Swiss Life Holding Ag · SIX:SLHN
Swiss Life — FY2004 Earnings Presentation
76 slides from Swiss Life's earnings presentation, Apr 5, 2005
Slide 1: Results 2004 Investors' Presentation
Results 2004 Investors’ Presentation Zurich, 5 April 2005
Slide 2: Agenda
Agenda 1. Overview Rolf Dörig 2. Financial results Bruno Pfister 3. Swiss business Paul Müller 4. Outlook Rolf Dörig 2
Slide 3: We are gaining momentum
We are gaining momentum l Results substantially improved l Above average growth realised l Financial strength reinforced l Focus on core business completed 3
Slide 4: 2004 targets achieved
2004 targets achieved l Results substantially improved - Net result: CHF 624 million versus CHF 233 million in 2003 - Earnings per share: CHF 20.50 versus CHF 8.83 in 2003 - Return on equity doubled to 10.7% l Above average growth realised - Premium volume increased by 8% to top CHF 20 billion - Ser
Slide 5: Agenda
Agenda 1. Overview Rolf Dörig 2. Financial results Bruno Pfister 3. Swiss business Paul Müller 4. Outlook Rolf Dörig 5
Slide 6: Profit and loss highlights
Profit and loss highlights CHF million (IFRS basis) 2004 2003 Change Premiums and PH deposits (gross) 20 308 18 760 +8.3% Financial result 6 670 5 836 +14.3% Benefits paid and changes in reserves -15 741 -15 726 +0.1% PH bonuses and participation in surplus -1 363 - 871 +56.5% Operating expenses -2
Slide 7: Life Core: Premium income up 8%
Life Core: Premium income up 8% CHF million (IFRS basis) 7 156 Switzerland +8% 6 643 Belgium/Lux. Netherlands 4% 5 637 France +18% 11% 4 760 Switzerland 1 910 Germany 41% Germany +8% 11% 1 766 1 959 -17% Netherlands 1) 2 356 741 Belgium/Lux. +31% France 566 33% 17 391 Total 2) +8% 16 081 2004 2003 1
Slide 8: Market share gained
Market share gained 2004 local currency, in % +8% 1) Switzerland -7% +17% 2) France +13% +7% Germany +3% -1% 3) Netherlands +2% +29% Belgium/Lux. +12% Swiss Life Life market 4) 1) Without «La Suisse» 2) Life business only: +21% 3) On a comparable basis 4) Mostly based on estimates of industry associ
Slide 9: Operating results driven by Life Core segment
Operating results driven by Life Core segment CHF million (IFRS basis) 2004 2003 Life Core 1) 957 341 Life Non-Core 1) 75 2) 67 Non-Life 46 23 Private Banking 96 -19 3) Investment Management 67 95 Other 11 50 Operating result 4) 1 252 557 1) Including one-off effect due to introduction of “legal quo
Slide 10: Life Core: Strong contribution from all markets
Life Core: Strong contribution from all markets CHF million (IFRS basis) 2004 2003 Switzerland 1) 443 76 France 98 123 Germany 103 40 Netherlands 2) 272 101 Belgium/Luxembourg 41 1 Life Core 957 341 1) Including in FY04 CHF 148 million due to introduction of “legal quote” and changes in conversion r
Slide 11: Balance sheet highlights
Balance sheet highlights CHF million (IFRS basis) 2004 2003 Change Technical reserves 138 125 136 214 +1.4% Insurance reserves 104 166 103 862 Policyholder deposits 25 767 23 678 Separate accounts 8 192 8 674 Borrowings 6 149 5 802 Shareholders’ equity 1) 6 697 4 964 +34.9% Total liabilities and equ
Slide 12: Shareholders' equity up 35%
Shareholders' equity up 35% CHF million (IFRS basis) 624 6 697 217 917 -20 +1 738 +35% 4 959 01.01.2004 1) Rights Change in Change in Net profit 3) 31.12.2004 issue, unrealised FX translation convertible gains/ differences, bond (net) losses 2) share premium and treasury shares 1) CHF 4 964 million
Slide 13: Asset allocation insurance portfolio
