Swiss Life Holding Ag · SIX:SLHN
Swiss Life — FY2005 Earnings Presentation
84 slides from Swiss Life's earnings presentation, Mar 28, 2006
Slide 1: Results 2005 Investors' Presentation
Results 2005 Investors’ Presentation Zurich, 28 March 2006
Slide 2: Agenda
Agenda 1. Overview Rolf Dörig 2. Financial results Thomas Müller 3. Swiss business Paul Müller 4. Outlook Rolf Dörig 1
Slide 3: Advancing towards our goals
Advancing towards our goals Profit CHF 874 million +44% Shareholders’ equity CHF 7.7 billion +22% Return on equity from 10.7% to 12.3% Earnings per share CHF 24.82 +36% Proposed dividend CHF 5 +25% (par value reduction) 2
Slide 4: Advancing towards our goals
Advancing towards our goals Organic growth CHF 20.2 billion +8% Operating expenses reduced to CHF 2 billion -2% Basic insurance result from CHF 21 million to CHF 148m CHF Non-traditional CHF 6.5 billion +42% products (34% of life premium) Embedded value CHF 8.9 billion +12% Value of new business CHF
Slide 5: Strong business performance
Strong business performance z International: Continued dynamic growth - 19% organic premium growth; outperforms market average - Product and distribution mix optimised z Switzerland: Basis for sustainable profitability established - Successful integration of La Suisse life insurance business and Vau
Slide 6: Agenda
Agenda 1. Overview Rolf Dörig 2. Financial results Thomas Müller 3. Swiss business Paul Müller 4. Outlook Rolf Dörig 5
Slide 7: Organic premium growth of 8.4%
Organic premium growth of 8.4% CHF million (IFRS basis) 2005 2004 Change GWP & PHD 20 211 20 180 0.2% Transfer of BVG contingency -554 fund («La Suisse») Sale of UK operations -548 “De Goudse” deal Netherlands -463 Currency effects 33 GWP & PHD (adjusted) 20 211 18 648 8.4% 6
Slide 8: Strong growth in Europe
Strong growth in Europe GWP & PHD; CHF million (IFRS basis) 20 211 Switzerland -5% Total organic +8.4% 18 648 International +19% 7 807 1) Switzerland -11% 8 764 Belgium/ 7 397 Luxembourg Other France 6 224 +19% 6% 1% Netherlands 2 061 8% Switzerland Germany 1 907 +8% 38% Germany 1 592 10% 2) Netherl
Slide 9: Continued stringent cost management
Continued stringent cost management CHF million (IFRS basis) 2005 2004 Change Total operating expenses 3 390 3 341 1.5% Commissions and DAC amortisation -1 141 -905 Goodwill & PVP amortisation -128 -248 Change in reserves for employee benefits 41 Restructuring costs -116 -39 Currency effects -4 Adju
Slide 10: Profit surges 44% to CHF 874 million
Profit surges 44% to CHF 874 million CHF million (IFRS basis) 2005 2004 Gross written premiums, fees and deposits received 20 211 20 180 Financial result for own risk 6 966 6 844 Net insurance benefits and claims -14 040 -15 375 Policyholder participation -2 227 -1 553 Operating expenses -3 390 -3 3
Slide 11: Increase in policyholder participation driven by higher realised capital gains
Increase in policyholder participation driven by higher realised capital gains Illustrative Action Impact Interest rate outlook revised Realised gains z Duration on bond around the portfolio shortened lowest interest z Increased cash Technical rate point position retained for reserves reinvestment a
Slide 12: Profit surges 44% to CHF 874 million
Profit surges 44% to CHF 874 million CHF million (IFRS basis) 2005 2004 Gross written premiums, fees and deposits received 20 211 20 180 Financial result for own risk 6 966 6 844 Net insurance benefits and claims -14 040 -15 375 Policyholder participation -2 227 -1 553 Operating expenses -3 390 -3 3
Slide 13: Segment results
