30 Assets Held for Sale and Discontinued Operations

As at 31 December 2010, assets held for sale comprised CHF 94 million investment property reclassified as held for sale (2009: CHF 2 million). The sales were effected in January 2011.

In November 2007, the Swiss Life Group entered into a sale agreement to dispose of Banca del Gottardo, Lugano. The transaction was completed on 7 March 2008. Banca del Gottardo, Lugano, is presented as a separate segment “Banking (Discontinued)” for segment reporting purposes.

In 2009, a settlement payment of CHF 33 million and a provision of CHF 14 million were made with regard to the sale of Banca del Gottardo.

Also in November 2007, the Swiss Life Group announced the sale of its Dutch and Belgian businesses. The transaction was completed on 29 April 2008. For the purposes of segment reporting the Dutch and Belgian businesses are presented as a separate segment “Insurance (Discontinued)”.

Banca del Gottardo, Lugano, as well as the insurance operations in the Netherlands and in Belgium are presented as discontinued operations in the consolidated statement of income.

Results From Discontinued Operations
In CHF million  
  Insurance (Discontinued) Banking (Discontinued) Total
  2010 2009 2010 2009 2010 2009
Income
 
Expenses
 
Gain/loss on disposal of operations
  –47 –47
Result before income tax
  –47 –47
Income tax expense on result from ordinary activities from discontinued operations
 
Income tax expense on the gain/loss on remeasurement to fair value less costs to sell/disposal of operations
 
Net result from discontinued operations
  –47 –47


Net Cash Flows From Discontinued Operations
In CHF million  
  Insurance (Discontinued) Banking (Discontinued) Total
  2010 2009 2010 2009 2010 2009
Net cash flows from operating activities
 
Net cash flows from investing activities
  –33 –33
Net cash flows from financing activities
 
Net cash flows from discontinued operations
  –33 –33


 
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