29 Acquisitions and Disposals of Subsidiaries
Assets and liabilities from acquisitions
| In CHF million | Notes | 2008 | 2008 | 2007 | 2007 | |||||
Fair value | Carrying amount in accordance with IFRS before combination | Fair value | Carrying amount in accordance with IFRS before combination | |||||||
| Cash and cash equivalents | 320 | 320 | 65 | 65 | ||||||
| Insurance and other receivables | 226 | 226 | 178 | 178 | ||||||
| Financial assets at fair value through profit or loss | 3 | 3 | 5 084 | 5 084 | ||||||
| Financial assets available for sale | – | – | 113 | 113 | ||||||
| Loans | 33 | 33 | 3 | 3 | ||||||
| Investment property | 15 | – | – | 34 | 34 | |||||
| Property and equipment | 17 | 82 | 82 | 0 | 0 | |||||
| Present value of future profits from acquired insurance portfolios | 18 | – | – | 8 | – | |||||
| Customer relationships and other intangible assets | 459 | 13 | 60 | – | ||||||
| Other assets | 18 | 18 | 47 | 47 | ||||||
| Insurance and other payables | –399 | –399 | –153 | –153 | ||||||
| Financial liabilities at fair value through profit or loss | – | – | –4 332 | –4 332 | ||||||
| Investment contracts | 20 | – | – | –879 | –879 | |||||
| Borrowings | – | – | –19 | –19 | ||||||
| Insurance liabilities | – | – | –29 | –29 | ||||||
| Policyholder participation liabilities | – | – | –10 | –10 | ||||||
| Provisions | 26 | 0 | 0 | –2 | –2 | |||||
| Deferred income tax liabilities | –128 | –8 | –5 | 0 | ||||||
| Other liabilities | –187 | –187 | –10 | –10 | ||||||
| Net identifiable assets acquired | 427 | 101 | 153 | 90 | ||||||
| Cash used for acquisitions | 1 783 | 284 | ||||||||
| Direct costs relating to the acquisitions | 12 | 0 | ||||||||
| Non-cash consideration | – | 18 | ||||||||
| Total purchase consideration | 1 795 | 302 | ||||||||
| Net identifiable assets acquired | –427 | –153 | ||||||||
| Minority interest | 14 | – | ||||||||
| Goodwill | 18 | 1 382 | 149 | |||||||
| Consideration paid in cash | –1 795 | –284 | ||||||||
| Cash and cash equivalents acquired | 320 | 65 | ||||||||
| Net cash outflow from acquisitions | –1 475 | 1 | –219 | |||||||
| 1 of which paid in 2007: CHF 264 million | ||||||||||
The figures above primarily relate to the acquisition of AWD Holding AG, Hanover.
In November 2008, the Swiss Life Group acquired Deutsche Proventus AG, Bremen. The purchase price amounted to CHF 82 million.
On 19 March 2008, 96.7% of the AWD Holding shares (including 10.46% shares under option) were acquired by the Swiss Life Group. The AWD Group specialises in independent financial advisory services and is one of Europe’s top financial services providers for the medium and high-income customer segments. The acquisition cost amounted to CHF 1713 million. If the acquisition had taken place at the beginning of the period the contribution to the income of the Group would have been CHF 1047 million and the contribution to the net profit of the Group would have been a loss of CHF 42 million.
In November 2007, the Swiss Life Group acquired Meeschaert Assurance, Paris. The acquisition cost amounted to CHF 40 million.
In August 2007, the Swiss Life Group acquired the banking activities of Fideuram Wargny, France. The total purchase consideration amounted to CHF 29 million.
In July 2007, two real estate companies were acquired in Belgium for a total purchase consideration of CHF 13 million.
On 27 March 2007, the Swiss Life Group acquired CapitalLeben Versicherung AG, Schaan, a company headquartered in Liechtenstein, which specialises in structured life insurance solutions. Regulatory approval was obtained on the same date.
Assets and liabilities from disposals
On 12 December 2008, AWD Home Finance Ltd, London, was sold. The loss realised on the sale amounted to CHF 4 million.
In November 2008, Swissville Centers Ltd, Zurich, was sold. The gain realised on the sale was CHF 1 million.
On 29 April 2008, the Swiss Life Group sold the Dutch and Belgian businesses. The disposal consideration amounted to CHF 2388 million. The gain realised on the sale was CHF 1034 million. For the purposes of segment reporting the Dutch and Belgian businesses have been presented as a separate segment “Insurance (Discontinued)”.
On 7 March 2008, Banca del Gottardo was disposed of for a total consideration of CHF 1724 million. The gain realised on the sale amounted to CHF 591 million. Banca del Gottardo has been presented as a separate segment “Banking (Discontinued)”.
In July 2007, the Swiss Life Group sold its majority stakes in ERISA, Paris, and ERISA IARD, Paris. The sales price amounted to CHF 372 million and the gain realised on the sale was CHF 143 million.
