Swiss Life Holding Ag · SIX:SLHN
Swiss Life — FY2023 Earnings Presentation
73 slides from Swiss Life's earnings presentation, Mar 14, 2024
Slide 1: Full-year results 2023 Investor presentation
Full-year results 2023 Investor presentation 14 March 2024
Slide 2: Agenda
Agenda Overview Patrick Frost, Group CEO Financial results and strategy update Matthias Aellig, Group CFO 2 | Investor presentation | Full-year results 2023
Slide 3: Higher net profit despite lower fee result; substantially higher cash remittance, RoE and DPS
Higher net profit despite lower fee result; substantially higher cash remittance, RoE and DPS Net profit1), RoE1) Fee result CHF m, % CHF m Net profit +8% RoE -13% 850-900 765 1 029 1 111 664 10-12% 12.1% 13.7% FY 2022 FY 2023 Target 2022-2024 FY 20222) FY 2023 Target 2024 Cash to Holding Payout rat
Slide 4: Substantial increase of fee result and value creation
Substantial increase of fee result and value creation Fee result Total shareholder return1) CHF million CHF, indexed, % 765 600 699 664 500 601 553 488 400 442 396 300 342 269 200 190 100 0 FY FY FY FY FY FY FY FY FY FY FY 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 16% 22% 25% 27% 29% 30
Slide 5: Agenda
Agenda Overview Patrick Frost, Group CEO Financial results and strategy update Matthias Aellig, Group CFO 5 | Investor presentation | Full-year results 2023
Slide 6: Accounting basis
Accounting basis Implementation of IFRS accounting changes as of 1 January 2023 • IFRS 17 accounting standard for insurance business applied with restatement of the comparative period • IFRS 9 accounting standard for financial assets, applied from 1 January 2023, without restating the comparative pe
Slide 7: Selected P&L and other figures
Selected P&L and other figures Selected P&L figures CHF million (IFRS basis) FY 2022 FY 2023 IFRS 17 / IAS 39 IFRS 17 / 9 Insurance revenue 8 017 8 797 thereof CSM release 1 204 1 283 Insurance service expenses -6 588 -7 445 thereof claims and benefits -4 972 -5 667 Net investment result IFRS 17 / 9
Slide 8: Adjusted profit from operations
Adjusted profit from operations Profit from operations Adjusted profit from operations CHF million (IFRS basis) CHF million (IFRS basis) -2% FX translation effect: 1 742 -1% LC CHF -17 m +1% 1 529 1 497 Adjustment of net gain 1 478 1 497 on sale of subsidiary at AM: CHF -34 m FY 2022 FY 2022 FY 2023
Slide 9: Business review Switzerland
Business review Switzerland CHF million FY 2022 FY 2023 Change GWP incl. PHD 9 918 9 942 0% • GL: -3% (market -4%), lower premiums in the full insurance business; AuM in semi-autonomous business increased to CHF 7.1 bn (FY 22: CHF 6.4 bn) • IL: +19% (market +6%) driven by higher single premiums Fee
Slide 10: Business review France
Business review France EUR million FY 2022 FY 2023 Change GWP incl. PHD 6 915 6 992 +1% • Life: -1% (market +5%); UL share of 63% (market 41%) • Health & protection: +9% (market +7%) • P&C: +1% Fee and commission 422 485 +15% • Strong contribution from banking business; higher UL income1) fee income
Slide 11: Business review Germany
Business review Germany EUR million FY 2022 FY 2023 Change GWP incl. PHD 1 412 1 457 +3% • Higher premiums with modern, modern-traditional and disability products (market -5%) Fee and commission 668 733 +10% • Driven by owned IFAs based on higher productivity; income1) number of financial advisors i
Slide 12: Business review International
Business review International EUR million FY 2022 FY 2023 Change GWP incl. PHD 1 343 1 791 +33% • Higher premiums from business with corporate clients, in particular due to acquisition of elipsLife; lower premiums with private clients Fee and commission 373 386 +4% • Increase due to corporate busine
Slide 13: Business review Asset Managers (1/2)
Business review Asset Managers (1/2) CHF million FY 2022 FY 2023 Change Commission and 1 145 948 -17% • AM: About half of reduction explained by sale of a other net income1) subsidiary in 2022 and investment write-down in 2023, PAM 380 327 -14% affecting both PAM and TPAM 764 621 -19% • PAM: Lower a