Asset allocation insurance portfolio CHF million; insurance portfolio (IFRS basis) 134 058 129 306 Equities & equity funds 6.3% 6.0% Alternative investments 2.7% 3.0% Real estate 8.4% 8.4% Mortgages 5.2% 8.0% Loans 4.8% 5.8% Bonds 66.3% 61.6% Cash 3.6% 3.7% Other invested assets 2.8% 3.5% 2004 2003
Slide 14: Investment returns supported by bond performance
Investment returns supported by bond performance CHF million; insurance portfolio (IFRS basis) Direct return of 4.1% Total return of 6.4% 1) Bonds 3 559 4.2% 66 482 411 7.6% Equities 208 2.6% 317 3.9% Alternative 6.1% 113 3.0% 233 investments Real estate 673 6.1% 594 5.4% Mortgages 2) 399 4.6% 502 5
Slide 15: Embedded value: Conservative key assumptions
Embedded value: Conservative key assumptions 2004 2003 CH EU CH EU Risk discount rate 7.0% 8.0% 7.0% 7.9% short term 2.5% 3.9% 3.0% 4.5% Bond return long term 3.3% 4.4% 3.8% 5.1% Weighted new short term 3.1% 4.0% 3.5% 4.6% money rate long term 3.8% 4.5% 4.0% 5.2% Based on: 10-year government bond 31
Slide 16: Embedded value: Analysis of change
Embedded value: Analysis of change CHF million (statutory basis) Swiss Life Group 2003 6 911 Unwind 2004 +431 Actual investment return 2004 +797 Future investment return -506 Persistency -114 Reserves strengthening -221 Value of new business 2004 +41 Change in legal environment -96 Capital increase
Slide 17: Embedded value highlights
Embedded value highlights CHF million (statutory basis) 2004 2003 Change Embedded value Switzerland 3 601 3 501 +2.9% Embedded value Europe 2 819 2 788 +1.1% ANAV of Swiss Life Holding 1) 1 516 3) 622 Embedded value Swiss Life Group 7 936 6 911 +14.8% of which ANAV 4 909 2 831 PVFP 4 507 5 209 Cost
Slide 18: Value of new business
Value of new business CHF million (statutory basis) Switzerland 1) France 2) Germany Netherlands Belgium 3) Sum 63 41 24 24 21 23 18 13 -21 2 1 -1 APE 4) 228 186 263 252 298 220 292 286 43 47 1 124 991 New Business Margin 3.6% 6.4% 1) Including La Suisse Vie 2) Including Swiss Life Assurance et Patr
Slide 19: Group solvency substantially increased
Group solvency substantially increased 195% +62 ppts 133% 31.12.2003 31.12.2004 19
Slide 20: Agenda
Agenda 1. Overview Rolf Dörig 2. Financial results Bruno Pfister 3. Swiss business Paul Müller 4. Outlook Rolf Dörig 20
Slide 21: Confidence of customer base reinforced
Confidence of customer base reinforced l Overall: - Market share recaptured - Expense ratio reduced l Group business: - Profitability significantly improved - Political risk mitigated l Individual business: - Top position maintained in light of long-term attractiveness of business - No pricing compr
Slide 22: Sound portfolio structure
Sound portfolio structure GWP incl. PH deposits, excl. «La Suisse», CHF million (IFRS basis) 12% 5 485 4 914 Single 8% 2 452 21% 2 958 54% 7 156 1) 6 643 1) Periodic 2 462 3% 2 527 46% Group business 4 914 12% 5 485 77% 2003 2004 1 663 -4% 1 601 Single 643 -7% 600 38% Individual business 1 663 -4% 1
Slide 23: Market share recaptured
Market share recaptured GWP incl. PH deposits; excl. «La Suisse», CHF billion 33.1 34.6 Market 32.2 30.2 volume 1) Individual 2.4 2.4 1.6 1.7 Group 5.6 5.7 4.9 5.5 2001 2002 2003 2004 Market share 24.2% 23.4% 20.4% 23.4% Group 25.0% 24.4% 21.4% 25.6% Individual 22.5% 21.4% 17.9% 18.1% 1) Source: Fed
Slide 24: Administrative expense ratio reduced
Administrative expense ratio reduced CHF million (IFRS basis); excluding «La Suisse» Expense ratio 11.4% 9.8% 9.9% 9.0% 941 Administrative expenses 1) 800 657 643 2001 2002 2003 2004 GWP incl. PHD 8 250 8 196 6 643 7 156 1) Operating expenses less commissions and DAC effect 24
