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- 1 of 16 General Information
- 2 of 16 Summary of Significant Accounting Policies
- 3 of 16 Segment Information
- 4 of 16 Contracts for the Account and Risk of the Swiss Life Group’s Customers
- 5 of 16 Premiums, Policy Fees and Deposits Received
- 6 of 16 Details of Certain Items in the Consolidated Statement of Income
- 7 of 16 Income Taxes
- 8 of 16 Financial Assets and Liabilities at Fair Value through Profit or Loss
- 9 of 16 Financial Assets Available for Sale
- 10 of 16 Loans and Receivables
- 11 of 16 Intangible Assets including Intangible Insurance Assets
- 12 of 16 Investment Contracts
- 13 of 16 Borrowings
- 14 of 16 Insurance Liabilities and Reinsurance Assets
- 15 of 16 Employee Benefits
- 16 of 16 Fair Value of Financial Instruments
14 Insurance Liabilities and Reinsurance Assets
|In CHF million|
Claims under non-life insurance contracts
Unearned premiums non-life
Claims under life insurance contracts
|5 964||6 193||77||85||5 887||6 108|
Future life policyholder benefits
|92 669||92 326||111||116||92 558||92 210|
Unearned premiums life
Deposits under insurance contracts
|6 155||6 559||–||–||6 155||6 559|
Total insurance liabilities and reinsurance assets
|105 730||106 136||355||397||105 375||105 739|
of which for the account and risk of the Swiss Life Group's customers
|2 814||2 760||–||–||2 814||2 760|
Claims under non-life insurance contracts represent the liability needed to provide for the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the financial reporting date. The estimated liability includes the amount that will be required for future payments on both claims that have been reported to the insurer and claims relating to insured events that have occurred but have not been reported to the insurer as at the date the liability is estimated. Loss development tables are generally used to make these estimates.
Claims under life insurance contracts represent the liability for unpaid portions of claims incurred. It includes an estimate of the liability for claims incurred but not reported (IBNR). The measurement at reporting date is a best estimate of ultimate future claim payments.
Unearned premiums represent the portion of the premiums written relating to the unexpired terms of coverage.
For participating contracts where the contribution principle applies to the allocation of the policyholder bonus, future life policy benefit liabilities are determined by using the net-level-premium method on the basis of appropriate mortality and interest rate assumptions.
The valuation of other long-duration contracts is also based on the net-level-premium method with actuarial assumptions as to mortality, persistency, expenses and investment returns including provisions for adverse deviation.
For investment-type contracts with significant insurance risk, savings premiums collected are reported as deposits (deposit accounting).