32 Assets under Management

In CHF million  31.12.200831.12.2007
 
On-balance-sheet assets 
Cash and cash equivalents  9 4084 555
Derivatives  1 349463
Financial assets at fair value through profit or loss  16 91619 399
Debt securities available for sale  38 17454 750
Money market instruments available for sale  9921
Equity securities available for sale  7076 216
Investment funds available for sale  1 0991 849
Private equity available for sale  203113
Hedge funds available for sale  2 8785 638
Other financial assets available for sale  31
Loans  33 07920 652
Financial assets held to maturity  7 1593 624
Investment property  12 66312 252
Investments in associates  43772
Total on-balance-sheet assets  124 174129 605
 
Fair value adjustments of assets reported at amortised cost 
Financial assets held to maturity  –233–49
Loans  –1 661–244
 
Third-party off-balance-sheet assets  12 0469 634
Total assets under control  134 326138 946
 
Minus externally managed on-balance-sheet assets 
Assets under unit-linked/private placement life insurance business  –8 683–9 991
Externally managed alternative investments  –3 122–6 107
Externally managed other assets  –2 157–1 681
Total assets under management  120 364121 167


Assets under control are taken to comprise:
  • assets stated as investments in the balance sheet and cash and cash equivalents

  • assets included in the balance sheet for the account and risk of the Swiss Life Group’s customers (separate account/unit-linked investments, private placement life insurance)

  • assets managed for third parties by the Group

For the purposes of determining assets under management, assets managed by third parties and alternative investments managed by third parties have been deducted from assets under control.

 
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