Swiss Life Holding AG · SIX:SLHN
Swiss Life — FY2018 Earnings Presentation
75 slides from Swiss Life's earnings presentation, Feb 26, 2019
Slide 1: Full-year results 2018 Investor presentation
Full-year results 2018 Investor presentation 26 February 2019
Slide 2: Agenda
Agenda Overview Patrick Frost Financial results and Thomas Buess strategy update 2 | Investor presentation | Full-year results 2018
Slide 3: In 2018, Swiss Life has again improved profitability and earnings quality
In 2018, Swiss Life has again improved profitability and earnings quality … +7% +8% exceeded 1 013 1 080 488 400-450 452 818 Net profit, achieved Fee 269 9.6% RoE 9.3% 9.1% result (CHF m) 8-10% (CHF m) FY 2014 FY 2017 FY 2018 Target 2018 FY 2014 FY 20171) FY 20181) Target 2018 Net profit RoE exceede
Slide 4: Substantial increase of cash remittance and dividend
… which resulted in a substantial increase of cash remittance and dividend +1% achieved 1 131 1 134 1 141 Stable As of 01.01.2019 (for Swiss Life Group): Operating 0.65% expense, 0.59% 0.57% SST ratio estimated to be above 180%, based on new Capitali- regulatory solvency model efficiency sation rati
Slide 5: Agenda
Agenda Overview Patrick Frost Financial results and Thomas Buess strategy update 5 | Investor presentation | Full-year results 2018
Slide 6: Key figures FY 2018 results
Key figures FY 2018 results Net profit increased by 7% to CHF 1 080 m Adjusted profit from operations improved by 4% to CHF 1 553 m Premiums increased by 2% in local currency to CHF 19.2 bn Fee and commission income up by 6% in local currency to CHF 1 615 m Fee result increased by 8% to CH
Slide 7: Selected P&L figures
Selected P&L figures CHF million (IFRS basis) FY 2017 FY 2018 Gross written premiums, fees and deposits received 18 565 19 218 Fee and commission income 1 480 1 615 Net investment result insurance portfolio for own risk 3 804 4 629 Net insurance benefits and claims -13 189 -13 961 Policyholder parti
Slide 8: Profit from operations excluding major one-off effects
Profit from operations excluding major one-off effects CHF million (IFRS basis, adjusted) +4% 1 534 +7 +12 1 553 1 476 +18 1 475 +21 1 497 -19 Profit Restruc- Policyholder Profit FX Profit Profit Restruc- Programme Profit from turing TDR from translation from from turing costs for new from operation
Slide 9: Business review Switzerland
Business review Switzerland CHF million (IFRS basis, VNB) FY 2017 FY 2018 Change GWP incl. PHD 9 290 9 525 +3% • GL: +3% (market +1%); mainly due to higher single premiums from existing clients; growing semi- autonomous business • IL: -2% (market 0%); lower single premiums partly offset by higher pe
Slide 10: Business review France
Business review France EUR million (IFRS basis, VNB) FY 2017 FY 2018 Change GWP incl. PHD 4 773 5 069 +6% • Life: +9% (market +4%); UL share of 50% (market 28%) • Health & protection: +1% (market +3%) with individual protection +6% (market +4%); P&C: +1% (market +3%) Fee and commission 272 269 -1% •
Slide 11: Business review Germany
Business review Germany EUR million (IFRS basis, VNB) FY 2017 FY 2018 Change GWP incl. PHD 1 181 1 207 +2% • Higher periodic premiums with risk and modern- traditional products (market +2%) Fee and commission 359 395 +10% • Higher revenues from owned IFAs (increased number of income1) financial advi
Slide 12: Business review International
Business review International EUR million (IFRS basis, VNB) FY 2017 FY 2018 Change GWP incl. PHD 2 403 2 128 -11% • Higher premiums with corporate clients more than offset by lower single premiums with private clients Fee and commission 202 225 +11% • Increased commission income from Chase de Vere,
Slide 13: Business review Asset Managers
Business review Asset Managers CHF million (IFRS basis, AuM fair value basis) FY 2017 FY 2018 Change Commission and 689 734 +6% • PAM: Increased real estate assets and related other net income1) management fees PAM 300 321 +7% • TPAM: Higher recurring fees on growing AuM; TPAM1) 389 413 +6% contribu
