4 Contracts for the Account and Risk of the Swiss Life Group’s Customers

The assets relating to certain life insurance and investment contracts are managed for the account and risk of the Swiss Life Group’s customers (separate account/unit-linked contracts, private placement life insurance). These assets are segregated and managed to meet specific investment objectives of the policyholders. These assets back the insurance liabilities and the financial liabilities arising from these contracts. The fair values of the liabilities reflect the fair values of the assets. Certain contracts with unit-linking features contain guaranteed minimum insurance benefits. The liabilities relating to this part are included in the insurance liabilities.

Assets for the account and risk of the Swiss Life Group’s customers
In CHF million   30.06.200831.12.2007
Cash and cash equivalents   1 8371 818
Derivatives   14960
Financial assets at fair value through profit or loss  
Debt instruments   2 0822 825
Equity securities   1 4081 794
Investment fund units   6 9027 028
Other   1 5472 049
Total assets for the account and risk of the Swiss Life Group's customers   13 92515 574


The financial result for the half-years ended 30 June for the account and risk of the Swiss Life Group and the Swiss Life Group’s customers was as follows:

In CHF million   2008 HY2007 HY2008 HY2007 HY2008 HY2007 HY
 
 
 
 
 
 
 
For the
account and
risk of the
Swiss Life
Group

For the
account and
risk of the
Swiss Life
Group
For the
account and
risk of the
Swiss Life
Group's
customers
For the
account and
risk of the
Swiss Life
Group's
customers





Total





Total
Investment income   2 4002 6062 4002 606
Net gains/losses on financial assets   –2 266746–2 266746
Net gains/losses on financial instruments at fair value through profit or loss (FVPL)      974 –59 66 38 1 040 –21
Net gains/losses on investment property   99669966
Share of results of associates   8888
Financial result   1 2153 36766381 2813 405
  
The financial result for the account and risk of the Swiss Life Group's customers consists of           
net gains/losses on financial assets at FVPL   –1 119912
net gains/losses on financial liabilities at FVPL   1 185–874


 
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