Annual Report 2012 - Swiss Life

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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
In CHF million Notes 31.12.2012 31.12.2011 193 Consolidated Financial Statements 22 Other Financial Liabilities Insurance payables 2 511 2 502 Policyholder deposits 1 418 1 474 Reinsurance deposits 105 116 Customer deposits 1 118 866 Repurchase agreements 958 1 050 Amounts due to banks 586 464 Accrued expenses 302 211 Settlement accounts 2 81 Other 722 461 Total other financial liabilities 33 7 722 7 225 23 Insurance Liabilities and Reinsurance Assets In CHF million Gross reinsurance assets Net 31.12.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012 31.12.2011 Claims under non-life insurance contracts 954 960 191 196 763 764 Unearned premiums non-life 66 66 0 0 65 66 Claims under life insurance contracts 6 414 6 332 87 92 6 328 6 240 Future life policyholder benefits 84 177 80 172 91 92 84 085 80 080 Unearned premiums life 38 43 0 – 38 43 Deposits under insurance contracts 5 825 5 792 – – 5 825 5 792 Total insurance liabilities and reinsurance assets 97 474 93 365 369 380 97 104 92 985 of which for the account and risk of the Swiss Life Group’s customers 1 603 1 108 – – 1 603 1 108 Unearned premiums Unearned premiums represent the portion of the premiums written relating to the unexpired terms of coverage. 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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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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242 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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