20 Assets under Management

In CHF million  30.06.200931.12.2008
 
On-balance-sheet assets 
Cash and cash equivalents  10 0989 408
Derivatives  3991 349
Financial assets at fair value through profit or loss  17 68616 916
Debt securities available for sale  42 16738 174
Money market instruments available for sale  6499
Equity securities available for sale  967707
Investment funds available for sale  1 0391 099
Private equity available for sale  247203
Hedge funds available for sale  2 2432 878
Other financial assets available for sale  23
Loans  32 81433 079
Financial assets held to maturity  6 7457 159
Investment property  13 25312 663
Investments in associates  71437
Total on-balance-sheet assets  127 795124 174
 
Fair value adjustments of assets reported at amortised cost 
Financial assets held to maturity  –731–233
Loans  –557–1 661
 
Third-party off-balance-sheet assets  12 84912 046
Total assets under control  139 356134 326
 
Minus externally managed on-balance-sheet assets 
Assets under unit-linked/private placement life insurance business  –10 036–8 683
Externally managed alternative investments  –2 565–3 122
Externally managed other assets  –818–2 157
Total assets under management  125 937120 364


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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