Annual Report 2012 - Swiss Life

192 Consolidated Financial Statements
date thereafter, upon notice and subject to the consent of the Swiss Financial Market Supervisory
Authority. The notes bear interest from 16 November 2005 to 16 November 2015 at a rate of 5% p.a. If
the notes are not redeemed on 16 November 2015, the interest rate will be the aggregate of Euribor for
3-month deposits and a margin of 2.43%.
In March 1999, Swiss Life AG privately placed a subordinated perpetual step-up loan comprising
three simultaneous advances of EUR 443 million (at a rate of interest of Euribor plus a margin of
1.05%, increasing by 100 basis points as from April 2009), CHF 290 million (at a rate of interest of
Libor plus a margin of 1.05%, increasing by 100 basis points as from April 2009) and EUR 215 million
(at a rate of interest of 5.3655%, as from October 2009 the rate of interest is the aggregate of Euribor
plus a margin of 2.05%). In 2009, Swiss Life AG renounced the right to call the loan on its first call
date. Following the purchase offer by Swiss Life Insurance Finance Ltd. in 2012, EUR 192 million
remain outstanding. Swiss Life AG can next call the outstanding loan on 6 April 2014 or at five-year
intervals thereafter, upon notice and subject to the consent of the Swiss Financial Market Supervisory
Authority.
Amounts in CHF million (if not noted otherwise) Nominal value Nominal value Optional Carrying Carrying
in year of issue at 31.12.2012 Interest rate Year of issue redemption amount amount
Issuer 31.12.2012 31.12.2011
Libor
Swiss Life AG CHF 471 CHF 471 +4.200% 2012 2022 467 –
Swiss Life AG CHF 300 CHF 300 5.500% 2012 2018 297 –
Swiss Life AG CHF 500 CHF 500 5.250% 2011 2016 492 490
Swiss Life AG 1 EUR 700 EUR 590 5.849% 2007 2017 710 715
Swiss Life AG 2 EUR 350 EUR 343 5.000% 2005 2015 410 412
Euribor
Swiss Life AG EUR 443 EUR 192 +2.050% 1999 2014 232 538
Libor
Swiss Life AG CHF 290 – +2.050% 1999 2014 – 290
Euribor
Swiss Life AG EUR 215 – +2.050% 1999 2014 – 19
Total 2 609 2 464
1
Hybrid loan notes granted by ELM B.V.
2
Hybrid bank loan originally granted by J.P. Morgan Bank Luxembourg S.A.
Bank loans
Bank loans relate to mortgage loans for real estate acquired in 2011.
Amounts in CHF million Carrying Carrying
Currency Interest rate Maturity amount amount
Type 31.12.2012 31.12.2011
Mortgage loan CHF 3.165% 2016 156 156
Total 156 156
Swiss Life – Annual Report 2012