Slide 25: Group business: Profitable growth as pensions provider of choice
Group business: Profitable growth as pensions provider of choice l Commitment to full value insurance well received by the market l Technical result significantly improved l Adapted pricing and reduction of BVG minimum interest rates led to positive value of new business (CHF 17 million) l Distribut
Slide 26: Political discussion on a more realistic basis
Political discussion on a more realistic basis l More rapid and greater reduction of the conversion rate recommended by the BVG Commission l Market-oriented formula for BVG minimum interest rate proposed by industry associations l Parliamentary initiative for financing pension funds with insufficien
Slide 27: Individual business: Maintain top position given long-term potential
Individual business: Maintain top position given long-term potential l Technical results improved. Nevertheless, value of new business negative due to low interest rate environment (CHF -38 million) l Streamlining of processes and IT platforms ongoing l Policy not to cut annuity bonus payments conti
Slide 28: Market position further strengthened
Market position further strengthened GWP 2003 incl. PH deposits, CHF million «La Suisse» Individual Life l Concentration on the Swiss 180 Life brand; higher profile as a leading provider of life insurance and pension Group Life solutions 590 l Stronger distribution 500 Group Life network and externa
Slide 29: Agenda
Agenda 1. Overview Rolf Dörig 2. Financial results Bruno Pfister 3. Swiss business Paul Müller 4. Outlook Rolf Dörig 29
Slide 30: We are gaining momentum
We are gaining momentum l Results substantially improved l Above average growth realised l Financial strength reinforced l Focus on core business completed 30
Slide 31: 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… o
Slide 32: Ambitious targets reiterated
Ambitious targets reiterated > 1% Above market growth in each market > 10% Sustainable return on equity > 4 CHF Sustainable dividends 32
Slide 33: Supplementary information
fiz SwissLife Supplementary information
Slide 34: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Swiss business 5. Banca del Gottardo 6. Contact details 34
Slide 35: Swiss Life with a balanced portfolio
Swiss Life with a balanced portfolio Life Core in CHF billion 10.2 BELUX 7.2 NL GWP incl. DE PH deposits CH FR 41% 59% Growth in GWP 8% 14% 1) Segment Result 2) 46% 54% Embedded Value 3) 56% 44% 1) Excluding large one-off transactions in the Netherlands. Growth in GWP with one-offs: 8% 2) Segment re
Slide 36: Management P&L - insurance business
Management P&L - insurance business CHF million (IFRS basis); main insurance market units 1) 2004 2003 2003 actual pro forma 2) as published 3) Gross written premiums incl. PHD 19 713 17 959 17 807 KPI 1 Operating expenses incl. LAEs -1 553 -1 564 -1 669 KPI 2 Basic insurance result 21 197 201 KPI 3
Slide 37: Premiums excluding one-offs and divested units
Premiums excluding one-offs and divested units Change 2004 2003 2004 vs Actual Actual 2003 Total GWP & PHD 20 308 18 761 +8.3% «La Suisse» 1) -554 Netherlands 2) -463 -856 Currency effect 153 Total GWP & PHD after one-offs 19 291 18 058 +6.8% United Kingdom -507 -744 SL Spain 0 -99 Currency effect 2
Slide 38: Life Core: Premiums and policyholder deposits
