Swiss Life Holding AG · SIX:SLHN
Swiss Life — FY2017 Earnings Presentation
73 slides from Swiss Life's earnings presentation, Feb 27, 2018
Slide 1: Full-year results 2017 Investor presentation
Full-year results 2017 Investor presentation 27 February 2018
Slide 2: Agenda
Agenda Overview Patrick Frost Financial results and Thomas Buess strategy update 2 | Investor presentation | Full-year results 2017
Slide 3: Swiss Life delivers strong FY 2017 net profit driven by the fee result
Swiss Life delivers strong FY 2017 net profit driven by the fee result … +9% Net profit +11% 1 013 RoE 442 400-450 926 399 818 Net profit, Fee 269 9.6% 9.6% RoE 9.3% result 8-10% (CHF m) (CHF m) FY 2014 FY 2016 FY 2017 Target 2018 FY 2014 FY 20161) FY 20171) Target 2018 0% 4% 395 391 389 350-400 Int
Slide 4: … while continuing with its sound capital management
… while continuing with its sound capital management +18% >750 0% 351 1 104 1 104 1 105 Stable 296 Operating 255 VNB, 2.5% expense, 0.62% 2.1% 0.58% 0.56% NBM 1.8% efficiency (CHF m) ratio (CHF m) FY 2014 FY 2016 FY 2017 Target FY 20141) FY 2016 FY 2017 Target 2018 (cumulative VNB NBM Op. exp. adj.
Slide 5: Agenda
Agenda Overview Patrick Frost Financial results and Thomas Buess strategy update 5 | Investor presentation | Full-year results 2017
Slide 6: Key figures FY 2017 results
Key figures FY 2017 results Net profit increased by 9% to CHF 1 013 m Adjusted profit from operations improved by 5% to CHF 1 475 m Premiums increased by 6% in local currency to CHF 18.6 bn Fee and commission income up by 8% in local currency to CHF 1 480 m Fee result increased to CHF 442
Slide 7: Selected P&L figures
Selected P&L figures CHF million (IFRS basis) FY 2016 FY 2017 Gross written premiums, fees and deposits received 17 366 18 565 Fee and commission income 1 361 1 480 Net investment result insurance portfolio for own risk 4 763 3 804 Net insurance benefits and claims -14 064 -13 189 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 +5% 1 476 +18 1 475 1 391 +9 1 400 +9 1 409 -19 Profit Restruc- Profit FX Profit Profit Restruc- Policyholder Profit from from turing from translation from from turing TDR release operations operations charges
Slide 9: Business review Switzerland
Business review Switzerland CHF million (IFRS basis, VNB) FY 2016 FY 2017 Change GWP incl. PHD 9 876 9 290 -6% • GL: -7% (market -4%); increased share of semi- autonomous solutions; IL: -1% (market -2%) • Lower single premiums in both GL and IL partly offset by higher periodic premiums in IL; overal
Slide 10: Business review France
Business review France EUR million (IFRS basis, VNB) FY 2016 FY 2017 Change GWP incl. PHD 4 134 4 773 +15% • Life: +25% (market -2%); UL share of 52% (market 28%) • Health & protection: +1% (market +5%); individual protection +6% (market +4%) Fee and commission 221 272 +23% • Higher UL and banking f
Slide 11: Business review Germany
Business review Germany EUR million (IFRS basis, VNB) FY 2016 FY 2017 Change GWP incl. PHD 1 183 1 181 0% • Higher premiums with modern-traditional and disability products fully offset by lower traditional premiums (market 0%) Fee and commission 347 359 +4% • Strong contribution from owned IFAs due
Slide 12: Business review International
Business review International EUR million (IFRS basis, VNB) FY 2016 FY 2017 Change GWP incl. PHD 1 576 2 403 +53% • Higher single premiums with private clients; higher single and periodic premiums with corporate clients Fee and commission 195 202 +3% • Increased commission income at owned IFAs, part
Slide 13: Business review Asset Managers
Business review Asset Managers CHF million (IFRS basis, AuM fair value basis) FY 2016 FY 2017 Change Commission and 619 689 +11% • PAM: Increased real estate assets and related other net income1) management fees PAM 281 300 +7% • TPAM: Growing assets under management and TPAM1) 338 389 +15% higher o
Slide 14: Expense development
Expense development CHF million (IFRS basis) FY 2016 FY 2017 Change Total operating expense 2 764 2 842 +3% Commissions and DAC amortisation -1 282 -1 303 Operating expense (before FX) 1 482 1 539 +4% Restructuring costs and one-offs -40 -41 Scope changes -5 -13 FX translation effect 14 Operating ex
