9 Financial Assets
Financial assets at fair value through profit or loss
| In CHF million | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Designated | Mandatory | Total | ||||||||||
| 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |||||||
| Debt securities | 138 | 4 199 | 10 657 | 5 834 | 10 796 | 10 033 | ||||||
| Loans | – | 74 | 840 | 925 | 840 | 999 | ||||||
| Equity securities | – | – | 12 295 | 10 210 | 12 295 | 10 210 | ||||||
| Investment funds – debt | – | – | 9 271 | 7 116 | 9 271 | 7 116 | ||||||
| Investment funds – equity | – | – | 28 407 | 24 811 | 28 407 | 24 811 | ||||||
| Real estate funds | – | – | 3 861 | 4 226 | 3 861 | 4 226 | ||||||
| Alternative investments | – | – | 9 391 | 8 152 | 9 391 | 8 152 | ||||||
| Total financial assets measured at fair value through profit or loss | 138 | 4 273 | 74 722 | 61 275 | 74 861 | 65 548 | ||||||
Financial assets at fair value through other comprehensive income
| In CHF million | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost/amortised cost | Net unrealised gains/losses | Fair value (carrying amount) | ||||||||||
| 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |||||||
| Debt securities | 56 258 | 60 668 | –1 960 | –2 379 | 54 298 | 58 289 | ||||||
| Senior secured loans | 4 458 | 3 608 | –11 | –45 | 4 447 | 3 563 | ||||||
| Note loans | 3 095 | 3 137 | –290 | –227 | 2 805 | 2 910 | ||||||
| Corporate and other loans | 890 | 752 | –9 | –13 | 881 | 739 | ||||||
| Equity securities | 75 | 779 | 24 | 48 | 99 | 827 | ||||||
| Total financial assets measured at fair value through other comprehensive income | 64 776 | 68 945 | –2 246 | –2 616 | 62 530 | 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
| In CHF million | ||||||||
|---|---|---|---|---|---|---|---|---|
| Fair value | Dividend income | |||||||
| 31.12.2024 | 31.12.2023 | 2024 | 2023 | |||||
| Switzerland | 2 | 166 | 0 | 10 | ||||
| Europe | 8 | 215 | 0 | 13 | ||||
| United Kingdom | 3 | 151 | 0 | 15 | ||||
| United States | 73 | 208 | 0 | 5 | ||||
| Japan | 5 | 76 | 0 | 3 | ||||
| Other | 7 | 11 | 0 | 0 | ||||
| Total | 99 | 827 | 1 | 45 | ||||
Equity securities at fair value through other comprehensive income grouped by geography, derecognised
| In CHF million | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair value at the date of derecognition | Dividend income | Cumulative gain/loss at the date of derecognition | ||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||
| Switzerland | 171 | 1 | 5 | 0 | 17 | 0 | ||||||
| Europe | 225 | 16 | 8 | 1 | 29 | 1 | ||||||
| United Kingdom | 162 | 18 | 8 | 0 | 9 | 1 | ||||||
| United States | 226 | 44 | 2 | 0 | 55 | 0 | ||||||
| Japan | 89 | 19 | 2 | 1 | 14 | 2 | ||||||
| Other | 7 | 5 | – | 0 | 1 | 0 | ||||||
| Total | 880 | 103 | 25 | 2 | 127 | 4 | ||||||
Financial assets measured at amortised cost
| In CHF million | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross amortised cost | Credit loss allowance | Carrying amount | ||||||||||||
| Notes | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | ||||||||
| Debt securities and loans | ||||||||||||||
| Debt securities | 26 | 0 | 1 | 0 | 0 | 0 | 1 | |||||||
| Mortgage loans | 26 | 11 484 | 11 588 | –5 | –2 | 11 479 | 11 586 | |||||||
| Corporate loans | 2 202 | 1 393 | –2 | –2 | 2 200 | 1 391 | ||||||||
| Reverse repurchase agreements | – | 1 775 | – | – | – | 1 775 | ||||||||
| Other loans | 743 | 684 | 0 | 0 | 743 | 684 | ||||||||
| Total debt securities and loans | 14 429 | 15 441 | –7 | –4 | 14 422 | 15 437 | ||||||||
| Receivables | ||||||||||||||
| Accrued investment income | 940 | 1 038 | – | – | 940 | 1 038 | ||||||||
| Settlement accounts | 86 | 426 | – | – | 86 | 426 | ||||||||
| Other receivables | 1 605 | 2 081 | –24 | –24 | 1 582 | 2 057 | ||||||||
| Total receivables | 26 | 2 631 | 3 545 | –24 | –24 | 2 608 | 3 521 | |||||||
| Total financial assets measured at amortised cost | 17 060 | 18 985 | –31 | –28 | 17 030 | 18 958 | ||||||||
Financial assets pledged as collateral
| In CHF million | ||||
|---|---|---|---|---|
| Carrying amount | ||||
| 31.12.2024 | 31.12.2023 | |||
| Debt securities reclassified from | ||||
| financial assets measured at fair value through other comprehensive income | 9 385 | 6 293 | ||
| Total debt securities pledged as collateral | 9 385 | 6 293 | ||
| Equity securities reclassified from | ||||
| financial assets measured at fair value through profit or loss | 252 | 127 | ||
| financial assets measured at fair value through other comprehensive income | – | 4 | ||
| Total equity securities pledged as collateral | 252 | 131 | ||
| Total financial assets pledged as collateral | 9 637 | 6 424 | ||
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 | ||||
|---|---|---|---|---|
| 31.12.2024 | 31.12.2023 | |||
| Cash and cash equivalents | 1 644 | 2 687 | ||
| Derivative assets | 1 340 | 2 539 | ||
| Debt securities | 61 436 | 57 373 | ||
| Mortgage loans | 10 647 | 10 446 | ||
| Note loans | 2 996 | 3 275 | ||
| Corporate and other loans | 2 005 | 3 075 | ||
| Equity securities | 9 959 | 7 362 | ||
| Investment funds including real estate funds | 46 233 | 51 907 | ||
| Alternative investments | 3 367 | 2 830 | ||
| Investment property | 23 967 | 24 529 | ||
| Own-use property | 786 | 729 | ||
| Derivative liabilities | –2 053 | –1 100 | ||
| Other | 68 | 46 | ||
| Total | 162 396 | 165 697 | ||