Swiss Life Holding AG · SIX:SLHN
Swiss Life — FY2008 Earnings Presentation
73 slides from Swiss Life's earnings presentation, Mar 24, 2009
Slide 1: Jahresergebnis 2008 Medienpräsentation
Jahresergebnis 2008 Medienpräsentation Zürich, 24. März 2009 1
Slide 2: Agenda
Agenda 1. Überblick Bruno Pfister 2. Ergebnisse Thomas Müller 3. Ausblick Bruno Pfister 2
Slide 3: Wichtigste Punkte
Wichtigste Punkte z Ergebnis aufgrund Verwerfungen an Finanzmärkten unbefriedigend – Bruttoprämieneinnahmen gehen um 4% zurück – Wertberichtigungen und Nettokapitalverluste wirken sich massiv auf Reingewinn aus z Solide Eigenkapitalausstattung trotz Finanzmarktkrise – Solides IFRS-Eigenkapital und k
Slide 4: Kennzahlen 2008
Kennzahlen 2008 Reingewinn CHF 345 Mio. - 75% Betriebsergebnis1) CHF - 842 Mio. n.a. Eigenkapital (vor Minderheitsanteilen) CHF 6,6 Mrd. - 9% Gruppensolvabilität 159% - 3 Ppkt. Eigenkapitalrendite 5,0% - 13,1 Ppkt. Embedded Value CHF 8,5 Mrd. - 34.1% Vorgeschlagene Dividende CHF 5 - CHF 12 1) Fortge
Slide 5: Operative Fortschritte 2008 (1/2)
Operative Fortschritte 2008 (1/2) z Marktführerschaft behauptet z Effizienz gesteigert, Kosten reduziert Schweiz z Kosteneinsparungen von jährlich CHF 90 Mio. identifiziert z Neue und innovative Produkte eingeführt z Fortgesetzt starkes Prämienwachstum (+8%) Frankreich z Ausgezeichnete Entwicklung i
Slide 6: Operative Fortschritte 2008 (2/2)
Operative Fortschritte 2008 (2/2) z Krise an Finanzmärkten bremst Geschäft mit vermögenden Kunden PPLI 1) z Neue und angepasste Produkte lanciert z Weitere Standorte in Singapur und Dubai geschaffen z Von AWD vermitteltes Neugeschäft mehr als verdoppelt AWD z Fokussierung in UK, und Situation in Öst
Slide 7: Ausschüttungsquote
Ausschüttungsquote 80 60 Seit 2007 43% 46% 1) Ausschüttungsquote von 40–60% vom 40 26% IFRS-Reingewinn 22% 19% 20 0 2004 2005 2006 2007 2008 CHF 4 CHF 5 CHF 7 CHF 17 CHF 5 1) Ausschüttungsquote 2008 ohne Aktien aus der zweiten Handelslinie aus dem Aktienrückkauf 7
Slide 8: Agenda
Agenda 1. Überblick Bruno Pfister 2. Ergebnisse Thomas Müller 3. Ausblick Bruno Pfister 8
Slide 9: Erfolgsrechnung
Erfolgsrechnung Mio. CHF (Basis: IFRS) Fortgeführtes Geschäft 2008 2007 Verbuchte Bruttoprämien, Policengebühren und erhaltene Einlagen 18 515 21 213 Ertrag aus Vermögensverwaltung und übriger Kommissionsertrag 950 196 Finanzergebnis (auf Rechnung und Risiko der Swiss Life-Gruppe) 388 4 885 Versiche
Slide 10: Prämien
Prämien Bruttoprämien und Einlagen von Versicherungsnehmern; Mio. CHF (Basis: IFRS) Schweiz 8 172 -3% 8 413 Frankreich 1) 5 763 +4% 5 518 Deutschland 1 977 -8% 2 158 PPLI 2) 2 395 -23% 3 097 244 Luxemburg 3) +24% 197 18 515 Fortgeführt 4) -4% 19 320 ERISA 1 893 Total 18 515 -13% ausgewiesen 21 213 2
Slide 11: Betriebsergebnis
Betriebsergebnis Segmentergebnisse; Mio. CHF (Basis: IFRS) 2008 2007 Fortgeführtes Versicherungsgeschäft -715 1 047 davon - Schweiz -748 650 - Frankreich 40 324 1) - Deutschland 29 65 - Übrige -36 8 Investment Management 94 93 AWD -41 - Nicht fortgeführtes Versicherungs- und Bankgeschäft 1 694 639 Ü
Slide 12: Kostenentwicklung
Kostenentwicklung Mio. CHF (Basis: IFRS) Verände- Fortgeführtes Geschäft 2008 2007 rung Total Betriebsaufwand 3 319 2 489 33,3% Provisionen und Veränderung der aktivierten -966 -936 Abschlusskosten Restrukturierungskosten -54 -32 AWD -807 ERISA/CapitalLeben -118 IAS 19 -32 -31 Währungseffekte -22 Op
Slide 13: Anlageergebnis