Slide 15: Investment result
Investment result CHF million (IFRS basis), insurance portfolio for own risk FY 2016 FY 2017 Direct investment income 4 307 4 285 Direct investment income in % 3.0% 2.8% Expense -321 -355 Net capital gains/losses on investments and impairments1) 777 -126 Net investment result 4 763 3 804 Net investm
Slide 16: Investment portfolio
Investment portfolio CHF million (fair value basis), insurance portfolio for own risk 153 289 160 753 Equities & equity funds Alternative investments 5.0% 6.7% 1.0% 1.2% Real estate 16.4% 18.0% Mortgages 5.3% Loans 5.8% 5.3% 5.1% Government & supranational bonds 31.4% 30.3% 64.3% 61.6% Corporate bon
Slide 17: Insurance reserves excluding policyholder participation liabilities
Insurance reserves excluding policyholder participation liabilities CHF billion (IFRS basis) +4% +16.8 +2.1 +0.5 158.6 +5.3 153.1 147.9 -13.9 31.12.2016 FX translation 31.12.2016 Premiums/ Withdrawals/ Interest Market 31.12.2017 effect excl. FX deposits benefits accrued movements received incurred a
Slide 18: Shareholders’ equity
Shareholders’ equity CHF million (IFRS basis) +1 007 15 495 +13% +432 +268 +487 13 657 -356 31.12.2016 Change in Change in Distribution Conversion Profit 31.12.2017 unrealised foreign from capital of convertible attributable gains/losses currency contribution debt, change to share- net translation r
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: Improved fee result and earnings growth
Quality of earnings Profit by source: Improved fee result and earnings growth CHF million (IFRS basis) FY 2016 FY 2017 adjusted1) adjusted1) Savings result 808 55% 817 53% Risk result 391 26% 389 25% Fee result 399 27% 442 29% Cost result -112 -8% -106 -7% - Thereof admin cost result gross2) 119 8%
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 4.8% 4.5 4.1% 3.9% 3.9% 4.0 3.8% 3.8% 3.7% 3.5 3.8% 3.8% 3.3% 3.7% 3.0 3.5% 3.4% 3.3% 2.8% 2.5 3.0% 3.0% 2.0 2.5% 1.5 1.0 0.5 0.0 -0.5 -1.0 31.12
Slide 22: Average technical interest rate decreased further
Quality of earnings Average technical interest rate and earnings growth decreased further Statutory basis • FX translation effect +2 bps 2.60% • Reserve strengthening -3 bps 2.55% • Business mix -3 bps 2.35% Total -4 bps 2.12% 2.04% 1.93% 1.64% 01.01.2010 – 01.01.2018: 1.41% 1.37% • FX translation e
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 yield Interest rate margin resilient as a excl. net gains/ result of disciplined ALM 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% +8% LC Local 1 480 currency 1 361 • Strong AuM development in TPAM (+11%, LC); Swiss Life Asset +9% +8% increased real estate assets and services in PAM 645 Managers 591
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 • Improved capital market environment with slightly higher +49 +1 interest rates 351 -8 Volume, business mix and pricing variances Continued margin management efforts pa
Slide 26: Implemented cost savings of CHF 86 m
Implemented cost savings of CHF 86 m Operational efficiency Non-variable cost savings1), gross CHF million (project view), vs. cost base FY 2014 ~ 100 • CH: Optimisation of business processes 6 86 13 • FR: Internalisation of resources, 32 renegotiation of supplier contracts • DE: Reorganisation of s
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 2014 FY 2015 FY 2016 FY 2017 FY 2016 Switzerland 0.46% 0.44% 0.43% 0.42% -1 bps France 1.41% 1.34%
Slide 28: Well-balanced capital structure
Well-balanced capital structure Capital, cash and dividend Capital structure1) (IFRS basis) 3 576 Senior 0-5% 3% Carrying value (CHF m) 424 Senior bonds 20% Hybrid 25% 3 152 Hybrid debt Shareholders’ 77% 70-75% equity2) Reference level 31.12.2017 31.12.2017 Maturities (senior) and next optional call
Slide 29: 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% 68% 38% 46% 598 625 13.50 Cash remittance
Slide 30: Execution of Swiss Life 2018 well on track
Execution of Swiss Life 2018 well on track Swiss Life 2018 financial targets Current assessment • Fee result FY 2018: CHF 400-450 m Ahead Quality of earnings and • Risk result FY 2018: CHF 350-400 m On track earnings growth • Cumulative value of new business (2016-2018): > CHF 750 m Ahead Operationa