Slide 14: Business review Asset Managers (2/2)
Business review Asset Managers (2/2) TPAM net new assets, NNA TPAM assets under management, AuM CHF billion (fair value basis) CHF billion (fair value basis) 9.8 9.8 111.8 102.8 105.4 2.3 1.9 1.5 2.7 0.4 Real estate Infrastructure 1.5 Balanced mandates 6.2 Equity 2.0 Money market funds 1.0 Bonds 0.3
Slide 15: Operating expense
Operating expense Operating expense (excl. variable expense) CHF million (IFRS basis) -2% 0% LC 1 996 1 961 • CH driven by exceptional items 439 431 CH • FR declined mainly due to sale of small broker 385 373 FR • DE driven by business growth and investments 259 282 DE • IN increased primarily due t
Slide 16: Investment income
Investment income Insurance portfolio for own risk (PAM AuM) CHF million, yields in % (IFRS basis) FY 2022 FY 2023 IFRS 17 / IAS 39 IFRS 17 / 9 Direct investment income 3 928 3 988 Direct investment yield 2.5% 2.8% Expense -440 -440 Net capital gains and losses1) 718 -938 Net investment income 4 207
Slide 17: Investment portfolio
Investment portfolio Insurance portfolio for own risk (PAM AuM) CHF million (fair value basis) 147 233 143 957 Equities & equity funds 8.2% 7.8% Alternative investments 2.7% 3.0% Real estate 28.2% 27.7% Mortgages Loans 6.9% 7.4% 2.9% 2.9% Government & supranational bonds 23.3% 23.6% 48.6% 50.0% Corp
Slide 18: Insurance reserves per component and division
Insurance reserves per component and division Insurance reserves per component Insurance reserves per division CHF billion (IFRS basis) CHF billion (IFRS basis) +2% +2% +5% LC +5% LC 174.7 178.0 174.7 178.0 CH (+2% LC) FR (+12% LC) DE (+4% LC) 102.1 104.1 IN (+7% LC) 139.4 144.1 BEL1) CSM 34.5 36.2
Slide 19: CSM development
CSM development CSM development (pre-tax, gross) CHF billion (IFRS basis) +0.6 0.0 +0.8 16.7 16.4 -1.2 +1.4 15.4 -1.3 CSM Expected New business Experience Economic CSM before Release CSM 31.12.20221) business adjustments and other release to P&L 31.12.20232) contribution and updates non-operating of
Slide 20: Value of new business
Value of new business Value of new business (VNB) CHF million (MCEV basis) +42 Economic variances • Positive development due to interest rates +19 -20 515 497 -23 Volume, business mix and pricing variances • CH: Higher volumes with improved business mix in IL; higher share of full-insurance business
Slide 21: Shareholders’ equity
Shareholders’ equity Shareholders’ equity CHF million (IFRS basis) 8 466 -496 +1 094 7 499 -252 -877 -412 -23 01.01.20231) Change in Change in Dividend Share buyback Interest on Profit 31.12.2023 foreign other OCI hybrid equity attributable currency and other to share- translation holders 1) Include
Slide 22: Capital structure
Capital structure Capital structure1) (IFRS basis) CHF 24.1 bn 4 870 Senior & 9% 20-30% 11% Carrying value (CHF m) hybrid 2 194 Senior CSM (post-tax)2) 49% 70-80% 2 676 Hybrid Shareholders’ 31% equity Reference level FY 2023 FY 2023 Maturities (senior) and next optional call dates (hybrid) (nominal
Slide 23: Group SST ratio as of January 2024 estimated to be around 210%
Group SST ratio as of 1 January 2024 estimated to be around 210% Swiss Life Group Swiss Life Group SST sensitivities SST standard model (as of 01.01.2024) 215% as of 01.01.2023 Real estate -10% -22 ppts ~210% as of 01.01.2024 Capital management actions 190% Credit spreads1) +100 bps -10 ppts Ambitio
Slide 24: Swiss Life 2024 programme: Financial targets
Swiss Life 2024 programme: Financial targets Swiss Life 2024 programme: Financial ambitions and targets, as disclosed at Investor Day in November 2021 • Fee result CHF 850-900 m FY 2024 Quality of earnings and earnings growth • RoE 10-12%1) 2) 2022-2024 • Cash to Holding CHF 2.8-3.0 bn Cumulative 20
Slide 25: Growing fee and commission income
