Swiss Life Holding AG · SIX:SLHN

Swiss Life — FY2013 Earnings Presentation

71 slides from Swiss Life's earnings presentation, Feb 26, 2014

  1. Slide 1: Full-year results 2013 Investors' presentation

    Full-year results 2013 Investors’ presentation Zurich, 26 February 2014

  2. Slide 2: Agenda

    Agenda  Overview Bruno Pfister Financial results and Thomas Buess Swiss Life 2015 Full-year results 2013: Investors' presentation 2

  3. Slide 3: Highlights FY 2013 results

    Highlights FY 2013 results FY 2013 vs. FY 2012  Adjusted profit from operations improved by 13% to CHF 1 143 m  Net profit increased from CHF 99 m to CHF 784 m  Premiums grew 4% in local currency to CHF 18.0 bn Fee and commission income up by 1% to CHF 1 157 m  Asset Managers’ external customer

  4. Slide 4: Key figures FY 2013 results

    Key figures FY 2013 results FY 2013 vs. FY 2012 Adjusted profit from operations CHF 1 143 m +13% Net profit CHF 784 m +685 m GWP incl. PHD (in local currency) CHF 18.0 bn +4% Fee and commission income CHF 1 157 m +1% New business margin (% PVNBP) 2.2% +0.8 ppts Shareholders’ equity CHF 8.9 bn -12% R

  5. Slide 5: Agenda

    Agenda Overview Bruno Pfister  Financial results and Thomas Buess Swiss Life 2015 Full-year results 2013: Investors' presentation 5

  6. Slide 6: Income statement

    Income statement CHF million (IFRS basis) FY 2012 FY 2013 Gross written premiums, fees and deposits received 17 046 17 969 Commission income 826 840 Financial result for own risk 6 015 5 379 Net investment result insurance portfolio for own risk 5 731 4 949 Net insurance benefits and claims -13 819

  7. Slide 7: Profit from operations excluding major one-off effects

    Profit from operations excluding major one-off effects CHF million (IFRS basis) +13% 1 149 +54 1 143 +36 +16 1 009 +5 1 014 -60 +595 361 Profit Impair- Legal Restruc- Profit FX Profit Profit IFRS 13 Restruc- Profit from ments provisions turing from effect from from effect turing from operations owne

  8. Slide 8: Business review Switzerland

    Business review Switzerland CHF million (IFRS basis, MCEV) FY 2012 FY 2013 Change GWP incl. PHD 8 292 9 020 +9%  GL: +13% (market +8%); strong new business and lower lapses  IL: -10% (market -1%); focus on profitability Fee and commission 167 166 -0%  Owned IFA and new income sources income1) lar

  9. Slide 9: Business review France

    Business review France EUR million (IFRS basis, MCEV) FY 2012 FY 2013 Change GWP incl. PHD 3 533 3 806 +8%  Volume growth above personal insurance market (+5%)  Life: +15% (market +6%); very high UL share of 35% (market 14%)  Health & disability: +0% (market +4%) Fee and commission 177 202 +14% 

  10. Slide 10: Business review Germany

    Business review Germany EUR million (IFRS basis, MCEV) FY 2012 FY 2013 Change GWP incl. PHD 1 403 1 401 -0%  IL: Higher volumes with modern and risk products; lower traditional business due to re-pricings and product focus  GL: Higher premiums  Overall market +4% Fee and commission 352 311 -11% 

  11. Slide 11: Business review International

    Business review International CHF million (IFRS basis, MCEV) FY 2012 FY 2013 Change GWP incl. PHD 2 892 2 643 -9%  Lower HNWI volumes and higher premiums in corporate business Fee and commission 227 231 +2%  Policy fees up mainly due to growth income1) of AuC of HNWI business; revenues from owned

  12. Slide 12: Business review Asset Managers

    Business review Asset Managers CHF million (IFRS basis, AuM fair value basis) FY 2012 FY 2013 Change Total income 340 377 +11%  Strong growth in all business areas; – Insurance mandates 209 228 +9% more favourable asset mix at insurance mandates; strong NNA and new facility – External customers 129

  13. Slide 13: Expense development

    Expense development CHF million (IFRS basis) FY 2012 FY 2013 Change Total operating expense 2 939 1) 2 809 -4% Commissions and DAC amortisation -1 487 -1 357 Operating expense (before FX) 1 452 1 451 -0% Restructuring costs and one-offs -69 -71 Scope changes -6 -2 FX effect 13 Operating expense adju

