Group structure and shareholders

GROUP STRUCTURE | The public limited company Swiss Life Holding was established in 2002 and is incorporated under Swiss law. Its registered office is located in Zurich and it has been listed on the SIX Swiss Exchange since 19 November 2002. Swiss Life Holding brings together all the Swiss Life Group companies and activities under a single holding company. The holding company structure makes it easier to effect investments, enter into partnerships or cooperation agreements and execute capital market transactions. Transparency is also improved by separating the interests of shareholders from those of policyholders.

The most important companies falling within the Group’s scope of consolidation are presented in the Financial Statements (note 39). Information on the listing on the SIX Swiss Exchange and market capitalisation can be found in the Financial Statements. The organisational structure of the Group mirrors the company’s main areas of business. The resulting operational responsibilities are reflected in the division of responsibilities among the Corporate Executive Board. With regard to the insurance business, each country has one person with market responsibility who is also responsible for the results.



SHAREHOLDERS | Banque Cantonale Vaudoise, Place St-François 14, 1003 Lausanne, Switzerland, informed on 4 January 2008 that it held in its trading book 324 113 sales positions on Swiss Life Holding shares (619 387 short calls and 704 726 long puts), which corresponded to 3.92% of the voting rights of Swiss Life Holding. On this date Banque Cantonale Vaudoise also held a total of 787 443 purchase positions (281 280 registered shares of Swiss Life Holding and 127 318 long calls and 378 845 short puts on Swiss Life Holding shares), which was the equivalent of 2.33% of the voting rights of Swiss Life Holding. In the publication of 9 October 2008, Banque Cantonale Vaudoise informed that its sales positions had fallen below the reportable threshold of 3%.

Barclays Plc, 1 Churchill Place, London, E14 5HP, England, informed in its publication of 12 February 2008, that it held, either directly or indirectly, 1 474 185 purchase positions (all registered shares of Swiss Life Holding), which corresponded to 4.22% of the voting rights of Swiss Life Holding. These shares were held by the following subsidiaries of Barclays Plc: Barclays Global Fund Advisors, 45 Fremont Street, San Francisco, California 94105-2204; Barclays Global Investors Ltd, 1 Churchill Place, London E14 5HP; Barclays Bank Plc, 1 Churchill Place, London E14 5HP; Barclays Global Investors NA, 45 Fremont Street, San Francisco, California 94105-2204; Barclays Global Investors Japan Ltd, Ebisu Prime Square Tower, 1-1-39 Hiroo, Shibuya-KU, Tokyo 150 8402; Barclays Global Investors (Deutschland) AG, Apianstrasse 6, 85774 Unterföhring; Barclays Global Investors Canada Ltd, BCE Place, 161 Bay Street, Suite 2500, Box 614, Toronto, Ontario M5J 2S1; Barclays Bank (Schweiz) AG, Rue d’Italie 8-10, 1211 Geneva; Barclays Life Assurance Co Ltd, 1 Churchill Place, London E14 5HP.

FIL Limited (formerly Fidelity International Limited), with its main address at Pembroke Hall, 42 Crow Lane, Hamilton, Bermuda, and its direct and indirect subsidiaries, reported on 15 February 2008 that it held, directly or indirectly through various managed accounts, 2.96% (1 035 899 registered shares) of the voting rights of Swiss Life Holding.

FMR LLC, with its main address at 82 Devonshire Street, Boston, MA 02109, USA, and its direct and indirect subsidiaries, reported on 4 March 2008 that it held, directly and indirectly through managed accounts, 2.99% of the voting rights of Swiss Life Holding (1 048 424 registered shares). FMR LLC is the parent company of Fidelity Management & Research Company and Fidelity Management Trust Company.

Dodge & Cox, 555 California Street, 40th Floor, San Francisco, CA 94104, USA, informed in its publication of 6 March 2008, that it held, through the Dodge & Cox International Stock Fund, 1 645 000 registered shares or 4.71% of the voting rights of Swiss Life Holding.

Swiss Life Holding Ltd, General-Guisan-Quai 40, 8002 Zurich, Switzerland, reported in a publication of 12 September 2008 that it held a total of 3 527 640 registered shares of Swiss Life Holding (own shares), of which 1 761 000 originated from an ongoing share buyback programme. This corresponded to 10.09% of the voting rights of Swiss Life Holding. The shares were held by: Swiss Life Holding, General-Guisan-Quai 40, 8002 Zurich; Swiss Life Insurance and Pension Company, General-Guisan-Quai 40, 8002 Zurich; Welfare Foundation for the Swiss Life Insurance and Pension Company’s Internal Services, c/o Swiss Life Insurance and Pension Company, General-Guisan-Quai 40, 8002 Zurich; Welfare Foundation for the Swiss Life Insurance and Pension Company’s External Sales staff in Switzerland, c/o Swiss Life Insurance and Pension Company, General-Guisan-Quai 40, 8002 Zurich; and Welfare Foundation for Internal Services and External Sales staff in Switzerland, c/o Swiss Life Insurance and Pension Company, General-Guisan-Quai 40, 8002 Zurich. In connection with a long-term equity compensation programme for staff, Swiss Life Holding also held a total of 144 820 sales positions on Swiss Life Holding shares, corresponding to 0.44% of the voting rights.

