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Investment for the future:

19.01.2000

Swiss Life/Rentenanstalt is reorganising its Group structure and realigning its operations in Switzerland. A new E-Business Division will be created, with around 50 new jobs, and an extended division Finance and Risk Management will be established. The reorganisation will lead to a reduction in 280 jobs in administration throughout Switzerland. This process will be covered as far as possible by natural fluctuation and will generate an improvement in results amounting to over CHF 100 million per year.

In its 1998 group strategy, Swiss Life/Rentenanstalt set itself the objective of expanding its core business - personal insurance - into the significantly broader long-term savings market. In order to achieve this, over the last months the entire Group organisation has been reviewed and updated accordingly.

Considerable potential in business in Switzerland
The Swiss side of business was carefully analysed within the framework of the AVANTI project. Swiss Division currently encompasses Swiss Life/Rentenanstalt's Swiss operations, «La Suisse» and Swiss Life Direct. These three companies will now be brought together under one management. This is intended not only to reduce decision-making time, but also to guarantee a coordinated market presence in which the individual units complement one another. The objective is for the specialised provider of life insurance to become a provider of bancassurance solutions for long-term savings. With this aim in mind, the units which operate in the Swiss market will be repositioned: Swiss Life/Rentenanstalt will, from now on, place its emphasis on offering long-term savings solutions. «La Suisse»'s main activities are in the personal insurance business; the company also operates in the property insurance sector. Swiss Life Direct specialises in direct sales and cooperation with bank partners.

Targeted efficiency improvement
Efficiency of business procedures is to be improved and use is to be made of synergies arising out of the clearer positioning of the individual units which are operating in Switzerland. This also means that around 280 jobs will be reduced in administration throughout Switzerland by the end of 2001. This process will be covered as far as possible by natural fluctuation.

New Group organisation / launch of e-business
Creation of a new E-Business Division emphasises the importance which Swiss Life/ Rentenanstalt places on this promising sector. The company's e-business strategy is aimed at strengthening existing relationships with customers and reaching new customer segments through the use of electronic media such as the Internet. The new Division will support and coordinate e-business activities in the individual business units with a center of competence. On top of that, it will develop cross-border Internet operations which will go above and beyond the core business, to appeal to new customer segments. The E-Business Division will be run by Dr. Hannes A. Meyer.

The current Corporate Services Division Actuarial Services/Accounting will be integrated into a new Division Finance & Risk Management . Chief Investment Manager will be Dominique P. Morax.

The Group Staffs will be amalgamated in a Corporate Center and will report directly to the Chairman of the Corporate Executive Board, Dr. Manfred Zobl.

On the international side of business, Ernst Schneebeli, member of the Corporate Executive Board, will be assuming responsibility for European Division I (UK, the Netherlands, Belgium and Luxembourg). Christopher G. Ide, the division's former Director, will be leaving Swiss Life/Rentenanstalt at the end of January 2000 to go on to face new challenges. The Board of Directors and the Corporate Executive Board would like to thank him for his many years in the service of the company. There will be no changes in European Division II or in International Division.
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