4 Contracts for the Account and Risk of the Swiss Life Group’s Customers

The assets relating to certain life insurance and investment contracts are managed for the account and risk of the Swiss Life Group’s customers (separate account/unit-linked contracts, private placement life insurance). They are segregated and managed to meet specific investment objectives of the policyholders. The assets back the insurance liabilities and the financial liabilities arising from these contracts. The fair values of the liabilities reflect the fair values of the assets. Certain contracts with unit-linking features contain guaranteed minimum insurance benefits. The liabilities relating to this part are included in the insurance liabilities.

Assets for the account and risk of the Swiss Life Group’s customers
In CHF millionNotes  30.06.200931.12.2008
Cash and cash equivalents  2 4911 287
Derivatives  96
Financial assets at fair value through profit or loss 
Debt instruments8  3 9503 120
Equity securities8  1 480805
Investment fund units8  5 6755 723
Other8  6141 484
Total assets for the account and risk of the Swiss Life Group's customers  14 21912 425


Liabilities for the account and risk of the Swiss Life Group’s customers
In CHF millionNotes  30.06.200931.12.2008
Financial liabilities at fair value through profit or loss8  11 1749 727
Investment contracts14  2 3511 725
Insurance liabilities16  712952
Total liabilities for the account and risk of the Swiss Life Group's customers  14 23712 404


The financial result for the half-years ended 30 June for the account and risk of the Swiss Life Group and the Swiss Life Group’s customers was as follows:

In CHF million  2009 HY2008 HY2009 HY2008 HY2009 HY2008 HY
 
For the
account and
risk of the
Swiss Life
Group

For the
account and
risk of the
Swiss Life
Group
For the
account and
risk of the
Swiss Life
Group's
customers
For the
account and
risk of the
Swiss Life
Group's
customers





Total





Total
Investment income  2 1482 4002 1482 400
Net gains/losses on financial assets  441–2 266441–2 266
Net gains/losses on financial instruments at fair value through profit or loss (FVPL)   –568 974 –7 66 –575 1 040
Net gains/losses on investment property  95999599
Share of results of associates  6868
Financial result  2 1221 215–7662 1151 281
 
The financial result for the account and risk of the Swiss Life Group's customers consists of        
net gains/losses on financial assets at FVPL  –145–1 119
net gains/losses on financial liabilities at FVPL  1381 185


 
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