Following the significant rise in efficiency achieved in individual markets in recent years, the company is now creating Group-wide synergies. Priority is being placed on:

• the creation of economies of scale and
• knowledge transfer

The company will, therefore, be increasingly managed across borders and across organisational lines. The German and French CEOs are joining the Corporate Executive Board and will assume additional responsibilities involving key Group functions.

This ensures that market-based decisions can be made while taking into account the overall interests of the company, thereby laying the foundations for cooperation between the various countries. From these measures Swiss Life expects to generate additional efficiency gains of CHF 50 to 100 million by 2012.