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Financial statements of Swiss Life/Rentenanstalt as a Swiss Life Holding subsidiary

23.05.2003

Since Swiss Life/Rentenanstalt shares (RAN) are also listed on the SWX Swiss Exchange alongside Swiss Life Holding shares (SLHN), we are obliged to publish consolidated accounts for the Swiss Life/Rentenanstalt Group as a subsidiary in addition to the Swiss Life Group Financial Statements, which were the subject of a detailed press release on 8 April 2003. The Swiss Life/Rentenanstalt Group reported a loss of CHF 1.7 billion for 2002 (after a loss of CHF 115 million the previous year).

Swiss Life/Rentenanstalt became a subsidiary of Swiss Life Holding on 19 November 2002. As of 15 May 2003, the latter company holds 92.7% of the Swiss Life/Rentenanstalt share capital and votes. Of the outstanding 7.3%, the Fondiaria-SAI Group reported a stake of more than 5% as of 31 December 2002. Since Swiss Life/Rentenanstalt shares (RAN) are also listed on the SWX Swiss Exchange in addition to those of Swiss Life Holding (SLHN), the Swiss Life/Rentenanstalt Group, as a subsidiary, must also publish its consolidated accounts.

Differences in the scope of consolidation between Swiss Life Holding and Swiss Life/Rentenanstalt

The Swiss Life/Rentenanstalt Group's figures differ from those of the Swiss Life Group as a whole (Swiss Life Holding) principally due to the fact that the companies Swiss Life Holding, Swiss Life Funds and Swiss Life Cayman Finance do not fall within Swiss Life/Rentenanstalt's scope of consolidation and are thus treated in the financial statements as third parties. This also means that the capital increase effected by Swiss Life Holding had no impact upon Swiss Life/Rentenanstalt's annual financial statements, since no capital was transferred from the former (SLH) to the latter (SL/RA). Another major difference can be found in reference to minority interests: Since Swiss Life Holding was in possession of 92.2% of Swiss Life/Rentenanstalt shares as of 31 December 2002, this left minority interests in Swiss Life/ Rentenanstalt and its subsidiaries to be taken into account in its financial statements. These minority interests do not feature in the Swiss Life/Rentenanstalt Group's statement of income.

Swiss Life/Rentenanstalt's key figures

The Swiss Life/Rentenanstalt Group reported a loss of CHF 1.7 billion for 2002 (after a loss of CHF 115 million the previous year). Gross premium volume was 1% higher than the previous year at CHF 15.8 billion. Gross written premiums, including deposits under policyholder investment contracts (e.g. fund-linked products) decreased 3% in 2002 to CHF 19.5 billion. In traditional insurance business premiums remained at the level of the previous year in the life segment at CHF 14.7 billion, while increasing 12% in the non-life segment to CHF 1.1 billion. By contrast, the outlay on policyholder bonuses and participation in surplus was around 50% lower at CHF 340 million. The amount reserved for payment of future bonuses came to CHF 4.4 billion (down by 14%). The financial result was down 18% at CHF 4.7 billion. Net investment income contracted to CHF 5.5 billion, a decline of 2%. Realised and unrealised net losses stemming from efforts to safeguard equity by cutting the proportion of shares in the investment portfolio amounted to CHF 2.3 billion (previous year's loss: CHF 141 million). Adjusted for hedging transactions, the profit from which has been included in net trading income, realised and unrealised net losses amounted to CHF 800 million. Operating expenses were reduced by CHF 144 million to CHF 3.5 billion as a direct result of the cost-cutting programmes which have been introduced. In insurance business operating expenses fell by 7% to CHF 2.8 billion.

Delisting planned in third quarter 2003

The Swiss Life/Rentenanstalt shares will be delisted in the third quarter of 2003. The relevant application has been submitted to the SWX Swiss Exchange.


Swiss Life
The Swiss Life Group is one of Europe's leading providers of long-term savings and protection and life insurance. The Swiss Life Group offers individuals and companies comprehensive advice and 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 fifty countries.

The Swiss Life Group, registered in Zurich, was founded in 1857 as the Swiss Life Insurance and Pension Company. Shares of Swiss Life Holding are listed on the SWX Swiss Exchange (SLHN). The company employs around 11 000 persons.
Cautionary statement regarding forward-looking information

This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “as-sume”, “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 si-tuation, 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 state-ments. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.
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