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Earnings Document

Cover

Swiss Life Group - Financial Statements HY2022
Consolidated statement of income for the 6 months ended 30 June
Consolidated statement of comprehensive income for the 6 months ended 30 June
Consolidated balance sheet
Consolidated statement of cash flows for the 6 months ended 30 June
Consolidated statement of changes in equity for the 6 months ended 30 June 2022
Consolidated statement of changes in equity for the 6 months ended 30 June 2021
Foreign currency exchange rates
Statement of income for the 6 months ended 30 June 2022 - segment
Statement of income for the 6 months ended 30 June 2021 - segment
Balance sheet as at 30 June 2022 - segment
Balance sheet as at 31 December 2021 - segment
Premiums and policy fees from external customers
Assets for the account and risk of the Swiss Life Group's customers
Liabilities linked to assets for the account and risk of the Swiss Life Group's customers
Financial result
Premiums, policy fees and deposits received
Details of certain items in the consolidated statement of income
Income tax expense
Financial assets at fair value through profit or loss
Financial assets available for sale
Loans and receivables
Intangible assets
Intangible insurance assets
Other intangible assets for the 6 months 2022
Other intangible assets for the year 2021
Goodwill
Investment and unit-linked contracts
Borrowings
Reconciliation of liabilities arising from financing activities
Other financial liabilities
Insurance liabilities
Employee benefit liabilities
Amounts recognised as defined benefit assets/liabilities
Fair value hierarchy
Assets measured at fair value based on level 3 for the 6 months ended 30 June 2022
Assets measured at fair value based on level 3 for the 6 months ended 30 June 2021
Liabilities measured at fair value based on level 3
Fair value measurements on level 3 - gains/losses recognised in profit or loss
Fair value of financial instruments carried at amortised cost
Assets and liabilities from acquisitions

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Statement of income

Consolidated statement of income for the 6 months ended 30 June Cover
In CHF million
Notes 2022 HY 2021 HY
Income
Premiums earned on insurance contracts 7,636 7,787
Premiums earned on investment contracts with discretionary participation 353 407
Premiums ceded to reinsurers -71 -76
Net earned premiums 5 7,918 8,119
Policy fees earned on insurance contracts 15 15
Policy fees earned on investment and unit-linked contracts 193 192
Net earned policy fees 5 208 207
Commission income 6 961 873
Investment income 4, 6 1,979 1,986
Net gains/losses on financial assets 4, 6 151 1,462
Net gains/losses on financial instruments at fair value through profit or loss 4, 6 107 -1,500
Net gains/losses on investment property 4 561 455
Share of profit or loss of associates 4 3 5
Other income 6 112 -36
Total income 12,000 11,571
Expenses
Benefits and claims under insurance contracts -6,925 -7,350
Benefits and claims under investment contracts with discretionary participation -342 -413
Benefits and claims recovered from reinsurers 55 51
Net insurance benefits and claims 6 -7,212 -7,712
Policyholder participation -1,929 -1,114
Interest expense 6 -68 -82
Commission expense 6 -798 -727
Employee benefits expense 6 -612 -580
Depreciation and amortisation expense 6 -190 -207
Impairment of property and equipment and intangible assets 0 -8
Other expenses 6 -283 -264
Total expenses -11,093 -10,695
Profit from operations 907 876
Borrowing costs -56 -62
Profit before income tax 852 814
Income tax expense 7 -209 -196
Net profit 642 618
Net profit attributable to
equity holders of Swiss Life Holding 636 613
non-controlling interests 6 5
Net profit 642 618
Earnings per share attributable to equity holders of Swiss Life Holding
Basic earnings per share (in CHF) 20.76 19.74
Diluted earnings per share (in CHF) 20.71 19.70

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Statement of compreh. income

Consolidated statement of comprehensive income for the 6 months ended 30 June Cover
In CHF million
2022 HY 2021 HY
Net profit 642 618
Other comprehensive income
Items that may be reclassified to the income statement
Exchange differences on translating foreign operations -96 251
Net investment hedges -82 -195
Financial assets available for sale -17,488 -3,404
Cash flow hedges -660 -292
Debt securities reclassified to loans and receivables 2 1
Adjustments relating to items that may be reclassified:
Policyholder participation 11,532 2,555
Shadow accounting 178 105
Income tax 1,294 225
Total -5,319 -755
Items that will not be reclassified to the income statement
Revaluation surplus on investment property -3 1
Remeasurements on defined benefit pension liability 543 307
Adjustments relating to items that will not be reclassified:
Policyholder participation -323 -179
Shadow accounting 0 0
Income tax -43 -25
Total 173 105
Net other comprehensive income -5,146 -650
Total net comprehensive income -4,504 -32
Total net comprehensive income attributable to
equity holders of Swiss Life Holding -4,507 -38
non-controlling interests 3 6
Total net comprehensive income -4,504 -32