Slide 14: Expense development
Expense development CHF million (IFRS basis) FY 2017 FY 2018 Change Total operating expense 2 842 3 163 +11% Commissions and DAC amortisation -1 303 -1 501 Operating expense (before FX) 1 539 1 661 +8% Restructuring costs and one-offs -42 -58 Programme costs for new accounting standard -14 Scope cha
Slide 15: Investment result
Investment result CHF million (IFRS basis), insurance portfolio for own risk FY 2017 FY 2018 Direct investment income 4 285 4 408 Direct investment income in % 2.8% 2.9% Expense -355 -398 Net capital gains/losses on investments and impairments1) -126 619 Net investment result 3 804 4 629 Net investm
Slide 16: Investment portfolio
Investment portfolio CHF million (fair value basis), insurance portfolio for own risk1) 160 753 160 907 Equities & equity funds Alternative investments 6.7% 8.0% 1.2% 1.2% Real estate 18.0% 19.8% Mortgages 5.3% Loans 5.1% 5.6% 4.5% Government & supranational bonds 30.3% 30.1% 61.6% 58.3% Corporate b
Slide 17: Insurance reserves excluding policyholder participation liabilities
Insurance reserves excluding policyholder participation liabilities CHF billion (IFRS basis) +2% +17.4 158.6 +2.1 158.5 156.1 -14.7 -2.4 -2.5 31.12.2017 FX translation 31.12.2017 Premiums/ Withdrawals/ Interest Market 31.12.2018 effect excl. FX deposits benefits accrued movements received incurred a
Slide 18: Shareholders’ equity
Shareholders’ equity CHF million (IFRS basis) Share buyback • 227 700 shares repurchased for 15 495 CHF 87 m as of 31.12.2018 -6% +1 076 14 522 - 1 342 -124 -460 -116 -7 31.12.2017 Change in Change in Distribution Change in Issuance Profit 31.12.2018 unrealised foreign from capital treasury cost and
Slide 19: Key financial targets of Swiss Life 2018
Key financial targets of Swiss Life 2018 Customer centricity and advice Quality of earnings Operational efficiency Capital, cash and dividend and earnings growth • Fee result FY 2018: • Cost savings FY 2018: • Cumulative cash remittance CHF 400-450 m CHF 100 m to Holding (2016-2018): > CHF 1.5 bn •
Slide 20: Profit by source: Higher savings, fee and risk results
Quality of earnings Profit by source: Higher savings, fee and and earnings growth risk results CHF million (IFRS basis) FY 2017 FY 2018 adjusted1) adjusted1) Savings result 827 53% 889 55% Risk result 395 25% 410 25% Fee result 452 29% 488 30% Cost result -111 -7% -155 -10% - Thereof admin cost resu
Slide 21: Continued strong returns in a low interest rate environment
Quality of earnings Continued strong returns in a low interest and earnings growth rate environment Direct and net investment yield (IFRS basis, in %) 5.0 4.5 4.1% 4.8% 3.9% 3.8% 3.9% 4.0 3.8% 3.7% 3.5 3.8% 3.8% 3.3% 3.7% 3.5% 3.0% 3.0 3.4% 3.3% 2.8% 3.0% 3.0% 2.9% 2.5 2.0 2.5% 1.5 1.0 0.5 0.0 -0.5
Slide 22: Average technical interest rate further decreased
Quality of earnings Average technical interest rate and earnings growth further decreased Statutory basis 01.01.2018 – 01.01.2019 • FX translation effect -1 bps • Reserve strengthening -8 bps 2.60% • Business mix -3 bps 2.35% Total -11 bps 2.04% 1.64% 01.01.2010 – 01.01.2019: 1.37% • FX translation
Slide 23: Disciplined ALM has safeguarded the interest rate margin
Quality of earnings Disciplined ALM has safeguarded the and earnings growth interest rate margin Aggregated view, IFRS basis, in % of technical reserves 4.0 Net investment Interest rate margin resilient as a yield result of disciplined ALM excl. net gains/ 3.0 losses, after • Long asset duration sup
Slide 24: Higher fee and commission income
Quality of earnings Higher fee and commission income and earnings growth Fee and commission income1), CHF million (IFRS basis) +9% +6% LC Local 1 615 currency 1 480 Swiss Life Asset • PAM: Higher real estate assets and services 697 +8% +6% Managers • TPAM: Higher recurring fees on growing AuM 645 •
