12 Investments in Associates

In CHF million  2009 HY2008 YE
Balance as at 1 January  43772
Additions  1530
Reduction due to loss of significant influence  –373
Share of results  610
Share of amounts recognised directly in equity  00
Impairment losses  –159
Dividends paid  –5–9
Foreign currency translation differences  5–7
Balance as at end of period  71437

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

In May 2009, Aviga AG, Zurich, was founded.

In April 2009, 8.4% of the share in MLP, Wiesloch, was sold. The investment in MLP was thus reclassified to financial assets available for sale.

On 20 November 2008, the Swiss Life Group completed the acquisition of the 24.3% stake in MLP. The impairment losses of CHF 159 million in 2008 relate to MLP.