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Balance sheet

Consolidated balance sheet Cover
In CHF million
Notes 30.06.2022 31.12.2021
Assets
Cash and cash equivalents 5,811 7,208
Derivatives 5,836 2,768
Assets held for sale 71 69
Financial assets at fair value through profit or loss 8 47,669 53,313
Financial assets available for sale 9 80,361 101,471
Loans and receivables 10 25,853 24,260
Financial assets pledged as collateral 4,569 4,140
Investment property 1 41,988 41,234
Investments in associates 155 172
Reinsurance assets 562 570
Property and equipment 2 558 557
Intangible assets including intangible insurance assets 11 3,540 3,395
Current income tax assets 58 34
Deferred income tax assets 265 71
Other assets 1,229 1,164
Total assets 218,526 240,424
1 Including right-of-use assets arising from leases of CHF 125 million (2021: CHF 112 million)
2 Including right-of-use assets arising from leases of CHF 135 million (2021: CHF 139 million)
In CHF million
Notes 30.06.2022 31.12.2021
Liabilities and equity
Liabilities
Derivatives 3,703 1,746
Investment and unit-linked contracts 12 39,646 44,837
Borrowings 13 4,021 4,099
Other financial liabilities 14 21,131 20,738
Insurance liabilities 15 128,329 130,258
Policyholder participation liabilities 7,623 17,401
Employee benefit liabilities 16 954 1,581
Current income tax liabilities 303 341
Deferred income tax liabilities 1,470 2,430
Provisions 45 48
Other liabilities 418 423
Total liabilities 207,643 223,902
Equity
Share capital 3 3
Share premium 10 15
Treasury shares -638 -285
Accumulated other comprehensive income -2,339 2,804
Retained earnings 13,050 13,189
Total shareholders' equity 10,086 15,727
Hybrid equity 675 675
Non-controlling interests 122 120
Total equity 10,883 16,522
Total liabilities and equity 218,526 240,424

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Cash flow statement

Consolidated statement of cash flows for the 6 months ended 30 June Cover
In CHF million
Notes 2022 HY 2021 HY
Total net cash flows from operating activities -174 1,295
Cash flows from investing activities
Purchases of investments in associates -4 -6
Sales of investments in associates 1 1
Dividends received from associates 28 4
Purchases of property and equipment -28 -17
Sales of property and equipment 0 0
Purchases of computer software and other intangible assets -4 -7
Acquisitions of subsidiaries, net of cash and cash equivalents - -38
Total net cash flows from investing activities -7 -62
Cash flows from financing activities
Issuance of debt instruments 13 - 248
Lease principal payments 1 -18 -20
Issuance of hybrid equity 1 - 248
Purchases of treasury shares -367 -387
Sales of ownership interests in subsidiaries - 3
Capital contributions from non-controlling interests 3 -
Dividends paid to equity holders of Swiss Life Holding -764 -654
Dividends paid to non-controlling interests -4 -2
Total net cash flows from financing activities -1,150 -564
Total change in cash and cash equivalents -1,331 669
Cash and cash equivalents as at 1 January 7,208 7,865
Foreign currency differences -66 126
Total change in cash and cash equivalents -1,331 669
Total cash and cash equivalents as at end of period 5,811 8,660
Components of cash and cash equivalents
Cash on hand and demand deposits 5,049 5,855
Cash equivalents 3 4
Cash and cash equivalents for the account and risk of the Swiss Life Group's customers 759 2,800
Total cash and cash equivalents as at end of period 5,811 8,660
1 Total cash outflow for leases CHF 21 million (2021: CHF 23 million)

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Changes in equity CY

Consolidated statement of changes in equity for the 6 months ended 30 June 2022 Cover
In CHF million
Notes Share capital Share premium Treasury shares Accumulated other comprehen- sive income Retained earnings Total shareholders' equity Hybrid equity Non- controlling interests Total equity
Balance as at 1 January 3 15 -285 2,804 13,189 15,727 675 120 16,522
Total net comprehensive income - - - -5,143 636 -4,507 - 3 -4,504
Equity-settled share-based payments - 9 - - - 9 - - 9
Purchases of treasury shares - - -21 - - -21 - - -21
Share buyback 1 - - -346 - - -346 - - -346
Allocation of treasury shares under equity compensation plans - -14 14 - - - - - -
Capital contributions from non-controlling interests - - - - - - - 3 3
Dividends 1 - - - - -764 -764 - -4 -769
Interest on hybrid equity - - - - -13 -13 - - -13
Income tax effects - -1 - - 2 1 - - 1
Balance as at end of period 3 10 -638 -2,339 13,050 10,086 675 122 10,883

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Changes in equity PY

Consolidated statement of changes in equity for the 6 months ended 30 June 2021 Cover
In CHF million
Notes Share capital Share premium Treasury shares Accumulated other comprehen- sive income Retained earnings Total shareholders' equity Hybrid equity Non- controlling interests Total equity
Balance as at 1 January 3 14 -77 3,995 12,810 16,745 425 93 17,263
Total net comprehensive income - - - -651 613 -38 - 6 -32
Issuance of hybrid equity - - - - -2 -2 250 - 248
Equity-settled share-based payments - 8 - - - 8 - - 8
Purchases of treasury shares - - -16 - - -16 - - -16
Share buyback 1 - - -371 - - -371 - - -371
Allocation of treasury shares under equity compensation plans - -13 13 - - - - - -
Changes in ownership interest in subsidiaries - - - - 2 2 - 2 4
Dividends - - - - -654 -654 - -2 -656
Interest on hybrid equity - - - - -11 -11 - - -11
Income tax effects - -1 - - 2 1 - - 1
Balance as at end of period 3 9 -452 3,344 12,760 15,664 675 99 16,438

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Foreign currency exch. rates

Foreign currency exchange rates Cover
In CHF
For the balance sheet For the income statement
30.06.2022 31.12.2021 Average 2022 HY Average 2021 HY
1 British pound (GBP) 1.1614 1.2335 1.2265 1.2616
1 Czech koruna (CZK) 0.0404 0.0417 0.0419 0.0423
1 Euro (EUR) 0.9998 1.0377 1.0327 1.0947
100 Norwegian kroner (NOK) 9.6930 10.3485 10.3344 n/a
1 Singapore dollar (SGD) 0.6866 0.6763 0.6921 0.6817
1 US dollar (USD) 0.9538 0.9114 0.9448 0.9084