  14. Slide 14: Investment result

    Investment result CHF million (IFRS basis), insurance portfolio for own risk FY 2012 FY 2013 Direct investment income 4 270 4 296 Direct investment income in % 3.5% 3.4% Expense -242 -276 Net capital gains/losses on investments and impairments1) 1 703 930 Net investment result 5 731 4 949 Net invest

  15. Slide 15: Investment portfolio

    Investment portfolio CHF million (fair value basis), insurance portfolio for own risk Equities & equity funds 128 234 127 595 Alternative investments 1.8% 1.9% Real estate 0.6% 13.0% 15.2% 0.6% Mortgages 4.5% 4.8% Loans 8.0% 7.5% Government & 29.7% 29.3% supranational bonds 70.4% 69.8% Corporate bon

  16. Slide 16: Insurance reserves and borrowings

    Insurance reserves and borrowings CHF million (IFRS basis) Local 31.12.2012 31.12.2013 currency Insurance reserves 137 736 142 479 +3% +3% Policyholder participation liabilities 8 139 5 481 Insurance reserves w/o PH liabilities 129 597 136 998 +6% +5% Insurance liabilities 97 474 101 432 Investment

  17. Slide 17: Shareholders' equity and group solvency

    Shareholders’ equity and group solvency CHF million (IFRS basis) Shareholders’ equity 10 122 +781 8 945 -12% +34 +43 -1 891 -144 Group solvency  210% (FY 2012: 239%)  196% excl. unrealised gains/losses on bonds (FY 2012: 186%) 31.12.2012 Change in Change in Distribution Change in Profit 31.12.2013

  18. Slide 18: Value of new business

    Value of new business CHF million (MCEV) Switzerland France Germany International Total 289 172 158 74 64 50 29 28 23 6 PVNBP 3 915 5 791 3 669 3 709 1 039 1 081 2 653 2 348 11 276 12 929 New business margin 1.9% 3.0% 1.4% 1.7% 0.6% 2.7% 1.0% 1.0% 1.4% 2.2% (% PVNBP) FY 2012 FY 2013 Full-year result

  19. Slide 19: Group MCEV

    Group MCEV CHF million 11 378 9 628  Group MCEV increased by 18% 6 356  Value of covered business up 23% VIF +26% 5 051 Covered as a result of strong operating Covered business earnings of CHF 1.7 bn business 9 669  Value of non-covered business: 7 888 Operating earnings offset by NAV dividends a

  20. Slide 20: MCEV covered business

    MCEV covered business CHF million, MCEV covered business Operating earnings of 21% +1 003 +71 9 669 -42 +384 +289 7 888 +77 Excess returns over Further improved persistency, Volume growth and reference rate and lower expense base, continued margin expansion release from TVOG balance sheet strengthen

  21. Slide 21: Swiss Life 2015: Increase earnings and improve resilience through disciplined execution

    Swiss Life 2015: Increase earnings and improve resilience through disciplined execution Strategic thrust Objective Target Focus own solutions  New business margin: on profitable and >1.5% 2 Offering flexible products  New business shift: ~85% of and expand NBP from risk, modern and third-party off

  22. Slide 22: Wide range of customer centricity measures

    Wide range of customer centricity measures Ambition Measures  Customer Centricity Framework implemented Know your  Strategic customer segmentation launched customer  Introduction of new Customer Relationship Management systems  Customer focus groups involved in new product and service developmen

  23. Slide 23: Continued pricing discipline and margin management

    2. Offering Continued pricing discipline and margin management New business margin development (VNB as % of PVNBP) +0.2% 2.2% Economic variances +0.4%  Higher interest rates Expense variances +0.2% 1.5%  Lower admin expenses offset by structural 1.4% -0.0% re-assessments Pricing, volume and busine

  24. Slide 24: New business mix heading towards 2015 target

    2. Offering New business mix heading towards 2015 target New business production (NBP) Risk, health and P&C  FR: Lower sales of individual health in anticipation of ANI  DE: Increased production in disability and long-term care 30% 25% 27% ~30% Modern  CH: Withdrawal of low margin savings product

