Swiss Life Holding AG · SIX:SLHN
Swiss Life — FY2007 Earnings Presentation
70 slides from Swiss Life's earnings presentation, Mar 27, 2008
Slide 1: Jahresergebnis 2007 Medienpräsentation
Jahresergebnis 2007 Medienpräsentation Zürich, 27. März 2008
Slide 2: Agenda
Agenda 1. Überblick Rolf Dörig 2. Ergebnisse Thomas Müller 3. Ausblick Bruno Pfister 2
Slide 3: Highlights
Highlights z Ziele erreicht – Gewinnziel trotz anspruchsvollem Marktumfeld übertroffen – Starkes Prämienwachstum von 10%; operative Kosten weiter gesenkt z Rasche Umsetzung der Strategie fortgesetzt – Swiss Life hält 86% an AWD – Verkauf der Banca del Gottardo im März abgeschlossen – Abschluss des V
Slide 4: Ergebnisse 2007
Ergebnisse 2007 Reingewinn CHF 1368 Mio. +43% Betriebsgewinn CHF 1706 Mio. +42% Eigenkapitalrendite 18,1% +5,9 Ppkt. Embedded Value CHF 12,8 Mrd. +20% Vorgeschlagene Dividende CHF 17 CHF +10 4
Slide 5: Finanzielle Ziele für 2008 erreicht
Finanzielle Ziele für 2008 erreicht Kräftiges Gewinnwachstum Rentabilitätsziel seit 2004 stets übertroffen 9 CAGR > 40% 1 368 9 18,1% 14,3% 1 064 954 12,3% 12,2% 874 10,7% 606 5,3% 233 2003 04 05 06 2007 2003 04 05 06 2007 Sondereffekte aus Transaktionen 5
Slide 6: Operative Ziele erreicht
Operative Ziele erreicht 9 24,1 18,8 Prämien- Wachstum wachstum +6% p. a. (Mrd. CHF) 2003 2007 9 9,5% 6,6% Effizienz Kostenquote 1) −8% p. a. 2003 2007 Leadership Commitment der Mitarbeitenden 2) 2003 61 77 2007 +16 Pkt. 9 1) Operative Kosten für fortgeführtes Geschäft auf Basis IFRS 2) Commitment d
Slide 7: Hervorragend positioniert, um für Kunden und Aktionäre markanten Mehrwert zu schaffen
Hervorragend positioniert, um für Kunden und Aktionäre markanten Mehrwert zu schaffen 9 Ertragsstarkes Geschäftsportefeuille 9 Attraktives Wachstumspotenzial im Bereich Lebensversicherungen und Vorsorgelösungen 9 Stabiles Finanzergebnis durch überzeugendes ALM 9 Effizienter Einsatz und aktives Manag
Slide 8: Agenda
Agenda 1. Überblick Rolf Dörig 2. Ergebnisse Thomas Müller 3. Ausblick Bruno Pfister 8
Slide 9: Erfolgsrechnung
Erfolgsrechnung Mio. CHF (Basis: IFRS) Fortgeführtes und nicht fortgeführtes Geschäft 2007 2006 Verbuchte Bruttoprämien, Policengebühren und erhaltene Einlagen 24 170 22 064 Finanzergebnis (auf Rechnung und Risiko der Swiss Life-Gruppe) 6 465 6 598 Versicherungsleistungen und Schadenfälle (netto) −1
Slide 10: Starkes Prämienwachstum
Starkes Prämienwachstum Bruttoprämien und Einlagen von VN; Mio. CHF (Basis: IFRS) Schweiz 8 413 +11% 7 611 Frankreich 1) 7 411 −10% 8 204 Deutschland 2 158 +2% 2 116 508 −40% Luxemburg 841 Liechtenstein 2) 2 786 +331% 646 Fortgeführt 3) 21 213 +9% 19 421 Niederlande 2 301 +21% 1 901 656 −12% Belgien
Slide 11: Betriebsgewinn gesteigert
Betriebsgewinn gesteigert Segmentergebnisse; Mio. CHF (Basis: IFRS) 1 047 2006 2007 Fortgef. Versicherungsgeschäft 949 1 047 Schweiz 650 Investment Management 50 93 Übrige 59 62 1) Nicht fortgef. Versicherungsgeschäft 144 471 Nicht fortgef. Bankgeschäft 115 168 Eliminationen −53 −62 324 Frankreich 2
Slide 12: Erfolgsrechnung
Erfolgsrechnung Mio. CHF (Basis: IFRS) Fortgeführtes Geschäft 2007 2006 Verbuchte Bruttoprämien, Policengebühren und erhaltene Einlagen 21 213 19 421 Finanzergebnis (auf Rechnung und Risiko der Swiss Life-Gruppe) 4 885 5 307 Versicherungsleistungen und Schadenfälle (netto) −13 268 −12 012 Überschuss
Slide 13: Effizienz weiter gesteigert
