16 Investments in Associates

In CHF million  20082007
Balance as at 1 January  7275
Additions  5303
Classification as assets held for sale and other disposals  –9
Share of results  1012
Share of amounts recognised directly in equity  00
Impairment losses  –159
Dividends paid  –9–10
Changes from discontinued operations  0
Foreign currency translation differences  –71
Balance as at 31 December  43772
Share of contingent liabilities 

Goodwill relating to investments in associates is included in the carrying amount of investments in associates in accordance with IAS 28 (revised) Investment in Associates.

Investments in associates: summarised financial information

Amounts in CHF million


Net assets
Share of
net assets


Share of
MLP, Wiesloch  2 3691 528841370100–158–15924.3%
Crédit et services financiers (CRESERFI), Paris  315180135457214533.4%
Technopark Immobilien, Zürich  101574415143133.3%
LGT Swiss Life Non Traditional Advisers, Vaduz  1037386343.7%
Parking de Bellefontaine, Lausanne  761010038.3%
Other  189941011n. a.
Total  2 8201 7831 037437205–134–149n. a.
Crédit et services financiers (CRESERFI), Paris  243105138467012433.4%
Technopark Immobilien, Zürich  102564615142133.3%
LGT Swiss Life Non Traditional Advisers, Vaduz  1831571615743.7%
Parking de Bellefontaine, Lausanne  651010038.3%
Other  209114920n. a.
Total  389178211721103112n. a.

On 20 November 2008, the Swiss Life Group completed the acquisition of the 24.3% stake in MLP, Wiesloch. The published price quotation for the investment in MLP as at 31 December 2008 was CHF 383 million. The impairment losses of CHF 159 million relate to MLP, Wiesloch. No other investments in associates had published price quotations as at 31 December 2007. As at 31 December 2008 and 2007, no contingent liabilities arose from the Group’s investments in associates.