4 Contracts for the Account and Risk of the Swiss Life Group’s Customers


Assets relating to certain life insurance and investment contracts are managed for the account and risk of the Swiss Life Group’s customers (separate account/unit-linked contracts, private placement life insurance). They are segregated and managed to meet specific investment objectives of the policyholders. The assets back the insurance liabilities and the financial liabilities arising from these contracts. The fair values of the liabilities reflect the fair values of the assets. Certain contracts with unit-linking features contain financial and insurance guarantees. The liabilities relating to these guarantees are included in financial liabilities and insurance liabilities, respectively.
Assets for the account and risk of the Swiss Life Group’s customers
In CHF million  
Notes  30.06.2015 31.12.2014
Cash and cash equivalents
  2 256 2 309
Derivatives with positive fair value
  0 0
Financial assets at fair value through profit or loss
 
Debt securities
8  5 741 6 240
Equity securities
8  5 267 6 154
Investment funds
8  16 288 16 580
Other
8  1 1
Total assets for the account and risk of the Swiss Life Group's customers
  29 553 31 284


Liabilities linked to assets for the account and risk of the Swiss Life Group’s customers
In CHF million  
Notes  30.06.2015 31.12.2014
Unit-linked contracts
8  22 948 24 325
Investment contracts
12  3 737 4 107
Insurance liabilities
14  2 814 2 760
Total liabilities linked to assets for the account and risk of the Swiss Life Group's customers
  29 499 31 192


The financial result for the six months ended 30 June for the account and risk of the Swiss Life Group and the Swiss Life Group’s customers was as follows:

In CHF million  
  For the account and risk of the
Swiss Life Group
For the account and risk of the
Swiss Life Group's customers

Total
Notes  2015 HY 2014 HY 2015 HY 2014 HY 2015 HY 2014 HY
Investment income
6  2 182 2 217 2 182 2 217
Net gains/losses on financial assets
6  –1 549 92 –1 549 92
Net gains/losses on financial instruments at fair value through profit or loss
6  1 704 173 0 6 1 704 179
Net gains/losses on investment property
  351 132 351 132
Share of profit or loss of associates
  5 2 5 2
Financial result
  2 692 2 616 0 6 2 692 2 621


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