Life Core: Premiums and policyholder deposits CHF million (IFRS basis) 2004: 17 391 2003: 16 081 Growth in Life Core premiums 1% 1% by line of business 50% 50% 47% 52% Group +3% Individual +14% Other 1) -9% 3% 4% 45% 47% Periodic +3% Single +14% 52% 49% Other 2) +0% 1) Policy fees and premiums assum
Slide 39: Life Non-Core: Premiums and policyholder deposits
Life Non-Core: Premiums and policyholder deposits CHF million (IFRS basis) 2004: 1 896 2003: 1 646 Growth in Life Non-Core 1% premiums by line of business 1% 78% 29% 71% Group +27% 21% Individual -16% Other 1) +63% 1% 1% 65% 34% Periodic -13% Single +69% 49% 50% Other 2) +25% 1) Policy fees and prem
Slide 40: Adjusted operating expenses
Adjusted operating expenses CHF million (IFRS basis); Swiss Life Group 2004 2003 2003 Change pro forma as reported Operating expenses 2 803 2 880 2 880 -2.7% Commissions and DAC amortisation -851 -703 -703 21.1% Loss adjustment expenses 131 161 161 -18.6% Currency effects 19 1) Accounting changes -1
Slide 41: One-off impacts on net result
One-off impacts on net result CHF million (IFRS basis) 89 660 163 624 125 -253 -88 Net result "Legal quote" Conversion rate Sale of UK Sale mortage Goodwill- Net result after portfolio and impairment one-off effects SwAFE NL 41
Slide 42: Forex and interest rates
Forex and interest rates Foreign currency exchange rates 31.12.04 30.06.04 31.12.03 1.1.-31.12.04 1.1.-30.06.04 1.1.-31.12.03 EUR 1.543 1.524 1.558 1.544 1.553 1.521 GBP 2.182 2.272 2.201 2.276 2.307 2.198 USD 1.131 1.253 1.236 1.243 1.266 1.345 Interest rates 1) 31.12.04 30.06.04 31.12.03 CHF 2.314
Slide 43: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Swiss business 5. Banca del Gottardo 6. Contact details 43
Slide 44: Duration of bond portfolio
Duration of bond portfolio Group 1) effective duration FY 04 HY 04 FY 03 CHF 8.4 7.9 7.8 EUR 9.1 8.1 6.2 GBP 6.3 6.5 13.9 USD 9.5 9.1 7.7 Average 8.9 8.0 7.0 1) Including SL Zurich, SL Germany, SL France SSV, SL Netherlands, La Suisse Vie, SL Belgium 44
Slide 45: Bond portfolio: Ratings
Bond portfolio: Ratings Insurance portfolio (IFRS basis) Investments: CHF 88.8 billion (2003: CHF 79.5 billion) Breakdown by rating CHF million BBB Not rated 134 058 A 2% 2% 8% AA 13% Government Bonds 66.3% 38% AAA 31% Sovereign 6% 45
Slide 46: Bond portfolio: Currency exposure
Bond portfolio: Currency exposure Insurance portfolio (IFRS basis) Investments: CHF 88.8 billion (2003: CHF 79.5 billion) Before hedges USD 3% CHF million 134 058 CHF EUR 25% 72% Bonds 66.3% After hedges CHF 38% EUR 62% 46
Slide 47: Loan and mortgage portfolio
Loan and mortgage portfolio Insurance portfolio (IFRS basis) Investments: CHF 13.4 billion (2003: CHF 17.9 billion) Breakdown by type CHF million 134 058 Policyholder loans 8% Loans and mortgages 10.0% Mortgages Originated 52% loans 40% 47
Slide 48: Real estate portfolio
Real estate portfolio Insurance portfolio (IFRS basis) Investments: CHF 11.2 billion (2003: CHF 10.8 billion) Breakdown by country Belgium 1% CHF million Germany 4% Netherlands 1% 134 058 France 8% Real estate 8.4% Switzerland 86% Breakdown by type Others 1% Centers 10% Commercial Residential 21% 46
Slide 49: Equity portfolio: Currency exposure
Equity portfolio: Currency exposure Insurance portfolio (IFRS basis) Investments: CHF 8.4 billion (2003: CHF 7.8 billion) Before hedges CHF million GBP JPY Equities 134 058 2% 2% and equity 6.3% CHF funds 14% USD 17% EUR 65% 49
Slide 50: Alternative investment portfolio
Alternative investment portfolio Hedge funds: CHF 3.4 billion Insurance portfolio (IFRS basis) (2003: CHF 3.6 billion) Fund of funds 5% Relative value Managed futures 12% 18% CHF million Leveraged finances 134 058 14% Event driven Alternative 18% 2.7% investments Equity hedged Global macro 16% 17% P
