16 Assets under Management

In CHF million  
  30.06.2011 31.12.2010
 
On-balance-sheet assets
 
Cash and cash equivalents
  5 356 6 940
Derivatives
  2 943 2 965
Financial assets at fair value through profit or loss
  24 550 23 395
Debt securities available for sale
  58 763 53 880
Money market instruments available for sale
  4 28
Equity securities available for sale
  1 162 1 575
Investment funds available for sale
  1 760 1 659
Private equity available for sale
  360 355
Hedge funds available for sale
  312 453
Other financial assets available for sale
  0
Loans
  23 202 24 608
Financial assets held to maturity
  5 066 5 229
Financial assets pledged as collateral
  1 210 1 060
Investment property
  15 011 14 142
Investments in associates
  73 63
Total on-balance-sheet assets
  139 772 136 352
 
Fair value adjustments of assets reported at amortised cost
 
Loans
  1 176 1 562
Financial assets held to maturity
  –352 –130
Financial assets pledged as collateral
  –5
 
Third-party off-balance-sheet assets
  17 508 12 120
Total assets under control
  158 104 149 899
 
Minus externally managed on-balance-sheet assets
 
Assets under unit-linked/private placement life insurance business
  –16 113 –16 109
Externally managed alternative investments
  –448 –691
Externally managed other assets
  –112 –99
Total assets under management
  141 431 133 000


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, externally managed on-balance-sheet assets have been deducted from assets under control.

 
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