Annual Report 2012 - Swiss Life

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214 Consolidated Financial Statements financial assets measured at fair value based on level 3 for the year 2011 In CHF million Financial assets for the account and risk of the Swiss Life Group’s Derivatives Debt securities equity securities customers At fair value At fair value through Available through Available profit or loss for sale profit or loss for sale Balance as at 1 January – 194 12 13 812 284 Total gains/losses recognised in profit or loss – –2 –1 0 49 0 Total gains/losses recognised in other comprehensive income – – 0 – –1 – Purchases – – – 18 158 0 Sales – – –9 –3 –257 –38 Foreign currency translation differences – –5 – – –3 – Balance as at end of period – 187 2 28 758 246 Total gains/losses recognised in profit or loss are presented in net gains/losses on financial assets – – –1 – 49 – net gains/losses on financial instruments at fair value through profit or loss – –2 – 0 – 0 Gains/losses recognised in profit or loss for assets held at end of period are presented in net gains/losses on financial assets – – –1 – –15 – net gains/losses on financial instruments at fair value through profit or loss – –2 – 0 – 0 The following table summarises the carrying amounts and fair values of those financial assets and liabilities not presented in the Group’s balance sheet at fair value: In CHF million Carrying amount Fair value 31.12.2012 31.12.2011 31.12.2012 31.12.2011 Assets Loans 21 612 23 615 24 658 25 812 Receivables 3 876 3 587 3 876 3 587 Financial assets held to maturity – 5 046 – 5 369 Liabilities Investment contracts without discretionary participation 43 53 43 53 Borrowings 2 768 2 624 3 090 2 849 Other financial liabilities 7 722 7 225 7 722 7 225 Swiss Life – Annual Report 2012
In CHF million 31.12.2012 31.12.2011 In CHF million 31.12.2012 31.12.2011 215 Consolidated Financial Statements 34 Guarantees and Commitments Financial guarantees 54 130 Loan commitments 149 119 Private equity commitments 161 266 Other capital commitments 284 611 Operating lease commitments 41 18 Contractual obligations to purchase or construct investment property 173 329 Other contingent liabilities and commitments 353 320 Total 1 215 1 793 Future minimum lease payments under non-cancellable operating leases – lessee Not later than 1 year 8 1 Later than 1 year and not later than 5 years 25 17 Later than 5 years 8 – Total 41 18 Financial Guarantees The Group has issued financial guarantees and transaction-related guarantees and similar instruments. Financial guarantees provide for specified payments to be made to reimburse the holder for a loss incurred in the event that a client fails to make payment when due. Loan commitments The Group has also entered into irrevocable commitments to extend credit in the form of loans and other instruments. They represent undrawn credit lines which are available to clients to secure their liquidity needs. With respect to credit risk, these commitments are contingent upon clients maintaining certain credit standards, and the Group monitors its exposure on a regular basis. The total amount of credit commitments includes commitments to lend at fixed rates, which expose the Group to interest rate risk. These commitments are entered into for restricted periods of time. As at 31 December 2012, committed principal amounts stood at EUR 15 million and CHF 105 million (2011: EUR 13 million and CHF 68 million). The range of committed interest rates is 2.5% to 5.9% for commitments in euro and 1.0% to 2.4% for commitments in Swiss francs. Private equity commitments Private equity commitments represent unfunded commitments to make investments in direct private equity or private equity funds. Such commitments do not involve credit or market risk, as the Group purchases investments at market value at the time the commitments are invoked. Other Capital commitments Other capital commitments include commitments to make investments (capital calls) and agreements to provide liquidity to protection funds in the insurance industry. 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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In CHF million Notes 31.12.2012 31.
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In CHF million CHF EUR USD GBP JPY
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Page 164 and 165: In CHF million 31.12.2012 31.12.201
Page 166 and 167: 166 Consolidated Financial Statemen
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
Page 226 and 227: 226 Swiss Life Holding Financial St
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
Page 250 and 251: 250 Share Performance and Historica
Page 252 and 253: 252 Contacts and Publishing Details
Page 254: 130 286 The future starts here. Swi
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Annual Report 2012 - Swiss Life

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