19 Investment and Unit-Linked Contracts
| In CHF million | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross | Ceded | Net | ||||||||||||
| Notes | 31.12.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | ||||||||
| Unit-linked contracts | 30 | 23 900 | 27 592 | – | – | 23 900 | 27 592 | |||||||
| Investment contracts with discretionary participation | 14 885 | 16 627 | 118 | 119 | 14 767 | 16 508 | ||||||||
| Investment contracts without discretionary participation at FVPL | 30 | 687 | 613 | – | – | 687 | 613 | |||||||
| Investment contracts without discretionary participation at amortised cost | 30 | 20 | 5 | – | – | 20 | 5 | |||||||
| Total investment and unit-linked contracts | 39 492 | 44 837 | 118 | 119 | 39 374 | 44 718 | ||||||||
| of which for the account and risk of the Swiss Life Group's customers | ||||||||||||||
| unit-linked contracts | 5 | 23 900 | 27 592 | – | – | 23 900 | 27 592 | |||||||
| investment contracts | 5 | 5 206 | 6 213 | – | – | 5 206 | 6 213 | |||||||
Unit-linked contracts
| In CHF million | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Balance as at 1 January | 27 592 | 25 693 | ||
| Deposits received | 1 807 | 1 696 | ||
| Fair value changes | –2 650 | 2 636 | ||
| Policy fees and other charges | –146 | –131 | ||
| Deposits released | –1 968 | –1 622 | ||
| Other movements | –9 | 19 | ||
| Reclassifications | 13 | 2 | ||
| Foreign currency translation differences | –739 | –702 | ||
| Balance as at end of period | 23 900 | 27 592 | ||
Investment contracts with discretionary participation – gross
| In CHF million | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Balance as at 1 January | 16 627 | 15 717 | ||
| Premiums and deposits received | 4 035 | 4 363 | ||
| Interest and bonuses credited | 332 | 224 | ||
| Policy fees and other charges | –223 | –240 | ||
| Liabilities released for payments on death, surrender and other terminations | –2 529 | –2 361 | ||
| Effect of changes in actuarial assumptions and other movements | –1 357 | 1 165 | ||
| Reclassifications | –1 382 | –1 680 | ||
| Foreign currency translation differences | –617 | –560 | ||
| Balance as at end of period | 14 885 | 16 627 | ||
Investment contracts without discretionary participation – gross
| In CHF million | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Balance as at 1 January | 618 | 614 | ||
| Deposits received | 189 | 143 | ||
| Fair value changes | –8 | –16 | ||
| Interest and bonuses credited | 0 | 0 | ||
| Policy fees and other charges | –7 | –5 | ||
| Deposits released | –47 | –95 | ||
| Reclassifications | –17 | –4 | ||
| Foreign currency translation differences | –23 | –19 | ||
| Balance as at end of period | 707 | 618 | ||
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.