Effizienz weiter gesteigert Mio. CHF (Basis: IFRS) Verände- Fortgeführtes Geschäft 2007 2006 rung Total Betriebsaufwand 2 489 2 432 +2,3% Provisionen und Veränderung der aktivierten −887 −738 Abschlusskosten Wertminderungen auf Goodwill, PVP und −1 −30 immateriellen Vermögenswerten Restrukturierungs
Slide 14: Solides Anlageportfolio
Solides Anlageportfolio Mio. CHF (Basis: IFRS) – auf eigenes Risiko gehaltene Kapitalanlagen im Versicherungsgeschäft; ohne ERISA, NL und BE 113 619 110 857 Aktien und Aktienfonds 8,3% 6,5% Alternative Anlagen 5,3% 4,4% 10,8% 10,4% Liegenschaften 5,7% Hypotheken 5,2% 13,3% 15,0% Darlehen Obligatione
Slide 15: Zufriedenstellendes Anlageergebnis
Zufriedenstellendes Anlageergebnis Mio. CHF (Basis: IFRS) – auf eigenes Risiko gehaltene Kapitalanlagen im Versicherungsgeschäft; ohne ERISA, NL und BE 2007 2006 Direkte Erträge aus Kapitalanlagen 4 627 3 707 Kosten −222 −173 Nettokapitalgewinne und Wertberichtigungen −218 783 Nettokapitalerträge 4
Slide 16: Rückgang des Eigenkapitals um 4%
Rückgang des Eigenkapitals um 4% Mio. CHF (Basis: IFRS) Vergleichbare 31.12.2007 31.12.2006 Basis 31.12.06 1) Versicherungstechnische Rückstellungen 121 829 153 800 110 094 Verbindlichkeiten aus Versicherungsgeschäft 94 492 109 456 91 846 Kapitalanlageverträge 12 907 30 077 10 192 Erfolgswirksam zum
Slide 17: Gruppensolvabilität auf solidem Niveau
Gruppensolvabilität auf solidem Niveau Basis: Eigenkapital gemäss IFRS +78% −36% 211% −21% 192% 194% 183% 1) 162% 31.12.04 31.12.05 31.12.06 31.12.07 Verkäufe Kauf Aktien- 31.12.07 wie BdG, AWD rückkauf angepasst ausgewiesen NL, BE 2008 1) Seit 2007, gemäss neuer Praxis des BPV 17
Slide 18: Embedded Value stark gestiegen
Embedded Value stark gestiegen Mio. CHF (statutarische Basis), inkl. Auswirkungen der Verkäufe Verände- 31.12.2007 31.12.2006 RoEV rung Schweiz 4 847 4 053 +20% 21% International 4 996 4 502 +11% 13% ANAV der Swiss Life Holding 2 994 2 110 Swiss Life-Gruppe 12 837 10 665 +20% 23% davon ANAV 8 705 6
Slide 19: Erfolgsrechnung
Erfolgsrechnung Mio. CHF (Basis: IFRS) Fortgeführtes Geschäft 2007 2006 Verbuchte Bruttoprämien, Policengebühren und erhaltene Einlagen 21 213 19 421 Finanzergebnis (auf Rechnung und Risiko der Swiss Life-Gruppe) 4 885 5 307 Versicherungsleistungen und Schadenfälle (netto) −13 268 −12 012 Überschuss
Slide 20: 2007 als Basis für Wachstum des Gewinns je Aktie (EPS)
2007 als Basis für Wachstum des Gewinns je Aktie (EPS) Mio. CHF (Basis: IFRS) +100 848 +58 726 +72 −108 EPS-Basis 2) CHF 25 Reingewinn Effekte aus Beitrag aus Abschreibungen Nettozinsertrag 1) Basis für aus fortgeführ- Eliminationen Verkauf auf Vermögens- auf Erlös aus EPS- tem Geschäft von ERISA we
Slide 21: Agenda
Agenda 1. Überblick Rolf Dörig 2. Ergebnisse Thomas Müller 3. Ausblick Bruno Pfister 21
Slide 22: Beschleunigtes profitables Wachstum
Beschleunigtes profitables Wachstum Wir engagieren uns, damit Menschen in eine finanziell sichere Zukunft Mission: blicken können. Ein Leben lang. Wir wollen ein führender internationaler Spezialist für Ambition: Lebensversicherungen und Vorsorgelösungen sein. Fokus auf finanzielle Fokus auf Fokus a
Slide 23: AWD: Partnerschaft gut gestartet
AWD: Partnerschaft gut gestartet z Programm zur Umsetzung der Partnerschaft begonnen – Dreizehn Projekte zu den Themen Märkte, Produkte und Betrieb – Alle Projekte unter gemeinsamer Führung mit dem Ziel, das Geschäftsmodell von AWD zu stärken z Swiss Life soll zu einem wichtigen Produktpartner von A
