Swiss Life Holding has come to an agreement with Generali Group to sell Banca del Gottardo to BSI for a total consideration of CHF 1.875 billion. BSI and Banca del Gottardo will be merged to become a leading Swiss private banking institution with approximately CHF 100 billion in assets under management. The transaction is expected to be completed by the end of the first quarter of 2008.

Swiss Life Holding has come to an agreement with Generali Group to sell Banca del Gottardo for a total consideration of CHF 1.875 billion to the Lugano-based institution BSI, a wholly owned subsidiary of the Italian financial services group. This amount consists of the purchase price of CHF 1.775 billion and the bank’s dividend of CHF 100 million for the year 2007, payable in 2008. The price is subject to potential adjustments based on year-end figures regarding assets under management and equity. BSI and Banca del Gottardo will be merged to become one of the leading Swiss private banking institutions, with approximately CHF 100 billion in assets under management.

Rolf Dörig, Group CEO of Swiss Life: “For the Swiss Life Group as a whole, but also for Banca del Gottardo in particular, it’s now about taking the next step forward. Swiss Life will achieve its 2008 profit target of CHF 1 billion already this year. Banca del Gottardo has made good progress over the last two years and is on track to reach its 2008 objectives. Together with the bank, we came to the conclusion that Swiss Life is not the best owner for the next stage of development, as we intend to focus our investments on our life and pensions business and enhance our respective market positions. We are very happy to have achieved a solution which is not only financially attractive but also makes best use of Banca del Gottardo’s franchise. Joining forces with BSI creates a strong Ticino-based private banking institution with an attractive value proposition in Switzerland and beyond.”

Subject to the approval of the relevant authorities, the transaction is expected to be completed by the end of the first quarter of 2008. Therefore, Banca del Gottardo will be fully consolidated in Swiss Life’s 2007 financial statements. In the first half of 2008, the transaction is expected to contribute around CHF 600 million to Swiss Life’s IFRS post-tax profit. The Swiss Life Group will use the proceeds to finance its future growth, but is also considering returning capital to the shareholders after the transaction has been completed. Swiss Life will give more details at its Investors’ Day on 4 December 2007.

Swiss Life has been advised on this transaction by JP Morgan.


Press conference in Lugano, 7 November, 11 a.m.
Villa Castagnola, Viale Castagnola 31, 6906 Lugano
with Alfredo Gysi, CEO of BSI; Rolf W. Aeberli, CEO of Banca del Gottardo; Rolf Dörig, Group CEO of Swiss Life


Conference Call for analysts and investors (in English only), 7 November, 2.00 p.m. CET
The conference call can be followed by dialling the appropriate number below. Please call at least 10 minutes prior to the commencement of the conference.
Dial-in numbers:
From Europe (excluding UK): +41 91 610 5600
From UK: +44 207 107 0611
From USA: +1 (1) 866 291 4166
Digital playback:
It will be possible to listen to a digital playback of the conference call for 48 hours, beginning 5 p.m. CET on 7 November.
For further information please visit: Shareholders & Analysts


Contact

Media Relations
Phone +41 43 284 77 77
media.relations@swisslife.ch

Investor Relations
Phone +41 43 284 52 76
investor.relations@swisslife.ch

www.swisslife.com

Swiss Life
The Swiss Life Group is one of Europe’s leading providers of pension and life insurance products. The Swiss Life Group offers individuals and companies comprehensive advice across a broad range of products via agents, brokers and banks in its domestic market, Switzerland, where it is market leader, and selected European markets. Multinational companies are serviced with tailor-made solutions by a network of partners in over 60 countries and regions. With Banca del Gottardo, the Swiss Life Group is also a provider of private banking services. The bank, with its head office in Lugano, has an extended national and international network and around CHF 36 billion in customer assets under management.

Swiss Life Holding, registered in Zurich, dates back to the Schweizerische Rentenanstalt founded in 1857. Shares of Swiss Life Holding are listed on the SWX Swiss Exchange (SLHN). The Swiss Life Group employs a staff of around 9000.

Cautionary statement regarding forward-looking information
This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “assume”, “expect” or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of the company and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not place undue reliance on forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.