Carsten Maschmeyer, Hanebuthwinkel 17, 30655 Hanover, Germany, reported in the publication of 23 October 2008, that he and his two sons, Marcel Jo Maschmeyer and Maurice Jean Maschmeyer, held a total of 1 216 211.60 purchase positions of Swiss Life Holding, which was equivalent to 3.48% of the voting rights: 1 051 045 registered shares of Swiss Life Holding (3.01% of the voting rights) as well as 36 000 short puts (corresponding to 0.10% of the voting rights), and 129 166.60 discount certificates (corresponding to 0.37%) on the shares of Swiss Life Holding. The same group disclosed in a publication of 24 November 2008 that it had since accumulated a total of 1 833 547 purchase positions, corresponding to a 5.24% share in the voting rights: 1 603 547 registered shares of Swiss Life Holding (4.59% of the voting rights) in addition to 80 000 short puts (corresponding to 0.23% of the voting rights) and 150 000 discount certificates (corresponding to 0.43%) on the shares of Swiss Life Holding. In the publication of 17 December 2008 the group disclosed that it held 2 114 616 purchase positions, corresponding to 6.05 % of the voting rights: 1 884 616 registered shares of Swiss Life Holding (5.39% of the voting rights), in addition to 80 000 short puts (corresponding to 0.23% of the voting rights) and 150 000 discount certificates (corresponding to 0.43%) on the shares of Swiss Life Holding. In a publication released on 23 December 2008, Carsten Maschmeyer disclosed that the group had been extended to include the asset management firms CM Vermögensverwaltung GmbH & Co. KG and CM Vermögensverwaltungs-Geschäftsführungs GmbH. At that time the extended group held 2 174 616 purchase positions, corresponding to a 6.22% share of the voting rights: 1 944 616 registered shares of Swiss Life Holding (5.56% of the voting rights), in addition to 80 000 short puts (corresponding to 0.23% of the voting rights) and 150 000 discount certificates (corresponding to 0.43%) on the shares of Swiss Life Holding.

Deutsche Bank AG, Theodor-Heuss-Allee 70, 60486 Frankfurt, Germany, informed in a publication dated 25 November 2008 that a group consisting of Deutsche Investment Management Americas Inc., 345 Park Avenue, New York; Deutsche Bank Trust Company Americas, 60 Wall Street, New York; Deutsche Asset Management (Japan) Limited, 2-11-1 Sanno Park Tower, Nagata-cho, Chiyoda-ku, Tokyo; Deutsche Asset Management Investmentgesellschaft mbH, Mainzer Landstr. 178-190, 60327 Frankfurt; Deutsche Bank AG Frankfurt, Theodor-Heuss-Allee 70, 60486 Frankfurt, and DWS Investment S. A. Luxemburg, 2 Boulevard Konrad Adenauer, 1115 Luxembourg, held a total of 1 908 573 purchase positions, equivalent to 5.44% of the voting rights (42 475 registered shares of Swiss Life Holding, corresponding to 0.12% of the voting rights, 1 392 024 purchase rights, corresponding to 4.25% of the voting rights and 375 523 granted (written) sales rights, corresponding to 1.07% of the voting rights). This group also held 1 478 252 sales positions; corresponding to 4.21% of the voting rights of Swiss Life Holding. In its publication of 11 December 2008 Deutsche Bank disclosed a change in the group’s composition. The group now consists of Deutsche Asset Management (Japan) Limited, 2-11-1 Sanno Park Tower, Nagata-cho, Chiyoda-ku, Tokyo; Deutsche Bank AG Frankfurt, Theodor-Heuss-Allee 70, 60486 Frankfurt; Deutsche Asset Management Investmentgesellschaft mbH, Mainzer Landstr. 178-190, 60327 Frankfurt; Deutsche Investment Management Americas Inc., 345 Park Avenue, New York, and Deutsche Bank Trust Company Americas, 60 Wall Street, New York. Together the group held a total of 1 864 129 purchase positions, corresponding to 5.33% of the voting rights (86 265 registered shares of Swiss Life Holding, corresponding to 0.25% of the voting rights, 1 392 024 share acquisition rights, equivalent to 4.26% of the voting rights and 287 289 of the granted (written) sales rights, corresponding to 0.82% of the voting rights). This group also held 1 596 577 sales positions on shares of Swiss Life Holding, equivalent to 4.62% of the voting rights. With the publication of 30 December 2008, the group disclosed that the holding had fallen below the reportable threshold of 3%.

Swiss Life Holding is not aware of any other shareholders whose stake on the balance sheet date (31 December 2008) either directly or indirectly exceeded the reportable threshold of 3% of the registered shares issued.

No cross participations exceeding the 3% threshold exist between Swiss Life Holding or its subsidiaries and other listed companies.

The detailed notifications of significant shareholders pursuant to Art. 20 of the Stock Exchange Act can be found on the website of the SIX Swiss Exchange’s disclosure office at www.six-swiss-exchange.com, “Admission / Issuers” area, “Being Public” section, “Disclosure of Shareholdings” subsection (www.six-swiss-exchange.com/admission/being_public/disclosure/major_shareholders_en.html). Since the end of 2008 the notifications are made using the SIX Swiss Exchange’s web-based electronic publication platform. It is thus no longer necessary to publish disclosure notifications in the Swiss Official Gazette of Commerce (SOGC) and in the electronic media. In addition, the notifications are already available on the SIX Swiss Exchange’s electronic publication platform on the same day as they are entered, and not, as was previously the case, only following publication in SOGC.

SHAREHOLDER STRUCTURE | On the balance sheet date a total of 194 538 shareholders and nominees were listed in the Swiss Life share register, of which about 5000 were institutional shareholders. Taken together, the shareholders entered in the share register held around 55% of the shares issued. More than half of these shares were owned by shareholders domiciled in Switzerland; around one third of the registered shares were in private hands.

A table showing the shareholder structure is provided in the section “Information on Share Performance”.

Encouragement and motivation
More Information