Quality of earnings Growing fee and commission income and earnings growth Fee and commission income1) CHF million (IFRS basis) +1% +3% LC Local 2 370 2 397 currency Swiss Life Asset 984 914 -7% • Lower PAM and TPAM commission income Managers 1 076 -1% Owned IFA channels • Higher revenues from DE; lo
Slide 26: Profit from operations and fee result
Quality of earnings Profit from operations and fee result and earnings growth Adjusted profit from operations Components of fee result CHF million (IFRS basis) CHF million (IFRS basis) +1% -13% 1 478 1 497 765 664 664 Fee result 765 399 272 AM 163 Owned IFAs Operating result 173 892 929 insurance bu
Slide 27: Operating result insurance business
Quality of earnings Operating result insurance business and earnings growth Components of FY 2023 operating result insurance business CHF million (IFRS basis) • RA release of CHF +20 m • FR non-life operating result of CHF -34 m • Further contributions, incl. from assets not backing life insurance l
Slide 28: Return on equity
Capital, cash Return on equity and payout Return on equity FY 2023 calculation % (IFRS basis) IFRS 17 / 9 13.9% 13.7% Shareholders’ • 01.01.2023: CHF 8.5 bn 12.1% equity • 31.12.2023: CHF 7.5 bn • FY 2023: CHF 1 094 m Net profit (profit attributable to shareholders, excl. minorities) • FY 2023: 13.7
Slide 29: Substantially higher cash remittance to Holding; share buyback on track
Capital, cash Substantially higher cash remittance to and payout Holding; share buyback on track Cash remittance to Holding Share buyback programme CHF million (additional details) +14% • CHF 300 m 1 150 Amount (Oct 2023 – March 2024) 1 009 63% Life Current • Shares repurchased in the amount of 58%
Slide 30: Proposed increase of dividend to shareholders by CHF 3.00 per share
Capital, cash Proposed increase of dividend to and payout shareholders by CHF 3.00 per share Dividend and share buybacks Dividend payment details CHF, per share Share buybacks1) 27.9 0.9 12.9 22.7 14.0 per share AGM • 15 May 2024 +3.00 33.00 • 17 May 2024 30.00 Ex date 25.00 20.00 21.00 • 22 May 202
Slide 31: Swiss Life 2024 programme well on track
Swiss Life 2024 programme well on track Swiss Life 2024 programme: Financial ambitions and targets • Fee result On track CHF 850-900 m FY 2024 To reach lower end of range3) Quality of earnings and earnings growth • RoE 10-12%1) 2) Ahead 2022-2024 • Cash to Holding CHF 2.8-3.0 bn Ahead Cumulative 202
Slide 32: Supplementary information
Full-year results 2023 Investor presentation Supplementary information
Slide 33: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Value of new business Sustainability Abbreviations and disclaimer Contact details and financial calendar 33 | Investor presentation | Full-year results 2023
Slide 34: Adjusted net profit
Adjusted net profit Net profit Adjusted net profit CHF million (IFRS basis) CHF million (IFRS basis) Extraordinary tax +8% FX translation effect: provision release: +9% LC CHF -10 m CHF -33 m 1 189 +10% 1 111 Adjustment of net gain 1 029 1 078 on sale of subsidiary 984 at AM: CHF -34 m FY 2022 FY 20
Slide 35: Premiums and fee and commission income
Premiums and fee and commission income GWP incl. PHD Fee and commission income1) CHF million CHF million (IFRS basis) +1% +1% +3% LC +3% LC 19 604 19 841 2 370 2 397 322 326 CH 425 CH 471 9 918 9 942 FR FR DE 672 713 DE IN IN Eliminations 375 375 AM 6 795 Other & 6 956 eliminations 984 914 1 421 1 4
Slide 36: Details of net investment income
Details of net investment income FY 2023 insurance portfolio for own risk (PAM AuM) CHF million (IFRS basis) Direct Impairments Net Gains and losses through investment incl. change investment income statement income in ECL income On On Total underlying derivatives Bonds 2 270 47 26 23 50 2 367 Equit
Slide 37: Additional CSM details
