|
Holding company
Principal activity and review of the year
Zurich Financial Services is the holding company of the Group with a listing on the SWX Swiss Exchange. On October 2, 2006, Zurich Financial Services delisted its secondary listing from the London Stock Exchange. Zurich Financial Services was incorporated on April 26, 2000, with a share capital of CHF 100,000. As of December 31, 2006, the shareholders’ equity totaled CHF 16,779,678,184 (December 31, 2005: CHF 16,472,848,630). Its principal activity is the holding of subsidiaries. Revenues consist mainly of dividends and interest. The net income of Zurich Financial Services was CHF 1,187,995,724 for 2006 (CHF 781,121,406 for 2005).
Income statements
| in CHF thousands, for the years ended December 31 |
Notes |
2006 |
2005 |
| Revenues |
|
|
|
| Interest income |
|
222,442 |
213,610 |
| Dividend income |
|
1,000,000 |
600,000 |
| Other financial income |
|
1,138 |
5,247 |
| Total revenues |
|
1,223,580 |
818,857 |
| Expenses |
|
|
|
| Administrative expense |
3 |
(10,892) |
(12,325) |
| Other financial expense |
|
(1,965) |
(6,283) |
| Tax expense |
4 |
(22,727) |
(19,128) |
| Total expenses |
|
(35,584) |
(37,736) |
| Net income |
|
1,187,996 |
781,121 |
Balance sheets
Total Assets
| Assets in CHF thousands, as of December 31 |
Notes |
2006 |
2005 |
| Non-current assets |
|
|
|
| Investments in subsidiaries |
5 |
10,662,917 |
10,662,917 |
| Subordinated loans to subsidiaries |
|
4,000,000 |
4,000,000 |
| Total non-current assets |
|
14,662,917 |
14,662,917 |
| Current assets |
|
|
|
| Cash and cash equivalents |
|
1,771,345 |
1,550,577 |
| Loans to subsidiaries |
|
271,777 |
204,226 |
| Accrued income from third parties |
|
550 |
43 |
| Accrued income from subsidiaries |
|
100,430 |
101,951 |
| Total current assets |
|
2,144,102 |
1,856,797 |
| Total assets |
|
16,807,019 |
16,519,714 |
Liabilities and shareholders' equity
| in CHF thousands, for the years ended December 31 |
Notes |
2006 |
2005 |
| Short-term liabilities |
|
|
|
| Loans from subsidiaries |
|
1,230 |
22,270 |
| Other liabilities to subsidiaries |
|
2,848 |
17,749 |
| Other liabilities to third parties |
|
23,050 |
6,500 |
| Other liabilities to shareholders |
|
213 |
238 |
| Accrued liabilities |
|
– |
109 |
| Total short-term liabilities |
|
27,341 |
46,866 |
| Shareholders' equity (before appropriation of available earnings) |
|
|
|
| Share capital |
7 |
14,475 |
360,017 |
| Legal reserves: |
|
|
|
| General legal reserve |
|
9,345,159 |
9,215,782 |
| Reserve for treasury stock |
8 |
42,799 |
49,623 |
| Free reserve |
|
5,411,032 |
5,404,209 |
| Retained earnings: |
|
|
|
| Beginning of the year |
|
1,443,217 |
662,096 |
| Dividends paid |
|
(665,000)1 |
– |
| Beginning of the year, adjusted for appropriations |
|
778,217 |
662,096 |
| Net income |
|
1,187,996 |
781,121 |
| Retained earnings, end of year |
|
1,966,213 |
1,443,217 |
| Total shareholders' equity (before appropriation of available earnings) |
|
16,779,678 |
16,472,848 |
| Total liabilities and shareholders' equity |
|
16,807,019 |
16,519,714 |
1 Dividends paid in the year, proposed in association with the 2005 result
Top of page
|
