Rolf Dörig and Matthias Aellig

Dear shareholders,

Swiss Life can look back on a strong 2024 financial year. Thanks to our robust, broad-based business model, we were able to expand both our insurance and fee business in a challenging market environment. The fee result increased by 33% to CHF 875 million and net profit rose by 13% to CHF 1.3 billion.

With these annual results, we have successfully concluded the “Swiss Life 2024” Group-wide programme and not only met, but largely exceeded, the Group’s financial targets. What is especially pleasing is that this is now the fifth programme in a row that we have completed successfully.

The fee result was in the middle of the defined target range of CHF 850–900 million. At 16.6%, the return on equity in 2024 was clearly above the target range of 10–12%, and the dividend payout ratio of 81% also significantly exceeded the target (over 60%).

The cumulative cash remittance to the holding company in the three-year programme amounted to CHF 3.5 billion and was thus well above the target range of CHF 2.8–3 billion. And at CHF 1.3 billion, the share buyback also clearly exceeded the CHF 1 billion figure communicated at the start of the programme.

This successful development is the result of the excellent performance of our employees and advisors, whose commitment and expertise are key to our company’s success. We would like to thank all our colleagues most sincerely for this!

Another key success factor is our proximity to customers coupled with the trust they place in us: we support them over years or even decades, enabling them to lead a financially self-determined life.

Special thanks also go to you, our valued shareholders. You remain loyal to us, and are the reason we are able to evolve our business further. Therefore, in light of the successful business performance in 2024, we are pleased to propose a dividend increase of CHF 2 to CHF 35 per share at the Annual General Meeting. In this way, we are delivering on our ambition to continuously increase the dividend –something we intend to maintain in the new Group-wide programme.

We are in an excellent position to successfully further the development of Swiss Life and drive profitable growth.

With the new “Swiss Life 2027” programme, we are building on our strengths and focusing on three strategic actions: expanding and deepening our customer relationships, strengthening our advisory power and ensuring operational efficiency and scalability.

We are once again significantly increasing our financial targets for the Swiss Life Group:

• We want to grow the fee result in 2027 to over CHF 1 billion for the first time – an increase of around 15%.
• We are striving for a cumulative cash remittance to the holding company of CHF 3.6–3.8 billion over the next three years – an increase of around 25%.
• The return on equity is expected to reach 17–19% as early as this year – 7 percentage points higher than before.
• The new target for the dividend payout ratio is over 75% – an increase of 15 percentage points.
• In addition, we launched a share buyback programme in the amount of CHF 750 million in December 2024, which will run until May 2026.

We are keenly aware that these financial targets are once again challenging. Thanks to our impressive performance in previous Group-wide programmes and our robust business model in which the fee and insurance businesses ideally complement each other, we are confident that we will achieve these targets by 2027.

We look forward to implementing the new programme. At the same time, it is reassuring to know that you, our shareholders, are supporting us on this journey. We thank you most sincerely for this.

Rolf Dörig

Chairman of the Board of Directors

Matthias Aellig

Group CEO