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21First-Half Financial Report 2008Condensed Financial StatementsCondensed Notes to the Consolidated Financial Statements (unaudited)4 Contracts for the Account and Risk of the Swiss Life Group’s CustomersThe assets relating to certain life insurance and investment contracts are managed for the account and risk of theSwiss Life Group’s customers (separate account/unit-linked contracts, private placement life insurance). Theseassets are segregated and managed to meet specific investment objectives of the policyholders. These assets back theinsurance liabilities and the financial liabilities arising from these contracts. The fair values of the liabilities reflectthe fair values of the assets. Certain contracts with unit-linking features contain guaranteed minimum insurancebenefits. The liabilities relating to this part are included in the insurance liabilities.Assets for the account and risk of the Swiss Life Group’s customersIn CHF million 30.06.2008 31.12.2007Cash and cash equivalents 1 837 1 818Derivatives 149 60Financial assets at fair value through profit or lossDebt instruments 2 082 2 825Equity securities 1 408 1 794Investment fund units 6 902 7 028Other 1 547 2 049Total assets for the account and risk of the Swiss Life Group’s customers 13 925 15 574The financial result for the half-years ended 30 June for the account and risk of the Swiss Life Group and theSwiss Life Group’s customers was as follows:In CHF million 2008 HY 2007 HY 2008 HY 2007 HY 2008 HY 2007 HYFor the For theFor the For the account and account andaccount and account and risk of the risk of therisk of the risk of the Swiss Life Swiss LifeSwiss Life Swiss Life Group’s Group’sGroup Group customers customers Total TotalInvestment income 2 400 2 606 – – 2 400 2 606Net gains/losses on financial assets –2 266 746 – – –2 266 746Net gains/losses on financial instruments at fair value throughprofit or loss (FVPL) 974 –59 66 38 1 040 –21Net gains/losses on investment property 99 66 – – 99 66Share of results of associates 8 8 – – 8 8Financial result 1 215 3 367 66 38 1 281 3 405The financial result for the account and risk of the Swiss Life Group’scustomers consists ofnet gains/losses on financial assets at FVPL –1 119 912net gains/losses on financial liabilities at FVPL 1 185 –874