Slide 24: Ausblick: Zielsetzungen bis 2012 bestätigt
Ausblick: Zielsetzungen bis 2012 bestätigt Basis: IFRS Ziele 2008 bis 2012 Gewinn je Aktie > 12% Wachstum pro Jahr Eigenkapitalrendite > 12% pro Jahr Ausschüttungsquote Dividende 40−60% des Reingewinns Erwartung für 2012 Bruttoprämien > CHF 36 Milliarden 24
Slide 25: Anhang (nur in Englisch)
e SwissLife Anhang (nur in Englisch)
Slide 26: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Transactions 5. Contact details and financial calendar 26
Slide 27: Organic premium growth
Organic premium growth CHF million (IFRS basis) 2007 2006 Change GWP & PHD 24 170 22 064 +9.5% Netherlands -2 301 -1 901 Belgium -656 -742 Continuing operations 21 213 19 421 +9.2% Erisa -1 893 -2 995 Currency effects 364 GWP & PHD adjusted 19 320 16 790 +15.1% 27
Slide 28: Switzerland: Life insurance premiums
Switzerland: Life insurance premiums CHF million (IFRS basis) FY 2007 FY 2006 Change Total life GWP incl. PHD 8 413 7 611 +10.5% Single premiums 4 276 3 648 +17.3% Periodic premiums 4 069 3 892 +4.5% Reinsurance premiums assumed 68 71 -4.7% Group life 6 630 5 799 +14.3% Single premiums 3 636 3 004 +
Slide 29: Switzerland: 91.5% statutory distribution ratio in BVG business
Switzerland: 91.5% statutory distribution ratio in BVG business CHF million (statutory basis) Gross revenue 2 064 100.0% Total insurance benefits paid (incl. bonuses) 1 889 91.5% Operating income BVG business 175 Operating income other group business 37 Operating income total group business 212 29
Slide 30: Performance-oriented products in Switzerland
Performance-oriented products in Switzerland New business gross volume (unit-linked, funds and account solutions); CHF million 215 155 133 112 87 27 1HY 05 2HY 05 1HY 06 2HY 06 1HY 07 2HY 07 Unit-linked and funds Vitality Index GarantiePlus GarantiePlus 90/100 single VitalityPlus 100 periodic Accoun
Slide 31: Accounting regulations change for segment results
Accounting regulations change for segment results Segment results 2006 new and old; CHF million new old new old IFRS 8 IAS 14 IFRS 8 IAS 14 Switzerland 657 668 Insurance 949 965 France 211 217 Investment Management 50 43 59 57 Germany 84 84 Other Other -3 -4 Insurance Discontinued 144 140 Banking Di
Slide 32: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Transactions 5. Contact details and financial calendar 32
Slide 33: Development of shareholders' equity
Development of shareholders' equity CHF million (IFRS basis) 7 579 7 277 -302 -4% -1 114 -552 -245 +264 +1 345 01.01.2007 Change in Change in Reduction Change in FX Profit 31.12.2007 unrealised treasury in par value translation, attributable gains/losses shares (dividend) share premium to share- and
Slide 34: Allocation of unrealised gains/losses on bonds
Allocation of unrealised gains/losses on bonds CHF million (IFRS basis) +339 -3 -1 006 +264 +1 127 -2 733 Unrealised Deferred Shadow Deferred Minority Allocated to gains/losses policyholder DAC taxes interest shareholders’ on bonds bonuses adjustment equity 34
Slide 35: Statutory solvency at 208%
Statutory solvency at 208% CHF million (statutory basis) Available solvency margin Statutory solvency Parent company statutory equity 3 185 Intangibles - 10 9 768 208% Hybrid capital 2 346 Fund for future appropriation 358 Additional Zillmerisation 490 4 691 Unrealised capital gains 2 553 Unattribut
Slide 36: Insurance reserves by country
