Annual Report 2012 - Swiss Life

More documents

Recommendations

Info

78 Market Consistent Embedded Value (MCEV) For the other parts of the Swiss Life Group, i.e. the non-covered business, the shareholder value is derived from its contribution to the Group’s IFRS net asset value. Reconciliation of IFRS Net Asset Value to Group MCEV CHF million 10 253 –3 550 5 051 9 628 –1 668 –458 4 577 IFRS net assets Reserve and investment valuation differences DAC / DOC and other intangible assets Goodwill Net asset value Value of in-force business Group MCEV Reconciliation of IFRS net assets to Group MCEV as at 31 December 2012 In CHF million 2012 IFRS net assets 10 253 Adjustments –5 676 Reserve and investment valuation differences –3 550 DAC / DOC and other intangible assets –1 668 Goodwill 1 –458 Net asset value 4 577 Value of in-force business 5 051 Group MCEV 2 9 628 1 Goodwill adjustments correspond to goodwill of covered business with the exception of CHF 79 million from French operations (see section 3.2). 2 Group MCEV includes CHF 767 million of goodwill and intangible assets as part of the unadjusted IFRS net assets for non-covered business. Starting with the total IFRS net assets, there are valuation differences between IFRS and MCEV regarding the net asset value for the covered business. In the reconciliation these valuation differences are shown under “adjustments”. The main elements that have been adjusted are deferred acquisition costs (DAC), goodwill and other intangible assets, differences between statutory and IFRS balance sheet items reflecting different reserving bases, and different treatment of the investments and unrealised gains (that form part of the IFRS net assets but are projected on MCEV as part of the value of in-force business in the MCEV calculations). The adjusted IFRS net asset value corresponds to the MCEV net asset value of the Swiss Life Group. Adding the value of in-force business leads to the Group MCEV. Swiss Life – Annual Report 2012
79 Market Consistent Embedded Value (MCEV) 3 Information by Market Unit 3.1 Market Units Swiss Life’s covered business is subdivided according to market units as follows: – Life, pension and assumed external reinsurance business in Switzerland – All businesses in France, mainly life, health and pension business – Life and pension business in Germany – Life and pension business in Luxembourg, Liechtenstein, and Singapore (together referred to as International) This breakdown by market unit essentially coincides with the IFRS insurance segments in the annual report. There are minor differences since the MCEV classification generally follows the legal structure in order to ensure a correct modelling of the profit sharing. A divergence from the IFRS insurance segment reporting is the treatment of Swiss Life Asset Management in France, which is reported for MCEV purposes under France. SWITZERLAND Swiss Life’s main business in the Swiss market is group life business with a full range of offerings. The individual business includes traditional savings, risk and annuity products, as well as modern savings and retirement products with flexible and lower guarantees. Swiss Life’s own sales force plays the major role in distribution, followed by brokers and AWD. The business for assumed external reinsurance is included here. FRANCE Insurance products include savings, annuity, and risk products as well as health insurance products. New business for life insurance focuses on multi-support products, combining traditional savings and unit-linked components. The main distribution channels are brokers, tied agents and own sales force. Additionally, Swiss Life in France has developed strong relations with independent financial advisors and private banks. GERMANY Swiss Life sells traditional and modern products within individual and group life business. Disability insurance plays an important role. The main distribution channel is independent brokers, followed by financial advisors such as AWD. INternational Swiss Life offers private placement life insurance (PPLI) through its carriers in Liechtenstein, Singapore and Luxembourg. In Luxembourg, Swiss Life also provides group insurance solutions for international and local corporate clients through Corporate Clients. Swiss Life – Annual Report 2012
Page 1:
Swiss Life Group annual report 2012
Page 4 and 5:
4 Facts & Figures The Swiss Life
Page 6 and 7:
6 Shareholder’s Letter Dear Share
Page 8 and 9:
8 Summary of Group results Summary
Page 10 and 11:
Amounts in CHF million 2012 2011 +/
Page 12 and 13:
12 Segment Reporting Segment Report
Page 14 and 15:
14 Segment Reporting New products l
Page 16 and 17:
16 Segment Reporting insurance Fran
Page 18 and 19:
18 Segment Reporting insurance Germ
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
Page 26 and 27:
26 Corporate Governance Corporate G
Page 28 and 29: 28 Corporate Governance Talanx AG,
Page 30 and 31: 30 Corporate Governance decreased t
Page 32 and 33: 32 Corporate Governance The accepta
Page 34 and 35: 34 Corporate Governance FRANK SCHNE
Page 36 and 37: 36 Corporate Governance HENRY PETER
Page 38 and 39: 38 Corporate Governance The Board o
Page 40 and 41: 40 Corporate Governance also regula
Page 42 and 43: 42 Corporate Governance Management
Page 44 and 45: 44 Corporate Governance MEMBERS OF
Page 46 and 47: 46 Corporate Governance Other appoi
Page 48 and 49: 48 Corporate Governance Transfer of
Page 50 and 51: 50 Corporate Governance The Board o
Page 52 and 53: 52 Corporate Governance COMPENSATIO
Page 54 and 55: 54 Corporate Governance In the same
Page 56 and 57: 56 Corporate Governance The number
Page 58 and 59: 58 Corporate Governance HIGHEST TOT
Page 60 and 61: 60 Corporate Governance Shareholder
Page 62 and 63: 62 Corporate Governance SUPERVISORY
Page 64 and 65: 64 Risk Management Risk Management
Page 66 and 67: 66 Market Consistent Embedded Value
Page 70 and 71: In CHF million 2012 2011 70 Market
Page 84 and 85: In CHF million Switzerland France G
Page 100 and 101: 100 Market Consistent Embedded Valu
Page 102 and 103: 102 Market Consistent Embedded Valu
Page 104 and 105: 104 Consolidated Financial Statemen
Page 106 and 107: In CHF million Notes 2012 2011 106
Page 108 and 109: In CHF million Notes 31.12.2012 31.
Page 110 and 111: In CHF million 2012 2011 110 Consol
Page 128 and 129:
128 Consolidated Financial Statemen
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
In CHF million Notes 31.12.2012 31.
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158 and 159:
In CHF million CHF EUR USD GBP JPY
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
In CHF million 31.12.2012 31.12.201
Page 166 and 167:
Page 168 and 169:
Page 170 and 171:
In CHF million 2012 2011 In CHF mil
Page 172 and 173:
In CHF million Notes 2012 2011 In C
Page 174 and 175:
In CHF million Notes 2012 2011 In C
Page 176 and 177:
Page 178 and 179:
Page 180 and 181:
In CHF million 2012 2011 180 Consol
Page 182 and 183:
Page 184 and 185:
In CHF million 31.12.2012 31.12.201
Page 186 and 187:
Page 188 and 189:
In CHF million 31.12.2012 31.12.201
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
In CHF million 2012 2011 194 Consol
Page 196 and 197:
In CHF million 31.12.2012 31.12.201
Page 198 and 199:
Page 200 and 201:
Page 202 and 203:
Page 204 and 205:
Number of shares 2012 2011 204 Cons
Page 206 and 207:
Page 208 and 209:
In CHF million 2012 208 Consolidate
Page 210 and 211:
In CHF million 01.04.2011 210 Conso
Page 212 and 213:
Page 214 and 215:
Page 216 and 217:
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
Page 224 and 225:
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 234 and 235:
Page 236 and 237:
Page 238 and 239:
Page 240 and 241:
Page 242 and 243:
Page 244 and 245:
Page 246 and 247:
Page 248 and 249:
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
show all

Annual Report 2012 - Swiss Life

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?