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IS segment CY

Statement of income for the 6 months ended 30 June 2022 - segment Cover
In CHF million
Switzer- land France Germany Inter- national Asset Managers Other Total before elimi- nations Elimi- nations Total
Income
Premiums earned on insurance contracts 5,339 1,755 503 55 - - 7,652 -15 7,636
Premiums earned on investment contracts with discretionary participation 353 - - - - - 353 - 353
Premiums ceded to reinsurers -5 -60 -8 -13 - - -87 16 -71
Net earned premiums 5,686 1,695 495 42 - - 7,918 0 7,918
Policy fees earned on insurance contracts 2 1 12 0 - - 15 - 15
Policy fees earned on investment and unit-linked contracts 30 111 10 43 - - 193 0 193
Net earned policy fees 32 111 23 43 - - 209 0 208
Commission income 130 106 309 128 490 0 1,164 -203 961
Investment income 1,389 324 241 13 1 11 1,980 -1 1,979
Net gains/losses on financial assets -168 162 176 14 -3 -30 151 - 151
Net gains/losses on financial instruments at fair value through profit or loss 363 -87 -146 -2 0 -20 107 0 107
Net gains/losses on investment property 387 88 70 - 16 - 561 - 561
Share of profit or loss of associates 2 1 - - 0 - 3 - 3
Other income 74 0 -5 -10 7 47 113 -1 112
Total income 7,896 2,399 1,163 228 510 9 12,205 -205 12,000
of which intersegment 100 -47 -34 -5 191 1 205 -205
Expenses
Benefits and claims under insurance contracts -4,993 -1,389 -530 -16 - - -6,928 3 -6,925
Benefits and claims under investment contracts with discretionary participation -342 - - - - - -342 - -342
Benefits and claims recovered from reinsurers 2 48 5 3 - - 58 -3 55
Net insurance benefits and claims -5,333 -1,340 -525 -14 - - -7,212 0 -7,212
Policyholder participation -1,537 -260 -121 -11 - - -1,929 0 -1,929
Interest expense -18 -35 -8 -6 -3 1 -71 2 -68
Commission expense -273 -316 -263 -89 -59 0 -1,001 202 -798
Employee benefits expense -140 -120 -83 -32 -203 -2 -580 -2 -582
Depreciation and amortisation expense -38 -100 -26 -10 -17 0 -190 - -190
Impairment of property and equipment and intangible assets - - 0 - - - 0 - 0
Other expenses -54 -76 -31 -18 -74 -11 -264 2 -262
Total expenses -7,393 -2,246 -1,057 -181 -356 -12 -11,246 205 -11,042
of which intersegment -141 -15 -25 3 -24 -3 -205 205
Segment result 503 152 105 48 154 -4 958 - 958
Unallocated corporate costs -51
Profit from operations 907
Borrowing costs -56
Income tax expense -209
Net profit 642
Additions to non-current assets 618 65 168 11 47 - 908 - 908

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IS segment PY

Statement of income for the 6 months ended 30 June 2021 - segment Cover
In CHF million
Switzer- land France Germany Inter- national Asset Managers Other Total before elimi- nations Elimi- nations Total
Income
Premiums earned on insurance contracts 5,285 1,923 542 49 - - 7,799 -11 7,787
Premiums earned on investment contracts with discretionary participation 407 - - - - - 407 - 407
Premiums ceded to reinsurers -5 -65 -9 -8 - - -87 11 -76
Net earned premiums 5,688 1,858 533 40 - - 8,119 0 8,119
Policy fees earned on insurance contracts 2 2 11 0 - - 15 - 15
Policy fees earned on investment and unit-linked contracts 26 117 8 41 - - 192 - 192
Net earned policy fees 28 119 19 41 - - 207 - 207
Commission income 129 82 305 123 431 1 1,071 -198 873
Investment income 1,416 296 248 14 2 10 1,986 -1 1,986
Net gains/losses on financial assets 1,018 155 262 7 1 19 1,462 - 1,462
Net gains/losses on financial instruments at fair value through profit or loss -1,502 -30 56 0 0 -25 -1,500 0 -1,500
Net gains/losses on investment property 416 6 26 - 7 - 455 - 455
Share of profit or loss of associates 3 1 - - 0 - 5 - 5
Other income -40 4 2 -4 5 -1 -35 -1 -36
Total income 7,157 2,491 1,450 222 446 5 11,771 -199 11,571
of which intersegment 53 -21 -16 -2 184 1 199 -199
Expenses
Benefits and claims under insurance contracts -5,179 -1,569 -579 -27 - - -7,354 5 -7,350
Benefits and claims under investment contracts with discretionary participation -413 - - - - - -413 - -413
Benefits and claims recovered from reinsurers 2 44 6 3 - - 55 -5 51
Net insurance benefits and claims -5,590 -1,525 -573 -24 - - -7,712 0 -7,712
Policyholder participation -607 -202 -298 -7 - - -1,114 0 -1,114
Interest expense -16 -38 -22 -7 -2 0 -84 2 -82
Commission expense -256 -283 -267 -81 -37 0 -925 198 -727
Employee benefits expense -142 -107 -85 -31 -182 -2 -549 -2 -550
Depreciation and amortisation expense -43 -110 -31 -9 -15 0 -207 - -207
Impairment of property and equipment and intangible assets - - 0 - -7 - -8 - -8
Other expenses -46 -82 -32 -16 -62 -6 -243 1 -242
Total expenses -6,699 -2,347 -1,308 -176 -305 -7 -10,843 199 -10,643
of which intersegment -133 -15 -27 2 -25 -3 -199 199
Segment result 458 144 142 46 140 -3 928 - 928
Unallocated corporate costs -52
Profit from operations 876
Borrowing costs -62
Income tax expense -196
Net profit 618
Additions to non-current assets 697 85 79 99 15 - 975 - 975

