11 Intangible Assets including Intangible Insurance Assets


In CHF million  
  30.06.2015 31.12.2014
Intangible insurance assets
  1 402 1 497
Other intangible assets
  1 354 1 475
Total intangible assets
  2 756 2 972


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
  2015 HY 2014 YE 2015 HY 2014 YE 2015 HY 2014 YE 2015 HY 2014 YE
Balance as at 1 January
  14 16 1 450 1 567 33 35 1 497 1 618
Additions
  178 394 4 9 182 403
Amortisation
  0 –1 –177 –314 –7 –11 –184 –326
Impairment
  0 –1 0 –1
Effect of shadow accounting
  0 0 47 –177 48 –178
Foreign currency translation differences
  –2 0 –134 –18 –4 –1 –140 –19
Balance as at end of period
  12 14 1 364 1 450 26 33 1 402 1 497


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 for the 6 months ended 30 June 2015
In CHF million  
 
Goodwill
Customer
relationships
Computer
software
Brands and
other

Total
 
Cost
 
Balance as at 1 January
  1 843 191 190 23 2 247
Additions
  5 5
Additions from business combinations
  4 4
Disposals 1
  –38 0 0 –39
Foreign currency translation differences
  –143 –20 –25 –3 –190
Balance as at end of period
  1 704 132 171 21 2 027
 
Accumulated amortisation and impairment
 
Balance as at 1 January
  –542 –99 –131 0 –772
Amortisation
  –6 –7 0 –13
Impairment losses
  –4 –4
Disposals 1
  38 0 39
Foreign currency translation differences
  51 9 17 0 77
Balance as at end of period
  –495 –58 –121 0 –674
 
Total other intangible assets as at end of period
  1 210 74 50 20 1 354
1 includes elimination of fully amortised/impaired assets


Other intangible assets for the year 2014
In CHF million  
 
Goodwill
Customer
relationships
Computer
software
Brands and
other

Total
 
Cost
 
Balance as at 1 January
  1 743 223 183 3 2 151
Additions
  10 10
Additions from business combinations
  117 62 1 20 201
Additions from internal software development
  2 2
Disposals 1
  –91 –2 –93
Foreign currency translation differences
  –17 –3 –3 0 –24
Balance as at end of period
  1 843 191 190 23 2 247
 
Accumulated amortisation and impairment
 
Balance as at 1 January
  –550 –164 –120 0 –833
Amortisation
  –17 –15 0 –32
Impairment losses
  –11 0 –11
Disposals 1
  91 2 93
Foreign currency translation differences
  7 2 2 0 11
Balance as at end of period
  –542 –99 –131 0 –772
 
Total other intangible assets as at end of period
  1 301 91 59 23 1 475
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. Goodwill relating to Corpus Sireo has been allocated to the “Asset Managers” segment. Of the goodwill relating to other acquisitions, CHF 18 million (31.12.2014: CHF 21 million) has been allocated to the “France” segment and CHF 8 million (31.12.2014: CHF 9 million) to the “Asset Managers” segment as at 30 June 2015.

In CHF million  
  Lloyd Continental CapitalLeben CORPUS SIREO Other
  30.06.2015 31.12.2014 30.06.2015 31.12.2014 30.06.2015 31.12.2014 30.06.2015 31.12.2014
Net carrying amount of goodwill
  287 287 149 149 101 116 26 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
  30.06.2015 31.12.2014 30.06.2015 31.12.2014 30.06.2015 31.12.2014 30.06.2015 31.12.2014
Net carrying amount of goodwill
  152 152 421 485 74 82 647 719


Customer relationships
As at 30 June 2015, customer relationships comprise customer relationships relating to Swiss Life Select: CHF 5 million (31.12.2014: CHF 5 million) which were allocated to the “Switzerland” segment. The “France” segment comprises customer relationships of CHF 21 million (31.12.2014: CHF 26 million) and the “Asset Managers” segment CHF 48 million (31.12.2014: CHF 60 million).

Brands and other
Comprises the brand Corpus Sireo.

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