Slide 25: Improved value of new business
Quality of earnings Improved value of new business and earnings growth Value of new business (VNB), CHF million Economic variances • Slightly higher reference interest rates +33 386 Volume, business mix and pricing variances • CH: Higher volumes and improved business mix in 351 +5 +4 group life, neg
Slide 26: Implemented cost savings of CHF 111 m
Implemented cost savings of CHF 111 m Operational efficiency Non-variable cost savings1), gross CHF million (project view), vs. cost base FY 2014 9 111 14 ~ 100 • CH: Optimisation of business processes mainly in IT and back-office 37 • FR: Internalisation of resources, efficiency gains, renegotiatio
Slide 27: Further improved efficiency ratios
Further improved efficiency ratios Operational efficiency Adjusted operating expense in % of average technical reserves, excl. deferred PHP (IFRS basis) Excluding expense from owned IFAs Change vs. FY 2015 FY 2016 FY 2017 FY 2018 FY 2017 Switzerland 0.44% 0.43% 0.42% 0.41% -1 bps France 1.34% 1.27%
Slide 28: SST ratio estimated to be above 180%
SST ratio estimated to be above 180% Capital, cash and dividend based on new regulatory solvency model Regulatory Solvency Model Business steering • Capital management actions 190% Focus on Continuous monitoring and ALM Ambition range internal Swiss Life Group: 140-190% economic SST ratio Ambition m
Slide 29: Well-balanced capital structure
Well-balanced capital structure Capital, cash and dividend Capital structure1) (IFRS basis) 3 803 3% 424 Senior Senior & 21% Carrying value (CHF m) 25-30% hybrid Shareholders’ 3 379 Hybrid 70-75% 76% equity2) Reference level FY 2018 FY 2018 Maturities (senior) and next optional call dates (hybrid);
Slide 30: Increased cash remittance to Holding and dividend to shareholders
Increased cash remittance to Holding Capital, cash and dividend and dividend to shareholders Cash remittance to Holding Dividend per share (CHF million, cash remittance in % of previous (CHF, payout ratio in % of IFRS net profit) year’s IFRS net profit) 68% 69% 46% 51% by division AM 696 24% 16.50 6
Slide 31: Swiss Life achieved or exceeded the 2018 financial targets
Swiss Life achieved or even exceeded the 2018 financial targets Swiss Life 2018 financial targets FY 2018 Assessment • Fee result FY 2018: CHF 400-450 m 488 m Exceeded Quality of earnings and • Risk result FY 2018: CHF 350-400 m 410 m Exceeded earnings growth • Cumulative value of new business (2016
Slide 32: Swiss Life 2021 financial targets
Swiss Life 2021 financial targets CHF Quality of earnings Operational efficiency Capital, cash and payout and earnings growth Fee result 600-650 m Life efficiency ratio < 40 bps SST ambition range 140-190% FY 2021 FY 2021 2019-2021 Risk result 400-450 m Distribution operating < 25% Cash to Holding 2
Slide 33: Supplementary information
Full-year results 2018 Investor presentation Supplementary information
Slide 34: Supplementary information
Supplementary information Profit and loss Balance sheet Investments Value of new business (VNB) Abbreviations Contact details and financial calendar 34 | Investor presentation | Full-year results 2018
Slide 35: Net profit excluding major one-off effects
Net profit excluding major one-off effects CHF million (IFRS basis, adjusted) +6% 1 080 +5 +8 1 093 1 013 +16 1 015 +13 1 028 -14 Net Restruc- Policyholder Net FX Net Net Restruc- Programme Net profit turing TDR profit translation profit profit turing costs for new profit charges release excl. effec
Slide 36: Premium development
Premium development CHF million (IFRS basis); GWP, fees and deposits Local currency 9 525 Switzerland +3% +3% 9 290 5 859 France +10% +6% 5 310 1 395 Germany +6% +2% 1 313 2 459 International -8% -11% 2 674 19 218 Total1) +4% +2% 18 565 FY 2018 FY 2017 1) Total includes intersegment eliminations of
Slide 37: Fee and commission income development