Additional CSM details CSM per business division CSM per component CSM sensitivities CHF billion (IFRS basis) CHF billion (IFRS basis) (as of 31.12.2023) -6% -6% -4% LC -4% LC 16.4 16.4 15.4 15.4 Real estate -5% -3% 11.6 10.8 Interest rates -50 bps -2% 13.1 12.4 Equities -10% -2% 3.0 2.9 3.3 3.0 1.7
Slide 38: Swiss Life Group reserves subject to BVG minimum interest rates
Swiss Life Group reserves subject to BVG minimum interest rates Breakdown of insurance reserves (incl. unit-linked) CHF billion (statutory basis), as of 31.12.2023 0.9 Non-life 40.4 Unit-linked business Europe 38.0 Total Group Individual 175.0 19.7 Traditional business Annuitised 133.7 & other Guara
Slide 39: Average technical interest rate
Average technical interest rate Development since 2010 % (statutory basis) 01.01.2010 – 01.01.2024: • FX translation effect -6 bps 01.01.2023 – 01.01.2024: • Reserve strengthening / release -72 bps • FX translation effect -1 bps 2.60% • Mandatory GL CH -11 bps • Reserve release +2 bps • Non-mandator
Slide 40: Yield development
Yield development Direct and net investment yield % (IFRS basis) 3.9% 4.0 3.8% 3.7% 3.3% 3.0% 2.9% 3.0 3.4% 2.8% 2.9% 2.8% 3.3% 2.7% 3.0% 3.0% 2.9% 2.4% 2.8% 2.5% 2.0 2.3% 2.2% 2.5% 1.8% 1.0 0.0 -1.0 31.12.13 31.12.14 31.12.15 31.12.16 31.12.17 31.12.18 31.12.19 31.12.20 31.12.21 31.12.22 31.12.23 D
Slide 41: Switzerland: Statutory group business (BVG)
Switzerland: Statutory group business (BVG) BVG operating income total group business CHF million (statutory basis) FY 2020 FY 2021 FY 2022 FY 2023 Gross revenue 1 933 100% 2 138 100% 2 495 100% 1 753 100% Total insurance benefits 1 840 95.2% 2 031 95.0% 2 371 95.0% 1 672 95.4% paid (incl. bonuses)
Slide 42: Profit from operations
Profit from operations Segment results (reported vs. adjusted) CHF million (IFRS basis) FY 2022 FY 2022 FY 2023 Change IFRS 17 / IAS 39 IFRS 17 / 9 IFRS 17 / 9 IFRS 17 / 9 Segments reported reported adjusted1) reported reported adjusted Switzerland 799 778 778 839 +8% +8% France 369 202 195 199 -2%
Slide 43: Composition of segment results
Composition of segment results FY 2023, based on segment results (IFRS1) basis) Asset Switzerland France Germany International Managers CHF m EUR m EUR m EUR m CHF m 839 201 205 192 107 399 185 100 778 55 53 115 272 Fee result 104 135 161 84 72 784 726 Operating result 81 77 insurance business 66 29
Slide 44: Additional information on Swiss Life AG
Additional information on Swiss Life AG Swiss Life AG: Net profit Swiss Life AG: Dividend remitted to Holding CHF million (statutory basis) CHF million +3% +23% 905 929 1 012 822 FY 2022 FY 2023 FY 2022 FY 2023 (paid in 2023) (proposed for payment in 2024) 44 | Investor presentation | Full-year resu
Slide 45: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Value of new business Sustainability Abbreviations and disclaimer Contact details and financial calendar 45 | Investor presentation | Full-year results 2023
Slide 46: Assets under management and administration
Assets under management and administration CHF billion (fair value basis), as of 31.12.2023 276.9 255.7 21.2 106.6 Total real estate under Real estate 85.4 management and administration under management (both PAM & TPAM) Share of real estate Share of real estate Share of real estate by managing coun
Slide 47: TPAM: Change analysis of AuM
TPAM TPAM: Change analysis of AuM TPAM assets under management (AuM) CHF billion (fair value basis), as of 31.12.2023 FY 2022 FY 2023 Change (bn) Total beginning of period 102.8 105.4 +2.6 Net new assets 9.8 9.8 Market performance -4.2 0.4 FX translation effects -3.0 -3.8 Total end of period 105.4 1
Slide 48: TPAM: AuM and NNA
TPAM TPAM: AuM and NNA TPAM AuM: CHF 111.8 bn as of 31.12.2023 TPAM NNA: CHF 9.8 bn, FY 2023 (fair value basis) (fair value basis) Breakdown by asset class Breakdown by asset class Real estate 20% Real estate 40% Infrastructure 15% Infrastructure Balanced mandates 4% Balanced mandates 8% Equity Equi
Slide 49: Bond portfolio: Ratings and classification