  25. Slide 25: Asset Managers and unit-linked business supporting fee and commission income

    3. Distribution Asset Managers and unit-linked business supporting fee and commission income Fee and commission income1), CHF million +1% 1 145 1 157  External customer business: Higher commissions due to 373 Swiss Life Asset 338 +10% Managers increased AuM and new mandates in facility management;

  26. Slide 26: About 75% of targeted cost savings implemented

    4. Efficiency About 75% of targeted cost savings implemented CHF million (project view), vs. cost base FY 2011 Operating cost savings1) 90-110 About 80% of targeted 2015 operating cost savings 79 implemented by FY13 5  CH: Staff reduction, mainly in IT 18  FR: Process optimisations 16  DE: Lower

  27. Slide 27: Further improved efficiency ratios

    4. Efficiency Further improved efficiency ratios Adjusted IFRS basis Adjusted operating expense in % of average technical reserves (excl. deferred PHP) Owned IFAs expense excluded Change vs. FY 2008 FY 2012 FY 2013 FY 2012 FY 2015P Switzerland 0.81% 0.54% 0.50% -4 bps France1) 1.96% 1.57% 1.49% -8 b

  28. Slide 28: Continued strong returns in a low interest rate environment

    5. Financial strength Continued strong returns in a low interest rate environment Direct yield and net investment yield (IFRS basis) In % 5 4.8% Direct and net investment yield vs. Swiss and German government bond yield 4.5 4.1% 4.1% 4.1% 3.9% 3.9% 4 3.8% 3.8% 3.8% 3.8% 3.5 3.7% 3.5% 3.4% 3 2.5 2 1.

  29. Slide 29: Development of average technical interest rate

    5. Financial strength Development of average technical interest rate Statutory basis  Reserve strengthening -7 bps  Mandatory group life CH +4 bps Increase in minimum interest 3.00% rate by 25 bps to 1.75% by 2.90% Federal Council 2.66%  Business mix -5 bps 2.60% 2.55% Total -8 bps 2.35% 2.12% 2.

  30. Slide 30: Well-balanced capital structure and debt maturity profile

    5. Financial strength Well-balanced capital structure and debt maturity profile IFRS basis, as per 31.12.2013 Capital structure 1) 7% 0-5% 26% 22% 21% Senior 23% 25% Hybrid Capital market transactions 74% 70% 70-75% Equity 2) in 2013:  Dual-tranche senior bonds CHF 225 m due 2019 with FY 2012 FY 20

  31. Slide 31: Profit by source driven by improved efficiency and fee business result

     Profit by source Profit by source driven by improved efficiency and fee business result CHF million (IFRS basis) FY 2012 FY 2013 adjusted adjusted Savings result 879 82% 839 69% Risk result 354 33% 272 22% Cost result -314 -29% -143 -12% - Thereof admin cost result gross1) 24 +2% 67 +6% Fee result

  32. Slide 32: Well on track with Swiss Life 2015

     Wrap-up Well on track with Swiss Life 2015 Strategic thrust Target Status  New business margin: >1.5% 2 Offering  New business shift: ~85% of NBP from risk, modern and modern-traditional products Customer  Fee and commission income: Profit by source: 3 Distribution Increase by 20-25% promise 

  33. Slide 33: Supplementary information

    Full-year results 2013 Investors’ presentation Supplementary information

  34. Slide 34: Supplementary information: Profit and loss

    Supplementary information  Profit and loss Balance sheet Investments Market consistent embedded value (MCEV) Contact details and financial calendar Full-year results 2013: Investors' presentation 34

  35. Slide 35: Restatement and reclassification effects in FY 2012 figures

    Restatement and reclassification effects in FY 2012 figures IAS 19 Employee Benefits (revised)  Net profit from CHF 93 m as at FY 2012 reported to CHF 99 m restated  Shareholders’ equity from CHF 10 253 m as at FY 2012 reported to CHF 10 122 m restated IAS 28 Investments in Associates and Joint Ve

  36. Slide 36: Net profit excluding major one-off effects

    Net profit excluding major one-off effects CHF million (IFRS basis) +13% 784 +41 777 +31 +14 687 +3 690 +543 -48 99 Net Impair- Legal Restruc- Net FX Net Net IFRS 13 Restruc- Net profit ments provisions turing profit effect profit profit effect turing profit owned costs excl. comparable in CH costs