Segment results CHF million (IFRS basis) 2005 2004 Insurance 918 1 041 Banking 117 73 Investment Management 61 59 Other -46 3 Eliminations -27 -28 Profit from operations 1 023 1 148 12
Slide 14: Balance sheet further strengthened
Balance sheet further strengthened CHF million (IFRS basis) 31.12.2005 31.12.2004 Insurance reserves 140 883 131 415 Insurance liabilities 106 909 103 068 Investment contracts with DPF 23 652 19 988 Investment contracts and PH deposits 2 608 2 679 Discretionary participation liabilities 7 714 5 680
Slide 15: Shareholders' equity up 22%
Shareholders’ equity up 22% CHF million (IFRS basis) 860 7 655 1 374 250 +22% 295 95 -126 6 281 01.01.2005 1) Change in Change in FX Conversion Reduction in Profit 31.12.2005 unrealised translation, mandatory par value attributable to gains/losses share premium, convertible (dividend) shareholders 2
Slide 16: Positioned for rising interest rates
Positioned for rising interest rates Asset allocation of insurance portfolio; CHF million (IFRS basis) 146 990 136 876 Equities & equity funds 8.5% 9.3% Alternative investments 3.2% 2.7% Real estate 7.8% 8.5% Mortgages 4.6% 5.1% Loans 11.5% 12.4% Bonds 54.1% 56.8% Cash 10.0% 0.3% 4.7% 0.5% Other 31.
Slide 17: High returns - low risk profile
High returns - low risk profile Investment return on insurance portfolio; CHF million Direct return of 3.7% Total return of 5.5% 1) Bonds 3 184 4.1% 5 115 1) 6.5% Equities 153 1.1% 892 1) 7.1% Alternative 72 1) 87 2.1% 1.7% investments Real estate 675 5.9% 480 4.2% Mortgages 243 3.6% 248 3.6% Loans
Slide 18: Solid operating growth in embedded value
Solid operating growth in embedded value CHF million (statutory basis) 31.12.2005 31.12.2004 Change RoEV 1) Embedded value Switzerland 3 614 3 601 +0.4% +7.3% Embedded value Europe 3 460 2 819 +22.7% +22.7% ANAV of Swiss Life Holding 1 813 1 516 Swiss Life Group 8 887 7 936 +12.0% +13.7% of which AN
Slide 19: Higher than projected investment returns
Higher than projected investment returns Embedded value: Analysis of change; CHF million (statutory basis) Swiss Life Group 31.12.2004 7 936 Dividend -135 Unwind 2005 +580 Actual investment return 2005 +622 Future investment return -239 Persistency +41 Value of new business 2005 +48 Various +34 Swis
Slide 20: Value of new business significantly improved
Value of new business significantly improved CHF million (statutory basis) Switzerland France Germany Netherlands Belgium / Total Luxembourg 48 41 27 24 21 18 14 10 -2 -21 -1 -1 APE 284 228 400 263 203 298 425 292 106 43 1 418 1 124 New business margin 3.4% 3.6% 2005 2004 19
Slide 21: Group solvency increased
Group solvency increased 211% 192% +19 ppts 31.12.2004 1) 31.12.2005 1) After restatement; 195% before restatement 20
Slide 22: Agenda
Agenda 1. Overview Rolf Dörig 2. Financial results Thomas Müller 3. Swiss business Paul Müller 4. Outlook Rolf Dörig 21
Slide 23: Achievements Switzerland 2005
Achievements Switzerland 2005 z Number one position confirmed Growth z New business volume increased by 25% z Performance-oriented products successfully launched z Basic insurance result CHF 20 million ahead of plan Efficiency z «La Suisse» integration starting to show effect z Reduction of IT platf
Slide 24: Insurance premiums Switzerland excl. one-offs
Insurance premiums Switzerland excl. one-offs CHF million (IFRS basis) 2005 2004 Change 2) Total GWP incl. PH deposits 7 807 8 210 -4.9% Single premiums 3 354 3 752 2) -10.6% Periodic premiums 3 824 3 899 -1.9% Investment contract prem. & policy fees 1) 339 174 +94.8% Non-Life premiums 290 385 -24.7
