Annual Report 2012 - Swiss Life

202 Consolidated Financial Statements
Deferred income tax assets and liabilities
In CHF million Deferred tax assets Deferred tax liabilities
31.12.2012 31.12.2011 31.12.2012 31.12.2011
Financial assets 195 250 879 552
Investment property 2 1 520 496
Intangible assets 48 56 183 279
Property and equipment 17 25 1 3
Financial liabilities 19 15 8 11
Insurance liabilities 51 56 111 62
Employee benefits 24 22 58 53
Deferred income 2 2 1 3
Other 61 54 38 22
Tax losses 9 9
Deferred income tax assets/liabilities 426 490 1 799 1 481
Offset –341 –337 –341 –337
Total deferred income tax assets/liabilities 85 153 1 458 1 144
The movements in net deferred income tax assets/liabilities during the period were as follows:
In CHF million Recognised Foreign
in other
currency
Balance as at Recognised comprehensive Acquisitions translation Balance as at
1 January in profit or loss income and disposals differences end of period
Movements by type of temporary difference during the year 2012
Financial assets –302 0 –381 – –1 –684
Investment property –495 –15 –8 – 0 –518
Intangible assets –223 93 –6 – 1 –135
Property and equipment 22 –7 – – 0 16
Financial liabilities 4 11 –3 – 0 11
Insurance liabilities –6 –55 1 – 0 –60
Employee benefits –31 –4 – 0 0 –34
Deferred income –1 2 – – 0 1
Other 32 –15 7 – 0 23
Tax losses 9 –1 – – 0 9
Net deferred income tax assets/liabilities –991 9 –390 0 0 –1 373
Movements by type of temporary difference during the year 2011
Financial assets 55 21 –372 –2 –4 –302
Investment property –455 –26 –2 –13 1 –495
Intangible assets –274 21 28 –1 3 –223
Property and equipment 25 –3 – 0 0 22
Financial liabilities –6 7 3 0 0 4
Insurance liabilities –5 0 0 – –1 –6
Employee benefits –32 1 – 0 0 –31
Deferred income –1 0 – – 0 –1
Other 8 23 0 1 0 32
Tax losses 14 –5 – – 0 9
Net deferred income tax assets/liabilities –671 39 –343 –15 –1 –991
Swiss Life – Annual Report 2012