF million lloyd Continental CapitalLeben Other 31.12.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012 31.12.2011 Net carrying amount of goodwill 287 287 149 149 21 21 Impairment losses – – – – 7 – Key assumptions used for impairment tests Growth rate 2.0% 1.0% 1.0% 1.0% 1-2% 1.0% Discount rate 11.8% 10.5% 8.6% 9.3% 9.4-11.8% 10.5% The growth rates were adjusted in 2012 to reflect the long-term inflation expectations of the International Monetary Fund for the respective markets. Goodwill relating to the acquisitions of AWD Holding AG and Deutsche Proventus AG has been allocated to the “Insurance Switzerland”, “Insurance Germany” and “AWD” segments. The reportable segments in these financial statements reflect the management structure that was in place until the end of 2012. For the purpose of impairment testing, goodwill was allocated to the cash-generating units according to the new management structure and reportable segments in place as of 2013. The calculations relating to the recoverable amounts which have been determined on a value-in-use basis use cash flow projections based on financial budgets approved by management. For the impairment test in 2012, the financial budgets are based on the new management structure that came into effect on 1 January 2013. Under the new management structure, the legal entities of AWD have been assigned to the individual markets in which they operate. The projection covers a three-year period for Switzerland, Germany and International (AWD AT/CEE, UK). The calculations are based on present values that traditionally use a single set of estimated cash flows and a single discount rate. The key assumptions used for the impairment testing on the carrying amount of goodwill relating to AWD were as follows: Swiss Life – Annual Report 2012
187 Consolidated Financial Statements AWD Goodwill relating to “Insurance Switzerland” and “Insurance Germany” Segments In CHF million Insurance Switzerland Insurance Germany 31.12.2012 31.12.2011 31.12.2012 31.12.2011 Net carrying amount of goodwill 81 81 256 258 Impairment losses – – – – Key assumptions used for impairment tests Growth rate 1.0% 1.0% 2.0% 1.0% Discount rate 9.4% 9.3% 10.7% 10.5% No impairment loss would arise on the AWD goodwill relating to “Insurance Switzerland” if the eternal growth rate were reduced to nil or the discount rate were increased by 1%. AWD Goodwill relating to “AWD” Segment In CHF million Austria Eastern Europe Switzerland Germany UK Total Total 31.12.2012 31.12.2011 Net carrying amount of goodwill 72 230 80 382 774 Impairment losses – 218 168 386 – Key assumptions used for impairment tests Growth rate 1.0% 2.0% 2.0% n/a 1.0% Discount rate 9.4% 10.7% 9.0% n/a 9.4% In 2012, CHF 386 million impairment losses were recognised on the goodwill relating to the “AWD” segment. Therefore, any adverse movement in a key assumption would lead to a further impairment. The impairment losses under the old management structure would not have been significantly different. On the carrying amount of goodwill, no other impairment losses were recognised in 2012, and no impairment losses were recognised in 2011. Customer relationships As at 31 December 2012, customer relationships comprise customer relationships relating to the “AWD” segment CHF 35 million (2011: CHF 156 million), “Insurance France” segment CHF 18 million (2011: CHF 21 million), “Insurance International” segment nil (2011: CHF 20 million) and “Investment Management” segment CHF 1 million (2011: CHF 2 million). On the customer relationships relating to AWD, CHF 98 million was recognised as an impairment loss in 2012 due to higher than originally projected fluctuation rates of financial advisers in Austria and Switzerland. On the customer relationships relating to “Insurance International” CHF 17 million was recognised as an impairment loss in 2012. The impairment loss arose due to the pursued two-carrier strategy with the strong focus on new business in Luxembourg and Singapore. 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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104 Consolidated Financial Statemen
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Page 230 and 231: As % of total share capital 31.12.2
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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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