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BS segment CY

Balance sheet as at 30 June 2022 - segment Cover
In CHF million
Switzer- land France Germany Inter- national Asset Managers Other Total before elimi- nations Elimi- nations Total
Assets
Cash and cash equivalents 2,252 1,869 555 789 305 41 5,811 - 5,811
Derivatives 5,837 54 14 - 7 3 5,914 -78 5,836
Assets held for sale 71 - - - - - 71 - 71
Financial assets at fair value through profit or loss 7,218 17,623 4,310 18,677 10 - 47,837 -168 47,669
Financial assets available for sale 56,050 15,635 6,792 1,303 44 538 80,361 - 80,361
Loans and receivables 17,394 4,031 5,232 224 379 2,632 29,893 -4,040 25,853
Financial assets pledged as collateral 2,895 1,365 - - - 309 4,569 - 4,569
Investment property 34,853 3,218 3,744 - 173 - 41,988 - 41,988
Investments in associates 27 82 42 - 4 - 155 - 155
Reinsurance assets 31 294 137 139 - - 602 -39 562
Property and equipment 229 117 140 26 45 0 558 - 558
Intangible assets including intangible insurance assets 839 415 1,430 420 437 - 3,540 - 3,540
Other assets 613 24 18 10 722 4 1,392 -163 1,229
Segment assets 128,307 44,728 22,416 21,588 2,127 3,526 222,691 -4,489 218,203
Income tax assets 323
Total assets 218,526
Liabilities and equity
Liabilities
Derivatives 3,034 565 118 - - 65 3,782 -78 3,703
Investment and unit-linked contracts 6,978 11,148 1,195 20,357 - - 39,678 -32 39,646
Other financial liabilities 13,002 5,536 2,438 377 744 520 22,616 -1,486 21,131
Insurance liabilities 88,201 24,479 15,531 209 - - 128,419 -91 128,329
Policyholder participation liabilities 4,938 1,080 1,582 27 - - 7,626 -4 7,623
Employee benefit liabilities 617 95 107 7 127 1 954 - 954
Provisions 14 8 2 5 7 10 45 - 45
Other liabilities 171 114 64 15 27 28 419 -1 418
Segment liabilities 116,955 43,023 21,036 20,996 905 624 203,539 -1,691 201,848
Borrowings 4,021
Income tax liabilities 1,773
Equity 10,883
Total liabilities and equity 218,526

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BS segment PY

Balance sheet as at 31 December 2021 - segment Cover
In CHF million
Switzer- land France Germany Inter- national Asset Managers Other Total before elimi- nations Elimi- nations Total
Assets
Cash and cash equivalents 3,093 2,518 358 901 287 51 7,208 - 7,208
Derivatives 2,680 108 32 - 3 6 2,829 -61 2,768
Assets held for sale 69 - - - - - 69 - 69
Financial assets at fair value through profit or loss 7,732 19,960 4,890 20,840 10 - 53,433 -120 53,313
Financial assets available for sale 69,856 20,150 9,067 1,529 19 850 101,471 - 101,471
Loans and receivables 16,182 3,499 5,544 212 472 2,895 28,805 -4,546 24,260
Financial assets pledged as collateral 2,490 1,486 - - - 164 4,140 - 4,140
Investment property 34,175 3,210 3,673 - 176 - 41,234 - 41,234
Investments in associates 34 90 44 - 3 - 172 - 172
Reinsurance assets 32 296 139 145 - - 612 -42 570
Property and equipment 226 112 138 29 51 0 557 - 557
Intangible assets including intangible insurance assets 741 401 1,361 428 464 - 3,395 - 3,395
Other assets 595 58 81 9 598 3 1,344 -180 1,164
Segment assets 137,906 51,889 25,327 24,092 2,084 3,970 245,267 -4,948 240,319
Income tax assets 105
Total assets 240,424
Liabilities and equity
Liabilities
Derivatives 1,555 113 81 - - 58 1,807 -61 1,746
Investment and unit-linked contracts 7,404 13,373 1,397 22,697 - - 44,872 -35 44,837
Other financial liabilities 11,832 6,540 2,520 318 546 422 22,178 -1,439 20,738
Insurance liabilities 89,586 24,505 16,053 197 - - 130,342 -84 130,258
Policyholder participation liabilities 9,982 4,133 3,264 27 - - 17,406 -5 17,401
Employee benefit liabilities 1,110 100 176 11 182 3 1,581 - 1,581
Provisions 14 9 3 5 8 10 48 - 48
Other liabilities 164 124 72 16 27 21 425 -2 423
Segment liabilities 121,647 48,897 23,568 23,270 763 514 218,658 -1,626 217,032
Borrowings 4,099
Income tax liabilities 2,771
Equity 16,522
Total liabilities and equity 240,424

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Prem. & pol. fees ext. cust.

Premiums and policy fees from external customers Cover
In CHF million
Net earned premiums Net earned policy fees
2022 HY 2021 HY 2022 HY 2021 HY
Life
Individual life 1,779 1,996 193 197
Group life 5,944 5,913 15 10
Total life 7,723 7,909 208 207
Non-Life
Accident and health 5 6 - -
Property, casualty and other 190 204 - -
Total non-life 196 210 - -
Total 7,918 8,119 208 207

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Asset for acct & risk SL cust.

Assets for the account and risk of the Swiss Life Group's customers Cover
In CHF million
30.06.2022 31.12.2021
Cash and cash equivalents 759 839
Derivatives 0 0
Financial assets at fair value through profit or loss
Debt securities 7,019 7,256
Equity securities 5,519 6,073
Investment funds 26,386 29,977
Other 18 18
Investment property 405 394
Total assets for the account and risk of the Swiss Life Group's customers 40,106 44,556

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Liab. for acct & risk SL cust.