Slide 25: Number one position confirmed
Number one position confirmed GWP; CHF billion (statutory basis) 32.2 30.2 Market 28.4 volume 1) 1.8 Individual 1.8 1.8 5.5 6.7 5.8 Group 2003 2004 2005 Market share 22.8% 27.9% 26.9% Group 24.0% 31.2% 29.5% Individual 19.9% 19.9% 21.0% 1) Source: Federal Office of Private Insurance (FOPI) 2001 – 20
Slide 26: Considerably higher new business volume
Considerably higher new business volume GWP incl. PH deposits; CHF million +10% +15% +72% +32% 73 667 123 667 67 580 504 72 2004 2005 2004 2005 2004 2005 2004 2005 Periodic Single Periodic Single Individual Life Group Life 25
Slide 27: Successful launch of performance-oriented products in 2005
Successful launch of performance-oriented products in 2005 Unit-linked & funds; CHF million 31 z Increased sales and 21 share in non-traditional business 14 z Reduced dependency 9 7 on profit contribution 5 6 6 4 4 4 5 from interest rate 3 2004 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Monthly
Slide 28: Higher new business volume drives profitability
Higher new business volume drives profitability CHF million Group business VNB Individual business VNB 120 99 36 80 65 42 80 36 40 52 40 27 -29 0 0 -40 Variable Non- Fixed Value Variable Non- Fixed Value profit guaranteed costs of new profit guaranteed costs of new contribution bonus business contri
Slide 29: Market position further strengthened and efficiency improved
Market position further strengthened and efficiency improved GWP 2005; CHF million (statutory basis) 2005 «La Suisse» Benefits Individual Life z Improving market position in life 144 business under one brand z Reinforcing selling power by integration of «La Suisse» sales Group force and by cooperati
Slide 30: Administrative expense ratio stable
Administrative expense ratio stable Life insurance; CHF million 9.0% Expense ratio 8.2% 8.4% Administrative 667 expenses 1) 657 649 2003 2004 2005 GWP local statutory 2) 7 421 7 969 7 707 1) Without change in reserves for employee benefits and restructuring costs 2) Excluding CHF 554 million of one-
Slide 31: Advancing towards profitability target
Advancing towards profitability target Basic insurance result Switzerland; CHF million (IFRS basis) 150 20 2005E 2005 2008E Increase of underlying profitability driven by solid risk margin and improved efficiency 30
Slide 32: BVG mandatory business conversion rate to come down
BVG mandatory business conversion rate to come down 7.15% 7.10% 7.10% 7.15% 7.05% 7.05% BVG 7.10% 7.10% 7.00% mandatory 6.95% 6.90% 6.85% 6.90% 6.80% New BVG 6.75% conversion rate proposal 6.55% 6.40% 6.40% 6.40% 6.40% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 z IFRS impact on P&L and B/S of
Slide 33: Statutory distribution ratio BVG business: 93.7% to policyholders
Statutory distribution ratio BVG business: 93.7% to policyholders CHF million (statutory basis) Gross revenue 2 199 100.0% Total insurance benefits paid (incl. bonuses) 2 060 93.7% 1) Operating income BVG business 139 Operating income other group business 6 Operating income total group business 145
Slide 34: Outlook
Outlook z Premium growth 3% per annum to CHF 8.5 billion by 2008 Growth z Increase in sales force effectiveness z Extension of performance-oriented products z Basic insurance result of CHF 150 million by 2008 Efficiency z One individual life IT platform by end of 2006 z New group life IT platform by
Slide 35: Agenda
Agenda 1. Overview Rolf Dörig 2. Financial results Thomas Müller 3. Swiss business Paul Müller 4. Outlook Rolf Dörig 34