Fee and commission income development CHF million (IFRS basis) Local currency 247 Switzerland +7% +7% 230 310 France +3% -1% 302 456 Germany +14% +10% 400 260 International +16% +12% 225 Asset 697 Managers +8% +6% 645 1 615 Total1) +9% +6% 1 480 FY 2018 FY 2017 1) Total includes Other and intersegme
Slide 38: Switzerland: Premium development
Switzerland: Premium development CHF million (IFRS basis) FY 2017 FY 2018 Change Total life GWP incl. PHD 9 290 9 525 +3% Single premiums 4 730 4 864 +3% Periodic premiums 4 560 4 661 +2% Group life 7 815 8 085 +3% Single premiums 4 302 4 484 +4% Periodic premiums 3 513 3 601 +2% Individual life 1 4
Slide 39: Switzerland: Statutory distribution ratio in BVG business
Switzerland: Statutory distribution ratio in BVG business CHF million (statutory basis) FY 2015 FY 2016 FY 2017 FY 2018 Gross revenue 2 532 100% 2 188 100% 1 860 100% 2 113 100% Total insurance benefits 2 353 92.9% 2 053 93.8% 1 754 94.3% 1 990 94.2% paid (incl. bonuses) Operating income 179 135 106
Slide 40: Details of net investment result
Details of net investment result CHF million (IFRS basis), insurance portfolio for own risk FY 2018 Direct Net Impair- Gains and losses through investment investment ments income statement income result On On Net underlying derivatives Bonds 2 649 -84 238 60 298 2 864 Equities 360 -6 -541 582 41 395
Slide 41: Profit from operations
Profit from operations CHF million (IFRS basis), segment result (reported vs. adjusted) FY 2017 FY 2018 Change Segments reported adjusted1) reported adjusted1) reported adjusted Switzerland 829 833 865 866 +4% +4% France 261 273 277 278 +6% +2% Germany 153 139 142 143 -7% +3% International 51 53 67
Slide 42: Profit by source
Profit by source FY 2018, based on adjusted segment result1) Asset Group2) thereof Switzerland France Germany International Managers CHF m CHF m EUR m EUR m EUR m CHF m 1 627 866 241 124 59 278 10 38 Savings 889 10 179 628 32 Risk 410 95 41 58 Fee 488 251 67 Other -6 18 -4 -2 Costs -32 -155 -100 The
Slide 43: 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
Slide 44: New business mix
New business mix New business production (NBP) 25% 27% 24% 25% 27% 26% 33% 34% 33% 33% 39% 35% 40% 30% Risk, health and P&C 12% 18% 21% 26% 22% Modern 28% 26% Modern-traditional 24% 20% 21% 19% 16% Traditional 9% 7% FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Shift excl. traditional 85%
Slide 45: Supplementary information
Supplementary information Profit and loss Balance sheet Investments Value of new business (VNB) Abbreviations Contact details and financial calendar 45 | Investor presentation | Full-year results 2018
Slide 46: Allocation of unrealised gains/losses on bonds
Allocation of unrealised gains/losses on bonds CHF million (IFRS basis), as of 31.12.2018 8 999 -5 404 -146 0 2 656 -793 Unrealised Deferred Shadow Deferred Non-controlling Allocated to gains/losses policyholder DAC taxes interests shareholders’ on bonds1) bonuses adjustment equity 1) Including cash
Slide 47: Return on equity
Return on equity CHF million (IFRS basis) FY 2017 FY 2018 FY 2018 RoE calculation Net profit FY 2018 Shareholders’ equity 15 495 14 522 1 076 (attributable to shareholders) Unrealised gains/losses on bonds Average adjusted -3 727 -2 656 11 817 allocated to shareholders’ equity shareholders’ equity A
Slide 48: Insurance reserves excluding policyholder participation liabilities
Insurance reserves excluding policyholder participation liabilities CHF million (IFRS basis) Local currency 89 723 Switzerland +2% +2% 88 244 International 30 239 13% France -1% +3% Germany 30 452 11% 17 489 57% Germany -3% +1% 19% 18 026 France 21 093 International -4% -1% Switzerland 21 912 158 50
Slide 49: Insurance reserves and borrowings
Insurance reserves and borrowings CHF million (IFRS basis) Local 31.12.2017 31.12.2018 currency Insurance reserves 171 649 170 048 -1% -1% Policyholder participation liabilities 13 050 11 539 -10% Insurance reserves w/o PHP liabilities 158 599 158 509 0% +2% Insurance liabilities 116 844 118 771 +3%