Liabilities linked to assets for the account and risk of the Swiss Life Group's customers Cover
In CHF million
Notes 30.06.2022 31.12.2021
Unit-linked contracts 12 24,528 27,592
Investment contracts 12 4,592 6,213
Insurance liabilities 15 10,653 10,448
Total liabilities linked to assets for the account and risk of the Swiss Life Group's customers 39,773 44,253

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Fin. result

Financial result Cover
In CHF million
Assets and liabilities for the account and risk of the Swiss Life Group Assets and liabilities for the account and risk of the Swiss Life Group's customers Total
Notes 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY
Investment income 6 1,979 1,986 - - 1,979 1,986
Net gains/losses on financial assets 6 149 1,460 2 3 151 1,462
Net gains/losses on financial instruments at fair value through profit or loss 6 168 -1,498 -61 -3 107 -1,500
Net gains/losses on investment property 552 450 9 6 561 455
Share of profit or loss of associates 3 5 - - 3 5
Financial result 2,851 2,401 -50 6 2,801 2,407

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Premiums, policy fees & dep.

Premiums, policy fees and deposits received Cover
Written premiums
In CHF million
2022 HY 2021 HY
Direct 7,717 7,920
Assumed 326 331
Gross written premiums 8,044 8,251
Ceded -71 -82
Net written premiums 7,973 8,169
Earned premiums
In CHF million
2022 HY 2021 HY
Direct 7,670 7,873
Assumed 319 322
Gross earned premiums 7,989 8,194
Ceded -71 -76
Net earned premiums 7,918 8,119
Written policy fees
In CHF million
2022 HY 2021 HY
Direct 221 219
Gross written policy fees 221 219
Ceded -1 0
Net written policy fees 220 219
Earned policy fees
In CHF million
2022 HY 2021 HY
Direct 209 207
Gross earned policy fees 209 207
Ceded -1 0
Net earned policy fees 208 207
Gross written premiums, policy fees and deposits received
In CHF million
2022 HY 2021 HY
Gross written premiums and policy fees 8,265 8,470
Deposits received under insurance and investment contracts 2,536 2,406
Gross written premiums, policy fees and deposits received 10,801 10,876

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Details certain items IS

Details of certain items in the consolidated statement of income Cover
Commission income
In CHF million
2022 HY 2021 HY
Brokerage commissions 445 437
Asset management commissions 362 295
Other commissions and fees 154 141
Total commission income 961 873
Investment income
In CHF million
2022 HY 2021 HY
Interest income on financial assets available for sale 1,005 1,061
Interest income on loans and receivables 217 233
Other interest income -5 -5
Dividend income on financial assets available for sale 223 162
Net income on investment property 539 534
Total investment income 1,979 1,986
Net gains/losses on financial assets
In CHF million
2022 HY 2021 HY
Sale of
financial assets available for sale 76 435
loans and receivables 43 136
Net gains/losses from sales 119 571
Impairment losses on
debt instruments available for sale -19 1
equity instruments available for sale -316 -136
loans and receivables -2 -3
Impairment losses on financial assets -337 -137
Hedging gains/losses reclassified from other comprehensive income 72 -16
Foreign currency gains/losses 298 1,044
Total net gains/losses on financial assets 151 1,462
Net gains/losses on financial instruments at fair value through profit or loss
In CHF million
2022 HY 2021 HY
Currency derivatives -479 -1,165
Interest rate derivatives 43 -3
Equity derivatives 664 -636
Other derivatives 19 -26
Financial assets designated as at fair value through profit or loss 1 -73 428
Investments in associates 2 7 2
Investment contracts without discretionary participation 35 31
Third-party interests in consolidated investment funds -48 -128
Other financial liabilities - 0
Assets for the account and risk of the Swiss Life Group's customers -4,082 2,615
Liabilities linked to assets for the account and risk of the Swiss Life Group's customers 4,021 -2,618
Total net gains/losses on financial instruments at fair value through profit or loss 107 -1,500
1 Includes interest and dividend income of CHF 44 million (2021: CHF 55 million)
2 Includes dividend income of CHF 16 million (2021: CHF 0 million)
Other income
In CHF million
2022 HY 2021 HY
Realised gains/losses on sales of subsidiaries, associates and other assets - 0
Revenue from sale of inventory property 3 1
Other foreign currency gains/losses 95 -48
Other 14 11
Total other income 112 -36
Net insurance benefits and claims
In CHF million
2022 HY 2021 HY
Benefits and claims under insurance contracts
Life benefits and claims paid, gross 7,862 6,827
Change in future life policyholder benefits and claims, gross -1,106 384
Non-life claims paid, gross 148 148
Change in non-life claims, gross 21 -9
Benefits and claims recovered from reinsurers -55 -51
Net benefits and claims under insurance contracts 6,870 7,299
Benefits and claims under investment contracts with discretionary participation
Life benefits and claims paid, gross 385 403
Change in future life policyholder benefits and claims, gross -43 10
Net benefits and claims under investment contracts with discretionary participation 342 413
Total net insurance benefits and claims 7,212 7,712
Interest expense
In CHF million
2022 HY 2021 HY
Interest expense on deposits 10 11
Negative interest on repurchase agreements -16 -15
Interest expense on due to banks 22 13
Interest expense on investment contracts 30 34
Interest expense on deposits under insurance contracts 11 29
Interest expense on lease liabilities 2 2
Other interest expense 9 8
Total interest expense 68 82
Commission expense
In CHF million
2022 HY 2021 HY
Insurance agent and broker commissions 676 615
Asset management commissions 54 52
Other commissions and fees 69 61
Total commission expense 798 727
Employee benefits expense
In CHF million
2022 HY 2021 HY
Wages and salaries 447 413
Social security 88 84
Defined benefit plans 40 50
Defined contribution plans 2 2
Other employee benefits 35 31
Total employee benefits expense 612 580
Depreciation and amortisation expense
In CHF million
2022 HY 2021 HY
Depreciation of property and equipment 1 32 34
Amortisation of present value of future profits (PVP) 0 0
Amortisation of deferred acquisition costs (DAC) 126 148
Amortisation of deferred origination costs (DOC) 16 11
Amortisation of other intangible assets 16 14
Total depreciation and amortisation expense 190 207
1 including depreciation of right-of-use assets arising from leases of CHF 19 million (2021: CHF 20 million)
Other expenses
In CHF million
2022 HY 2021 HY
Marketing and advertising 24 19
Information technology and systems 66 65
Maintenance and repair 14 14
Short-term leases 1 1
Leases of low-value assets 0 0
Professional services 104 99
Cost of inventory property sold 2 1
Premium taxes and other non-income taxes 34 34
Other 36 32
Total other expenses 283 264

