E
:
prev: Balance Sheet
9
next: Appropriation of Profit
E
:
prev: Balance Sheet
9
next: Appropriation of Profit

Notes to the Financial Statements

Related Links

Accounting Rules

The 2016 Financial Statements were prepared in accordance with the provisions of Swiss accounting law (Title 32 of the Swiss Code of Obligations). Swiss Life Holding’s Financial Statements are presented in millions of Swiss francs (CHF), which is the presentation currency. Figures may not add up exactly due to rounding.

Explanations on the balance sheet and statement of income
Participations

 CurrencyAuthorised share capital in 1000Direct shareCurrencyAuthorised share capital in 1000Direct share
31.12.201631.12.2015
Swiss Life Ltd, ZürichCHF587 350100.00%CHF587 350100.00%
Swiss Life Deutschland Holding GmbH, HannoverEUR25100.00%EUR25100.00%
Swiss Life Intellectual Property Management AG, ZürichCHF250100.00%CHF250100.00%
Swiss Life International Holding AG, ZürichCHF1 000100.00%CHF1 000100.00%
Swiss Life Investment Management Holding AG, ZürichCHF50 000100.00%CHF50 000100.00%
Swiss Life Schweiz Holding AG, ZürichCHF250100.00%CHF250100.00%

A value adjustment of CHF –220 million in total was made to Swiss Life Deutschland Holding, Swiss Life International Holding AG and Swiss Life Schweiz Holding AG following the annual assessment of participations.

Loans to Group companies

CHF 604 million of the loans to Group companies is classified as subordinated.

Major shareholders

The following shareholders hold over 5% of Swiss Life Holding’s share capital.

As % of total share capital31.12.201631.12.2015
Deutsche Bank AGn/a5.35%
BlackRock Inc.5.08%5.58%
Share capital

As at 31 December 2016, the share capital of Swiss Life Holding consisted of 32 081 201 fully-paid shares with a par value of CHF 5.10 each. In exercising voting rights, no shareholder can collect more than 10% of the total share capital directly or indirectly in respect of his own shares and those he represents. As at 31 December 2015, Swiss Life Holding had 32 081 054 registered shares outstanding with a par value of CHF 5.10 per share. Conditional share capital was CHF 30 599 250.30 as at 31 December 2016 (2015: CHF 30 600 000.00).

Statutory capital reserve

The statutory capital reserve consists of the reserve from capital contribution reserves of CHF 591 million. Following the distribution of CHF 8.50 per share, the capital contribution reserve was reduced by CHF 271 million during the year under review from CHF 862 million to CHF 591 million as at 31 December 2016. Of this amount CHF 420 million is recognised by the Federal Tax Administration, while the legal qualification of CHF 171 million is still open and is to be reassessed according to future legal developments.

Statutory retained earnings

Statutory retained earnings comprise the general reserves.

Free reserves

This post comprises accumulated retained earnings which have not been distributed to the shareholders.

Issue of a convertible bond in 2013

On 2 December 2013, Swiss Life Holding launched a bond issue in the amount of CHF 500 million with a coupon of 0%, maturing in 2020. The bonds may be converted into registered Swiss Life Holding shares. The conversion price is set at CHF 236.80.

In 2016 convertible bonds in the amount of CHF 35 000 were converted into 147 shares of Swiss Life Holding, which brought about a corresponding increase in share capital and statutory retained earnings.

Issue of two senior bonds in 2013

Two senior bonds for a total amount of CHF 425 million were issued on 21 June 2013, split into a tranche of CHF 225 million with a tenor of six years until 2019 (coupon of 1.125%) and a tranche of CHF 200 million with a tenor of ten years until 2023 (coupon of 1.875%).

Treasury shares

In the year under review the companies in the Swiss Life Group purchased a total of 11 472 Swiss Life Holding shares at an average price of CHF 253.60. In the same period, they sold seven shares at an average price of CHF 233.10. As at 31 December 2016, the Swiss Life Group held 189 870 treasury shares.

Contingent liabilities

Swiss Life Holding acts as warrantor for all Swiss Life Ltd liabilities with regard to the various tranches of the subordinated perpetual step-up loans (hybrid debt), which amounted to an equivalent value of CHF 4447 million at the balance sheet date.

Swiss Life Holding further provides capital guarantees for a maximum net asset value of CHF 1100 million to Swiss Life Ltd, CHF 150 million to Swiss Life Funds, CHF 139 million to Swiss Life Products, CHF 6 million to Swiss Life Liechtenstein and CHF 23 million to Corpus Sireo.

In addition, Swiss Life Holding grants a line of credit in the amount of CHF 26 million to Swiss Life Products, a line of credit in the amount of CHF 6 million to Swiss Life Schweiz Holding and a line of credit in the amount of CHF 304 million to Corpus Sireo units.

Financial assets pledged as collateral

In the year under review, Swiss Life Holding pledged no liquid assets as margin cover for currency forward transactions.