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 of 31.12.2018 1.0 Non-life 50.8 Investment contracts & PH deposits Europe 29.5 Total Group Individual 170.0 19.6 Traditional business Annuitised Guaranteed
Slide 51: Average technical interest rate
Average technical interest rate CHF / EUR / USD / GBP million (statutory basis), as of 01.01.2019 CHF EUR USD GBP Total reserves 86 047 31 870 141 13 Average technical interest rate 0.92% 2.05% 2.24% 2.18% Overall: 1.26% (01.01.2018: 1.37%) 51 | Investor presentation | Full-year results 2018
Slide 52: Weighted duration gap
Weighted duration gap 1.2 0.9 0.9 0.8 0.7 0.7 0.6 0.5 0.4 31.12.2010 31.12.2011 31.12.2012 31.12.2013 31.12.2014 31.12.2015 31.12.2016 31.12.2017 31.12.2018 52 | Investor presentation | Full-year results 2018
Slide 53: Supplementary information
Supplementary information Profit and loss Balance sheet Investments Value of new business (VNB) Abbreviations Contact details and financial calendar 53 | Investor presentation | Full-year results 2018
Slide 54: Change analysis of assets under management
Change analysis of assets under management CHF billion (fair value basis) Assets under management FY 2017 FY 2018 Change (bn) Total beginning of period 204.2 223.6 +19.4 Net new assets PAM -0.8 0.6 TPAM 7.1 8.4 Market performance 6.7 0.3 FX translation effects 6.4 -3.1 Scope changes - 2.8 Total end
Slide 55: Assets under management and administration
Assets under management and administration CHF billion, as of 31.12.2018 261.1 232.6 28.5 Total real estate under 91.2 management and administration 62.7 Real estate under management (both PAM & TPAM) Share of real estate Share of real estate Share of real estate by managing country by managing coun
Slide 56: TPAM: AuM and NNA
TPAM: AuM and NNA TPAM TPAM AuM: CHF 71.2 bn as of 31.12.2018 TPAM NNA: CHF 8.4 bn as of 31.12.2018 (fair value basis) (fair value basis) Breakdown by asset class Breakdown by asset class Infrastructure Equity 7% Real estate 3% 56% Bonds Balanced mandates 20% 43% Real estate 8% Balanced mandates Equ
Slide 57: Bond portfolio: Ratings and classification
Bond portfolio: Ratings and classification PAM Insurance portfolio for own risk (fair value basis) Breakdown by rating CHF million BB B 160 907 4% BBB 2% 19% AAA 37% 14% A 24% AA Breakdown by classification Bonds 58.3% Corporate bonds1) 48% 52% Governments & supranationals 31.12.2018 1) Including se
Slide 58: Government & supranational bonds: Ratings and currency
Government & supranational bonds: PAM Ratings and currency Insurance portfolio for own risk (fair value basis) Breakdown by rating CHF million A BBB 160 907 6% 4% 51% AAA 39% AA Government & Breakdown by currency supranational 30.1% GBP CAD bonds USD 2% 8% 2% EUR 42% CHF 46% 31.12.2018 58 | Investor
Slide 59: Government & supranational bonds: Country split
Government & supranational bonds: PAM Country split Government and supranational bond portfolio (fair value basis), as of 31.12.2018, 30.1% of insurance portfolio for own risk (CHF 48.4 bn) % of total government and supranational bond portfolio Switzerland 34% France 12% Netherlands 10% Germany 9% A
Slide 60: Corporate bond portfolio: Ratings and currency
Corporate bond portfolio: PAM Ratings and currency Insurance portfolio for own risk (fair value basis) Breakdown by rating CHF million B BB 160 907 4% AAA 8% 21% 8% AA 35% BBB 24% A Breakdown by currency GBP Other 2% 1% USD 29% EUR 40% Corporate 28.2% bonds1) 28% 31.12.2018 CHF 1) Including senior s
Slide 61: Corporate bond portfolio: Industry split
Corporate bond portfolio: Industry split PAM Corporate bond portfolio1) (fair value basis), as of 31.12.2018, 28.2% of insurance portfolio for own risk (CHF 45.4 bn) Breakdown by rating Breakdown by industry % of total BBB corporate bond portfolio 20% Banks 38% Other financials 6% 49% AAA Utilities
Slide 62: Loan and mortgage portfolio
