11 Intangible Assets including Intangible Insurance Assets


In CHF million  
  30.06.2014 31.12.2013
Intangible insurance assets
  1 483 1 618
Other intangible assets
  1 306 1 319
Total intangible assets
  2 788 2 937


Intangible insurance assets
In CHF million  
  Present value of future profits
from acquired insurance
portfolios (PVP)

Deferred acquisition costs
(DAC)

Deferred origination costs
(DOC)


Total
  2014 HY 2013 YE 2014 HY 2013 YE 2014 HY 2013 YE 2014 HY 2013 YE
Balance as at 1 January
  16 15 1 567 1 554 35 36 1 618 1 605
Additions
  2 193 381 5 11 197 393
Amortisation
  –1 –1 –220 –474 –6 –11 –227 –486
Impairment
  –1 –5 –1 –5
Effect of shadow accounting
  0 0 –96 94 –96 94
Disposals
  0 0
Foreign currency translation differences
  0 0 –9 16 0 1 –9 17
Balance as at end of period
  15 16 1 434 1 567 34 35 1 483 1 618


Present value of future profits (PVP)
The present value of future profits relates to portfolios of insurance contracts and investment contracts with discretionary participation acquired in a business combination or transfer of portfolios. It relates to contracts acquired in Germany and France and is amortised in proportion to gross profits or margins over the effective life of the acquired insurance and investment contracts.

Deferred acquisition costs (DAC)
Certain acquisition costs relating to new and renewed insurance contracts and investment contracts with discretionary participation are deferred.

Deferred origination costs (DOC)
These costs are recoverable and are directly attributable to securing the right for investment management services within investment contract policies. They relate to contracts in Luxembourg and Switzerland.

Other intangible assets
In CHF million  
 
Goodwill

Customer relationships
Computer software
and other

Total
  2014 HY 2013 YE 2014 HY 2013 YE 2014 HY 2013 YE 2014 HY 2013 YE
 
Cost
 
Balance as at 1 January
  1 743 1 726 223 309 186 258 2 151 2 293
Additions
  5 16 5 16
Additions from business combinations
  8 17 0 25
Additions from internal software development
  2 6 2 6
Disposals 1
  –7 –91 –107 0 –98 –92 –212
Foreign currency translation differences
  –7 16 –1 4 –1 4 –10 22
Balance as at end of period
  1 736 1 743 130 223 191 186 2 056 2 151
 
Accumulated amortisation and impairment
 
Balance as at 1 January
  –550 –550 –164 –255 –120 –200 –833 –1 005
Amortisation
  –7 –13 –7 –14 –14 –27
Impairment losses
  0 –1 0 –1
Disposals 1
  7 91 107 0 98 91 212
Foreign currency translation differences
  3 –7 1 –4 1 –3 5 –13
Balance as at end of period
  –547 –550 –79 –164 –126 –120 –750 –833
 
Total other intangible assets as at end of period
  1 189 1 193 51 59 65 67 1 306 1 319
1 includes elimination of fully amortised/impaired assets


Goodwill
Goodwill represents the excess of the fair value of the consideration transferred and the amount of any non-controlling interest recognised, if applicable, over the fair value of the assets and liabilities recognised at the date of acquisition. Goodwill includes amounts relating to both the Swiss Life Group’s interest and the non-controlling interest in the business acquired in the case where non-controlling interest is measured at fair value. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on associates is included in the carrying amount of the investment.

Goodwill relating to Lloyd Continental has been allocated to the “France” segment. Goodwill relating to CapitalLeben has been allocated to the “International” segment. Of the goodwill relating to other acquisitions, CHF 21 million (31.12.2013: CHF 21 million) has been allocated to the “France” segment and CHF 9 million (31.12.2013: CHF 9 million) to the “Asset Managers” segment as at 30 June 2014.

In CHF million  
  Lloyd Continental CapitalLeben Other
  30.06.2014 31.12.2013 30.06.2014 31.12.2013 30.06.2014 31.12.2013
Net carrying amount of goodwill
  287 287 149 149 30 30


Goodwill relating to “Swiss Life Select” (acquisitions of AWD Holding AG and Deutsche Proventus AG) has been allocated to the “Switzerland”, “Germany” and “International” segments.

Goodwill relating to “Swiss Life Select”
In CHF million  
  Switzerland Germany International Total
  30.06.2014 31.12.2013 30.06.2014 31.12.2013 30.06.2014 31.12.2013 30.06.2014 31.12.2013
Net carrying amount of goodwill
  152 152 490 494 81 81 723 727


No impairment losses on the goodwill were recognised in the first half of 2014.

Customer relationships
As at 30 June 2014, customer relationships comprise customer relationships relating to “Swiss Life Select”: CHF 5 million (31.12.2013: CHF 6 million) which were allocated to the “Switzerland” segment and CHF 16 million (31.12.2013: CHF 21 million) which were allocated to the “Germany” segment. The “France” segment comprises customer relationships of CHF 29 million (31.12.2013: CHF 31 million) and the “Asset Managers” segment CHF 1 million (31.12.2013: CHF 1 million).

No impairment losses on customer relationships were recognised in the first half of 2014.

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