28 Acquisitions and Disposals of Subsidiaries
Assets and liabilities from acquisitions
| In CHF million | ||||
|---|---|---|---|---|
| Notes | 2021 | |||
| Consideration | ||||
| Cash consideration | 159 | |||
| Contingent consideration arrangement(s) | 38 | |||
| Total consideration | 196 | |||
| Total | 196 | |||
| Acquisition-related costs | ||||
| Other expenses | 0 | |||
| Total | 0 | |||
| Identifiable assets acquired and liabilities assumed | ||||
| Cash and cash equivalents | 16 | |||
| Loans and receivables | 1 | |||
| Property and equipment | 16 | 0 | ||
| Intangible assets including intangible insurance assets | 17 | 70 | ||
| Other assets | 0 | |||
| Other financial liabilities | –6 | |||
| Deferred income tax liabilities | –15 | |||
| Other liabilities | –5 | |||
| Total identifiable net assets | 60 | |||
| Non-controlling interests | –13 | |||
| Goodwill | 17 | 149 | ||
| Total | 196 | |||
| Acquired loans and receivables | ||||
| Fair value | 1 | |||
| Gross contractual amounts receivable | 1 | |||
On 30 November 2021, Swiss Life acquired 90% of the shares of the real estate business of Ness, Risan & Partners (NRP), a leading provider of real estate projects and funds in the Nordics, based in Oslo, Norway. With the acquisition Swiss Life Asset Managers expands its geographic footprint and strengthens access to new investors in the Nordic region and further enhances its position as Europe’s leading real estate manager.
On 1 June 2021, Swiss Life completed the acquisition of 100% of the shares of Principal & Prosper IFA Holdings Ltd, an independent financial advisor based in Edinburgh, United Kingdom.
Since the two transactions are individually immaterial, their information is disclosed in aggregate form in the table above. Both transactions are still in the measurement period. The settlement of the above contingent consideration liability depends on certain revenue targets that are expected to be fully met. The fair value as at 31 December 2021 was CHF 38 million, a quarter of which is expected to be paid in each of the years 2022 to 2025.
There were no significant disposals of subsidiaries in 2021 and 2020 and no significant acquisitions of subsidiaries in 2020.