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Income tax expense

Income tax expense Cover
In CHF million
2022 HY 2021 HY
Current income tax expense 114 160
Deferred income tax expense 95 36
Total income tax expense 209 196

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Fin. asset FVPL

Financial assets at fair value through profit or loss Cover
In CHF million
Designated as at fair value through profit or loss
Notes 30.06.2022 31.12.2021
Debt securities 358 527
Equity securities 138 136
Investment funds - debt 611 1,518
Investment funds - equity 1,771 1,827 1
Real estate funds 2,386 2,717
Alternative investments 3,464 3,263 2
Financial assets for the account and risk of the Swiss Life Group's customers 4 38,942 43,324
Total financial assets at fair value through profit or loss 47,669 53,313
1 Including CHF 214 million previously classified as investment funds - balanced
2 Including CHF 3 238 million previously classified as infrastructure investments and CHF 24 million previously classified as private equity and hedge funds

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Fin. asset AFS

Financial assets available for sale Cover
In CHF million
Cost/amortised cost Net unrealised gains/losses Fair value (carrying amount)
30.06.2022 31.12.2021 30.06.2022 31.12.2021 30.06.2022 31.12.2021
Debt securities 67,541 70,800 -3,864 10,506 63,677 81,306
Senior secured loans 4,850 4,477 -309 -21 4,541 4,455
Equity securities 6,213 7,563 1,070 2,510 7,283 10,073
Investment funds - debt 1,536 1,442 -130 90 1,406 1,532
Investment funds - equity 2,450 2,551 223 799 2,672 3,350
Real estate funds 565 553 88 70 653 623
Alternative investments 62 75 1 67 57 2 129 132 3
Total financial assets available for sale 83,217 87,460 -2,856 14,011 80,361 101,471
1 Including CHF 58 million previously classified as private equity and CHF 16 million previously classified as hedge funds
2 Including CHF 51 million previously classified as private equity and CHF 6 million previously classified as hedge funds
3 Including CHF 109 million previously classified as private equity and CHF 22 million previously classified as hedge funds

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Loans & receivables

Loans and receivables Cover
In CHF million
Gross carrying amount Allowance for impairment losses Carrying amount
Notes 30.06.2022 31.12.2021 30.06.2022 31.12.2021 30.06.2022 31.12.2021
Mortgages 12,116 12,000 -23 -23 12,093 11,977
Note loans 4,194 4,465 - - 4,194 4,465
Corporate and other loans 4,247 2,502 0 -1 4,247 2,501
Debt securities previously classified as available for sale 705 726 - - 705 726
Other debt securities classified as loans 111 151 - - 111 151
Total loans 17 21,372 19,845 -23 -24 21,350 19,821
Insurance receivables 1,725 1,612 -28 -27 1,697 1,585
Reinsurance receivables 442 433 - - 442 433
Accrued investment income 824 1,048 - - 824 1,048
Settlement accounts 171 73 - - 171 73
Other receivables 1,377 1,307 -8 -8 1,370 1,299
Total receivables 17 4,539 4,474 -36 -35 4,503 4,439
Total loans and receivables 25,911 24,319 -58 -59 25,853 24,260

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Intangible assets

Intangible assets Cover
In CHF million
30.06.2022 31.12.2021
Intangible insurance assets 1,840 1,637
Other intangible assets 1,701 1,758
Total intangible assets 3,540 3,395

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Intangible insurance assets

Intangible insurance assets Cover
In CHF million
Present value of future profits from acquired insurance portfolios (PVP) Deferred acquisition costs (DAC) Deferred origination costs (DOC) Total
2022 HY 2021 YE 2022 HY 2021 YE 2022 HY 2021 YE 2022 HY 2021 YE
Balance as at 1 January 3 6 1,499 1,363 135 89 1,637 1,459
Additions - - 176 411 43 72 219 483
Amortisation 0 -3 -126 -342 -16 -26 -142 -371
Effect of shadow accounting 0 0 166 110 - - 167 110
Foreign currency translation differences 0 0 -42 -44 0 0 -42 -44
Balance as at end of period 3 3 1,674 1,499 163 135 1,840 1,637

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Other intangible assets CY

Other intangible assets for the 6 months 2022 Cover
In CHF million
Goodwill Customer relationships Computer software Brands and other Total
Cost
Balance as at 1 January 1,575 123 35 25 1,758
Additions - - 4 0 4
Amortisation - -10 -6 -1 -16
Foreign currency translation differences -39 -5 -1 0 -46
Balance as at end of period 1,536 109 32 24 1,701
Cost 1,992 287 216 45 2,541
Accumulated amortisation and impairment -456 -179 -185 -20 -840
Total other intangible assets as at end of period 1,536 109 32 24 1,701

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Other intangible assets PY

Other intangible assets for the year 2021 Cover
In CHF million
Goodwill Customer relationships Computer software Brands and other Total
Cost
Balance as at 1 January 1,452 76 40 32 1,600
Additions - - 16 1 17
Additions from business combinations 149 70 - - 220
Disposals - - -6 0 -6
Amortisation - -13 -14 -1 -28
Impairment losses - -8 - -7 -15
Foreign currency translation differences -26 -3 -1 0 -31
Balance as at end of period 1,575 123 35 25 1,758
Cost 2,043 298 222 45 2,608
Accumulated amortisation and impairment -468 -174 -187 -21 -850
Total other intangible assets as at end of period 1,575 123 35 25 1,758

