v3.24.0.1
Employee benefit obligations (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of defined benefit plans [abstract]  
Defined Benefit Plans
The result of the Swiss defined benefit plans is summarized in the tables below:
Employee benefit obligations

(CHF in millions)December 31, 2023December 31, 2022
Present value of defined benefit obligation(35.3)(23.7)
Fair value of plan assets33.1 17.4 
Employee benefit obligations(2.2)(6.3)
(CHF in millions)20232022
Present value of defined benefit obligation at January 123.7 22.8 
Current service cost3.8 3.4 
Contributions by the employees3.1 2.2 
Interest expenses0.5 0.1 
Past service cost— (0.3)
Benefits paid0.8 0.9 
Actuarial losses/(gains) from
changes in financial assumptions3.6 (6.8)
changes in experience adjustments(0.2)1.3 
Present value of defined benefit obligation at December 3135.3 23.7 
12/31/202312/31/2022
Discount rate1.4 %2.2 %
Expected rate of salary increase1.5 %1.5 %
Expected rate of pension increase0.0 %0.0 %
Demographic assumptionsBVG 2020 generation tableBVG 2020 generation table
Net Defined Benefit Obligation Employee benefit obligations reconciles as follows:
(CHF in millions)20232022
Employee benefit obligations at January 1(6.3)(5.9)
Amounts recognized in income statement(3.8)(3.1)
Amounts recognized in other comprehensive income(3.4)4.4 
Contributions by the employer11.3 (1.8)
Employee benefit obligations at December 31(2.2)(6.3)
Defined Benefit Plan Expense Recognized in Profit or Loss
Amounts recognized in income statement

(CHF in millions)202320222021
Current service cost(3.8)(3.4)(2.6)
Past service cost— 0.3 — 
Employee benefit expenses(3.8)(3.1)(2.6)
Defined Benefit Plan Expense Recognized in Other Comprehensive Income
Remeasurements recognized in equity (other comprehensive income)

(CHF in millions)202320222021
Actuarial losses/(gains) from
changes in demographic assumptions— — (1.8)
changes in financial assumptions3.6 (6.8)(0.6)
changes in experience adjustments(0.2)1.3 2.3 
Return on plan assets excl. interest income— 1.1 (0.8)
Net actuarial result from defined benefit plans3.4 (4.4)(0.9)
Fair Value of Plan Assets
Plan assets

(CHF in millions)20232022
Fair value of plan assets at January 117.4 17.0 
Contributions by the employer11.3 (1.8)
Contributions by the employees3.1 2.2 
Interest income0.5 0.1 
Benefits paid0.8 0.9 
Return on plan assets excl. interest income— (1.1)
Fair value of plan assets at December 3133.1 17.4 
The plan assets consist of (all with quoted market prices):

12/31/202312/31/2022
Cash and equivalent0.6 %0.9 %
Debt instruments28.4 %28.0 %
Equity instruments31.5 %30.8 %
Real estate23.0 %22.8 %
Alternative assets16.5 %17.5 %
Total100.0 %100.0 %
Sensitivity Analysis for Actuarial Assumptions
(CHF in millions)12/31/202312/31/2022
Discount rate
-0.5%
2.8 1.6 
+0.5%
(2.3)(1.4)
Expected rate of salary increase
-0.5%
(0.6)(0.4)
+0.5%
0.7 0.4 
Life expectancy
-1 year
(0.3)(0.2)
+1 year
0.3 0.2