Anlageergebnis Mio. CHF (Basis: IFRS) – auf eigenes Risiko gehaltene Kapitalanlagen im Versicherungsgeschäft; fortgeführtes Geschäft ohne ERISA 2008 2007 1) Direkte Erträge aus Kapitalanlagen 4 530 4 622 Direkte Erträge aus Kapitalanlagen in % 4,1% 4,1% Kosten -180 -196 Nettokapitalgewinne/-verluste
Slide 14: Detailangaben zu den Nettokapitalerträgen
Detailangaben zu den Nettokapitalerträgen Mio. CHF (Basis: IFRS) – auf eigenes Risiko gehaltene Kapitalanlagen im Versicherungsgeschäft; fortgeführtes Geschäft Gewinne/ Direkte Wertberich- Verluste Gewinne/ Netto nach Netto- (brutto) Erträge tigungen erfolgswirksam Verluste Hedging kapital- (inkl. W
Slide 15: Anlageergebnis
Anlageergebnis Mio. CHF (Basis: IFRS) – auf eigenes Risiko gehaltene Kapitalanlagen im Versicherungsgeschäft; fortgeführtes Geschäft ohne ERISA 2008 2007 1) Direkte Erträge aus Kapitalanlagen 4 530 4 622 Direkte Erträge aus Kapitalanlagen in % 4,1% 4,1% Kosten -180 -196 Nettokapitalgewinne/-verluste
Slide 16: Anlageportfolio
Anlageportfolio Mio. CHF (Basis: Fair Value) – auf eigenes Risiko gehaltene Kapitalanlagen im Versicherungsgeschäft 106 327 112 658 Aktien und Aktienfonds 2,2% Alternative Anlagen 3,1% 8,0% Liegenschaften 11,9% 5,3% Hypotheken 5,3% 10,9% Darlehen 12,6% 5,1% 12,9% Obligationen 58,6% 54,9% Flüssige Mi
Slide 17: Obligationenportfolio
Obligationenportfolio Kapitalanlagen im Versicherungsgeschäft (Basis: Fair Value) Ratings Tiefer als BBB CHF million 9% BBB AAA 106 327 27% 19% AA Übrige1) 0.5% A 13% 32% Unternehmens- 28.7% anleihen BBB Tiefer als BBB A 1% Staatsanleihen 4% 3% und über- 29.4% AA staatliche 9% Schuldner AAA 83% 1) E
Slide 18: Rückstellungen und Eigenkapital
Rückstellungen und Eigenkapital Mio. CHF (Basis: IFRS) 31.12.2008 31.12.2007 Versicherungstechnische Rückstellungen 113 308 121 829 Verbindlichkeiten aus dem Versicherungsgeschäft 91 024 94 492 Kapitalanlageverträge 11 135 12 907 Erfolgswirksam zum Fair Value bewertete 9 727 11 042 finanz. Verbindli
Slide 19: Entwicklung des Eigenkapitals
Entwicklung des Eigenkapitals Mio. CHF (Basis: IFRS) 7 277 6 609 364 -549 -547 -286 350 01.01.2008 Veränderung Veränderung Herabsetzung Veränderung Den Aktionären 31.12.2008 nicht realisierte eigene Aktien des Nennwerts Währungs- zurechenbarer Gewinne/Verluste (Dividende) umrechnungs- Gewinn differe
Slide 20: Gruppensolvabilität
Gruppensolvabilität Basis: Eigenkapital gemäss IFRS +78% -37% -15% 194% -3% -25% 1) 162% -34% +33% 159% 31.12.06 31.12.07 Verkäufe Erwerb Aktien- Dividende Ergebnis Veränderung Umgliede- 31.12.08 BdG, AWD rückkauf 2008 fortgef. Bewertungs- rung NL, BE Geschäft reserve und Obliga- übrige Aus- tionen
Slide 21: Embedded Value
Embedded Value Mio. CHF (statutarische Basis) Verände- 31.12.2008 31.12.2007 RoEV rung Schweiz 2 311 4 847 -52,3% -47,2% International 2 577 4 996 -48,4% -4,1% ANAV der Swiss Life Holding 3 569 2 994 Swiss Life-Gruppe 8 457 12 837 -34,1% -29,5% davon ANAV 6 088 8 705 PVFP 3 502 4 880 Cost of Holding
Slide 22: AWD
AWD AWD Gruppe, lokaler Abschluss 1), Mio. EUR (Basis: IFRS) 2008 2007 Veränderung Umsatzerlöse 633,0 717,5 -11,8% Deutschland 385,6 384,7 Österreich, Zentral- und Osteuropa 114,5 165,4 Grossbritannien 63,6 94,2 Schweiz 69,3 70,4 EBIT 19,7 83,0 -76,3% Deutschland 72,3 75,0 Österreich, Zentral- und O
Slide 23: Agenda
Agenda 1. Überblick Bruno Pfister 2. Ergebnisse Thomas Müller 3. Ausblick Bruno Pfister 23
Slide 24: Ausblick
Ausblick 1 Langfristige Aussichten im Vorsorgemarkt weiterhin gut 2 Solides Geschäftsportefeuille mit erweiterter Produktpalette 3 Diversifizierter Vertrieb mit Wachstumspotential 4 Kostenreduktionen zum Ausbau der Wettbewerbsposition eingeleitet 5 Risiken im Anlageportfolio weitgehend reduziert und
