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- 1 of 37 General Information
- 2 of 37 Summary of Significant Accounting Policies
- 3 of 37 Critical Accounting Estimates and Judgements in Applying Accounting Policies
- 4 of 37 Segment Information
- 5 of 37 Risk Management Policies and Procedures
- 6 of 37 Earnings per Share
- 7 of 37 Premiums, Policy Fees and Deposits Received
- 8 of 37 Details of Certain Items in the Consolidated Statement of Income
- 9 of 37 Derivatives
- 10 of 37 Financial Assets and Liabilities at Fair Value through Profit or Loss
- 11 of 37 Financial Assets Available for Sale
- 12 of 37 Financial Assets Pledged as Collateral
- 13 of 37 Loans and Receivables
- 14 of 37 Financial Assets Held to Maturity
- 15 of 37 Investment Property
- 16 of 37 Investments in Associates
- 17 of 37 Property and Equipment
- 18 of 37 Intangible Assets including Intangible Insurance Assets
- 19 of 37 Other Assets and Liabilities
- 20 of 37 Investment Contracts
- 21 of 37 Borrowings
- 22 of 37 Other Financial Liabilities
- 23 of 37 Insurance Liabilities and Reinsurance Assets
- 24 of 37 Employee Benefits
- 25 of 37 Income Taxes
- 26 of 37 Provisions
- 27 of 37 Equity
- 28 of 37 Capital Management
- 29 of 37 Acquisitions and Disposals of Subsidiaries
- 30 of 37 Assets Held for Sale and Associated Liabilities
- 31 of 37 Acquisition of Insurance Portfolio
- 32 of 37 Related Party Transactions
- 33 of 37 Fair Value of Financial Instruments
- 34 of 37 Guarantees and Commitments
- 35 of 37 Collateral
- 36 of 37 Future Minimum Lease Payments under Non-Cancellable Operating Leases – Lessor
- 37 of 37 Scope of Consolidation
4 Segment Information
Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by management in deciding how to allocate resources and in assessing performance.
Due to an internal reorganisation with effect from 1 January 2011 the composition of the reportable segments changed. “Insurance Other” has been renamed as “Insurance International” and now comprises all the crossborder insurance operations. Payment protection insurance now operates on a run-off basis and is included in the segment “Other”. The corresponding information for the statement of income for the year ended 31 December 2010 and the balance sheet as at 31 December 2010 was restated.
The accounting policies for the segments are the same as those described in the Summary of Significant Accounting Policies section. Inter-segmental services and transfers of assets and liabilities are treated as if the transactions were with third parties, i.e. at market prices applicable at the time of the transaction.
Corporate costs were not allocated to the individual segments as they consist of general administrative expenses and head office expenses that relate to the Swiss Life Group as a whole.
The reportable segments have been identified based on information about the components of the entity that management uses to make decisions about operating matters.
The information provided to management focuses on product lines and services. The organisational and management structure within the insurance business is geographical. The reportable segments have therefore been identified as follows:
– Insurance Switzerland
– Insurance France
– Insurance Germany
– Insurance International
– Investment Management
The insurance segments primarily consist of life insurance operations. These operations offer a broad range of life, pension, annuity and investment-type policies to both groups and individuals, including disability coverage. The Group’s strategy focuses primarily on life and pensions in Switzerland, France and Germany and on cross-border business from Liechtenstein, Luxembourg, Austria, Singapore and Dubai. The insurance segments also include a number of companies which hold investments primarily pertaining to life insurance.
“Insurance International” comprises the cross-border insurance operations in Liechtenstein, Luxembourg, Austria, Singapore and Dubai.
Non-life operations involve operations in France and Luxembourg and mainly include property and casualty, liability and motor insurance, accident and health insurance, and payment protection insurance. These operations are included in the segments “Insurance France” and “Other”.
“Investment Management” refers to the management of assets for institutional clients and the Group’s insurance business, as well as the provision of expert advice for such clients.
“AWD” comprises the Hanover-based AWD Group, which was acquired by the Swiss Life Group on 19 March 2008. The AWD Group specialises in comprehensive financial advisory services for medium and high-income client segments.
“Other” refers principally to various finance and service companies, as well as payment protection insurance.
The statement of income and the balance sheet for the segments are provided in the following pages:
Premiums and policy fees from external customers
|In CHF million|
|Net earned premiums||Net earned policy fees|
|3 620||4 031||287||288|
|7 584||7 309||8||10|
|11 204||11 340||295||298|
Accident and health
Property, casualty and other
|11 599||11 753||295||298|
The Swiss Life Group operates in selected countries. The Group’s income and non-current assets by geographical location are detailed below:
|In CHF million|
|Total income||Non-current assets|
|10 792||10 466||13 305||12 282|
|3 342||3 695||2 077||1 869|
|2 784||3 292||2 336||2 327|
|17 291||17 844||17 948||16 691|
Non-current assets for this purpose consist of investment property, property and equipment and intangible assets (except for intangible assets arising from insurance contracts).
information about major customers
No revenue from transactions with a single external customer amounted to 10% or more of the Group’s revenue.