Menu

Download Center

Home

22 Insurance Liabilities

In CHF million
    Gross   Ceded   Net
    31.12.2021   31.12.2020   31.12.2021   31.12.2020   31.12.2021   31.12.2020
Claims under non-life insurance contracts   871   918   185   184   686   734
Unearned premiums non-life   42   44   1   1   40   42
Claims under life insurance contracts   6 537   6 569   119   107   6 418   6 462
Future life policyholder benefits   109 669   109 554   144   142   109 525   109 412
Unearned premiums life   70   62   0   0   70   62
Deposits under insurance contracts   13 070   11 629       13 070   11 629
Total insurance liabilities   130 258   128 776   449   434   129 809   128 342
of which for the account and risk of the Swiss Life Group's customers   10 448   8 399   1   1   10 447   8 398
Unearned premiums

Unearned premiums represent the portion of the premiums written relating to the unexpired terms of coverage.

Claims under life insurance contracts

Claims under life insurance contracts represent the liability for unpaid portions of claims incurred. The liability includes an estimate for claims incurred but not reported (IBNR). The measurement at reporting date is a best estimate of ultimate future claim payments.

Claims under non-life insurance contracts– gross

In CHF million
    2021   2020
Balance as at 1 January   918   896
Claims and claim settlement costs incurred        
Reporting period   334   295
Prior reporting periods   –64   –25
Claims and claim settlement costs paid        
Reporting period   –139   –116
Prior reporting periods   –141   –130
Foreign currency translation differences   –37   –2
Balance as at end of period   871   918

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.

Future life policyholder benefits and claims– gross

In CHF million
    2021   2020
Balance as at 1 January   116 123   113 289
Premiums received   10 063   11 077
Interest credited   1 625   1 684
Claims incurred, benefits paid and surrenders   –10 701   –10 399
Effect of changes in actuarial assumptions and other movements   256   613
Reclassifications   11   –61
Foreign currency translation differences   –1 172   –79
Balance as at end of period   116 206   116 123

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.

Deposits under insurance contracts– gross

In CHF million
    2021   2020
Balance as at 1 January   11 629   10 696
Deposits received   235   212
Interest credited   55   27
Participating bonuses   4   6
Policy fees and insurance charges   –47   –41
Deposits released for payments on death, surrender and other terminations during the year   –226   –261
Other movements   282   15
Reclassifications   1 672   995
Foreign currency translation differences   –536   –19
Balance as at end of period   13 070   11 629

For investment-type contracts with significant insurance risk, savings premiums collected are reported as deposits (deposit accounting).

Insurance liabilities with and without discretionary participation

In CHF million
    31.12.2021   31.12.2020
Insurance liabilities with discretionary participation   104 565   104 998
Insurance liabilities without discretionary participation   15 245   15 379
Insurance liabilities linked to assets for the account and risk of the Swiss Life Group's customers   10 448   8 399
Total insurance liabilities   130 258   128 776