Slide 36: Our ambition: Pensions leadership
Our ambition: Pensions leadership Focus on pensions related … to answer and satisfy value proposition… clients’ growing pension needs Growth Develop own and … to reduce third-party channels… single channel dependency Increase basic insurance …to become less dependent profitability substantially… on
Slide 37: Ambitious goals
Ambitious goals Above market Growth > 1% growth Profit by 2008 CHF 1 billion Basic insurance Efficiency CHF 500 million result by 2008 Sustainable ROE > 10% Leadership Employee > 80% commitment Annual increase in dividend 36
Slide 38: Well on track to reach the 2008 targets
Well on track to reach the 2008 targets (IFRS basis) 2004 2005 2008 GWP incl. PHD 18.7 20.2 23.7 (in CHF billion) Switzerland 7.8 8.5 International 12.4 15.2 Basic Insurance 21 148 500 Result (in CHF million) Switzerland 20 150 International 128 350 Profit 606 874 1 000 (in CHF million) Return on Eq
Slide 39: Supplementary information
e SwissLife a Supplementary information
Slide 40: Swiss Life with a balanced portfolio
Swiss Life with a balanced portfolio in CHF billion 12.5 Other BELUX NL 7.8 DE GWP incl. PH CH FR deposits 38% 62% Growth in GWP -5% 1) 19% 2) Operating result, % total 67% 33% Embedded value, % total 51% 49% 1) Excluding one-off (BVG contingency fund) 2) Excluding UK in 2004, De Goudse deal in 2004
Slide 41: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Swiss business 5. Banca del Gottardo 6. Contact details 40
Slide 42: Life growth above market average in all countries
Life growth above market average in all countries 2005 life premiums (excl. health and excl. non-life) in local currency, in % -5% 1) Switzerland -6% +26% France +14% +8% Germany +7% 2) +6% Netherlands +1% +57% Belgium/Lux. +25% Swiss Life Life market 3) 1) Growth -5% on an adjusted basis (excluding
Slide 43: Balanced profit contribution
Balanced profit contribution CHF million (IFRS basis) 2005 2004 Switzerland 620 687 France 98 14 Germany 80 64 Netherlands 111 284 Belgium/Luxembourg 18 54 Other 1) -5 -45 Eliminations -4 -17 Profit from insurance operations 918 1 041 1) Comprises Italy and Liechtenstein in 2005; Italy and UK in 200
Slide 44: Basic insurance result best reflects operational performance
Basic insurance result best reflects operational performance Main components Issues Target Drivers of profitability z Volume Risk result z Pricing z Today Basic unsatisfying CHF 500 million z Risk selection insurance basic insurance by 2008 z Reserves result result Cost z Costs & fee result z Strate
Slide 45: Basic insurance result: Definitions
Basic insurance result: Definitions Main components Definition (IFRS Basis) of profitability + Net earned premiums + Fees 1) Risk result - Claims and benefits paid BASIC Cost and fee = -/+ Change in reserves INSURANCE RESULT result + Technical interest - Acquisition costs 2) - Adjusted operating exp
Slide 46: Management P&L - insurance business
Management P&L - insurance business CHF million (IFRS basis); main insurance market units 2005 2004 2005/2004 Actual As published Change Gross written premiums incl. PHD 19 967 19 713 + 1.3% KPI 1 Operating expenses 1) -1 484 -1 553 - 4.4% KPI 2 Basic insurance result 148 21 + 605% KPI 3 IFRS profit
Slide 47: Forex and interest rates
Forex and interest rates Foreign currency exchange rates 31.12.05 30.06.05 31.12.04 1.1.-31.12.05 1.1.-30.06.05 1.1.-31.12.04 EUR 1.5550 1.5470 1.5430 1.5484 1.5465 1.5438 GBP 2.2640 2.3130 2.1820 2.2647 2.2548 2.2762 USD 1.3100 1.2800 1.1310 1.2456 1.2035 1.2429 Interest rates 10-year government bo