Insurance reserves by country CHF million (IFRS basis) - comparable basis 1), excluding ERISA, NL & BE 67 256 Switzerland 0% 67 134 23 657 Luxembourg Liechtenstein France +14% 2% 6% 20 727 Germany 17% 21 243 Germany +7% 19 871 Luxem- 2 343 +20% France bourg 1 947 20% Switzerland Liechten- 7 711 55%
Slide 37: 11% of Swiss Life Group reserves subject to BVG minimum interest rates
11% of Swiss Life Group reserves subject to BVG minimum interest rates Breakdown of insurance reserves as per 31.12.2007; CHF billion (IFRS basis) Non-life (1 billion) Investment contracts & PH deposits 30 Europe 29 Continued Traditional operations business 122 91 Guaranteed Individual 21 rates (as
Slide 38: Average technical interest rate of 2.90%
Average technical interest rate of 2.90% CHF / EUR / USD / GBP million (statutory basis), without ERISA, NL & BE CHF EUR USD GBP Total reserves 64 046 21 046 104 8 Average technical interest rate 2.79% 1) 3.10% 4.29% 3.62% Overall: 2.90% (2006 on comparable basis: 2.91%) 1) Already taking into accou
Slide 39: Duration gap lowered in 1st HY 2007
Duration gap lowered in 1st HY 2007 Total weighted duration gap in % (statutory basis) 3.1 2.7 0.7 0.7 0.8 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 39
Slide 40: Investment return on insurance portfolio
Investment return on insurance portfolio CHF million (IFRS basis) – insurance portfolio for own risk; excl. ERISA, NL & BE Direct investment income of 4.1% Total investment return of 1.0% 1) Bonds 2 320 3.9% -1 056 -1.8% 1 311 Equities 230 2.8% 143 1.7% Alternative investments 489 9.0% 423 7.8% Real
Slide 41: Bond portfolio: Ratings and Classification
Bond portfolio: Ratings and Classification Insurance portfolio (IFRS basis), excl. ERISA, NL & BE Breakdown by rating BBB A 7% Below BBB 12% 4% CHF million Not rated 113 619 1% AA 19% AAA 57% Bonds 54.5% Breakdown by classification ABS / MBS 1% Government and Supranationals 48% Banks and Corporates
Slide 42: Bond portfolio: Currency exposure
Bond portfolio: Currency exposure Insurance portfolio (IFRS basis), excl. ERISA, NL & BE Before hedges JPY GBP USD CHF million 1% 1% 8% 113 619 CHF 27% EUR 63% Bonds 54.5% After hedges CHF EUR 66% 34% 42
Slide 43: Exposure to CDO, ABS, MBS and Monoliners
Exposure to CDO, ABS, MBS and Monoliners Insurance portfolio (IFRS basis), excl. ERISA, CHF million Category Fair Ratings Comments value AAA AA A BBB Below BBB or unrated CDO / CLO CDO, CLO, ABS, MBS: note (see next page 521 75% 6% 8% 3% 8% volume with US subprime and Alt- for details) A components
Slide 44: Exposure to CDO and subprime
Exposure to CDO and subprime Insurance portfolio (IFRS basis), excl. ERISA, CHF million Instruments Impairments Year of maturity with US Unrealised / Category Fair value subprime loss 2009 - component realised loss 2008 after 2012 2012 CDO/CLO with ABS 156 83 -16 -25 0% 20% 80% collateral CDO/CLO co
Slide 45: Loan and mortgage portfolio
Loan and mortgage portfolio Insurance portfolio (IFRS basis), excl. ERISA, NL & BE Breakdown by country France 1% CHF million 113 619 Switzerland Germany 56% 43% Loans & mortgages 18.5% Breakdown by type Due from banks 1% Policyholder loans 3% Mortgages 28% Other loans 68% 45
Slide 46: Real estate portfolio
Real estate portfolio Insurance portfolio (IFRS basis), excl. ERISA, NL & BE Breakdown by country Germany 6% CHF million France 11% 113 619 Real estate 10.8% Switzerland 83% Breakdown by type Others 1% Centres 9% Mixed 26% Residential 43% Commercial 21% 46
