20 Assets under Management

In CHF million  
  30.06.2010 31.12.2009
 
On-balance-sheet assets
 
Cash and cash equivalents
  7 166 8 683
Derivatives
  2 385 790
Financial assets at fair value through profit or loss
  22 499 21 997
Debt securities available for sale
  53 781 47 135
Money market instruments available for sale
  14 31
Equity securities available for sale
  1 408 1 574
Investment funds available for sale
  1 126 1 396
Private equity available for sale
  339 291
Hedge funds available for sale
  713 1 426
Other financial assets available for sale
  1 2
Loans
  27 036 30 356
Financial assets held to maturity
  5 092 6 432
Financial assets pledged as collateral
  1 377 330
Investment property
  13 542 13 292
Investments in associates
  64 71
Total on-balance-sheet assets
  136 543 133 806
 
Fair value adjustments of assets reported at amortised cost
 
Loans
  2 182 1 176
Financial assets held to maturity
  14 –528
Financial assets pledged as collateral
  –24
 
Third-party off-balance-sheet assets
  12 270 13 732
Total assets under control
  150 985 148 186
 
Minus externally managed on-balance-sheet assets
 
Assets under unit-linked/private placement life insurance business
  –14 796 –13 814
Externally managed alternative investments
  –1 007 –1 682
Externally managed other assets
  –151 –668
Total assets under management
  135 031 132 022


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, the assets managed by third parties and alternative investments managed by third parties have been deducted from assets under control.

 
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