Statement of changes in equity for the years ended 31 December

In CHF million20162015
   
SHARE CAPITAL
Balance as at 1 January164164
Change0
TOTAL SHARE CAPITAL164164
   
STATUTORY CAPITAL RESERVE
Balance as at 1 January8621 070
Distribution of profit from the capital contribution reserve–271–207
TOTAL STATUTORY CAPITAL RESERVE591862
   
STATUTORY RETAINED EARNINGS
General reserves
Balance as at 1 January3232
Change0
Total general reserves3332
TOTAL STATUTORY RETAINED EARNINGS3332
   
VOLUNTARY RETAINED EARNINGS
Free reserves
Balance as at 1 January3 4733 214
Allocation to free reserves349259
Release of reserve for treasury shares
Total free reserves3 8223 473
Profit shown in the balance sheet
Balance as at 1 January349259
Allocation to free reserves–349–259
Annual profit359349
Total profit shown in the balance sheet359349
TOTAL VOLUNTARY RETAINED EARNINGS4 1813 822
   
OWN CAPITAL SHARES
Balance as at 1 January–49–31
Change in own capital shares12–18
TOTAL OWN CAPITAL SHARES–37–49
 
TOTAL EQUITY4 9314 832
Number of full-time positions

As in the previous year, the number of full-time positions is not above 50 employees on average over the year.

Events after the Reporting Period

There were no events during the reporting period.

Disclosure of compensation to the Board of Directors and the Corporate Executive Board in accordance with Art. 663bbis of the Swiss Code of Obligations (CO) and Art. 14–16 of the Federal Ordinance against Excessive Compensation in Listed Stock Companies, and disclosure of the shareholdings of members of the Board of Directors and the Corporate Executive Board in accordance with Art. 663c of the CO

Compensation in 2016

The Board of Directors is responsible for drawing up a written compensation report each year to include the information required by Articles 14–16 of the Federal Ordinance against Excessive Compensation in Listed Stock Companies (Compensation Ordinance). This compensation report supersedes the details in the notes to the balance sheet according to Art. 663bbis CO. Swiss Life’s compensation report for the 2016 financial year can be accessed here.

The following tables contain information on the share ownership and participation rights of members of the Board of Directors and the Corporate Executive Board in accordance with Art. 663c CO.

Share ownership/participation rights as at 31 December 2016

As at 31 December 2016, acting members of the Board of Directors and the Corporate Executive Board (including closely linked parties) held the following number of registered Swiss Life Holding shares and future subscription rights to Swiss Life Holding shares in the form of Restricted Share Units (RSUs).

Board of Directors

SLH shares
31.12.2016
Rolf Dörig, Chairman of the Board of Directors33 290
Gerold Bührer7 151
Frank Schnewlin4 804
Wolf Becke983
Adrienne Corboud Fumagalli463
Ueli Dietiker697
Damir Filipovic1 446
Frank W. Keuper683
Henry Peter9 483
Franziska Tschudi Sauber2 900
Klaus Tschütscher683
TOTAL BOARD OF DIRECTORS62 583

Corporate Executive Board

 SLH shares
31.12.2016
Patrick Frost, Group CEO11 625
Thomas Buess17 704
Nils Frowein600
Ivo Furrer1 000
Markus Leibundgut3 070
Stefan Mächler1 500
Charles Relecom3 430
TOTAL CORPORATE EXECUTIVE BOARD38 929

 Restricted
Share Units (RSU)
31.12.20161
Patrick Frost, Group CEO9 446
Thomas Buess6 455
Nils Frowein5 258
Ivo Furrer6 455
Markus Leibundgut5 035
Stefan Mächler3 307
Charles Relecom5 017
TOTAL CORPORATE EXECUTIVE BOARD40 973

Share ownership/participation rights as at 31 December 2015

As at 31 December 2015, acting members of the Board of Directors and the Corporate Executive Board (including closely linked parties) held the following number of registered Swiss Life Holding shares and future subscription rights to Swiss Life Holding shares in the form of Restricted Share Units (RSUs).

Board of Directors

 SLH shares
31.12.2015
Rolf Dörig, Chairman of the Board of Directors38 850
Gerold Bührer6 740
Frank Schnewlin4 393
WolfBecke822
Adrienne Corboud Fumagalli302
Ueli Dietiker522
Damir Filipovic1 285
Frank W. Keuper522
Henry Peter8 258
Franziska Tschudi Sauber2 739
Klaus Tschütscher522
TOTAL BOARD OF DIRECTORS64 955

Corporate Executive Board

 SLH shares
31.12.2015
Patrick Frost, Group CEO14 130
Thomas Buess14 854
Nils Frowein300
Ivo Furrer2 000
Markus Leibundgut1 420
Stefan Mächler500
Charles Relecom3 130
TOTAL CORPORATE EXECUTIVE BOARD36 334

 Restricted
Share Units (RSU)
31.12.20151
Patrick Frost, Group CEO9 218
Thomas Buess7 148
Nils Frowein5 942
Ivo Furrer7 148
Markus Leibundgut4 946
Stefan Mächler1 591
Charles Relecom5 694
TOTAL KONZERNLEITUNG41 687

My Report

Your page has been added successfully.