29 Acquisitions and Disposals of Subsidiaries

Assets and liabilities from acquisitions
In CHF millionNotes  2008200820072007
 


Fair value
Carrying amount
in accordance
with IFRS before
combination



Fair value
Carrying amount
in accordance
with IFRS before
combination
Cash and cash equivalents  3203206565
Insurance and other receivables  226226178178
Financial assets at fair value through profit or loss  335 0845 084
Financial assets available for sale  113113
Loans  333333
Investment property15  3434
Property and equipment17  828200
Present value of future profits from acquired insurance portfolios18  8
Customer relationships and other intangible assets  4591360
Other assets  18184747
Insurance and other payables  –399–399–153–153
Financial liabilities at fair value through profit or loss  –4 332–4 332
Investment contracts20  –879–879
Borrowings  –19–19
Insurance liabilities  –29–29
Policyholder participation liabilities  –10–10
Provisions26  00–2–2
Deferred income tax liabilities  –128–8–50
Other liabilities  –187–187–10–10
Net identifiable assets acquired  42710115390
 
Cash used for acquisitions  1 783284
Direct costs relating to the acquisitions  120
Non-cash consideration  18
Total purchase consideration  1 795302
Net identifiable assets acquired  –427–153
Minority interest  14
Goodwill18  1 382149
 
Consideration paid in cash  –1 795–284
Cash and cash equivalents acquired  32065
Net cash outflow from acquisitions  –1 4751–219
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
In CHF million  20082007
  Insurance
(Discontinued)
Banking
(Discontinued)

Other

Total

Total
Cash and cash equivalents  1 0503 332124 39467
Insurance and other receivables  00
Derivatives (assets)  7854762593
Financial assets at fair value through profit or loss  3 9572 5516 50811 034
Financial assets available for sale  19 72168320 40413 338
Loans and receivables  1 3595 94927 310425
Financial assets held to maturity  11141152
Investment property  2108029085
Investments in associates  099
Reinsurance assets  4747
Property and equipment  10113812401
Intangible assets including intangible insurance assets  57742411 0023
Other assets  46331137820
Insurance and other payables  –1 261–119–5–1 385
Derivatives (liabilities)  –2–720–722
Financial liabilities at fair value through profit or loss  –245–438–683
Investment contracts and other financial liabilities  –2 613–11 217–13 830–21 898
Borrowings  –65–65–39
Insurance liabilities  –20 789–20 789–1 985
Policyholder participation liabilities  –427–427
Employee benefit liabilities  –304–307–611
Provisions  –6–34–400
Other liabilities  –345–55–6–406–663
Net assets disposed of  1 2651 115212 401481
 
Cash received from disposals  2 4461 773204 239372
Direct costs relating to the disposals  –58–49–2–109
Total disposal consideration  2 3881 724184 130372
Transfer to financial assets at fair value through profit or loss  1616
Net assets disposed of  –1 265–1 115–21–2 401–481
Foreign currency translation differences  12–572
Gains/losses recognised directly in equity  –131–8–139–1
Treasury shares  –12–12
Minority interest  14721251
Gain (+)/loss (–) on disposals  1 034591–31 622143


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.

 
Back