Auditors

PricewaterhouseCoopers (PwC) serves as external statutory auditor for 58% of the Swiss Life Group companies that are directly or indirectly held by Swiss Life Holding under its scope of consolidation. The remaining auditing mandates for subsidiaries are carried out by BDO Deutsche Warentreuhand AG (41%) and other auditing firms (1%).

In the report of the auditor, PwC confirms that it meets the legal requirements concerning professional qualification and independence.

DURATION OF THE MANDATES AND TERM OF OFFICE OF THE LEAD AUDITOR | The Articles of Association stipulate that the external auditor is to be elected by the General Meeting of Shareholders for one financial year at a time. When Swiss Life Holding was established in 2002, PwC was named as statutory auditor and Group auditor. Since then PwC has been re-elected without fail. PwC has also acted as statutory auditor and Group auditor for Swiss Life/Rentenanstalt since 1994.

With respect to the 2008 financial year, Swiss Life Holding invited tenders for its statutory auditor and Group auditor mandate. On completion of the evaluation process, the Board of Directors, in accordance with the proposal of the Audit Committee, again nominated PwC as its statutory auditor and Group auditor at the General Meeting of Shareholders on 8 May 2008.

The partner at PwC in charge of auditing the Swiss Life Holding annual financial statements and consolidated financial statements (lead auditor) has held that function since the 2004 financial year.

AUDITING FEES | In 2008 the auditing fees credited to PwC came to CHF 7.3 million (2007: CHF 12.0 million). This includes the fees for reviewing the 2008 half-year accounts.

ADDITIONAL FEES | In 2008 PwC received additional fees totalling around CHF 2.1 million for advisory services (2007: CHF 1.8 million), approximately CHF 1.4 million of which was for strategic and actuarial advice (2007: CHF 1.3 million). The remainder resulted from legal, fiscal and financial advice, as well as other advisory services.

SUPERVISORY AND CONTROL INSTRUMENTS VIS-À-VIS THE AUDITORS | The Audit Committee maintains regular contact with the external auditors. It assesses the quality and effectiveness of the external reporting, ascertains the independence of the statutory auditor and identifies possible conflicts of interest. Representatives from the external auditing firms may be called upon by the Audit Committee to attend any meetings it may hold. In the year under review, representatives of the external auditors attended four of the six meetings, either in their entirety or for specific items on the agenda.

Encouragement and motivation