9 Financial Assets
Financial assets at fair value through profit or loss as at 31 December 2023
| In CHF million | ||||||
|---|---|---|---|---|---|---|
| Designated | Mandatory | Total | ||||
| Debt securities | 4 199 | 5 834 | 10 033 | |||
| Loans | 74 | 925 | 999 | |||
| Equity securities | – | 10 210 | 10 210 | |||
| Investment funds – debt | – | 7 116 | 7 116 | |||
| Investment funds – equity | – | 24 811 | 24 811 | |||
| Real estate funds | – | 4 226 | 4 226 | |||
| Alternative investments | – | 8 152 | 8 152 | |||
| Total financial assets measured at fair value through profit or loss | 4 273 | 61 275 | 65 548 | |||
Financial assets at fair value through profit or loss as at 31 December 2022
| In CHF million | ||
|---|---|---|
| Designated as at fair value through profit or loss | ||
| Debt securities | 8 156 | |
| Loans | 664 | |
| Equity securities | 3 103 | |
| Investment funds – debt | 5 003 | |
| Investment funds – equity | 21 817 | |
| Real estate funds | 4 045 | |
| Alternative investments | 6 959 | |
| Total financial assets at fair value through profit or loss | 49 747 | |
Financial assets at fair value through other comprehensive income as at 31 December 2023
| In CHF million | ||||||
|---|---|---|---|---|---|---|
| Cost/amortised cost | Net unrealised gains/losses | Fair value (carrying amount) | ||||
| Debt securities | 60 668 | –2 379 | 58 289 | |||
| Senior secured loans | 3 608 | –45 | 3 563 | |||
| Note loans | 3 137 | –227 | 2 910 | |||
| Corporate and other loans | 752 | –13 | 739 | |||
| Equity securities | 779 | 48 | 827 | |||
| Total financial assets measured at fair value through other comprehensive income | 68 945 | –2 616 | 66 329 | |||
Certain equity securities have been measured at fair value through other comprehensive income with the aim to replicate equity indices. Upon derecognition of these equity securities, the cumulative gain or loss in other comprehensive income is reclassified to retained earnings.
Equity securities at fair value through other comprehensive income grouped by geography, held as at 31 December 2023
| In CHF million | ||||
|---|---|---|---|---|
| Fair value | Dividend income | |||
| Switzerland | 166 | 10 | ||
| Europe | 215 | 13 | ||
| United Kingdom | 151 | 15 | ||
| United States | 208 | 5 | ||
| Japan | 76 | 3 | ||
| Other | 11 | 0 | ||
| Total | 827 | 45 | ||
Equity securities at fair value through other comprehensive income grouped by geography, derecognised in 2023
| In CHF million | ||||||
|---|---|---|---|---|---|---|
| Fair value at the date of derecognition | Dividend income | Cumulative gain/loss at the date of derecognition | ||||
| Switzerland | 1 | 0 | 0 | |||
| Europe | 16 | 1 | 1 | |||
| United Kingdom | 18 | 0 | 1 | |||
| United States | 44 | 0 | 0 | |||
| Japan | 19 | 1 | 2 | |||
| Other | 5 | 0 | 0 | |||
| Total | 103 | 2 | 4 | |||
Financial assets available for sale as at 31 December 2022
| In CHF million | ||||||
|---|---|---|---|---|---|---|
| Cost/ amortised cost | Net unrealised gains/losses | Fair value (carrying amount) | ||||
| Debt securities | 66 993 | –7 280 | 59 713 | |||
| Senior secured loans | 4 489 | –196 | 4 293 | |||
| Note loans | 3 534 | –300 | 3 233 | |||
| Equity securities | 6 075 | 1 411 | 7 486 | |||
| Investment funds – debt | 2 133 | –217 | 1 916 | |||
| Investment funds – equity | 2 421 | 115 | 2 536 | |||
| Real estate funds | 590 | 80 | 670 | |||