  37. Slide 37: Premium growth

    Premium growth CHF million (IFRS basis), GWP & PHD Local currency 9 020 Switzerland +9% +9% 8 292 4 685 +10% France +8% 4 260 1 724 Germany +2% -0% 1 692 2 643 International -9% -10% 2 892 1) 17 969 Total +5% +4% 17 046 FY 2013 FY 2012 1) Total includes intersegment eliminations of CHF -103 m in FY1

  38. Slide 38: Switzerland: Premium development

    Switzerland: Premium development CHF million (IFRS basis) FY 2012 FY 2013 Change Total life GWP incl. PHD 8 292 9 020 +9% Single premiums 4 245 4 862 +15% Periodic premiums 4 047 4 158 +3% Group life 6 691 7 573 +13% Single premiums 3 616 4 372 +21% Periodic premiums 3 075 3 201 +4% Individual life

  39. Slide 39: Switzerland: Statutory distribution ratio in BVG business

    Switzerland: Statutory distribution ratio in BVG business CHF million (statutory basis) FY 2010 FY 2011 FY 2012 FY 2013 Gross revenue 2 041 100% 2 227 100% 2 718 100% 2 387 100% Total insurance benefits 1 896 92.9% 2 049 92.0% 2 537 93.3% 2 206 92.4% paid (incl. bonuses) Operating income 145 178 181

  40. Slide 40: Details of net investment result

    Details of net investment result CHF million (IFRS basis), insurance portfolio for own risk FY 2013 Direct Net Impair- Gains & losses through income investment investment ments statement income result On On Net underlying derivatives Bonds 3 115 201 71 273 3 388 Equities 39 173 -62 110 150 Loans 314

  41. Slide 41: IFRS 13 Fair Value Measurement

    IFRS 13 Fair Value Measurement  IFRS 13 explains how to measure fair value for financial reporting. It does not require fair value measurement in addition to those already required or permitted by other IFRSs  IFRS 13 is effective from 1 January 2013. Any changes from adjustments to valuation tech

  42. Slide 42: Profit from operations

    Profit from operations CHF million (IFRS basis), segment results Segments FY 2012 FY 2013 Change Switzerland 613 716 +17% France 161 194 +20% Germany -190 96 n.m. International -334 16 n.m. Asset Managers 138 166 +21% Other & eliminations 35 28 -21% Unallocated corporate costs -61 -65 +7% Profit fro

  43. Slide 43: Adjusted profit from operations

    Adjusted profit from operations CHF million (IFRS basis), segment results adjusted1) Segments FY 2012 FY 2013 Change Switzerland 660 657 -0% France 164 194 +18% Germany 93 124 +34% International -15 16 n.m. Asset Managers 138 166 +21% Other & eliminations 35 51 +46% Unallocated corporate costs -61 -

  44. Slide 44: Profit by source: Structure and scope

    Profit by source: Structure and scope + Income from investments1) + Income from savings premiums – Expense related to savings process Savings result – Technical interest2) = Investment spread – Policyholder participation = Net savings result Non-Life + Income from risk premiums Group Life – Expense

  45. Slide 45: Supplementary information: Balance sheet

    Supplementary information Profit and loss  Balance sheet Investments Market consistent embedded value (MCEV) Contact details and financial calendar Full-year results 2013: Investors' presentation 45

  46. Slide 46: Allocation of unrealised gains/losses on bonds

    Allocation of unrealised gains/losses on bonds CHF million (IFRS basis), as per 31.12.2013 2 587 -1 553 -66 -236 732 0 Unrealised Deferred Shadow Deferred Non-controlling Allocated to gains/losses policyholder DAC taxes interests shareholders’ on bonds 1) bonuses adjustment equity 1) Including cash

  47. Slide 47: Return on equity calculation

    Return on equity calculation CHF million (IFRS basis) FY 2012 FY 2013 FY 2013 RoE calculation Shareholders’ equity 10 122 8 945 Net profit FY 2013 781 Average adjusted - Unrealised gains/losses on bonds 7 834 -2 667 -732 shareholders’ equity allocated to shareholders’ equity Return on equity 10.0% A

  48. Slide 48: Insurance reserves excluding policyholder participation liabilities

    Insurance reserves excluding policyholder participation liabilities CHF million (IFRS basis) Local currency 74 877 Switzerland +4% +4% 71 773 International 23 726 +9% +8% 15% France 21 730 Germany 13% 55% 17 994 +4% +3% Germany 17% 17 254 France Switzerland 20 480 +8% +8% International 18 905 1) 136

