2 Summary of Significant Accounting Policies

The half-year financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The accounting policies used in the preparation of the interim financial statements are consistent with those used in the financial statements for the year ended 31 December 2007, except for the changes in accounting policies as described below.

These interim financial statements should be read in conjunction with the 2007 annual financial statements.

Changes in accounting policies | In July 2007, IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction was issued. The Interpretation provides general guidance on how to assess the limit in IAS 19 Employee Benefits on the amount of the surplus that can be recognised as an asset. It also explains how the pensions asset or liability may be affected when there is a statutory or contractual minimum funding requirement. The Interpretation has been adopted by the Swiss Life Group for annual periods as of 1 January 2008. It has no impact on the Swiss Life Group as no defined benefit asset has been recognised where the availability of refunds or reductions in future contributions are restricted by the Interpretation. No defined benefit asset or liability are affected by a statutory or contractual minimum funding requirement.

Related Party Transactions | Transactions with subsidiaries have been eliminated on consolidation. No major transactions with other related parties have been entered into in the period under review.

Functional and presentation currency | Items included in the financial statements of the Group are measured using the currency of the primary economic environment in which the Group’s entities operate (the “functional currency”). The consolidated financial statements are presented in millions of Swiss francs (CHF), which is the Group’s presentation currency.

Foreign currency exchange rates

   AverageAverage
   30.06.200831.12.20072008 HY2007 HY
1 British pound (GBP)   2.02652.25612.07452.4187
1 Croatian kuna (HRK)   0.2210n. a.0.2212n. a.
1 Czech koruna (CZK)   0.0673n. a.0.0639n. a.
1 Euro (EUR)   1.60541.65521.60601.6320
100 Hungarian forint (HUF)   0.6793n. a.0.6350n. a.
100 Polish zloty (PLN)   47.7940n. a.46.0960n. a.
1 Romanian new leu (RON)   0.4376n. a.0.4395n. a.
1 Singapore dollar (SGD)   0.74770.78250.7569n. a.
1 Slovak koruna (SKK)   0.0529n. a.0.0500n. a.
1 US dollar (USD)   1.01561.12491.05061.2281


 
Back