Slide 51: Currency exposure
Currency exposure Insurance portfolio (economic view) Net: 1.0% of total insurance portfolio assets Other GBP 26 million 184 million 1% 14% USD EUR 317 million 812 million 24% 61% Gross exposure CHF 21 469 million Hedged CHF 20 130 million Net currency exposure CHF 1 339 million 51
Slide 52: Goodwill further reduced
Goodwill further reduced CHF million (IFRS basis) 2 427 -823 1 353 -102 -149 -42 1 044 -208 -59 801 -80 -163 Goodwill BdG STG Other Goodwill BdG STG Other Goodwill Ordinary Impair- Goodwill 31.12.01 31.12.02 31.12.03 amort. ments 31.12.04 Goodwill as % of: SH equity: 48.7% 32.4% 21.0% 12.0% Core cap
Slide 53: Allocation of unrealised gains on bonds
Allocation of unrealised gains on bonds CHF million (IFRS basis) 4 744 -3 223 -318 886 -310 -7 Unrealised Deferred Shadow Deferred Minority Allocated to gains on policyholder DAC taxes interests shareholders’ bonds bonuses adjustment equity 53
Slide 54: Increase in shareholders' equity through operating improvements
Increase in shareholders' equity through operating improvements CHF million (IFRS basis) 1 733 125 272 -922 -88 -164 399 -507 -51 Change in Rights issue, UK sale Mortgage “Legal Goodwill Impact bond Impact other Operating shareholders' convertible portfolio NL quote”/ amort./ markets assets residual
Slide 55: Life Core: Insurance reserves by core countries
Life Core: Insurance reserves by core countries CHF million (IFRS basis) 55 123 -1% Switzerland 55 409 7 326 France 6 435 +14% Belgium/Lux. Netherlands 2% 17 727 15% Germany 16 709 +6% 13 982 Netherlands 13 043 +7% Germany 18% 1 859 Switzerland Belgium/Lux. 1 945 -5% France 57% -10 8% Eliminations +
Slide 56: Average technical interest rate of 3.14%
Average technical interest rate of 3.14% CHF / EUR / USD / GBP million (statutory basis) CHF EUR USD GBP Total reserves 60 458 30 715 500 8 Mean technical 2.83% 3.53% 4.09% 3.74% interest rate 1) Overall: 3.14% (-6 bps) 1) Based on crediting rate of 2.5% for mandatory BVG 56
Slide 57: Statutory solvency improved to 219%
Statutory solvency improved to 219% CHF million (statutory basis) Solvency capital Statutory solvency Rentenanstalt stat.equity capital 2 119 9 072 219% Intangibles -76 Hybrid capital 1 297 Fund for future appropriation 648 4 143 Additional Zillmerisation 422 Unrealised capital gains 4 149 Unattribu
Slide 58: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Swiss business 5. Banca del Gottardo 6. Contact details 58
Slide 59: Implementation of embedded value at Swiss Life
Implementation of embedded value at Swiss Life l ANAV and PVFP have been calculated for more than 95% of the mathematical Swiss Life UK Swiss Life BE reserves Swiss Life NL (2003 only) l For other life insurance entities only Swiss Life DE Swiss Life the NAV has been included FR 2) Swiss Life CH l T
Slide 60: Key assumptions for embedded value calculation
Key assumptions for embedded value calculation Swiss Life Group 2004 2003 n Weighted new money CH EU CH EU return based on asset allocation Risk discount 7.0% 8.0% 7.0% 7.9% n Weighted returns are rate lower due to reduced Equity return 5.0% 6.0% 5.0% 6.0% assumed future investment returns Bond retu
Slide 61: Asset allocation assumptions by region
Asset allocation assumptions by region Swiss Life Group 2004 2003 CH EU CH EU Cash and cash equivalents 3% 2% 1% 3% Bonds and loans 58% 82% 61% 75% Mortgages 9% 3% 10% 5% Real estate 13% 5% 14% 3% Equities 7% 6% 3% 8% Participations 3% 1% 4% 6% Alternative investments 7% 1% 7% 0% 61
