14 Investment Contracts

In CHF millionNotes  30.06.200931.12.2008
Investment contracts with discretionary participation with deposit accounting  10 1409 686
Investment contracts with discretionary participation with actuarial valuation  818802
Investment contracts without discretionary participation at amortised cost  443355
Investment contracts without discretionary participation at fair value through profit or loss  248292
Total investment contracts  11 64911 135
of which for the account and risk of the Swiss Life Group's customers4  2 3511 725


In the case of contracts that do not have significant insurance risk but contain discretionary participation features, the Swiss Life Group primarily bases its accounting policies on the requirements of the Generally Accepted Accounting Principles in the United States (US GAAP).

For investment-type contracts, savings premiums collected are reported as deposits (deposit accounting). These amounts relate to contracts issued in France and Luxembourg.

In the case of traditional contracts in the life insurance business, future life policy benefit liabilities are determined by using the net-level-premium method on the basis of actuarial assumptions as to mortality, persistency, expenses and investment return, including a margin for adverse deviation. For participating contracts where the contribution principle applies to the allocation of the policyholder bonus, future life policy benefit liabilities are determined by using the net-level-premium method on the basis of appropriate mortality and interest rate assumptions. These amounts relate to contracts issued in Switzerland and France.

Certain contracts that do not contain significant insurance risk and do not have discretionary participation features are carried at amortised cost or fair value.

 
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