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Goodwill

Goodwill Cover
In CHF million
Switzerland France Germany International Asset Managers
30.06.2022 31.12.2021 30.06.2022 31.12.2021 30.06.2022 31.12.2021 30.06.2022 31.12.2021 30.06.2022 31.12.2021
Net carrying amount of goodwill 152 152 297 298 403 419 333 340 351 366
Impairment losses - - - - - - - - - -

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Inv. and UL contracts

Investment and unit-linked contracts Cover
In CHF million
Gross Ceded Net
Notes 30.06.2022 31.12.2021 30.06.2022 31.12.2021 30.06.2022 31.12.2021
Unit-linked contracts 17 24,528 27,592 - - 24,528 27,592
Investment contracts with discretionary participation 14,468 16,627 115 119 14,353 16,508
Investment contracts without discretionary participation at FVPL 17 641 613 - - 641 613
Investment contracts without discretionary participation at amortised cost 17 9 5 - - 9 5
Total investment and unit-linked contracts 39,646 44,837 115 119 39,531 44,718
of which for the account and risk of the Swiss Life Group's customers
unit-linked contracts 4 24,528 27,592 - - 24,528 27,592
investment contracts 4 4,592 6,213 - - 4,592 6,213

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Borrowings

Borrowings Cover
In CHF million
Notes 30.06.2022 31.12.2021
Hybrid debt 2,578 2,634
Senior bonds 1,444 1,466
Total borrowings 17 4,021 4,099

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Financing liabilities

Reconciliation of liabilities arising from financing activities Cover
In CHF million
Hybrid debt Senior bonds Lease liabilities 1 Total
2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY
Balance as at 1 January 2,634 2,900 1,466 1,049 224 220 4,323 4,169
Cash flows
Issuance - 248 - - - - - 248
Redemption - - - - -18 -20 -18 -20
Other changes
New leases - - - - 21 25 21 25
Premium/discount amortisation 2 2 0 0 2 2 5 4
Other movements - - - - -4 -3 -4 -3
Foreign currency translation differences -58 22 -23 - -7 3 -87 25
Balance as at end of period 2,578 3,172 1,444 1,049 219 227 4,240 4,448
1 Included in other financial liabilities

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Other financial liab.

Other financial liabilities Cover
In CHF million
Notes 30.06.2022 31.12.2021
Insurance payables 2,531 2,768
Policyholder deposits 867 875
Reinsurance deposits 178 177
Customer deposits 2,090 2,712
Repurchase agreements 4,527 4,067
Amounts due to banks 5,147 3,954
Lease liabilities 13 219 224
Third-party interests in consolidated investment funds 3,843 4,033
Accrued expenses 512 573
Settlement accounts 401 441
Other 816 912
Total other financial liabilities 21,131 20,738

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Insurance liabilities

Insurance liabilities Cover
In CHF million
Gross Ceded Net
30.06.2022 31.12.2021 30.06.2022 31.12.2021 30.06.2022 31.12.2021
Claims under non-life insurance contracts 860 871 193 185 667 686
Unearned premiums non-life 60 42 1 1 59 40
Claims under life insurance contracts 6,319 6,537 108 119 6,211 6,418
Future life policyholder benefits 107,756 109,669 142 144 107,614 109,525
Unearned premiums life 103 70 0 0 103 70
Deposits under insurance contracts 13,231 13,070 - - 13,231 13,070
Total insurance liabilities 128,329 130,258 444 449 127,884 129,809
of which for the account and risk of the Swiss Life Group's customers 10,653 10,448 1 1 10,652 10,447

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Empl. benefit liabilities

Employee benefit liabilities Cover
In CHF million
30.06.2022 31.12.2021
Employee benefit liabilities consist of
gross defined benefit liabilities 771 1,349
other employee benefit liabilities 182 232
Total employee benefit liabilities 954 1,581

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Defined benefit amounts rec. BS

Amounts recognised as defined benefit assets/liabilities Cover
In CHF million
30.06.2022 31.12.2021
Present value of defined benefit obligation -3,121 -3,796
Fair value of plan assets 2,392 2,490
Defined benefit asset ceiling -1 -
Net defined benefit liability -731 -1,307
Insurance contracts not eligible as plan assets under IFRS 1,172 1,193
Net defined benefit surplus (+)/deficit (-) (economic view) 441 -113
The net defined benefit liability consists of
gross defined benefit liabilities -771 -1,349
gross defined benefit assets 40 42

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FV hierarchy

Fair value hierarchy Cover
In CHF million
Quoted prices (level 1) Valuation technique - observable inputs (level 2) Valuation technique - unobservable inputs (level 3) Total
30.06.2022 31.12.2021 30.06.2022 31.12.2021 30.06.2022 31.12.2021 30.06.2022 31.12.2021
Financial assets
Derivatives
Currency - - 1,313 891 - - 1,313 891
Interest rate 3 3 1,625 804 - - 1,628 807
Equity 2,874 1,020 17 51 - - 2,891 1,071
Other - - 4 - - - 4 -
Total derivatives 2,877 1,023 2,959 1,745 - - 5,836 2,768
Debt instruments
Governments and supranationals 40,086 51,734 197 300 - - 40,283 52,034
Corporates 32,177 37,707 470 521 111 122 32,758 38,350
Other 2 6 32 38 - - 33 44
Total debt instruments 72,265 89,448 699 858 111 122 73,075 90,428
Equity instruments
Equity securities 6,840 9,553 16 15 636 641 7,491 10,209
Investment funds 5,536 7,072 1,227 1,526 2,735 2,970 9,499 11,567
Alternative investments - - 384 352 3,209 3,042 3,593 3,393
Total equity instruments 12,376 16,625 1,627 1,893 6,580 6,652 20,583 25,171
Assets for the account and risk of the Swiss Life Group's customers 32,920 37,736 1,419 1,219 4,603 4,369 38,942 43,324
Total financial assets 120,438 144,831 6,704 5,716 11,294 11,144 138,436 161,691
Investments in associates
Associates at fair value through profit or loss - - - - 57 67 57 67
Financial liabilities
Derivatives
Currency - - 928 413 - - 928 413
Interest rate - 1 2,054 652 - - 2,054 654
Equity 714 676 3 4 - - 717 679
Other - - 4 - - - 4 -
Total derivatives 714 677 2,989 1,069 - - 3,703 1,746
Investment contracts without discretionary participation - - 641 613 - - 641 613
Unit-linked contracts - - 24,405 27,468 123 124 24,528 27,592
Third-party interests in consolidated investment funds - - 647 826 3,196 3,208 3,843 4,033
Total financial liabilities 714 677 28,682 29,976 3,319 3,331 32,715 33,984