Slide 31: Supplementary information
Full-year results 2017 Investor presentation Supplementary information
Slide 32: Supplementary information
Supplementary information Profit and loss Balance sheet Investments Value of new business (VNB) Abbreviations Contact details and financial calendar 32 | Investor presentation | Full-year results 2017
Slide 33: Net profit excluding major one-off effects
Net profit excluding major one-off effects CHF million (IFRS basis, adjusted) +8% 1 013 +16 1 015 926 +7 933 +5 938 -14 Net Restruc- Net FX Net Net Restruc- Policyholder Net profit turing profit excl. translation profit profit turing TDR release profit excl. charges one-offs effect comparable charge
Slide 34: Premium development
Premium development CHF million (IFRS basis); GWP, fees and deposits Local currency 9 290 Switzerland -6% -6% 9 876 5 310 France +18% +15% 4 507 1 313 Germany +2% 0% 1 290 2 674 International +56% +53% 1 718 18 565 Total1) +7% +6% 17 366 FY 2017 FY 2016 1) Total includes Other and intersegment elimi
Slide 35: Fee and commission income development
Fee and commission income development CHF million (IFRS basis) Local currency 230 Switzerland -1% -1% 233 302 France1) +25% +23% 241 400 Germany +6% +4% 379 225 International +6% +6% 213 Asset 645 Managers 591 +9% +8% 1 480 Total1) 2) +9% +8% 1 361 FY 2017 FY 2016 1) Incl. banking and Pôle Agami 2)
Slide 36: Switzerland: Premium development
Switzerland: Premium development CHF million (IFRS basis) FY 2016 FY 2017 Change Total life GWP incl. PHD 9 876 9 290 -6% Single premiums 5 312 4 730 -11% Periodic premiums 4 564 4 560 0% Group life 8 381 7 815 -7% Single premiums 4 857 4 302 -11% Periodic premiums 3 523 3 513 0% Individual life 1 4
Slide 37: Switzerland: Statutory distribution ratio in BVG business
Switzerland: Statutory distribution ratio in BVG business CHF million (statutory basis) FY 2014 FY 2015 FY 2016 FY 2017 Gross revenue 2 477 100% 2 532 100% 2 188 100% 1 860 100% Total insurance benefits 2 294 92.4% 2 353 92.9% 2 053 93.8% 1 754 94.3% paid (incl. bonuses) Operating income 183 179 135
Slide 38: Details of net investment result
Details of net investment result CHF million (IFRS basis), insurance portfolio for own risk FY 2017 Direct Net Impair- Gains and losses through investment investment ments income statement income result On On Net underlying derivatives Bonds 2 781 -28 238 -97 141 2 894 Equities 236 -1 248 -697 -449
Slide 39: Profit from operations
Profit from operations CHF million (IFRS basis), segment results (reported vs. adjusted) FY 2016 FY 2017 Change Segments reported adjusted1) reported adjusted1) reported adjusted Switzerland 810 812 829 833 +2% +3% France 244 249 261 263 +7% +6% Germany 125 129 153 134 +22% +4% International 45 48 5
Slide 40: Profit by source
Profit by source FY 2017, 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 1544 833 236 121 46 263 10 Savings 51 817 178 6 550 28 Risk 389 91 32 251 57 Fee 442 60 Other 14 2 1 -2 18 -16 Costs -106 -94 There
Slide 41: 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 42: New business mix
New business mix New business production (NBP) 25% 27% 24% 25% 27% 33% 39% 35% 34% 33% 30% 40% Risk, health and P&C 12% 18% 21% 26% Modern 28% 26% Modern-traditional 24% 20% 21% 16% 9% Traditional 7% FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Shift excl. traditional 85% 88% 90% 92% 95% 97% CH g
Slide 43: Supplementary information
Supplementary information Profit and loss Balance sheet Investments Value of new business (VNB) Abbreviations Contact details and financial calendar 43 | Investor presentation | Full-year results 2017
Slide 44: Allocation of unrealised gains/losses on bonds
Allocation of unrealised gains/losses on bonds CHF million (IFRS basis), as of 31.12.2017 12 004 -6 960 -230 0 3 727 -1 087 Unrealised Deferred Shadow Deferred Non-controlling Allocated to gains/losses policyholder DAC taxes interests shareholders’ on bonds1) bonuses adjustment equity 1) Including c
Slide 45: Return on equity