Slide 48: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Swiss business 5. Banca del Gottardo 6. Contact details 47
Slide 49: Duration of bond portfolio - including interest rate hedges
Duration of bond portfolio - including interest rate hedges Group effective duration parent company (Stammhaus) 31.12.2005 30.6.2005 31.12.2004 CHF 8.8 8.9 8.5 EUR 7.7 10.0 9.3 GBP 5.5 10.1 6.3 USD 3.4 11.6 9.9 Average 7.8 9.8 9.0 48
Slide 50: Bond portfolio: Ratings
Bond portfolio: Ratings Insurance portfolio (IFRS basis) Breakdown by rating CHF million 146 990 A BBB Not rated 6% 1% 1% AA 14% Government 54% Bonds 54.1% AAA 24% 49
Slide 51: Bond portfolio: Currency exposure
Bond portfolio: Currency exposure Insurance portfolio (IFRS basis) Before hedges USD 3% GBP 2% CHF million 146 990 CHF 24% EUR 71% After hedges Bonds 54.1% GBP 2% CHF 36% EUR 62% 50
Slide 52: Loan and mortgage portfolio
Loan and mortgage portfolio Insurance portfolio (IFRS basis) CHF million Breakdown by type 146 990 Policyholder Due from loans 4% banks 7% Loans & 16.1% mortgages Other Mortgages loans 61% 28% 51
Slide 53: Real estate portfolio
Real estate portfolio Insurance portfolio (IFRS basis) Breakdown by country Belgium 2% Germany 5% Netherlands 1% CHF million France 10% 146 990 Real 7.8% Switzerland estate 82% Breakdown by type Centres 10% Others 1% Mixed Residential 22% 44% Commercial 23% 52
Slide 54: Equity portfolio: Currency exposure
Equity portfolio: Currency exposure Insurance portfolio (IFRS basis) Breakdown by currency CHF million GBP JPY 146 990 USD 2% 2% Equities & equity 8.5% 5% CHF funds 7% EUR 84% 53
Slide 55: Alternative investment portfolio
Alternative investment portfolio Insurance portfolio (IFRS basis) Hedge funds: CHF 4.5 billion (2004: CHF 3.4 billion) Fund of Managed funds 3% futures 9% Relative value Leveraged 23% finance 12% CHF million 146 990 Event driven Alternative Global macro 3.2% 14% investments 21% Equity hedged 18% Pri
Slide 56: Currency exposure
Currency exposure Net 2.7% of insurance portfolio JPY Other 3% 1% EUR 17% GBP 40% USD 39% Gross currency exposure CHF 26 719 million Hedged currency exposure CHF 22 692 million Net currency exposure CHF 4 027 million 55
Slide 57: Goodwill development
Goodwill development CHF million (IFRS basis) 2 427 1 353 -1 074 1 044 -309 801 -80 692 -163 4 -66 -47 Goodwill Total Goodwill Total Goodwill Ordinary Impair- Goodwill Impact Impair- Transfer Goodwill 31.12.01 change 31.12.02 change 31.12.03 amorti- ments 31.12.04 IFRS 3 ments to 31.12.05 sation ass
Slide 58: Allocation of unrealised gains on bonds
Allocation of unrealised gains on bonds CHF million (IFRS basis) 4 722 1) -3 069 -379 913 1) -350 -11 Unrealised Deferred Shadow Deferred Minority Allocated to gains on policyholder DAC taxes interest shareholders` bonds bonuses adjustment equity 1) Unrealised gains on bonds in FY 2004: CHF 4744 mil
Slide 59: Insurance reserves by country
Insurance reserves by country CHF million (IFRS basis) 67 071 Switzerland +4% 64 307 35 662 France +14% Belgium/Lux. 31 169 Netherlands 3% 11% 19 143 Germany +7% 17 972 Germany 13% Netherlands 14 954 +3% 14 455 Switzer- land Belgium/Lux. 4 171 +15% France 48% 3 620 25% Total 1) 140 883 +7% 131 415 3
Slide 60: Average technical interest rate of 3.03%
Average technical interest rate of 3.03% CHF / EUR / USD / GBP million (statutory basis) CHF EUR USD GBP Total reserves 63 760 32 452 485 9 Mean technical 2.79% 3.31% 4.10% 3.58% interest rate Overall: 3.03% (-7 bps) 59
Slide 61: Statutory solvency improved to 257%