Slide 47: Equity portfolio: Currency exposure
Equity portfolio: Currency exposure Insurance portfolio (IFRS basis), excl. ERISA, NL & BE CHF million Breakdown by currency 113 619 Equities & equity 8.3% CHF 10% funds USD 6% GBP1% JPY 2% Other 1% EUR 80% 47
Slide 48: Alternative investment portfolio
Alternative investment portfolio Insurance portfolio (IFRS basis), excl. ERISA, NL & BE Hedge funds: CHF 5.9 billion (2006: CHF 4.8 billion) Others 8% CHF million Tactical trading Equity hedged 113 619 16% 20% Alternative 5.3% investments Event driven 24% Relative value 32% Private equity: CHF 113 m
Slide 49: Currency exposure
Currency exposure Insurance portfolio (IFRS basis), excl. ERISA, NL & BE Net 1.9% of insurance portfolio (2006: 3.9%) EUR 15% GBP 5% Other 55% USD 13% JPY 12% Gross currency exposure CHF 35 651 million Hedged currency exposure CHF 33 500 million Net currency exposure CHF 2 151 million 49
Slide 50: Forex and interest rates
Forex and interest rates Foreign currency exchange rates 31.12.07 30.06.07 31.12.06 1.1.-31.12.07 1.1.-31.12.06 EUR 1.6552 1.6570 1.6078 1.6432 1.5731 GBP 2.2561 2.4621 2.3949 2.4016 2.3076 USD 1.1249 1.2285 1.2207 1.2004 1.2538 Interest rates 1) 31.12.07 30.06.07 31.12.06 CHF 3.048 3.226 2.521 EUR
Slide 51: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Transactions 5. Contact details and financial calendar 51
Slide 52: Implementation of embedded value at Swiss Life
Implementation of embedded value at Swiss Life z ANAV and PVFP have been calculated for more than 90% . Swiss Life LU of the mathematical reserves z For other life insurance entities Swiss Life DE only the statutory book value Swiss Life has been included FR Swiss Life CH z The banking and non-life
Slide 53: Embedded value – analysis of change
Embedded value – analysis of change CHF million (statutory basis) Swiss Life Group as per 31.12.2006 10 665 Dividend payment 2006 -245 Unwind 2007 +674 Investment return 2007 variance +119 Future investment return variance +672 Impact of new hybrid +63 New treatment of policyholders’ participation i
Slide 54: Value of new business
Value of new business CHF million (statutory basis) Switzerland France 1) Germany Luxembourg Total cont. operations 1) 3) 118 105 59 41 34 31 27 30 -2 3 APE 288 299 263 309 171 201 42 67 764 876 560 726 2) New business margin 15.4% 11.9% FY 2007 FY 2006 1) 2007 excl. Erisa, and 2006 incl. VnB of CHF
Slide 55: Key assumptions for embedded value calculation
Key assumptions for embedded value calculation 31.12.2007 31.12.2006 z Weighted new money return based on asset CH EU CH EU allocation Risk discount rate 7.0% 8.0% 7.0% 8.0% z Weighted returns are higher due to increase Equity return 6.5% 7.5% 6.5% 7.5% in assumed future investment returns z Long-te
Slide 56: Asset allocation assumptions by region
Asset allocation assumptions by region 31.12.2007 31.12.2006 CH EU CH EU Cash and cash equivalents 2% 1% 1% 1% Bonds and loans 62% 75% 63% 82% Mortgages 7% 4% 7% 2% Real estate 13% 7% 15% 5% Equities 8% 9% 7% 7% Participations 0% 0% 0% 0% Alternative investments 8% 4% 7% 3% 56
Slide 57: Sensitivities of embedded value
Sensitivities of embedded value CHF million (statutory basis) Switzerland International Total EmbV FY 2007 (base case) 4 847 4 996 12 837 1) Δ Bond returns +100 bps +151 +255 +406 Δ Bond returns -100 bps -162 -247 -409 Δ Property & equity returns -100 bps -206 -118 -324 Δ Investment returns +100 bps
Slide 58: Sensitivities of value of new business
