19 Investment Contracts

In CHF million 
Notes  31.12.200931.12.2008
Investment contracts with discretionary participation with deposit accounting
  10 5669 686
Investment contracts with discretionary participation with actuarial valuation
  820802
Investment contracts without discretionary participation at amortised cost
32  433355
Investment contracts without discretionary participation at fair value through profit or loss
  270292
Total investment contracts
  12 08911 135
of which for the account and risk of the Swiss Life Group's customers5  2 7881 725


Investment contracts with discretionary participation with deposit accounting
In CHF million 
  20092008
Balance as at 1 January
  9 68611 414
Deposits received
  2 1954 248
Interest credited
  119125
Participating bonuses
  247253
Policy fees
  –92–90
Deposits released
  –1 220–1 094
Other movements
  –302–957
Reclassifications and other disposals
  –3 123
Foreign currency translation differences
  –67–1 090
Balance as at end of period
  10 5669 686


Investment contracts with discretionary participation with actuarial valuation
In CHF million 
  20092008
Balance as at 1 January
  802743
Savings premiums
  116165
Accretion of interest
  1717
Liabilities released for payments on death, surrender and other terminations during the year
  –111–104
Effect of changes in actuarial assumptions and other movements
  –4–7
Foreign currency translation differences
  0–12
Balance as at end of period
  820802


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.

Investment contracts without discretionary participation at amortised cost
In CHF million 
  20092008
Balance as at 1 January
  355440
Deposits received
  33617
Interest credited
  1718
Policy fees
  00
Deposits released
  –272–115
Other movements
  00
Foreign currency translation differences
  –3–5
Balance as at end of period
  433355


Investment contracts without discretionary participation at fair value through profit or loss
In CHF million 
  20092008
Balance as at 1 January
  292310
Deposits received
  46392
Fair value changes
  20–32
Policy fees
  –3–1
Deposits released
  –15–49
Other movements
  –67
Reclassifications and other disposals
  –297
Foreign currency translation differences
  –3–31
Balance as at end of period
  270292


 
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