  49. Slide 49: Insurance reserves roll-forward 2013

    Insurance reserves roll-forward 2013 excl. policyholder participation liabilities CHF billion (IFRS basis) +5% +2.0 +15.0 +2.7 137.0 129.6 +0.6 130.2 -12.9 01.01.2013 Foreign 01.01.2013 Premiums/ Interest Withdrawals/ Market 31.12.2013 currency excl. FX deposits accrued benefits movements effects re

  50. Slide 50: Swiss Life Group reserves subject to BVG minimum interest rates

    Swiss Life Group reserves subject to BVG minimum interest rates CHF billion (IFRS basis) Breakdown of insurance reserves (incl. unit-linked) as per 31.12.2013 Non-life (1 billion) 40.1 Investment contracts & PH deposits Europe 29.1 Total Group 142.5 Individual Traditional 19.7 business Annuitised Gu

  51. Slide 51: Average technical interest rate

    Average technical interest rate CHF / EUR / USD / GBP million (statutory basis), as per 31.12.2013 CHF EUR USD GBP Total reserves 72 294 27 002 130 9 Average technical 1.82% 2.50% 2.66% 3.30% interest rate Overall: 2.04% (01.01.2013: 2.12%) Full-year results 2013: Investors' presentation 51

  52. Slide 52: Group solvency

    Group solvency Based on IFRS equity 239% +16% -7% -0% -35% 210% 1) -29 ppts -3% 31.12.2012 FX effect Result Business Change in Proposed 31.12.2013 growth revaluation dividend reserves and other effects 1) Group solvency excluding unrealised gains/losses on bonds: 196% (186% per FY12) Full-year resul

  53. Slide 53: Group solvency

    Group solvency CHF million (IFRS basis) 31.12.2012 31.12.2013 Available solvency margin IFRS equity (incl. non-controlling interests) 10 155 9 018 Eligible part of hybrid capital1) 2 471 2 587 Unattributed surplus 703 816 Goodwill and other intangible assets -1 290 -1 319 DAC non-life -53 -48 Divide

  54. Slide 54: Total weighted duration gap

    Total weighted duration gap1) in % 0.9 0.7 0.6 0.5 0.5 0.4 0.4 31.12.2010 30.06.2011 31.12.2011 30.06.2012 31.12.2012 30.06.2013 31.12.2013 1) Explains the linear change in risk-bearing capital due to a parallel shift of the underlying interest rate curve in percentage of the present value of insura

  55. Slide 55: Supplementary information: Investments

    Supplementary information Profit and loss Balance sheet  Investments Market consistent embedded value (MCEV) Contact details and financial calendar Full-year results 2013: Investors' presentation 55

  56. Slide 56: Business review Asset Managers: Change analysis of assets under management

    Business review Asset Managers Change analysis of assets under management CHF billion (fair value basis) Assets under Management FY 2012 FY 2013 Change Total beginning of period 134.2 148.5 +14.2 Net new assets Insurance mandates -0.3 0.9 +1.1 External customer business 2.4 5.6 +3.2 Market performan

  57. Slide 57: Bond portfolio: Ratings and classification

    Bond portfolio: Ratings and classification Insurance portfolio for own risk (fair value basis) Breakdown by rating BB BBB 3% CHF million AAA 127 595 21% 29% 23% A 24% AA Breakdown by classification Bonds 69.8% Governments & 42% supranationals 58% Corporate 31.12.2013 Full-year results 2013: Investor

  58. Slide 58: Government and supranational bond portfolio: Ratings and currency

    Government and supranational bond portfolio: Ratings and currency Insurance portfolio for own risk (fair value basis) Breakdown by rating BBB BB CHF million A 9% 7% 1% 127 595 AAA 43% 40% AA Governments & 29.3% supranationals Breakdown by currency CAD Other GBP 1% EUR USD 4% 6% 8% 27% 31.12.2013 54%

  59. Slide 59: Government and supranational bond portfolio: Split by country

    Government and supranational bond portfolio: Split by country Government and supranational bond portfolio (fair value basis), as per 31.12.2013, 29.3% of insurance portfolio for own risk (CHF 37.4 bn) % of total government and supranational bond portfolio Switzerland 38% In CHF million1) France 11%

