Dear shareholders,

2022 posed major challenges for society and the economy. Russia’s war in Ukraine reminded the world of the value of stability and security. Energy supply uncertainties exposed global dependencies. And rising inflation rates brought an end to the long low-interest period.

In this challenging environment, Swiss Life demonstrated its reliability: The employees of the Swiss Life Group are enormously committed to meeting the needs of our customers. The need for guidance is especially great in these times. With its products, services and personalised advice, Swiss Life is well positioned to respond to this need: We enable our customers to lead a self-determined life. Its long-term business model and consistent management of assets and liabilities ensure that Swiss Life is able to deal with cycles and changing circumstances and fulfil its obligations even in a volatile market environment.

In 2022, Swiss Life continued its successful development of previous years, once again achieving a strong annual result: Adjusted profit from operations increased by 17% to CHF 2.06 billion, and net profit rose by 16% to CHF 1.46 billion. The savings result in particular made a significant contribution to this positive result in an environment of rising interest rates. At the same time, we also significantly increased the fee result by 13% to CHF 756 million in line with our strategic priorities.

“The need for guidance is especially great in these times. With its products, services and personalised advice, Swiss Life is well positioned to respond to this need.”

2022 was also the first year of our new “Swiss Life 2024” Group-wide programme. We are proud of the progress we have already made. At 12.8%, our return on equity was slightly above our target range of 10 to 12%. And we increased the cash remittance to the holding company by 21% to CHF 1.01 billion. We are convinced that we will achieve or exceed the Group’s financial targets defined in the programme by 2024.

The 2022 key figures clearly show how well Swiss Life is positioned. This pleasing business development also allows the Board of Directors to propose to the Annual General Meeting an increase in the dividend of CHF 5 to CHF 30 per share for the 2022 financial year.

The past year and the current environment have clearly demonstrated how important stability and security are for the economy and for society. And it is precisely in such times that insurance companies have always played an important role: The insurance industry makes risks calculable and allows people and companies to focus on what they do best. In addition, long-term investors such as insurance companies provide businesses with capital, enabling further development, innovation and growth. It is this stability and security that provide the foundation for maintaining and building trust – one of the most important drivers of our prosperity – in spite of the challenging environment.

“Our customers should be able to rely on us to meet their need for security by delivering personalised advice, comprehensive life and pensions and financial solutions and a sustainable investment policy.”

We need to safeguard this stability and security. This also means that a company must face up to changing realities and undertake reforms where necessary, especially when it comes to retirement provisions. Postponing urgently needed adjustments will sooner or later lead to a loss of confidence in our pension systems. At Swiss Life, we want to help people to lead a self-determined life with financial confidence. Our customers should be able to rely on us to meet their need for security by delivering personalised advice, comprehensive life and pensions and financial solutions and a sustainable investment policy. This is what our dedicated employees and advisors are committed to every day.

The success of the 2022 financial year also indicates that we at Swiss Life can look to the future with confidence. We are in a good position to exploit the opportunities presented by an environment of rising interest rates. Our services are relevant to people, society and businesses and are of great value. We very much appreciate the support that you, our valued shareholders, provide as we continue our journey.

Rolf Dörig

Chairman of the Board of Directors

Patrick Frost

CEO