Annual Report 2012 - Swiss Life

In CHF million
Notes 2012 2011
207 Consolidated Financial Statements
Regulatory requirements
In accordance with the federal act on the supervision of insurance companies and corresponding
decree, the Swiss Life Group reports as an insurance group to the Swiss Financial Market Supervisory
Authority (FINMA). The reporting covers risk management as outlined in note 5, Group Solvency I,
legal structure, management organisation and intragroup transactions. The reporting is submitted
on an ad-hoc, monthly, half-yearly or yearly basis depending on the topic and is reviewed on a yearly
basis by the statutory auditor according to the legal requirements. As at 31 December 2012 and 2011,
the Group was compliant with the legal requirements.
In addition to the Group’s solvency requirements, the Solvency I and other statutory constraints at
local level are considered to address the specific situation of each country and business unit.
29 Acquisitions and Disposals of Subsidiaries
Assets and liabilities from acquisitions
Consideration
Cash consideration 2 10
Contingent consideration arrangement(s) 5 –
Total consideration 7 10
Acquisition-related costs
Commission expense – 0
Other expenses 0 –
Total 0 0
Identifiable assets acquired and liabilities assumed
Cash and cash equivalents 1 1
Financial assets available for sale – 2
Loans and receivables 0 2
Property and equipment 17 0 0
Intangible assets including intangible insurance assets 18 1 2
Other assets 0 0
Financial liabilities 0 0
Employee benefit liabilities –1 –1
Provisions 26 0 –
Deferred income tax liabilities – –1
Other liabilities –1 –1
Total identifiable net assets 0 4
Non-controlling interests – –3
Goodwill 18 7 9
Total 7 10
Acquired loans and receivables
Fair value 0 2
Gross contractual amounts receivable 0 2
Estimated uncollectible cash flows 0 0
Swiss Life – Annual Report 2012