34 Fair value hierarchy of financial instruments

(XLS:)

in CHF thousands

31.12.2012

31.12.2011

+/– %

Level 1

 

 

 

Trading portfolio assets

3'150

3'635

–13.3

Derivative financial instruments

0

0

 

Financial investments at fair value through profit and loss

589'016

552'405

6.6

Total Level 1

592'166

556'040

6.5

 

 

 

 

Level 2

 

 

 

Trading portfolio assets

1'096

744

47.3

Derivative financial instruments

73'009

125'988

–42.1

Financial investments at fair value through profit and loss

387'128

385'549

0.4

Total Level 2

461'233

512'281

–10.0

 

 

 

 

Total assets

1'053'399

1'068'321

–1.4

 

 

 

 

Level 1

 

 

 

Financial liabilities at fair value through profit and loss

0

0

 

Derivative financial instruments

0

0

 

Total Level 1

0

0

 

 

 

 

 

Level 2

 

 

 

Financial liabilities at fair value through profit and loss

0

0

 

Derivative financial instruments

124'026

166'387

–25.5

Total Level 2

124'026

166'387

–25.5

 

 

 

 

Total liabilities

124'026

166'387

–25.5

In the 2012 business year, there were no substantial transfers between Level 1 and Level 2 financial instruments.

Movements of level 3 financial instruments*

(XLS:)

 

Assets

Liabilities

in CHF thousands

Financial investments at fair value through profit and loss

Financial liabilities at fair value through profit and loss

*

There are no risks from level 3 positions.

As at 31 December 2010

1'667'440

1'667'440

Profit/loss

–410'377

–410'377

Purchases

22'489

22'489

Disposals

–10'706

–10'706

Newly issued insurance contracts

12'531

12'531

Expired or terminated insurance contracts

–1'327'853

–1'327'853

Transferred to level 3 (from level 2)

143'446

143'446

Non-current assets held for sale

–96'970

–96'970

As at 31 December 2011

0

0

In the 2012 business year there were no Level 3 financial instruments.

Level 1

The fair value of listed securities and derivatives contained in the trading portfolio and financial investments is determined on the basis of market price quotes on an active market.

Level 2

If no market price quotes are available, the fair value is determined by means of valuation methods or models, which are based on assumptions made on the basis of observable market prices and other market quotes.

Level 3

For the remaining financial instruments neither market price quotes nor valuation methods or models based on market prices are available. Our own valuation methods or models are used to establish the fair value of these instruments.

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