Slide 25: Anhang (nur in Englisch)
ie SwissLife Anhang (nur in Englisch)
Slide 26: Supplementary information
Supplementary information 1. Profit and loss 2. AWD 3. Balance sheet 4. Investments 5. Embedded value 6. Contact details and financial calendar 26
Slide 27: Adjusted premium growth
Adjusted premium growth CHF million (IFRS basis) 2008 2007 Change GWP & PHD 19 439 24 170 -20% Less discontinued -924 -2 957 Less ERISA -1 893 Continuing operations excl. ERISA 18 515 19 320 -4% Currency effects -278 GWP & PHD adjusted 18 515 19 042 -3% 27
Slide 28: Switzerland: Life insurance premiums
Switzerland: Life insurance premiums CHF million (IFRS basis) FY 2008 FY 2007 Change Total life GWP incl. PHD 8 172 8 413 -2.9% Single premiums 4 342 4 276 +1.5% Periodic premiums 3 763 4 069 -7.5% Reinsurance premiums assumed 67 68 -1.0% Group life 6 409 6 630 -3.3% Single premiums 3 690 3 636 1.5%
Slide 29: Switzerland: statutory distribution ratio in BVG business
Switzerland: statutory distribution ratio in BVG business CHF million (statutory basis) FY 2005 FY 2006 FY 2007 FY 2008 Gross revenue 2 199 100% 2 086 100% 2 065 100% 505 100% Total insurance benefits paid 2 060 93.7% 1 919 92.0% 1 890 91.5% 1 442 >100% (incl. bonuses) Operating income 139 167 175 -
Slide 30: Switzerland: Performance-oriented products
Switzerland: Performance-oriented products New business gross volume (unit-linked, funds and account solutions); CHF million 215 183 155 133 133 112 87 27 1HY 05 2HY 05 1HY 06 2HY 06 1HY 07 2HY 07 1HY 08 2HY 08 Unit-linked and funds VitalityPlus Vitality Index Calmo Funds GarantiePlus GarantiePlus 9
Slide 31: Supplementary information
Supplementary information 1. Profit and loss 2. AWD 3. Balance sheet 4. Investments 5. Embedded value 6. Contact details and financial calendar 31
Slide 32: AWD advisor development
AWD advisor development 6 305 6 009 398 629 Switzerland 314 333 390 268 UK 1 342 1 260 Austria, CEE 4 251 Germany 1) 4091 Advisors Net departures Acquired Advisors 31.12.2007 (restructuring UK, Proventus 31.12.2008 difficult market environ- ment in Austria, advisors qualification pressure 211 in Ger
Slide 33: AWD revenues
AWD revenues AWD Group revenues (continuing operations), EUR m 715 94 633 64 z UK: collapsed mortgage market z Austria: substantially lower demand 165 114 for equity-based products; 71 69 CEE: continuous double-digit growth z Switzerland: stable revenue development 385 386 z Germany: slight top-line
Slide 34: AWD operational targets up to 2012
AWD operational targets up to 2012 Advisors New customers Customers advised ‘000 ‘000 ~8500 ~300 ~750 6305 6009 207 481 181 429 2007 2008 2012P 2007 2008 2012P 2007 2008 2012P 34
Slide 35: AWD financial targets up to 2012
AWD financial targets up to 2012 Revenues EBIT EUR m EUR m ~1000 ~130 715 633 84 20 1) 2007 2008 2012P 2007 2008 2012P 1) FY 2008 Continued operations excluding losses and restructuring from discontinued operations of AWD UK 35
Slide 36: Reconciliation AWD segment result to AWD EBIT
Reconciliation AWD segment result to AWD EBIT CHF million (IFRS basis), AWD stand-alone AWD segment result FY 2008 -41 + Amortisation customer relationship asset +21 - Financial result AWD 2008 -5 + EBT AWD Q1 2008 +29 + EBT discontinued operations AWD UK +27 EBIT AWD FY 2008 1) +31 1) EBIT AWD FY 2
Slide 37: Supplementary information
