Share buyback programmes

On 24 November 2021, the Board of Directors of Swiss Life Holding Ltd ("Swiss Life" or the "Company") approved the repurchase of its own registered shares with a par value of CHF 0.10 each (the "Swiss Life Shares") up to a maximum repurchase value of CHF 1 billion by way of a buyback programme with the purpose of capital reduction (the "Programme").

The Programme, which was announced on 25 November 2021, started on 6 December 2021 and was completed on 31 May 2023, after 1 876 368  shares for a total of CHF 1 billion were repurchased. Repurchases of Swiss Life Shares for the purpose of a later capital reduction were carried out on a second trading line on the SIX Swiss Exchange, with Swiss Life as the exclusive buyer, delegated to Zürcher Kantonalbank acting as agent*. 

Shareholders wishing to sell Swiss Life Shares could do so either via the ordinary trading line or via the second trading line. The repurchase of own shares with the purpose of capital reduction was treated as a partial liquidation of the repurchasing company for both federal withholding tax and income tax purposes.

These statements do not constitute a comprehensive description of possible tax consequences nor tax advice. Shareholders are advised to consult their own tax advisor regarding the tax consequences of participating in the Programme.

* The 280 081 registered shares bought back between 6 December 2021 until 4 March 2022 have been canceled in July 2022 as planned in accordance with the AGM resolution on 22 April 2022. The 1 308 000 registered shares bought back between 7 March 2022 and 3 March 2023 will be cancelled by end of
June 2023 in accordance with the AGM resolution dated 28 April 2023. The AGM on 15 May 2024 will decide about the resolution for the cancellation of the 288 287 registered shares bought back between
6 March 2023 and 31 Mai 2023.

Further details on the Programme can be found in the official announcements in German and French:

Maximum daily repurchase volume (calculated in accordance with Art. 123 Abs. 1 lit. c FMIO):
Swiss Life is limited to repurchasing a maximum of 24 275 shares per day.