  60. Slide 60: Corporate bond portfolio: Ratings and currency

    Corporate bond portfolio: Ratings and currency Insurance portfolio for own risk (fair value basis) Breakdown by rating BB AAA CHF million 4% 18% 127 595 BBB 31% 12% AA 35% A Breakdown by currency Others 4% Corporate 40.5% USD bonds 27% EUR 41% 31.12.2013 CHF 28% Full-year results 2013: Investors' pr

  61. Slide 61: Corporate bond portfolio: Industry split

    Corporate bond portfolio: Industry split Corporate bond portfolio (fair value basis), as per 31.12.2013, 40.5% of insurance portfolio for own risk (CHF 51.7 bn) Breakdown banks by rating BBB Breakdown by industry 13% % of total corporate bond portfolio AAA 42% Banks 37% 33% Other financials 5% A Uti

  62. Slide 62: Loan and mortgage portfolio

    Loan and mortgage portfolio Insurance portfolio for own risk (fair value basis) Breakdown by country CHF million 127 595 Switzerland 37% Mortgages 62% 4.8% Germany Loans 7.5% 1% France Breakdown by type Policyholder loans Other loans 2% 3% Mortgages Purchased 39% loans 31.12.2013 56% Full-year resul

  63. Slide 63: Real estate portfolio

    Real estate portfolio Insurance portfolio for own risk (fair value basis) Breakdown by country Germany France 6% CHF million 11% 127 595 Real estate 15.2% 83% Switzerland Breakdown by type Commercial Residential 35% 36% 31.12.2013 29% Mixed-use Full-year results 2013: Investors' presentation 63

  64. Slide 64: Equities and alternative investment portfolio: Gross exposure

    Equities and alternative investment portfolio: Gross exposure Insurance portfolio for own risk (fair value basis) Breakdown by country Germany CHF million 18% 127 595 Switzerland 42% Equities & x% 1.9% equity funds 0.6% Alternative France 40% investment Net equity exposure 1.8% Breakdown by investme

  65. Slide 65: Forex and interest rates

    Forex and interest rates Foreign currency exchange rates 31.12.12 30.06.13 31.12.13 01.01.-31.12.12 01.01.-31.12.13 EUR 1.2070 1.2304 1.2253 1.2059 1.2311 GBP 1.4855 1.4366 1.4721 1.4865 1.4503 USD 0.9146 0.9461 0.8886 0.9378 0.9268 Interest rates1) 31.12.12 30.06.13 31.12.13 CHF 0.526 1.027 1.073 E

  66. Slide 66: Supplementary information: Market consistent embedded value (MCEV)

    Supplementary information Profit and loss Balance sheet Investments  Market consistent embedded value (MCEV) Contact details and financial calendar Full-year results 2013: Investors' presentation 66

  67. Slide 67: Value of new business

    Value of new business CHF million (MCEV), as per FY 2013 Switzer- Interna- France Germany Total land tional Value of new business 172 64 29 23 289 New business strain -46 -49 -2 -8 -106 VNB before new business strain 218 113 32 32 394 Annual premiums 233 266 62 14 575 Single premiums 1 864 1 725 259

  68. Slide 68: Economic assumptions

    Economic assumptions As per FY 2013 Swap rates Forward inflation rates Economy 1 year 2 year 5 year 10 year 15 year 30 year Year 1 Year 2 Year 5 Year 10 Year 15 Year 30 Switzerland 0.06% 0.16% 0.77% 1.64% 2.03% 2.17% 0.2% -0.3% 0.1% 1.0% 1.1% 1.2% Euro-zone 0.41% 0.54% 1.26% 2.16% 2.59% 2.73% 1.4% 1

  69. Slide 69: 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

  70. Slide 70: Supplementary information: Contact details and financial calendar

    Supplementary information Profit and loss Balance sheet Investments Market consistent embedded value (MCEV)  Contact details and financial calendar Full-year results 2013: Investors' presentation 70

  71. Slide 71: Contact details and financial calendar

    Contact details and financial calendar Contact Robert Moser Phone +41 (43) 284 67 67 Head of Investor Relations E-mail robert.moser@swisslife.ch Rolf Winter Phone +41 (43) 284 49 19 Senior Investor Relations Manager E-mail rolf.winter@swisslife.ch Financial calendar Publication of annual report 2013

Swiss Life Holding — FY2013 Earnings Presentation on 6ix