PAM Bond portfolio: Ratings and classification Total bond portfolio (fair value basis) 50.0% of insurance portfolio for own risk (CHF 72.0 bn) Insurance portfolio for own risk CHF 144.0 bn Breakdown by rating Breakdown by classification BB B 4% 2% BBB AAA 22% 36% 47% 53% 14% Bonds 50.0% A 22% Govern
Slide 50: Government & supranational bonds: Ratings and currency
PAM Government & supranational bonds: Ratings and currency Government and supranational bond portfolio (fair value basis) 23.6% of insurance portfolio for own risk (CHF 34.0 bn) Insurance portfolio for own risk CHF 144.0 bn Breakdown by rating Breakdown by currency BBB A 4% 5% 37% CHF 48% Government
Slide 51: Corporate bond portfolio: Ratings and currency
PAM Corporate bond portfolio: Ratings and currency Corporate bond portfolio1) (fair value basis) 26.4% of insurance portfolio for own risk (CHF 38.0 bn) Insurance portfolio for own risk CHF 144.0 bn Breakdown by rating Breakdown by currency B BB AAA 5% 8% 21% EUR 27% 36% CHF 5% AA 38% BBB 23% 1% A G
Slide 52: Corporate bond portfolio: Industry split
PAM Corporate bond portfolio: Industry split Corporate bond portfolio1) (fair value basis), as of 31.12.2023 26.4% of insurance portfolio for own risk (CHF 38.0 bn) Breakdown by industry (in % of total corporate bond portfolio) Banks 36% Breakdown by rating Breakdown by structure Other financials 5%
Slide 53: Loan and mortgage portfolio
PAM Loan and mortgage portfolio Loan and mortgage portfolio (fair value basis) 10.3% of insurance portfolio for own risk (CHF 14.7 bn) Insurance portfolio for own risk CHF 144.0 bn Breakdown by country Breakdown by type Purchased loans Germany 24% 22% Mortgages 7.4% Loans 2.9% Other 6% France 5% loa
Slide 54: Real estate portfolio
PAM Real estate portfolio Real estate portfolio (fair value basis) 27.7% of insurance portfolio for own risk (CHF 39.8 bn) Insurance portfolio for own risk CHF 144.0 bn Breakdown by country Breakdown by type Other Germany Real estate 27.7% 2% Residential 11% Office France 36% 34% 11% 76% 14% Switzer
Slide 55: Real estate portfolio (additional details)
PAM Real estate portfolio (additional details) Real estate exposure Real estate direct investment income1) Real estate direct investment yield1) CHF bn CHF m %, based on average exposure 0% 0% LC 41.6 39.8 1 059 1 056 2.55% 2.60% FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 Fair value changes Net
Slide 56: Equities and alternative investments: Gross exposure
PAM Equities and alternative investments: Gross exposure Equity & equity funds portfolio (fair value basis) Alternative investments portfolio (fair value basis) 7.8% of insurance portfolio for own risk (CHF 11.3 bn) 3.0% of insurance portfolio for own risk (CHF 4.4 bn) Insurance portfolio for own ri
Slide 57: Forex and interest rates
Forex and interest rates Foreign currency exchange rates 31.12.2022 30.06.2023 31.12.2023 01.01. – 31.12.2022 01.01. – 31.12.2023 EUR 0.9874 0.9769 0.9285 1.0060 0.9718 GBP 1.1154 1.1378 1.0711 1.1808 1.1178 USD 0.9219 0.8948 0.8392 0.9551 0.8986 Interest rates (10-year government bond) 31.12.2022 3
Slide 58: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Value of new business Sustainability Abbreviations and disclaimer Contact details and financial calendar 58 | Investor presentation | Full-year results 2023
Slide 59: New business margin development
New business margin development New business margin (NBM) (VNB in % PVNBP) +0.4% +0.3% 4.0% 3.5% -0.1% -0.2% Ambition (1.5%) Hurdle rate (1.0%) FY 2022 Economic & FX Volume, Persistency Other actuarial FY 2023 business mix assumption and pricing variances 497 VNB 515 14 034 PVNBP 12 930 1 506 APE 1
Slide 60: Value of new business per division
Value of new business per division Value of new business (VNB) CHF million (MCEV basis) Switzerland France Germany International Total 497 515 234 204 178 171 72 57 53 42 PVNBP 4 605 4 035 6 608 6 267 1 538 1 718 1 282 911 14 034 12 930 APE 344 316 928 814 110 114 124 152 1 506 1 396 NBM in % PVNBP
