The application of new and amended reporting principles (International Financial Reporting Standards – IFRS) did not lead to any material changes in the Swiss Life Group's consolidated financial statements for 2004. The restated net result for the 2004 financial year comes to CHF 606 million (previously: CHF 624 million), while shareholders' equity amounts to CHF 6.3 billion as per 31 December 2004 (previously: CHF 6.7 billion). At the same time the Swiss Life Group has simplified its segment reporting and adapted it to the management structure.

The Swiss Life Group has been presenting its annual financial statements in compliance with IFRS since financial year 2000. Revised and new reporting standards in force since 1 January 2005 make a restatement of the 2004 accounts necessary.

Net result now CHF 606 million for 2004
The restated net result for the 2004 financial year comes to CHF 606 million, instead of the previously reported CHF 624 million. Under the new rules the financial result went up by CHF 120 million. Moreover, minority interests are included in the net result from now on (2004: CHF 27 million). Against this, the positive CHF 164 million one-off impact resulting from the reduction in the pension conversion rate and the introduction of the statutory minimum payout ratio for the occupational pension business in Switzerland was removed from the net result.

Return on equity unchanged at 10.7%

The restatement led to a change in shareholders' equity from CHF 6697 million to CHF 6277 million. This reduction was mainly due to the reclassification of the MCS I convertible bond (mandatory convertible securities) from equity to debt. This effect will be reversed, however, when the MCS I is converted into shares upon falling due in December of this year. Other, smaller changes in the figures reflect the reclassification of financial instruments, the derecognition of deferred acquisition costs, additional amortisation of financial instruments via equity, and the elimination of own insurance contracts.

Swiss Life achieved a return on equity of 10.7% for 2004 under the altered reporting guidelines as well as the previous rules.

Simplified segment structure
In parallel with the adjustment to the new rules, the Swiss Life Group simplified its segment reporting following the successful realignment of its business focus. The segment structure is now guided by the management structure and consists of the Insurance, Banking, Investment Management and Other segments.

Telephone conference and additional documentation
A telephone conference for investors and financial analysts will be held today in English at 9:00 am (dial-in number: +41 91 610 56 00; for UK: +44 207 107 06 11). The presentation is available at


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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 40 countries.

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 people.

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.