Statutory solvency improved to 257% CHF million (statutory basis) Solvency capital Statutory solvency 11 811 Rentenanstalt stat.equity capital 2 549 257% Intangibles -50 Hybrid capital 1 534 4 598 Fund for future appropriation 692 Additional Zillmerisation 559 Unrealised capital gains 5 896 Unattrib
Slide 62: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Swiss business 5. Banca del Gottardo 6. Contact details 61
Slide 63: Implementation of embedded value at Swiss Life
Implementation of embedded value at Swiss Life z ANAV and PVFP have been calculated for more than 95% of the Swiss Life BE mathematical reserves . Swiss Life LU Swiss Life NL z For other life insurance entities only the NAV has been included Swiss Life DE Swiss Life z The banking 1) and non-life ins
Slide 64: Key assumptions for embedded value calculation
Key assumptions for embedded value calculation z Weighted new money 31.12.2005 31.12.2004 CH EU CH EU return based on asset allocation Risk discount 7.0% 8.0% 7.0% 8.0% z Weighted returns are rate lower due to reduced assumed future Equity return 6.5% 7.5% 5.0% 6.0% investment returns z Long-term bo
Slide 65: Asset allocation assumptions by region
Asset allocation assumptions by region 31.12.2005 31.12.2004 CH EU CH EU Cash and cash equivalents 4% 2% 3% 2% Bonds and loans 56% 82% 58% 82% Mortgages 9% 2% 9% 3% Real estate 13% 5% 13% 5% Equities 7% 7% 7% 6% Participations 3% 0% 3% 1% Alternative investments 8% 2% 7% 1% 64
Slide 66: Sensitivities of embedded value
Sensitivities of embedded value CHF million (statutory basis) Switzerland Europe Total EV 31.12.2005 (base case) 3 614 3 460 8 887 1) Δ Risk discount rate -100 bps 375 294 669 Δ Investment returns +100 bps 657 697 1 354 Δ Investment returns -100 bps -985 -842 -1 827 Δ Bond returns +100 bps 216 386 6
Slide 67: Sensitivities of value of new business
Sensitivities of value of new business CHF million (statutory basis) Total VnB 31.12.2005 (base case) 48 Δ Risk discount rate -100 bps 37 Δ Investment returns +100 bps 84 Δ Administration expenses -10% 28 Δ Acquisition expenses -10% 33 66
Slide 68: IFRS equity to embedded value bridge
IFRS equity to embedded value bridge CHF million 4 809 8 887 -1 864 7 655 -938 -775 IFRS Difference in Goodwill & PVFP Cost of capital Embedded value shareholders’ tangible/net other equity assets intangible assets 1) 1) Including goodwill CHF 692 million, customer relationships CHF 10 million and o
Slide 69: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Swiss business 5. Banca del Gottardo 6. Contact details 68
Slide 70: Insurance Switzerland
Insurance Switzerland CHF million (IFRS basis) 2005 2004 Change Total operating expenses 1‘106 1‘039 6.5% Commissions and DAC amortisation -224 -137 63.5% Goodwill & PVP amortisation -57 -27 Change in reserves for employee benefits 41 - Restructuring cost -88 -22 Operating expenses (adjusted) 778 85
Slide 71: Implementation in Switzerland until 2008
Implementation in Switzerland until 2008 Create best solutions to meet • Maintain market leadership increasing customers needs • Customers satisfaction 4.25 index for pensions points (out of 5) Growth Improve opportunities for • Premiums CHF 8.5 billion getting in touch with customers • Growth 1% ab
Slide 72: Individual life IT platform
Individual life IT platform Scope Milestones • Reduce IT platforms in individual life from 7 to 1 platform by end of 2007 Definition of business model Benefit Implementation • Reduced IT costs due to maintaining of new sub-ledger and updating systems system • Reduced operational risks due to the red
