20 Investment Contracts

In CHF millionNotes  31.12.200831.12.2007
Investment contracts with discretionary participation with deposit accounting  9 68611 414
Investment contracts with discretionary participation with actuarial valuation  802743
Investment contracts without discretionary participation at amortised cost33  355440
Investment contracts without discretionary participation at fair value through profit or loss  292310
Total investment contracts  11 13512 907
of which for the account and risk of the Swiss Life Group's customers  1 7253 567


Investment contracts with discretionary participation with deposit accounting
In CHF millionNotes  20082007
Balance as at 1 January  11 41428 626
Additions from business combinations29  870
Deposits received  4 2483 769
Interest credited  125180
Participating bonuses  253215
Policy fees  –90–209
Deposits released  –1 094–1 772
Other movements  –95719
Reclassifications and other disposals  –3 123–21 109
Changes from discontinued operations  145
Foreign currency translation differences  –1 090680
Balance as at 31 December  9 68611 414


Investment contracts with discretionary participation with actuarial valuation
In CHF million  20082007
Balance as at 1 January  743710
Savings premiums  165106
Accretion of interest  1719
Liabilities released for payments on death, surrender and other terminations during the year  –104–94
Effect of changes in actuarial assumptions and other movements  –71
Foreign currency translation differences  –121
Balance as at 31 December  802743


For contracts that do not have significant insurance risk but contain discretionary participation features, the Swiss Life Group primarily bases its accounting policies on the requirements of the Generally Accepted Accounting Principles in the United States (US GAAP).

For investment-type contracts, savings premiums collected are reported as deposits (deposit accounting). These amounts relate to contracts issued in France and Luxembourg.

For traditional contracts in the life insurance business, future life policy benefit liabilities are determined by using the net-level-premium method on the basis of actuarial assumptions as to mortality, persistency, expenses and investment return, including a margin for adverse deviation. For participating contracts where the contribution principle applies to the allocation of the policyholder bonus, future life policy benefit liabilities are determined by using the net-level-premium method on the basis of appropriate mortality and interest rate assumptions. These amounts relate to contracts issued in Switzerland and France.

Certain contracts that do not contain significant insurance risk and do not have discretionary participation features are carried at amortised cost.

Investment contracts without discretionary participation at amortised cost
In CHF millionNotes  20082007
Balance as at 1 January  440586
Additions from business combinations29  1
Deposits received  172
Interest credited  1820
Policy fees  00
Deposits released  –115–92
Other movements  01
Reclassifications and other disposals  –30
Changes from discontinued operations  –50
Foreign currency translation differences  –52
Balance as at 31 December  355440


Investment contracts without discretionary participation at fair value through profit or loss
In CHF millionNotes  20082007
Balance as at 1 January  310155
Additions from business combinations29  8
Deposits received  392243
Fair value changes  –328
Policy fees  –1
Deposits released  –49–18
Reclassifications and other disposals  –297–93
Foreign currency translation differences  –317
Balance as at 31 December  292310


 
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