Return on equity CHF million (IFRS basis) FY 2016 FY 2017 FY 2017 RoE calculation Net profit FY 2017 Shareholders’ equity 13 657 15 495 1 007 (shareholder part) Unrealised gains/losses on bonds Average adjusted -3 697 -3 727 10 864 allocated to shareholders’ equity shareholders’ equity Adjusted shar
Slide 46: Insurance reserves excluding policyholder participation liabilities
Insurance reserves excluding policyholder participation liabilities CHF million (IFRS basis) Local currency 88 244 Switzerland +2% +2% 86 720 International 30 452 14% France +19% +9% Germany 25 557 11% 18 026 56% Germany +10% +1% 19% 16 395 France 21 912 International +14% +7% Switzerland 19 215 158
Slide 47: Insurance reserves and borrowings
Insurance reserves and borrowings CHF million (IFRS basis) Local 31.12.2016 31.12.2017 currency Insurance reserves 159 899 171 649 +7% +4% Policyholder participation liabilities 12 043 13 050 +4% Insurance reserves w/o PHP liabilities 147 855 158 599 +7% +4% Insurance liabilities 110 935 116 844 +3%
Slide 48: 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 31.12.2017 1.0 Non-life 52.1 Investment contracts & PH deposits Europe 30.8 Total Group Individual 171.6 19.8 Traditional business Annuitised Guaranteed
Slide 49: Average technical interest rate
Average technical interest rate CHF / EUR / USD / GBP million (statutory basis), as of 01.01.2018 CHF EUR USD GBP Total reserves 84 688 30 797 160 12 Average technical interest rate 1.03% 2.16% 2.18% 2.38% Overall: 1.37% (01.01.2017: 1.41%) 49 | Investor presentation | Full-year results 2017
Slide 50: Total weighted duration gap
Total weighted duration gap 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 50 | Investor presentation | Full-year results 2017
Slide 51: Supplementary information
Supplementary information Profit and loss Balance sheet Investments Value of new business (VNB) Abbreviations Contact details and financial calendar 51 | Investor presentation | Full-year results 2017
Slide 52: Business review Asset Managers: Change analysis of assets under management
Business review Asset Managers: Change analysis of assets under management CHF billion (fair value basis) Assets under management FY 2016 FY 2017 Change (bn) Total beginning of period 185.3 204.2 +18.9 Net new assets (NNA) PAM 1.1 -0.8 TPAM 8.5 7.1 Market performance 8.8 6.7 FX translation effects -
Slide 53: Assets under management and administration
Assets under management and administration CHF billion, as of 31.12.2017 252.7 223.6 29.1 Total real estate under 80.9 management and administration 51.8 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 54: TPAM: AuM and NNA
TPAM: AuM and NNA TPAM TPAM AuM: CHF 61.4 bn as of 31.12.2017 TPAM NNA: CHF 7.1 bn as of 31.12.2017 (fair value basis) (fair value basis) Breakdown by asset class Breakdown by asset class Infrastructure Equity 8% 3% Real estate 31% Real estate Bonds Balanced mandates 36% 18% Balanced mandates 39% Eq
Slide 55: Bond portfolio: Ratings and classification
Bond portfolio: Ratings and classification PAM Insurance portfolio for own risk (fair value basis) Breakdown by rating BB B CHF million 4% 160 753 BBB AAA 1% 22% 31% 17% A 25% AA Breakdown by classification Bonds 61.6% Corporate 51% 49% Governments & bonds1) supranationals 31.12.2017 1) Including se
Slide 56: Government & supranational bonds: Ratings and currency
Government & supranational bonds: PAM Ratings and currency Breakdown by rating Insurance portfolio for own risk (fair value basis) BBB CHF million A 6% 160 753 7% 44% AAA 43% AA Government & supranational 30.3% Breakdown by currency bonds GBP CAD USD 5% 8% 2% EUR 39% 46% 31.12.2017 CHF 56 | Investor
Slide 57: Government & supranational bonds: Country split
Government & supranational bonds: PAM Country split Government and supranational bond portfolio (fair value basis), as of 31.12.2017, 30.3% of insurance portfolio for own risk (CHF 48.7 bn) % of total government and supranational bond portfolio Switzerland 34% France 13% Netherlands 7% Belgium 6% Ge
Slide 58: Corporate bond portfolio: Ratings and currency
