Annual Report 2012 - Swiss Life
Annual Report 2012 - Swiss Life
Annual Report 2012 - Swiss Life
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216 Consolidated Financial Statements<br />
Operating lease commitments<br />
The Group has entered into various operating leases as a lessee. Rental expenses recognised in income<br />
for these items totalled CHF 40 million for the year ended 31 December <strong>2012</strong> (2011: CHF 42 million).<br />
Minimum lease payments totalled CHF 40 million in <strong>2012</strong> (2011: CHF 42 million).<br />
Other contingent Liabilities and commitments<br />
Contractual obligations for repairs and maintenance of investment property amounted to<br />
CHF 85 million as at 31 December <strong>2012</strong>, which are included in this line item (2011: CHF 69 million).<br />
Legal proceedings<br />
The Group is involved in various legal proceedings, claims and litigation generally relating to its<br />
insurance operations. The outcome of such current legal proceedings, claims and litigation could<br />
have a material effect on operating results or cash flows when resolved in a future period. However, in<br />
the opinion of the management these matters are adequately provided for as at the balance sheet date.<br />
35 Collateral<br />
Assets Pledged as Collateral<br />
The following table provides details of financial assets which have been sold or otherwise transferred,<br />
but which do not qualify for derecognition because substantially all risks and rewards of ownership<br />
are retained. Repurchase agreements and securities lending transactions are discussed in Notes 2.7<br />
and 12. Securities pledged under other transactions include debt securities pledged as collateral<br />
under reinsurance contracts issued and debt securities pledged as collateral under prime broker contracts<br />
to cover margins due in respect of derivative transactions. Other financial assets pledged<br />
include cash collateral provided for OTC derivative liabilities.<br />
Assets Pledged as Collateral<br />
In CHF million Carrying amount Fair value<br />
31.12.<strong>2012</strong> 31.12.2011 31.12.<strong>2012</strong> 31.12.2011<br />
Securities under repurchase agreements 1 964 969 964 969<br />
Securities under derivative and other transactions 1 815 1 871 1 815 2 000<br />
Other financial assets 273 608 273 608<br />
Investment property 227 227 227 227<br />
Total 3 279 3 675 3 279 3 804<br />
1) of which can be sold or repledged by transferee 964 969 964 969<br />
<strong>Swiss</strong> <strong>Life</strong> – <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong>
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