Annual Report 2012 - Swiss Life

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66 Market Consistent Embedded Value (MCEV) Market Consistent Embedded Value (MCEV) The Group MCEV is a measure of the consolidated value of shareholders’ interest in the in-force business of the Swiss Life Group. It includes the insurance business covered by the MCEV methodology and all other business valued by its IFRS net asset value. Swiss Life – Annual Report 2012
67 Market Consistent Embedded Value (MCEV) Contents 68 1 Introduction 68 1.1 Basis of Preparation 68 1.2 Covered Business and Non-Covered Business 68 1.3 Definitions 70 2 Summary of MCEV Results 70 2.1 Key Results 71 2.2 MCEV of Covered Business 72 2.3 Value of New Business 73 2.4 Group MCEV – Analysis of Earnings 74 2.5 Covered Business – Analysis of Earnings 77 2.6 Sensitivities 77 2.7 Reconciliation of IFRS Net Asset Value to Group MCEV 79 3 Information by Market Unit 79 3.1 Market Units 80 3.2 Results by Market Unit 86 4 Methodology 86 4.1 MCEV Components for Covered Business 89 4.2 New Business 89 4.3 Asset and Liability Data 90 4.4 Economic Scenario Generator 91 4.5 Dynamic Management Actions and Policyholder Behaviour 91 4.6 Look-Through Principle 92 4.7 Consolidation 92 4.8 Employee Pension Schemes and Share-Based Payment Programmes 93 5 Assumptions 93 5.1 Economic Assumptions 97 5.2 Taxation and Legislation 97 5.3 Operating Assumptions 98 6 Auditor’s Report on Embedded Value 100 7 Glossary and List of Abbreviations 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
Page 16 and 17: 16 Segment Reporting insurance Fran
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Page 20 and 21: 20 Segment Reporting insurance inte
Page 22 and 23: 22 Segment Reporting Investment Man
Page 24 and 25: 24 Segment Reporting AWD The AWD Gr
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Page 36 and 37: 36 Corporate Governance HENRY PETER
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Page 64 and 65: 64 Risk Management Risk Management
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116 Consolidated Financial Statemen
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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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In CHF million 2012 2011 180 Consol
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In CHF million 31.12.2012 31.12.201
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In CHF million 2012 2011 194 Consol
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In CHF million 31.12.2012 31.12.201
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Number of shares 2012 2011 204 Cons
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In CHF million 2012 208 Consolidate
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In CHF million 01.04.2011 210 Conso
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226 Swiss Life Holding Financial St
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In CHF million 2012 2011 228 Swiss
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As % of total share capital 31.12.2
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In CHF million 2012 2011 232 Swiss
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250 Share Performance and Historica
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252 Contacts and Publishing Details
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130 286 The future starts here. Swi
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Annual Report 2012 - Swiss Life

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