Corporate bond portfolio: PAM Ratings and currency Breakdown by rating Insurance portfolio for own risk (fair value basis) B BB CHF million AAA 160 753 7% 19% 3% 7% AA 37% BBB 27% A Breakdown by currency GBP Other 3% 1% EUR USD 35% Corporate 31.3% 36% bonds1) 31.12.2017 25% 1) Including senior secur
Slide 59: Corporate bond portfolio: Industry split
Corporate bond portfolio: Industry split PAM Corporate bond portfolio1) (fair value basis), as of 31.12.2017, 31.3% of insurance portfolio for own risk (CHF 50.3 bn) Breakdown by rating Breakdown by industry % of total corporate bond portfolio BBB 23% Banks 35% Other financials 5% 45% AAA Utilities
Slide 60: Loan and mortgage portfolio
Loan and mortgage portfolio PAM Insurance portfolio for own risk (fair value basis) Breakdown by country CHF million 160 753 47% Switzerland Germany 52% Mortgages 5.3% Loans 5.1% 1% France Breakdown by type Policyholder loans Other loans 1% 1% Purchased loans 47% 51% Mortgages 31.12.2017 60 | Invest
Slide 61: Real estate portfolio
Real estate portfolio PAM Insurance portfolio for own risk (fair value basis) Breakdown by country Germany CHF million 160 753 10% France 11% Real estate 18.0% 79% Switzerland Breakdown by type Commercial 34% Residential 38% 31.12.2017 28% Mixed-use 61 | Investor presentation | Full-year results 201
Slide 62: Equities and alternative investments: Gross exposure
Equities and alternative investments: PAM Gross exposure Breakdown by country Insurance portfolio for own risk (fair value basis) Germany Luxembourg CHF million France 3% 160 753 1% Equities & 6.7% 18% equity funds 1.2% Alternative Net equity exposure 3.1% investments 78% Switzerland Breakdown by in
Slide 63: Forex and interest rates
Forex and interest rates Foreign currency exchange rates 31.12.16 30.06.17 31.12.17 01.01. – 31.12.16 01.01. – 31.12.17 EUR 1.0728 1.0946 1.1704 1.0904 1.1124 GBP 1.2557 1.2475 1.3167 1.3353 1.2688 USD 1.0172 0.9591 0.9736 0.9852 0.9847 Interest rates (10-year government bond) 31.12.16 30.06.17 31.1
Slide 64: Supplementary information
Supplementary information Profit and loss Balance sheet Investments Value of new business (VNB) Abbreviations Contact details and financial calendar 64 | Investor presentation | Full-year results 2017
Slide 65: New business margin
New business margin New business margin (in % PVNBP) +0.5% 0.0% 2.5% 2.1% +0.1% -0.2% FY 2016 Economic Volume, Expense FX & FY 2017 business mix and other pricing 296 Value of New Business (VNB) 351 13 842 PVNBP 13 969 1 209 APE 1 265 24.5% New business margin (in % APE) 27.7% 65 | Investor presenta
Slide 66: Value of new business per segment
Value of new business per segment CHF million (MCEV basis) Switzerland France Germany International Total 351 296 154 148 133 94 30 44 18 25 PVNBP 6 815 4 902 4 463 5 121 1 077 1 445 1 487 2 501 13 842 13 969 APE 460 318 533 606 66 90 150 250 1 209 1 265 NBM in % PVNBP 2.3% 3.0% 2.1% 2.6% 2.7% 3.1%
Slide 67: Value of new business
Value of new business CHF million (MCEV basis), as per FY 2017 Switzerland France Germany International Total Value of new business 148 133 44 25 351 New business strain -73 -72 -3 -8 -156 VNB before new business strain 221 205 47 34 507 Annual premiums 232 339 85 4 659 Single premiums 868 2 663 54
Slide 68: Supplementary information
Supplementary information Profit and loss Balance sheet Investments Value of new business (VNB) Abbreviations Contact details and financial calendar 68 | Investor presentation | Full-year results 2017
Slide 69: Abbreviations
Abbreviations AM Business division Asset Managers IN Business division International APE Annual premium equivalent m Million AuM Assets under management MCEV Market consistent embedded value bn Billion NBM New business margin bps Basis points NBP New business production BVG Swiss federal law on occu
Slide 70: 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 71: Supplementary information
Supplementary information Profit and loss Balance sheet Investments Value of new business (VNB) Abbreviations Contact details and financial calendar 71 | Investor presentation | Full-year results 2017
Slide 72: 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 73: The future starts here.
é SwissLife The future starts here.