Annual Report 2012 - Swiss Life

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