Annual Report 2012 - Swiss Life

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226 Swiss Life Holding Financial Statements Swiss Life Holding Financial Statements 227 Review of Operations 228 Statement of Income 229 Balance Sheet 230 Notes to the Financial Statements 233 Disclosure of compensation to the Board of Directors and the Corporate Executive Board in accordance with the Swiss Code of Obligations (CO) Art. 663b bis and Art. 663c 247 Appropriation of Profit 248 Report of the Statutory Auditor Swiss Life – Annual Report 2012
227 Swiss Life Holding Financial Statements Review of Operations Swiss Life Holding generated a profit of CHF 106 million in the 2012 financial year compared with CHF 238 million the previous year. The annual profit largely resulted from interest and fee income. Interest earned on loans to Group companies increased from CHF 38 million to CHF 50 million. Fees on guarantees rose from CHF 21 million to CHF 35 million. Most of the new loans and guarantees were granted to subsidiaries in the previous year. Dividend payouts by subsidiaries declined from CHF 191 million to CHF 24 million. Improved management of liquid funds produced an increase in interest income on fixed-interest securities from CHF 2 million in the previous year to CHF 8 million in 2012. Total expenditure remained unchanged at CHF 11 million. Swiss Life Holding continued to streamline the Group structure during the reporting period. The establishment of the new subsidiary Swiss Life Schweiz Holding AG has brought the legal structure further into line with the new management structure. This new holding company comprises the Swiss unit of AWD, now known as Swiss Life Select Schweiz. In order to continue to finance the insurance business, CHF 50 million was made available to Swiss Life International Holding AG, including CHF 30 million through the conversion of debt capital into equity capital. The total value of participations grew as a result of these transactions from CHF 3545 million to CHF 3658 million, while internal loans fell by CHF 82 million. Swiss Life Holding’s profit distribution to shareholders in the period under review came to CHF 144 million or CHF 4.50 per share. The distribution was made out of the capital contribution reserve. The par value of the Swiss Life Holding share thus remained the same at CHF 5.10. The company’s overall nominal share capital at the end of the year totalled CHF 163.6 million. Swiss Life Holding paid CHF 0.5 million in interest on an intra-group current account debit balance in 2012. The account was closed at the end of the year; as a result, Swiss Life Holding is financed exclusively by equity. Swiss Life Holding’s liquid assets (liquid funds, time deposits, and bonds and investments) amounted to CHF 316 million on 31 December 2012. Liquid funds and time deposits contracted from CHF 279 million to CHF 88 million, while easily tradable bonds and capital-protected investments accounted for CHF 228 million at the end of the year. These share certificates are all eligible for repos and can generate liquidity at any time. 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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In CHF million 31.12.2012 31.12.201
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In CHF million 2012 2011 In CHF mil
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In CHF million Notes 2012 2011 In C
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In CHF million Notes 2012 2011 In C
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Page 184 and 185: In CHF million 31.12.2012 31.12.201
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Page 194 and 195: In CHF million 2012 2011 194 Consol
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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 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 234 and 235: 234 Swiss Life Holding Financial St
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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