24 Acquisitions and Disposals of Subsidiaries
Assets and liabilities from acquisitions
| In CHF million | ||||||
|---|---|---|---|---|---|---|
| Notes | 2023 | 2022 | ||||
| Consideration | ||||||
| Cash consideration | 58 | 133 | ||||
| Contingent consideration arrangement(s) | 5 | 1 | ||||
| Total consideration | 63 | 134 | ||||
| Acquisition-related costs | ||||||
| Other expenses | 0 | 0 | ||||
| Total | 0 | 0 | ||||
| Identifiable assets acquired and liabilities assumed | ||||||
| Cash and cash equivalents | 5 | 139 | ||||
| Loans and receivables | – | 89 | ||||
| Financial assets at amortised cost | 3 | – | ||||
| Investments in associates | 3 | 3 | ||||
| Reinsurance contract assets | 16 | – | 1 602 | |||
| Property and equipment | 12 | 0 | 4 | |||
| Intangible assets | 13 | 9 | 17 | |||
| Income taxes and other assets | – | 10 | ||||
| Other financial liabilities | –6 | –54 | ||||
| Insurance contract liabilities incl. investment contracts with discretionary participation | – | –1 688 | ||||
| Employee benefit liabilities | 0 | –17 | ||||
| Deferred income tax liabilities | –3 | – | ||||
| Provisions | 21 | – | –7 | |||
| Other liabilities | –1 | –15 | ||||
| Total identifiable net assets | 10 | 83 | ||||
| Goodwill | 53 | 51 | ||||
| Total | 63 | 134 | ||||
| Acquired financial assets at amortised cost | ||||||
| Fair value | 3 | 89 | ||||
| Gross contractual amounts receivable | 3 | 89 | ||||
| Estimated uncollectible cash flows | 0 | 0 | ||||
In September 2023, the Swiss Life Group acquired two financial advisory businesses in the United Kingdom.
In January 2023, the Swiss Life Group acquired 100% of the shares of fb research GmbH, based in Hanover, Germany, and a financial advisory business in Slovakia.
On 10 December 2021 Swiss Life and Swiss Re announced a long-term partnership for European employee benefits solutions. The partnership aims to provide biometric risk solutions to corporates. In this context, on 1 July 2022, Swiss Life acquired 100% of the shares of elipsLife from Swiss Re and simultaneously entered into a long-term reinsurance arrangement with Swiss Re. elipsLife, headquartered in Liechtenstein and other locations in various European countries, is an insurance company for institutional clients such as pension funds and corporates. The company focuses on insurance products that cover the financial consequences of death and disability. With that, Swiss Life International further strengthens its presence in core employee benefits markets and scales its operational platform
Assets and liabilities from disposals
| In CHF million | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Consideration | ||||
| Consideration received in cash | 43 | 57 | ||
| Total consideration | 43 | 57 | ||
| Assets and liabilities disposed | ||||
| Cash and cash equivalents | 6 | 4 | ||
| Financial assets measured at fair value through other comprehensive income | – | 0 | ||
| Financial assets measured at amortised cost | 1 | 6 | ||
| Property and equipment | – | 5 | ||
| Intangible assets | – | 6 | ||
| Inventory property and other assets | 198 | 56 | ||
| Mortgage loans, deposits and other financial liabilities | –200 | –20 | ||
| Employee benefit liabilities | – | –52 | ||
| Current income tax liabilities | 0 | – | ||
| Provisions | – | 0 | ||
| Other liabilities | –10 | –2 | ||
| Net assets disposed of | –5 | 3 | ||
| Gain/loss on disposals | ||||
| Consideration received | 43 | 57 | ||
| Net assets disposed of | 5 | –3 | ||
| Fair value of retained equity interest(s) | 6 | – | ||
| Amounts recognised in other comprehensive income | 0 | –1 | ||
| Non-controlling interests | 0 | – | ||
| Gain (+)/loss (–) on disposals | 53 | 53 | ||
In December 2023, Swiss Life sold its share in four real estate project development units in Germany.
In October 2022, Swiss Life sold the facility management service provider Livit FM Services AG to ISS Facility Services. In November 2022, Swiss Life sold Cegema to the Kereis Group.