Share buyback programmes

On 2 December 2024, the Board of Directors of Swiss Life Holding Ltd (“Swiss Life” or the “Company”) approved the repurchase of registered treasury shares with a par value of CHF 0.10 each (the “Swiss Life Shares”) up to a maximum acquisition value of CHF 750 million as part of a share buyback programme for a reduction in share capital (the “Programme”).

The Programme, which was announced on 3 December 2024, will start on 9 December 2024 and last until the end of May 2026 (18 months). Repurchases of Swiss Life Shares for the purpose of a later capital reduction are 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 may do so either via the ordinary trading line or via the second trading line. Swiss Life Shares sold via the second trading line are subject to 35 percent Swiss Withholding Tax on the difference between the repurchase price of the Swiss Life Share and its nominal value of CHF 0.10. The Company or the mandated bank will deduct such tax from the repurchase price in favor of the Swiss Federal Tax Administration. Persons domiciled in Switzerland are entitled to a refund of the Swiss Withholding Tax provided that they are beneficial owners of the Swiss Life Shares at the time of the surrender, the respective revenue is properly declared in the tax return (individuals) or accounted for (legal entities) and no taxes are avoided (Article 21 of the Withholding Tax Act). Shareholders domiciled outside Switzerland may reclaim the Swiss Withholding Tax pursuant to the applicable double taxation agreements. 

For federal income tax purposes, the difference between the repurchase price of the Swiss Life Shares and their nominal value represents taxable income for individuals holding the Swiss Life Shares as private assets (nominal value principle). For Swiss Life Shares held as business assets, the difference between the repurchase price of the Swiss Life Shares and the book value of the same represents taxable income (book value principle). The practice regarding cantonal and municipal income taxes is generally equal to the one applied for federal income taxes. Shareholders having their tax domicile abroad are taxed according to the legislation of their respective country.

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

Further information on the buyback programme can be found in the official publications 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 18 763 shares per day.