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19 Investment and Unit-Linked Contracts

In CHF million
        Gross   Ceded   Net
    Notes   31.12.2021   31.12.2020   31.12.2021   31.12.2020   31.12.2021   31.12.2020
Unit-linked contracts   30    27 592   25 693       27 592   25 693
Investment contracts with discretionary participation features (DPF)       16 627   15 717   119   119   16 508   15 598
Investment contracts without DPF at fair value through profit or loss   30    613   614       613   614
Investment contracts without DPF at amortised cost   30    5   0       5   0
Total investment and unit-linked contracts       44 837   42 024   119   119   44 718   41 905
of which for the account and risk of the Swiss Life Group's customers                            
unit-linked contracts   5    27 592   25 693       27 592   25 693
investment contracts   5    6 213   5 315       6 213   5 315

Unit-linked contracts

In CHF million
    2021   2020
Balance as at 1 January   25 693   26 308
Deposits received   1 696   1 718
Fair value changes   2 636   60
Policy fees and other charges   –131   –125
Deposits released   –1 622   –2 077
Other movements   19   53
Reclassifications   2   10
Foreign currency translation differences   –702   –254
Balance as at end of period   27 592   25 693

Investment contracts with discretionary participation – gross

In CHF million
    2021   2020
Balance as at 1 January   15 717   15 395
Premiums and deposits received   4 363   3 418
Interest and bonuses credited   224   295
Policy fees and other charges   –240   –202
Liabilities released for payments on death, surrender and other terminations   –2 361   –2 159
Effect of changes in actuarial assumptions and other movements   1 165   –47
Reclassifications   –1 680   –941
Foreign currency translation differences   –560   –42
Balance as at end of period   16 627   15 717

Investment contracts without discretionary participation – gross

In CHF million
    2021   2020
Balance as at 1 January   614   600
Deposits received   143   99
Fair value changes   –16   –7
Interest and bonuses credited   0   0
Policy fees and other charges   –5   –6
Deposits released   –95   –68
Other movements   0   0
Reclassifications   –4   –3
Foreign currency translation differences   –19   –1
Balance as at end of period   618   614

In the case of contracts that do not have significant insurance risk but contain discretionary participation features, the Swiss Life Group primarily bases its accounting policies on the requirements of the Generally Accepted Accounting Principles in the United States (status of US GAAP as of the first application of IFRS 4).

In the case of traditional contracts in the life insurance business, future life policy benefit liabilities are determined by using the net-level-premium method on the basis of actuarial assumptions as to mortality, persistency, expenses and investment return, including a margin for adverse deviation. 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. These amounts relate to contracts issued in Switzerland.

Certain contracts that do not contain significant insurance risk and do not have discretionary participation features are carried at amortised cost or fair value.