Annual Report 2012 - Swiss Life

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In CHF million 31.12.2012 31.12.2011 In CHF million 31.12.2012 31.12.2011 In CHF million Notes 31.12.2012 31.12.2011 188 Consolidated Financial Statements Brands and other Consists of brands, trademarks, computer software and other intangible assets relating to AWD CHF 5 million (2011: CHF 98 million) and other CHF 53 million (2011: CHF 38 million) as at 31 December 2012. Due to the rebranding strategy relating to the AWD brand CHF 94 million was recognised in 2012 as an impairment loss on the carrying amount of brands and other. 19 Other Assets and Liabilities other assets Deferred charges and prepaid expenses 179 317 Employee benefit assets 128 134 Sundry assets 69 84 Total other assets 376 535 other liabilities Deferred income 157 259 Sundry liabilities 117 74 Total other liabilities 274 333 20 Investment Contracts Investment contracts with discretionary participation with deposit accounting 9 694 9 605 Investment contracts with discretionary participation with actuarial valuation 1 678 1 463 Investment contracts without discretionary participation at amortised cost 33 43 53 Investment contracts without discretionary participation at fair value through profit or loss 138 237 Total investment contracts 11 553 11 358 of which for the account and risk of the Swiss Life Group’s customers investment contracts with discretionary participation 2 903 2 623 investment contracts without discretionary participation 91 205 Swiss Life – Annual Report 2012
In CHF million 2012 2011 In CHF million Notes 2012 2011 189 Consolidated Financial Statements Investment contracts with discretionary participation with deposit accounting Balance as at 1 January 9 605 9 694 Deposits received 1 551 1 797 Interest credited 98 95 Participating bonuses 164 187 Policy fees –107 –108 Deposits released –1 209 –1 188 Other movements 494 – Reclassifications and other disposals –826 –626 Foreign currency translation differences –76 –246 Balance as at end of period 9 694 9 605 Investment contracts with discretionary participation with actuarial valuation Balance as at 1 January 1 463 1 179 Additions from acquisition of insurance portfolio 31 – 15 Savings premiums 660 684 Accretion of interest 23 25 Liabilities released for payments on death, surrender and other terminations during the year –374 –437 Effect of changes in actuarial assumptions and other movements 2 0 Reclassifications and other disposals –95 – Foreign currency translation differences –1 –3 Balance as at end of period 1 678 1 463 In the case of contracts that do not have significant insurance risk but contain discretionary participation features, the Swiss Life Group primarily bases its accounting policies on the requirements of the Generally Accepted Accounting Principles in the United States (US GAAP). For investment-type contracts, savings premiums collected are reported as deposits (deposit accounting). These amounts relate to contracts issued in France and Luxembourg. In the case of traditional contracts in the life insurance business, future life policy benefit liabilities are determined by using the net-level-premium method on the basis of actuarial assumptions as to mortality, persistency, expenses and investment return, including a margin for adverse deviation. For participating contracts where the contribution prin ciple applies to the allocation of the policyholder bonus, future life policy benefit liabilities are determined by using the net-level-premium method on the basis of appropriate mortality and interest rate assumptions. These amounts relate to contracts issued in Switzerland and France. Certain contracts that do not contain significant insurance risk and do not have discretionary participation features are carried at amortised cost or fair value. 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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In CHF million Switzerland France G
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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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Page 158 and 159: In CHF million CHF EUR USD GBP JPY
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Page 170 and 171: In CHF million 2012 2011 In CHF mil
Page 172 and 173: In CHF million Notes 2012 2011 In C
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Page 180 and 181: In CHF million 2012 2011 180 Consol
Page 194 and 195: In CHF million 2012 2011 194 Consol
Page 204 and 205: Number of shares 2012 2011 204 Cons
Page 208 and 209: In CHF million 2012 208 Consolidate
Page 210 and 211: In CHF million 01.04.2011 210 Conso
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Page 228 and 229: In CHF million 2012 2011 228 Swiss
Page 230 and 231: As % of total share capital 31.12.2
Page 232 and 233: In CHF million 2012 2011 232 Swiss
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238 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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