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Fin. asset FV level 3 CY

Assets measured at fair value based on level 3 for the 6 months ended 30 June 2022 Cover
In CHF million
Derivatives Debt instruments Equity instruments Financial assets for the account and risk of the Swiss Life Group's customers Total
At fair value through profit or loss Available for sale At fair value through profit or loss 1 Available for sale
Balance as at 1 January - - 122 5,487 1,232 4,369 11,211
Total gains/losses recognised in profit or loss - - 2 201 -136 105 172
Total gains/losses recognised in other comprehensive income - - -11 - 148 - 137
Additions - - - 216 488 275 978
Disposals - - - -387 -434 -29 -850
Transfers out of level 3 - - - - -3 - -3
Foreign currency translation differences - - -3 -132 -43 -117 -294
Balance as at end of period - - 111 5,384 1,253 4,603 11,351
Unrealised gains/losses recognised in profit or loss for assets held at the end of the period - - 0 203 -3 105 304
1 including associates at fair value through profit or loss

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Fin. asset FV level 3 PY

Assets measured at fair value based on level 3 for the 6 months ended 30 June 2021 Cover
In CHF million
Derivatives Debt instruments Equity instruments Financial assets for the account and risk of the Swiss Life Group's customers Total
At fair value through profit or loss Available for sale At fair value through profit or loss 1 Available for sale
Balance as at 1 January - - 156 5,677 1,238 3,862 10,933
Total gains/losses recognised in profit or loss - - 2 246 3 12 263
Total gains/losses recognised in other comprehensive income - - 1 - 8 - 9
Additions - - - 235 36 343 615
Disposals - - -33 -470 -87 -345 -934
Transfers out of level 3 - - - - - -1 -1
Foreign currency translation differences - - 1 45 13 61 121
Balance as at end of period - - 128 5,733 1,211 3,933 11,005
Unrealised gains/losses recognised in profit or loss for assets held at the end of the period - - - 230 -3 12 238
1 including associates at fair value through profit or loss

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Liab. fair value lev. 3

Liabilities measured at fair value based on level 3 Cover
In CHF million
Derivatives Unit-linked contracts Third-party interests in consolidated investment funds Total
2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY 2022 HY 2021 HY
Balance as at 1 January - - 124 126 3,208 3,062 3,331 3,188
Total gains/losses recognised in profit or loss - - 0 0 128 92 128 92
Additions - - 0 1 64 110 64 111
Disposals - - 0 0 -129 -493 -130 -493
Foreign currency translation differences - - -1 0 -74 23 -75 23
Balance as at end of period - - 123 127 3,196 2,794 3,319 2,922
Unrealised gains/losses recognised in profit or loss for liabilities held at the end of the period - - 0 0 104 85 104 85

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FV measurements Level 3

Fair value measurements on level 3 - gains/losses recognised in profit or loss Cover
In CHF million
Financial assets Financial instruments at fair value through profit or loss
2022 HY 2021 HY 2022 HY 2021 HY
Assets
Total gains/losses recognised in profit or loss -134 5 306 258
Unrealised gains/losses recognised in profit or loss for assets held at the end of the period -3 -3 308 242
Liabilities
Total gains/losses recognised in profit or loss - - -128 -92
Unrealised gains/losses recognised in profit or loss for liabilities held at the end of the period - - -104 -85

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FV of fin. instruments

Fair value of financial instruments carried at amortised cost Cover
In CHF million
Carrying amount Fair value
30.06.2022 31.12.2021 30.06.2022 31.12.2021
Assets
Loans 21,350 19,821 20,564 21,812
Receivables 1 4,503 4,439 4,503 4,439
Liabilities
Investment contracts without discretionary participation 1 9 5 9 5
Borrowings 4,021 4,099 3,840 4,406
Other financial liabilities 1,2 17,288 16,705 17,288 16,705
1 Carrying amount approximates fair value.
2 Excluding third-party interests in consolidated investment funds

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Asset & liab. acquisitions

Assets and liabilities from acquisitions Cover
In CHF million
01.07.2022
Consideration
Cash consideration 133
Contingent consideration arrangement(s) 1
Total consideration 134
Identifiable assets acquired and liabilities assumed
Cash and cash equivalents 139
Loans and receivables 355
Reinsurance assets 1,921
Property and equipment, income taxes and other assets 17
Borrowings -24
Other financial liabilities -332
Insurance liabilities -1,996
Provisions and employee benefit liabilities -15
Total identifiable net assets 65
Goodwill and other intangible assets 69
Total 134
Acquired loans and receivables
Fair value 355
Gross contractual amounts receivable 357
Estimated uncollectible cash flows 2

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Disclaimer

Swiss Life Holding AG published this content on 17 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2022 07:17:27 UTC.

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