32 Related Party Transactions

Consolidated statement of income
In CHF million  
 

Associates
Key
management
personnel


Other


Total


Total
  2011 2010
Asset management and other income
  0 0 0
Investment income
  1 1 3
Net gains/losses on financial assets
  –1
Interest expense
  0 0 0
Employee benefits expense
  –18 –18 –17
Other expenses
  0 0 0


Consolidated balance sheet
In CHF million  
 

Associates
Key
management
personnel


Other


Total


Total
  31.12.2011 31.12.2010
Loans and receivables
  21 21 21
Borrowings
  –1 –1
Other liabilities
  0


Outstanding balances at year-end are unsecured and settlement is made in cash. There have been no guarantees provided or received for any related party receivables. For the year ended 31 December 2011, no impairment allowance has been made for doubtful debts in respect of the amounts owed by related parties. This assessment is undertaken each financial year by examining the financial position of the related party and the market in which the related party operates.

In 2011, Swiss Life AG, AWD Holding and its subsidiaries paid a total of EUR 0.3 million (2010: EUR 0.045 million) in consulting fees for services provided by a company in which Carsten Maschmeyer, member of the Board of Directors of Swiss Life Holding until 7 December 2011, has an important shareholding. Additionally, revenue of EUR 0.09 million (2010: EUR 0.2 million) and expenses of EUR 0.2 million (2010: EUR 0.2 million) were incurred by AWD Holding and its subsidiaries in relation to Carsten Maschmeyer and companies in which he has an important shareholding. All transactions were at arm’s length.

Key management compensation
In CHF million  
  2011 2010
Short-term employee benefits
  13 12
Post-employment benefits
  2 1
Equity-settled share-based payments
  3 4
Total
  18 17


Key management comprises the members of the Board of Directors of Swiss Life Holding and the members of the Corporate Executive Board of Swiss Life Holding. These individuals have the authority and responsibility for planning, directing and controlling the activities of the Swiss Life Group, directly or indirectly.

The details regarding key management compensation in accordance with the Swiss Code of Obligations, article 663bbis and article 663c, are set out in the Swiss Life Holding financial statements.

 

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