| Alternative investments | 62 | 59 | 121 | |||
| Total financial assets available for sale | 86 295 | –6 327 | 79 968 | |||
Financial assets measured at amortised cost as at 31 December 2023
| In CHF million | ||||||
|---|---|---|---|---|---|---|
| Gross amortised cost | Credit loss allowance | Carrying amount | ||||
| Debt securities and loans | ||||||
| Debt securities | 1 | 0 | 1 | |||
| Mortgage loans | 11 588 | –2 | 11 586 | |||
| Corporate loans | 1 393 | –2 | 1 391 | |||
| Reverse repurchase agreements | 1 775 | – | 1 775 | |||
| Other loans | 684 | 0 | 684 | |||
| Total debt securities and loans | 15 441 | –4 | 15 437 | |||
| Receivables | ||||||
| Accrued investment income | 1 038 | – | 1 038 | |||
| Settlement accounts | 426 | – | 426 | |||
| Other receivables | 2 081 | –24 | 2 057 | |||
| Total receivables | 3 545 | –24 | 3 521 | |||
| Total financial assets measured at amortised cost | 18 985 | –28 | 18 958 | |||
Loans and receivables as at 31 December 2022
| In CHF million | ||||||
|---|---|---|---|---|---|---|
| Gross carrying amount | Allowance for impairment losses | Carrying amount | ||||
| Loans | ||||||
| Debt securities | 733 | – | 733 | |||
| Mortgage loans | 12 057 | –23 | 12 034 | |||
| Corporate loans | 2 329 | – | 2 329 | |||
| Reverse repurchase agreements | 227 | – | 227 | |||
| Other loans | 1 550 | 0 | 1 550 | |||
| Total loans | 16 897 | –23 | 16 874 | |||
| Receivables | ||||||
| Accrued investment income | 964 | – | 964 | |||
| Settlement accounts | 78 | – | 78 | |||
| Other receivables | 1 841 | –16 | 1 825 | |||
| Total receivables | 2 883 | –16 | 2 867 | |||
| Total loans and receivables | 19 779 | –38 | 19 741 | |||
Financial assets pledged as collateral
| In CHF million | ||||
|---|---|---|---|---|
| Carrying amount | ||||
| 31.12.2023 | 31.12.2022 | |||
| Debt securities reclassified from | ||||
| financial assets measured at fair value through other comprehensive income 1 | 6 293 | 3 234 | ||
| Total debt securities pledged as collateral | 6 293 | 3 234 | ||
| Equity securities reclassified from | ||||
| financial assets measured at fair value through profit or loss | 127 | – | ||
| financial assets measured at fair value through other comprehensive income 1 | 4 | – | ||
| Total equity securities pledged as collateral | 131 | – | ||
| Total financial assets pledged as collateral | 6 424 | 3 234 | ||
|
1 2022: financial assets available for sale
|
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Certain investments such as financial assets and investment property represent an underlying item in direct participating insurance contracts and investment contracts with discretionary participation. The composition and fair values were as follows.
| In CHF million | ||||
|---|---|---|---|---|
| 31.12.2023 | 31.12.2022 | |||
| Cash and cash equivalents | 2 687 | 2 781 | ||
| Derivative assets | 2 539 | 4 840 | ||
| Debt securities | 57 373 | 62 121 | ||
| Mortgages | 10 446 | 10 113 | ||
| Note loans | 3 275 | 3 833 | ||
| Corporate and other loans | 3 075 | 3 802 | ||
| Equity securities | 7 362 | 6 351 | ||
| Investment funds including real estate funds | 51 907 | 42 165 | ||
| Alternative investments | 2 830 | 3 063 | ||
| Investment property | 24 529 | 26 455 | ||
| Own-use property | 729 | 739 | ||
| Derivative liabilities | –1 100 | –3 019 | ||
| Other | 46 | 25 | ||
| Total | 165 697 | 163 269 | ||