Slide 73: Political discussion on a more realistic basis
Political discussion on a more realistic basis z More rapid and greater reduction of the conversion rate recommended by the BVG Commission z Market-oriented formula for BVG minimum interest rate still pending z Parliamentary initiative for financing pension funds with insufficient cover Broad intere
Slide 74: Impressive results of our recent employee survey
Impressive results of our recent employee survey Index point, scale 0 - 100 +19% 87 82 80 77 73 69 64 Ambitious goals will only met by people who are committed to outstanding customer orientation, performance and quality 2004 2005 2004 2005 2004 2005 2008 Office staff Sales force Overall Target 73
Slide 75: Improving quality and service
Improving quality and service EFQM 1) excellence model is a result-oriented framework to measure and increase service quality in all relevant management dimensions Customer satisfaction 4.25 3.98 4.10 3.94 z Decreasing customer 3.78 3.61 satisfaction 2002 3.44 z EFQM was the tool used to understand
Slide 76: Less than 10% of Swiss Life Group reserves are subject to BVG minimum interest rates
Less than 10% of Swiss Life Group reserves are subject to BVG minimum interest rates Breakdown of technical reserves CHF billion (IFRS basis); 31.12.2005 Total: 141 1) Non-life (2 billion) Investment contracts & PH deposits 31 Europe (+ other CH) Traditional 44 business 108 Individual 23 Guaranteed
Slide 77: Gradual integration process for «La Suisse»
Gradual integration process for «La Suisse» Implementation stages 2005 2006 2007 Integrated distribution Life and central functions Conversion of Migration of group insurance individual insurance Divestments Non-life Implementation of cooperation agreements z Two-stage conversion of «La Suisse» grou
Slide 78: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Swiss business 5. Banca del Gottardo 6. Contact details 77
Slide 79: Banca del Gottardo: Overview of key financials
Banca del Gottardo: Overview of key financials CHF million (statutory basis) 2005 2004 Change Results from interest activities 146 144 +1.2% Results from commission and service activities 262 245 +7.0% Results from trading operations 76 52 +47.5% Other 9 9 +9.2% Net revenues 493 450 +9.5% Personnel
Slide 80: Banca del Gottardo: Key ratios
Banca del Gottardo: Key ratios CHF million (statutory basis) 2005 2004 Change Return on equity 8.1% 7.4% +0.7 ppts Cost/income ratio 68.0% 68.7% -0.7 ppts BIS ratio (Tier 1) 11.6% 13.2% -1.6 ppts BIS ratio (Tier 2) 12.0% 13.9% -1.9 ppts Assets under management 38 741 34 414 +12.6% Assets under contr
Slide 81: Cautionary statement regarding forward-looking information
Cautionary statement regarding forward-looking information This presentation is made by Swiss Life and may not be copied, altered, offered, sold or otherwise distributed to any other person by any recipient without the consent of Swiss Life. Although all reasonable effort has been made to ensure the
Slide 82: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Swiss business 5. Banca del Gottardo 6. Contact details 81
Slide 83: Contact details
Contact details Iris Welten Tel. +41 (43) 284 67 67 Head Investor Relations E-mail: iris.welten@swisslife.ch Fabrizio Croce Tel. +41 (43) 284 49 19 Senior Investor Relations Officer E-mail: fabrizio.croce@swisslife.ch Visit our website for up-to-date information www.swisslife.com 82
Slide 84: SwissLife - Prepared for the future.
be SwissLife Prepared for the future.