5. Deferred acquisition costs (DAC) and acquired present value of future profits (PVFP)
| CHF millions |
DAC |
2002
PVFP |
DAC |
2003
PVFP |
|
|
||||
| Balance as of 1 January |
3836
|
7674
|
4142
|
6668
|
| Deferred |
4767
|
5395
|
||
| Reclassification |
-65
|
194
|
-17
|
|
| Effect of acquisitions and disposals |
319
|
383
|
||
| Amortisation |
-3892
|
-354
|
-4617
|
-482
|
| Effect of change in unrealised gains/losses |
121
|
|||
| Effect of foreign currency translation |
-504
|
-1286
|
-149
|
-617
|
|
|
||||
| Balance as of 31 December |
4142
|
6668
|
4754
|
5952
|
|
|
||||
The percentage of the PVFP which is expected to be amortised in each of the next five years is 7%, 7%, 6%, 6% and 5%, respectively.
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