17. Restructuring provision
In 2003 the Property & Casualty Business Group paid out CHF 6 million for restructuring activities, principally in the form of employee redundancy benefits.
The Life & Health Business Group utilised CHF 5 million in respect of lease abandonment relating to the purchase of the reinsurance operations of Lincoln National Corporation in 2001.
The Financial Services Business Group has provided a further CHF 33 million for lease abandonment, severance and other personnel-related costs connected with ongoing restructuring. Expenses of CHF 35 million were incurred and charged against the provision.
The Financial Services Business Group reorganised the Asset Management function in 2003. The business group established a provision of CHF 29 million in respect of severance, other personnel-related costs and other expenses. In 2003 CHF 6 million of this provision was utilised.
|
2003 CHF millions |
Property &
Casualty |
Life &
Health |
Financial
Services |
Total |
|
|
||||
Restructuring provision |
||||
| Balance as of 1 January |
16
|
30
|
52
|
98
|
| Increase in provision |
62
|
62
|
||
| Costs incurred |
-6
|
-5
|
-41
|
-52
|
| Effect of foreign currency translation |
-3
|
-6
|
-9
|
|
|
|
||||
| Balance as of 31 December |
10
|
22
|
67
|
99
|
|
|
||||
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