Supplementary information 1. Profit and loss 2. AWD 3. Balance sheet 4. Investments 5. Embedded value 6. Contact details and financial calendar 37
Slide 38: Allocation of unrealised gains/losses on bonds
Allocation of unrealised gains/losses on bonds CHF million (IFRS basis) 61 0 -130 8 722 -921 Unrealised Deferred Shadow Deferred Minority Allocated to gains/losses policyholder DAC taxes interest shareholders’ on bonds bonuses adjustment equity 38
Slide 39: Insurance reserves by country
Insurance reserves by country CHF million (IFRS basis) - comparable basis 1) Local currency 64 462 Switzerland -4% -4% 67 256 20 716 Luxembourg Liechtenstein France -12% -3% 2% 6% 23 657 Germany 17% 19 098 0% Germany -10% 21 243 Luxem- 2 380 +2% +13% bourg 2 343 France 18% Liechten- 6 719 Switzerlan
Slide 40: 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 (incl. unit-linked) as per 31.12.2008; CHF billion (IFRS basis) Non-life (1 billion) Investment contracts & PH deposits 26 Europe 25 Continuing operations Traditional 113 business 86 Individual Gua
Slide 41: Average technical interest rate of 2.66%
Average technical interest rate of 2.66% CHF / EUR / USD / GBP million (statutory basis) CHF EUR USD GBP Total reserves 62 591 22 455 97 8 Average technical interest rate 2.51% 1) 2.94% 4.15% 3.62% Overall: 2.66% 1) Already taking into account the guaranteed interest rate for mandatory group life bu
Slide 42: Development of average technical interest rate
Development of average technical interest rate -9 bps sale of ERISA, NL, BE -4 bps development of business +3 bps change guaranteed -8 bps development rate of CH group life of business -16 bps change guaranteed 3.14% rate of CH group life 3.03% 3.00% 2.90% 2.66% 01.01.05 01.01.06 01.01.07 01.01.08 0
Slide 43: Duration gap
Duration gap Total weighted duration gap 1) in % 3.1 1.1 0.9 0.7 0.7 31 Dec 2006 30 June 2007 31 Dec 2007 30 June 2008 2) 31 Dec 2008 1) Explains the relative change in economic net worth due to a parallel shift of the underlying interest rate curve 2) Restatement due to bi-annual full liability pro
Slide 44: Capitalisation models, methods and scope
Capitalisation models, methods and scope Required Available capital capital Shareholders’ equity Additional elements includes: included 1): Solvency I Factor Shareholder part of + Minority interest Swiss Life Group Based 2) revaluation - DAC non-life (IFRS) reserves Solvency I Factor No revaluation
Slide 45: Group solvency
Group solvency CHF million (IFRS basis) 2008 2007 Available solvency margin IFRS equity (incl. minority interests) 6 652 7 334 Eligible part of hybrid capital 1) 2 323 2 770 Goodwill and other intangible assets -2 205 -934 DAC non-life -55 -54 Dividends and nominal value reduction -152 -558 Unattrib
Slide 46: Statutory solvency
Statutory solvency CHF million (statutory basis) Available solvency margin Statutory solvency Parent company statutory equity 1 727 Intangibles -5 6 106 176% Hybrid capital 1) 1 738 Fund for future appropriation 168 Additional Zillmerisation 476 3 476 Unrealised capital gains 1 516 Unattributed surp
Slide 47: Supplementary information
Supplementary information 1. Profit and loss 2. AWD 3. Balance sheet 4. Investments 5. Embedded value 6. Contact details and financial calendar 47
Slide 48: Bond portfolio: Ratings and classification
Bond portfolio: Ratings and classification Insurance portfolio (fair value basis) Breakdown by rating Below BBB BBB 5% 10% CHF million 106 327 A AAA 18% 56% AA 11% Breakdown by classification Others Bonds 58.6% 1% Government and Supranationals 50% Corporate bonds 49% 48