Sensitivities of value of new business CHF million (statutory basis) Total VnB FY 2007 (base case) 118 Δ Bond return +100 bps +29 Δ Investment returns +100 bps +47 Δ Risk discount rate -100 bps +28 Δ Administration costs -10% +16 Δ Acquisition costs -10% +14 58
Slide 59: IFRS equity to embedded value bridge
IFRS equity to embedded value bridge CHF million +4 880 -748 12 837 +868 -952 +1 512 7 277 IFRS Difference in Goodwill & Gains from PVFP Cost of Embedded shareholders’ tangible / net other divestments holding value equity assets intangible capital assets 1) 1) Including goodwill CHF 857 million, cus
Slide 60: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Transactions 5. Contact details and financial calendar 60
Slide 61: Accounting treatment of divestments
Accounting treatment of divestments z Swiss Life Netherlands, Swiss Life Belgium and Banca del Gottardo are being treated as discontinued operations. Erisa is included in continuing operations as the insurance segment in France is not discontinued. z In the 2007 balance sheet, all assets and liabili
Slide 62: Accounting treatment of AWD
Accounting treatment of AWD z AWD consolidated as of 19 March 2008, with a share of 96.7%. The option to purchase additional AWD shares (10.46% owned by the Maschmeyer family) will be accounted for as an anticipated acquisition of the underlying minority interest. z Purchase price approx. CHF 1.74 b
Slide 63: Banca del Gottardo: Key financials (I)
Banca del Gottardo: Key financials (I) CHF million (statutory basis) FY 2007 FY 2006 Change Results from interest activities 133 126 +5% Results from commission and service fee activities 264 255 +4% Results from trading operations 73 62 +19% Other ordinary result 5 6 -9% Net revenues 475 448 +6% Pe
Slide 64: Banca del Gottardo: Key financials (II)
Banca del Gottardo: Key financials (II) CHF million (statutory basis) 31.12.2007 31.12.2006 Change Return on equity 14% 10% +40% Risk-weighted assets 5 860 5 946 -1% BIS ratio (Tier 1) 13% 13% Assets under management 35 958 35 828 0% Assets under control 101 158 89 307 +13% Shareholders’ equity 908
Slide 65: Discontinued insurance: key financials
Discontinued insurance: key financials CHF million (IFRS basis) FY 2007 FY 2006 Gross written premiums, fees and deposits received 2 957 2 643 Net earned premium + policy fees 2 083 1 588 Financial result 1 008 999 Other 32 37 Total Income 3 123 2 624 Net insurance benefits and claims -2 347 -1 826
Slide 66: ERISA: key financials
ERISA: key financials CHF million (IFRS basis) FY 2007 FY 2006 Gross written premiums, fees and deposits received 1 893 2 995 Total Income 738 1 121 Total Expenses -676 -1 052 Segment result 62 69 Netting out ERISA’s result in SSPA other income -19 - Segment result adjusted 43 69 Gain on sale 143 -
Slide 67: 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 68: Supplementary information
Supplementary information 1. Profit and loss 2. Balance sheet 3. Embedded value 4. Transactions 5. Contact details and financial calendar 68
Slide 69: Contact details and financial calendar
Contact details and financial calendar Media Relations Hotline Tel. +41 (43) 284 77 77 E-Mail: [email protected] Financial calendar Interim Statement 6 May 2008 Annual General Meeting 2008 8 May 2008 Half-Year Results 2008 28 August 2008 Investors’ Day 2008 2 December 2008 Visit our websi
Slide 70: SwissLife
fo SwissLife Bereit ftir die Zukunft.