Slide 62: Sensitivities of embedded value
Sensitivities of embedded value CHF million (statutory basis); Swiss Life Group Switzerland Europe Total EV 2004 (base case) 3 601 2 819 7 936 1) D Risk discount rate -50 bps 190 91 281 D Investment returns +50 bps 313 304 617 D Investment returns -50 bps -520 -264 -784 D Bond returns +50 bps 94 141
Slide 63: IAS equity to embedded value bridge
IAS equity to embedded value bridge CHF million (statutory basis); Swiss Life Group 4 507 7 936 6 697 -1 480 -889 -899 Difference Goodwill PVFP Cost of IFRS Embedded in & Other Capital Equity Value valuation Intangible (Lock-In) Assets 63
Slide 64: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Swiss business 5. Banca del Gottardo 6. Contact details 64
Slide 65: One-off effect due to legal quote and changes in conversion rate in Switzerland
One-off effect due to “legal quote” and changes in conversion rate in Switzerland CHF million (IFRS basis) l Due to different asset valuation under IFRS and statutory accounting standards, unrealised gains/losses had to be allocated to policyholders l Release of reserves due to reduction of conversi
Slide 66: Analysis of surplus
Analysis of surplus CHF million (statutory basis); RA/SL ZH Individual Group Total Risk result 56.0 183.1 239.1 Net interest income 181.1 313.5 494.6 Cost result -106.5 -78.6 -185.1 Technical result 130.6 418.0 548.6 Investment result 183.5 146.1 329.6 Reserves strengthening -16.0 -241.4 -257.4 Poli
Slide 67: Breakdown of technical reserves
Breakdown of technical reserves IFRS basis; 31.12.2004, in CHF billion Total: 138 Non-life (2 billion) 8 Separate Accounts/Unit-linked Policyholder contract deposits 26 Europe (+ other CH) Only CHF 10 billion is subject Traditional 47 to BVG minimum interest rate in business group business Switzerla
Slide 68: Statutory distribution ratio: 92.3% to policyholders
Statutory distribution ratio: 92.3% to policyholders CHF million statutory; CH Life Core Gross revenue 1 679 100.0% Total insurance benefits paid (incl. bonuses) 1 550 92.3% Operating income, stat. distr. ratio 129 68
Slide 69: 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 • Two-stage conversion of «La Suisse» grou
Slide 70: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Swiss business 5. Banca del Gottardo 6. Contact details 70
Slide 71: Banca del Gottardo: Overview of key financials
Banca del Gottardo: Overview of key financials CHF million (statutory basis) 2004 2003 Change Results from interest activities 144 148 -2.7% Results from commission and service act. 245 232 +5.6% Results from trading operations 52 79 -34.2% Other 9 8 +12.5% Net revenues 450 467 -3.6% Personnel expen
Slide 72: Banca del Gottardo: Key ratios
Banca del Gottardo: Key ratios CHF million (statutory basis) 2004 2003 Change Return on equity 7.4% 9.8% -2.4 ppts Cost/income ratio 68.7% 62.7% +6.0 ppts BIS ratio (Tier 1) 13.2% 12.6% +0.6 ppts BIS ratio (Tier 2) 13.9% 13.7% +0.2 ppts Assets under management 41 057 38 531 +6.6% Risk-weighted asset
Slide 73: 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 74: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Swiss business 5. Banca del Gottardo 6. Contact details 74
Slide 75: 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 Deputy Head Investor Relations E-mail: fabrizio.croce@swisslife.ch Visit our website for up-to-date information www.swisslife.com 75
Slide 76: SwissLife
te SwissLife Prepared for the future.