27 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 fulfil 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 | Reverse repurchase agreements | Other financial instruments | Total | |||||||||||||
| 31.12.2023 | 31.12.2022 | 31.12.2023 | 31.12.2022 | 31.12.2023 | 31.12.2022 | 31.12.2023 | 31.12.2022 | |||||||||
| Gross amounts of recognised financial assets before offsetting | 2 749 | 5 126 | 1 775 | 227 | 100 | – | 4 624 | 5 353 | ||||||||
| Gross amounts of recognised financial liabilities set off | – | 0 | – | – | – | – | – | 0 | ||||||||
| Net amounts presented in the balance sheet | 2 749 | 5 126 | 1 775 | 227 | 100 | – | 4 624 | 5 353 | ||||||||
| Related amounts not set off in the balance sheet: | ||||||||||||||||
| Financial liabilities | –277 | –421 | – | – | – | – | –277 | –421 | ||||||||
| Collateral received | –2 170 | –4 509 | –1 775 | –227 | – | – | –3 945 | –4 736 | ||||||||
| Net amounts | 302 | 196 | 0 | – | 100 | – | 403 | 196 | ||||||||
Offsetting financial liabilities
| In CHF million | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Derivatives | Repurchase agreements | Other financial instruments | Total | |||||||||||||
| 31.12.2023 | 31.12.2022 | 31.12.2023 | 31.12.2022 | 31.12.2023 | 31.12.2022 | 31.12.2023 | 31.12.2022 | |||||||||
| Gross amounts of recognised financial liabilities before offsetting | 1 265 | 3 218 | 3 144 | 2 887 | 12 | – | 4 421 | 6 105 | ||||||||
| Gross amounts of recognised financial assets set off | – | – | – | – | – | – | – | – | ||||||||
| Net amounts presented in the balance sheet | 1 265 | 3 218 | 3 144 | 2 887 | 12 | – | 4 421 | 6 105 | ||||||||
| Related amounts not set off in the balance sheet: | ||||||||||||||||
| Financial assets | –277 | –421 | – | – | – | – | –277 | –421 | ||||||||
| Collateral pledged | –628 | –2 685 | –3 113 | –2 847 | – | – | –3 741 | –5 532 | ||||||||
| Net amounts | 359 | 112 | 31 | 40 | 12 | – | 403 | 152 | ||||||||