Slide 61: VNB and new business CSM
VNB and new business CSM FY 2023 value of new business (VNB) / new business CSM CHF million (MCEV / IFRS basis) +85 +11 640 +127 515 416 -99 VNB Scope VNB Tax Non-allocated Other New business (comparable expenses measurement CSM scope to new differences business CSM) 61 | Investor presentation | Ful
Slide 62: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Value of new business Sustainability Abbreviations and disclaimer Contact details and financial calendar 62 | Investor presentation | Full-year results 2023
Slide 63: Swiss Life 2024 programme: Strategic actions set direction for profitable growth path
Swiss Life 2024 programme: Strategic actions set direction for profitable growth path We enable people to lead a self-determined life Strategic actions Financial ambitions Deepen customer relationships Quality of earnings and earnings growth Strengthen advisory power Expand operational scalability C
Slide 64: Sustainability is anchored in our business and at the heart of what we do
Sustainability is anchored in our business and at the heart of what we do Sustainability is an integral part of our business and at the heart of what we do Our actions Our contribution in business behaviour to society as an asset owner & manager to people’s lives in insurance & advisory to the envir
Slide 65: Sustainability actions and targets will support further stakeholder value creation
Sustainability actions and targets will support further stakeholder value creation Our sustainability targets within the Swiss Life 2024 programme Business behaviour Asset owner & manager Insurance products Advice Reduce CO2 emissions per FTE by 35% by 20241) and Reduce CO2 emission compensate emiss
Slide 66: Swiss Life contributes to transparency and comparability through its reporting
Swiss Life contributes to transparency and comparability through its reporting Sustainability reporting • Swiss Life’s Sustainability Report is in accordance with the major standards for sustainability reporting such as: − the standards of the Global Reporting Initiative (GRI) − the standards for th
Slide 67: Swiss Life is an active member of many sustainability initiatives and networks
Swiss Life is an active member of many sustainability initiatives and networks 67 | Investor presentation | Full-year results 2023
Slide 68: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Value of new business Sustainability Abbreviations and disclaimer Contact details and financial calendar 68 | Investor presentation | Full-year results 2023
Slide 69: Abbreviations and IFRS 17 / 9 glossary
Abbreviations and IFRS 17 / 9 glossary Abbreviations AGM Annual general meeting IFRS International Financial Reporting Standards ALM Asset and liability management IL Individual life AM Business division Asset Managers IN Business division International APE Annual premium equivalent LC Local currenc
Slide 70: Disclaimer and cautionary statement
Disclaimer and cautionary statement This presentation does not constitute or form part of any advertising, offer, recommendation or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities of Swiss Life, nor shall part or all of this presentation or i
Slide 71: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Value of new business Sustainability Abbreviations and disclaimer Contact details and financial calendar 71 | Investor presentation | Full-year results 2023
Slide 72: Contact details and financial calendar
Contact details and financial calendar Contact Olga Schmidtberger Phone +41 (43) 284 67 67 Head of Investor Relations E-mail olga.schmidtberger@swisslife.ch Rolf Winter Phone +41 (43) 284 49 19 Senior Investor Relations Manager E-mail rolf.winter@swisslife.ch Dominik Gänsslen Phone +41 (43) 284 93 7
Slide 73: We enable people to lead a self-determined life.
We enable people to lead a self-determined life.