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31 Offsetting Financial Assets and Liabilities

The Swiss Life Group enters into separate collateral management and netting agreements with counterparties to manage the credit risks associated with repurchase and reverse repurchase transactions, securities lending and over-the-counter and exchange-traded derivatives transactions. These agreements and similar arrangements generally enable the counterparties to set off liabilities in connection with the respective agreement against assets received in the event that the counterparty to the transaction is unable to fulfill its contractual obligations. The right to setoff is a legal right to settle or otherwise eliminate all or a portion of an amount due by applying an amount receivable from the same counterparty against it to reduce credit exposure.

The following financial assets and liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements.

Offsetting financial assets

in CHF million
    Derivatives   Repurchase agreements   Other financial instruments   Total
    31.12.2021   31.12.2020   31.12.2021   31.12.2020   31.12.2021   31.12.2020   31.12.2021   31.12.2020
Gross amounts of recognised financial assets before offsetting   2 768   3 008       4   4   2 772   3 011
Gross amounts of recognised financial liabilities set off           0   0   0   0
Net amounts presented in the balance sheet   2 768   3 008       4   3   2 772   3 011
Related amounts not set off in the balance sheet:                                
Financial liabilities   –646   –729           –646   –729
Cash collateral received   –2 072   –2 245           –2 072   –2 245
Net amounts   49   34       4   3   53   37

Offsetting financial liabilities

In CHF million
    Derivatives   Repurchase agreements   Other financial instruments   Total
    31.12.2021   31.12.2020   31.12.2021   31.12.2020   31.12.2021   31.12.2020   31.12.2021   31.12.2020
Gross amounts of recognised financial liabilities before offsetting   1 746   1 387   4 067   4 114   0   0   5 814   5 501
Gross amounts of recognised financial assets set off           0   0   0   0
Net amounts presented in the balance sheet   1 746   1 387   4 067   4 114       5 814   5 501
Related amounts not set off in the balance sheet:                                
Financial assets   –646   –729   –4 037   –4 064       –4 683   –4 794
Cash collateral pledged   –1 082   –650           –1 082   –650
Net amounts   18   8   30   50       49   57