Slide 49: Government and supranational bond portfolio: Ratings and currency
Government and supranational bond portfolio: Ratings and currency Insurance portfolio (fair value basis) Breakdown by rating A BBB Below BBB 4% 3% 1% CHF million AA 9% 106 327 AAA 83% Breakdown by currency USD 2% Government and supra- 29.4% nationals CHF 41% EUR 57% 49
Slide 50: Corporate bond portfolio: Ratings and currency
Corporate bond portfolio: Ratings and currency Insurance portfolio (fair value basis) Breakdown by rating Below BBB 9% CHF million BBB AAA 19% 27% 106 327 AA A 13% Corporate 32% bonds 28.7% Breakdown by currency USD 20% EUR CHF 60% 20% 50
Slide 51: Corporate bond portfolio: Characteristics
Corporate bond portfolio: Characteristics 31 December 2008 Loans (Duration: 5.8) Available for sale (Duration: 5.6) IFRS Book Value: CHF 16 251 million IFRS Book Value: CHF 15 567 million Fair Value: CHF 13 981 million Fair Value: CHF 15 567 million of which Tier 1-Bank Bonds: CHF 732 million (5.2%)
Slide 52: Exposure to CDO/CLO, ABS, MBS, etc.
Exposure to CDO/CLO, ABS, MBS, etc. Insurance portfolio (fair value basis), CHF million, as of 31.12.2008 Fair Ratings Year of maturity, percent value Below BBB 2010– After Category CHF m AAA AA A BBB or unrated 2009 2012 2012 CDO/CLO 1) 140 79% 0% 0% 0% 21% 67% 20% 13% • With ABS collateral 34 48%
Slide 53: Loan and mortgage portfolio
Loan and mortgage portfolio Insurance portfolio (fair value basis) Breakdown by country France 1% CHF million 106 327 Switzerland Germany 61% Mortgages 38% 5.3% 17.9% Loans 12.6% Breakdown by type Other loans Mortgages 7% 30% Purchased Policyholder loans loans 3% 60% 53
Slide 54: Real estate portfolio
Real estate portfolio Insurance portfolio (fair value basis) Breakdown by country Germany 6% France 10% CHF million 106 327 Real 11.9% Switzerland estate 84% Breakdown by type Others 1% Centres 9% Mixed 26% Residential 43% Commercial 21% 54
Slide 55: Equity portfolio (gross)
Equity portfolio (gross) Insurance portfolio (fair value basis) CHF million 106 327 Breakdown by country Equities 2.2% Luxembourg & equity 1% Switzerland 18% funds Germany 53% France 28% 55
Slide 56: Alternative investment portfolio (gross)
Alternative investment portfolio (gross) Insurance portfolio (fair value basis) Hedge funds: CHF 3.0 billion Commodities related Others 6% strategies 7% Tactical trading CHF million 17% 106 327 Equity hedged Alternative 16% 3.1% investments Relative value Event driven 30% 24% Private equity: CHF 234
Slide 57: Hedge funds movements
Hedge funds movements CHF million (IFRS basis) 486 -1 229 5 915 -1 295 -304 -574 2 999 01.01.08 Purchases Cash Impairments Realised/ FX gains 31.12.08 reductions unrealised & losses gains/losses 57
Slide 58: Currency exposure
Currency exposure Insurance portfolio (fair value basis) Net 0.8% of insurance portfolio JPY 2% USD 33% EUR 58% GBP 7% Gross currency exposure CHF 29 193 million Hedged currency exposure CHF 28 344 million Net currency exposure CHF 849 million 58
Slide 59: Forex and interest rates
Forex and interest rates Foreign currency exchange rates 31.12.08 30.06.08 31.12.07 1.1.-31.12.08 1.1.-31.12.07 EUR 1.4915 1.6054 1.6552 1.5874 1.6432 GBP 1.5413 2.0265 2.2561 2.0006 2.4016 USD 1.0608 1.0156 1.1249 1.0831 1.2004 Interest rates 1) 31.12.08 30.06.08 31.12.07 CHF 2.095 3.288 3.048 EUR
Slide 60: Supplementary information
