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Long Term Strategy: Settlement ends civil proceeding

14.12.2005

A settlement based on the proposal of the commercial court has been reached in the civil proceeding between the Swiss Life Insurance and Pension Company and former members of its Corporate Executive Board in matters concerning Long Term Strategy Ltd (LTS). This concludes the civil proceeding.

In its ruling of 8 April 2003, the Federal Office of Private Insurance (FOPI) ordered the Swiss Life Insurance and Pension Company (Swiss Life/Rentenanstalt) to demand repayment by former members of its Corporate Executive Board of the profits achieved in connection with the investment company LTS between 2000 and 2002.

Swiss Life’s main priority was to reach an out-of-court agreement. This did not materialise as the suggested agreement worked out by the mediator employed did not meet with FOPI's approval. Subsequent to this, the company initiated civil proceedings with the commercial court of the Canton of Zurich (Handelsgericht des Kantons Zürich). The commercial court recommended an agreement whereby the former members of the Corporate Executive Board would pay Swiss Life/Rentenanstalt a total amount of CHF 350,000 towards the costs incurred in connection with the LTS commitment. This corresponds to 10% of the CHF 3.5 million sum in litigation. Both sides have accepted this recommendation. The former members of the Corporate Executive Board agreed to the settlement in order to reach a speedy conclusion to the proceeding, while not acknowledging a legal obligation to do so.

With this settlement the civil proceeding regarding LTS is now concluded.


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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. With the Banca del Gottardo, the Swiss Life Group is also a provider of banking services. The bank, headquartered in Lugano, has an extended national and international network of offices and more than CHF 50 billion in customer assets under management.

Swiss Life Holding, registered in Zurich, dates back to the Swiss Life Insurance and Pension Company 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 10 000.
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