Loan and mortgage portfolio PAM Insurance portfolio for own risk (fair value basis) Breakdown by country CHF million 160 907 Germany 46% 53% Switzerland Mortgages 5.6% 4.5% 1% Loans France Breakdown by type Other loans 2% Purchased loans 43% 55% Mortgages 31.12.2018 62 | Investor presentation | Full
Slide 63: Real estate portfolio
Real estate portfolio PAM Insurance portfolio for own risk (fair value basis) Breakdown by country CHF million 160 907 Germany 11% France 10% Real estate 19.8% 79% Switzerland Breakdown by type Residential 32% Commercial 45% 23% Mixed-use 31.12.2018 63 | Investor presentation | Full-year results 201
Slide 64: Equities and alternative investments: Gross exposure
Equities and alternative investments: PAM Gross exposure Insurance portfolio for own risk (fair value basis) Breakdown by country CHF million Germany 160 907 France 2% Equity & 8.0% 16% equity funds 1.2% Alternative Net equity exposure 3.7% investments 82% Switzerland Breakdown by investment type He
Slide 65: Forex and interest rates
Forex and interest rates Foreign currency exchange rates 31.12.17 30.06.18 31.12.18 01.01. – 31.12.17 01.01. – 31.12.18 EUR 1.1704 1.1583 1.1255 1.1124 1.1558 GBP 1.3167 1.3088 1.2527 1.2688 1.3065 USD 0.9736 0.9920 0.9828 0.9847 0.9786 Interest rates (10-year government bond) 31.12.17 30.06.18 31.1
Slide 66: Supplementary information
Supplementary information Profit and loss Balance sheet Investments Value of new business (VNB) Abbreviations Contact details and financial calendar 66 | Investor presentation | Full-year results 2018
Slide 67: New business margin
New business margin New business margin (VNB in % PVNBP) 2.5% 0.0% +0.2% 2.6% 0.0% -0.2% FY 2017 Economic Volume, Expense FX & other FY 2018 business mix and pricing 351 Value of new business (VNB) 386 13 969 PVNBP 14 915 1 265 APE 1 371 27.7% New business margin (% APE) 28.1% 67 | Investor presenta
Slide 68: Value of new business per segment
Value of new business per segment CHF million (MCEV basis) Switzerland France Germany International Total 386 351 148 162 146 133 44 47 30 25 PVNBP 4 902 5 883 5 121 5 432 1 445 1 357 2 501 2 243 13 969 14 915 APE 318 360 606 704 90 83 250 224 1 265 1 371 NBM in % PVNBP 3.0% 2.8% 2.6% 2.7% 3.1% 3.4%
Slide 69: Value of new business
Value of new business CHF million (MCEV basis), as per FY 2018 Switzerland France Germany International Total Value of new business 162 146 47 30 386 New business strain -77 -72 -6 -5 -161 VNB before new business strain 239 218 53 36 546 Annual premiums 274 338 79 11 702 Single premiums 864 3 663 40
Slide 70: Supplementary information
Supplementary information Profit and loss Balance sheet Investments Value of new business (VNB) Abbreviations Contact details and financial calendar 70 | Investor presentation | Full-year results 2018
Slide 71: Abbreviations
Abbreviations AM Business division Asset Managers m Million APE Annual premium equivalent MCEV Market consistent embedded value AuM Assets under management NBM New business margin bn Billion NBP New business production bps Basis points n.a. Not available/applicable BVG Swiss federal law on occupatio
Slide 72: Disclaimer and cautionary statement
Disclaimer and cautionary statement 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 facts stated herein ar
Slide 73: Supplementary information
Supplementary information Profit and loss Balance sheet Investments Value of new business (VNB) Abbreviations Contact details and financial calendar 73 | Investor presentation | Full-year results 2018
Slide 74: Contact details and financial calendar
Contact details and financial calendar Contact Heidi Hinterhuber Phone +41 (43) 284 67 67 Head of Investor Relations E-mail [email protected] Rolf Winter Phone +41 (43) 284 49 19 Senior Investor Relations Manager E-mail [email protected] Olga Schmidtberger Phone +41 (43) 284 49 7
Slide 75: SwissLife
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