Supplementary information 1. Profit and loss 2. AWD 3. Balance sheet 4. Investments 5. Embedded value 6. Contact details and financial calendar 60
Slide 61: 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 All other entities have a
Slide 62: Embedded value – analysis of change
Embedded value – analysis of change CHF million (statutory basis) Swiss Life Group as per 31.12.2007 12 837 Dividend payment 2007 -596 Unwind 2008 +782 Investment return 2008 variance -3 568 Future investment return variance -1 017 150% cost of holding capital -484 Operational & demographic variance
Slide 63: Value of new business
Value of new business CHF million (statutory basis) Switzerland France1) Germany Luxembourg Total cont. operations 118 78 59 38 34 27 21 18 1 -2 APE 263 288 506 263 153 171 52 42 974 7641) New business margin 8.0% 15.4% FY 2008 FY 2007 1) In the new structure of Swiss Life France, the 2007 values fo
Slide 64: Value of new business in Switzerland
Value of new business in Switzerland APE, CHF m VnB, CHF m VNB margin, percent 36 176 178 20.2 159 147 29 17.0 16.5 17.0 27 25 Group life 2005 06 07 08 2005 06 07 08 2005 06 07 08 125 123 111 116 20.7 23 12 9.8 Individual -4 -3.5 life 29- -23.2 2005 06 07 08 2005 06 07 08 2005 06 07 08 64
Slide 65: Key assumptions for embedded value calculation
Key assumptions for embedded value calculation 31.12.2008 31.12.2007 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 66: Asset allocation assumptions by region
Asset allocation assumptions by region 31.12.2008 31.12.2007 CH EU CH EU Cash and cash equivalents 2% 4% 2% 1% Bonds and loans 75% 81% 62% 75% Mortgages 6% 3% 7% 4% Real estate 17% 7% 13% 7% Equities 0% 3% 8% 9% Participations 0% 0% 0% 0% Alternative investments 0% 2% 8% 4% 66
Slide 67: Sensitivities of embedded value
Sensitivities of embedded value CHF million (statutory basis) Switzerland International Total EmbV FY 2008 (base case) 2 311 2 577 8 457 1) Δ Bond returns +100 bps +41 +207 +248 Δ Bond returns -100 bps -216 -197 -413 Δ Property & equity returns -100 bps -267 -67 -334 Δ Investment returns +100 bps +4
Slide 68: Sensitivities of value of new business
Sensitivities of value of new business CHF million (statutory basis) Total VnB FY 2008 (base case) 78 Δ Bond return +100 bps +29 Δ Investment returns +100 bps +49 Δ Risk discount rate -100 bps +34 Δ Administration costs -10 % +22 Δ Acquisition costs -10 % +24 Δ Cost of holding capital at 100% 1) +38
Slide 69: IFRS equity to embedded value bridge
IFRS equity to embedded value bridge CHF million 3 502 -1 133 1 705 -2 226 8 457 6 609 IFRS Difference in Goodwill & PVFP Cost of Embedded shareholders’ tangible/net other holding value equity assets intangible capital assets 1) 1) Including goodwill CHF 1 727 million, customer relationship asset CH
Slide 70: Cautionary statement
Cautionary statement Although all reasonable effort has been made to ensure that the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to, and overview of, the business of S
Slide 71: Supplementary information
Supplementary information 1. Profit and loss 2. AWD 3. Balance sheet 4. Investments 5. Embedded value 6. Contact details and financial calendar 71
Slide 72: Kontaktdetails und Finanzkalender
Kontaktdetails und Finanzkalender Kontakt Media Relations Hotline Tel. +41 (43) 284 77 77 E-mail: [email protected] Finanzkalender Zwischenmitteilung Q1 5. Mai 2009 Generalversammlung 2009 7. Mai 2009 Halbjahres-Resultate 2009 26. August 2009 Für aktuelle Informationen besuchen Sie unsere
Slide 73: SwissLife
fo SwissLife Bereit ftir die Zukunft.