Dear shareholders,

Swiss Life posted a good result for 2023. We faced greater challenges than in previous years, so it is all the more pleasing that we can rely on our strengths even in tough times.

One of our strengths is our employees. Their commitment and hard work help ensure that we are in a position to enable our customers to live a financially self-determined life. We would like to thank all our employees for their dedication.

“We faced greater challenges than in previous years, so it is all the more pleasing that we can rely on our strengths even in tough times.”

Our strengths also include our relationship with our customers. In the current “Swiss Life 2024” Group-wide programme, we have intentionally set ourselves the goal of further deepening this relationship and expanding our advisory organisations. We are pleased that we were able to take advantage of the opportunities presented by the rise in interest rates in the area of life insurance. Gross premiums increased to CHF 19.8 billion in 2023.

Another element of “Swiss Life 2024” is the anchoring of sustainability in our business. We focus on taking action in those areas in which Swiss Life is able to exert a direct influence. This includes a commitment to reducing CO₂ emissions from our operational activities and lowering the carbon intensity of properties directly owned by us for investment purposes. We are well on our way to achieving these targets too.

The rise in interest rates was beneficial for life insurance companies, but it also led to subdued real estate markets in 2023, particularly in Germany and France, and thus to lower revenues from project developments and real estate transactions. As a result, the fee result declined to CHF 664 million.

Overall, Swiss Life generated a net profit of CHF 1.11 billion in 2023, which corresponds to an increase of 8% on a like-for-like basis (2022 profit figures under IFRS 17 and IFRS 9). The net profit reported for 2022, however, is still presented in the financial statements in accordance with IFRS 17 and the now discontinued IAS 39, and under this old standard was higher than the net profit in the year under review.

Overall, in terms of our “Swiss Life 2024” Group-wide programme, we are well on track to achieve or exceed all the Group’s financial targets. We are confident that we will exceed four financial targets: at 13.7%, the return on equity in 2023 was once again above our target range of 10–12%. We further increased the cash remittance to the holding company to CHF 1.15 billion, meaning the programme’s target of a cumulative cash remittance of CHF 2.8–3 billion is likely to be significantly exceeded. With respect to the dividend payout ratio of over 60%, Swiss Life is also ahead of its target. The share buyback, which totalled CHF 1.3 billion, is above plan as well. Achieving the fee result target will be more challenging: we expect to reach the lower end of our ambitious target range of CHF 850–900 million. This is reliant on the expected normalisation of the real estate markets in Germany and France.

“We support our customers over many years. They must always be able to rely on receiving the promised insurance and pension benefits.”

We would like to thank you, our valued shareholders, for your loyalty. In view of our continued solid business performance, we will propose a dividend increase of CHF 3 to CHF 33 per share at the Annual General Meeting. This reflects our policy of continuously increasing your dividend.

We support our customers over many years. They must always be able to rely on receiving the promised insurance and pension benefits. It is our responsibility to ensure this. It is therefore important to us that the upcoming change at the top of the company also provides continuity: following this year’s Annual General Meeting, management of the Group will be seamlessly transferred from Patrick Frost to Matthias Aellig after ten very successful years. As longstanding Group CFO, Matthias Aellig is already very familiar with the Swiss Life Group and is committed to upholding the values of our company.

We aim to bring the current “Swiss Life 2024” Group-wide programme to a positive conclusion in the 2024 financial year. We are confident that Swiss Life is in an excellent position to generate long-term growth in earnings and cash remittances to the holding company. We would like to thank you, our shareholders, most sincerely for being a vital part of our journey.

Rolf Dörig

Chairman of the Board of Directors

Patrick Frost

Group CEO