Notes to the Financial Statements

Accounting Rules

Assets and liabilities are stated in the balance sheet in accordance with the provisions of the Swiss Code of Obligations (CO).

Explanations on the Balance Sheet and Statement of Income

Participations

31.12.200831.12.2007



Currency
Authorised
share
capital
in 1000



Direct share



Currency
Authorised
share
capital
in 1000



Direct share
Banca del Gottardo, LuganoCHF70 000100.0%
Swiss Life/Rentenanstalt, ZurichCHF587 350100.0%CHF587 350100.0%
Swiss Life Beteiligungs GmbH, Hanover EUR25100.0%EUR25100.0%
Swiss Life Intellectual Property Management AG, ZurichCHF250100.0%CHF250100.0%
Swiss Life International Holding AG, ZurichCHF1 000100.0%CHF1 000100.0%
Swiss Life Investment Management Holding, ZurichCHF50 000100.0%CHF50 000100.0%
Swiss Life Products (Luxembourg) S.A. (formerly Pulse S.A.), Strassen EUR 35 031 100.0% EUR 31 100.0%
Swiss Life Selection AGCHF250100.0%


LOANS TO GROUP COMPANIES | CHF 191 million of the loans to Group companies is classified as subordinated.

Major shareholders | The following shareholders hold over 5% of Swiss Life Holding’s share capital:

As % of total share capital31.12.200831.12.2007
Carsten Maschmeyer & Sons5.56%


Share capital | As at 31 December 2008, the share capital of Swiss Life Holding consisted of 35 084 554 fully-paid shares with a par value of CHF 17 each. In exercising voting rights, no shareholder can collect more than 10% of the total share capital directly or indirectly in respect of their own shares and those they represent. As at 31 December 2007, Swiss Life Holding had 34 960 439 registered shares with a par value of CHF 34 per share. Conditional share capital was CHF 40 109 562 as at 31 December 2008 (2007: CHF 84 439 034).

Legal reserves | Legal reserves comprise the general reserves (plus the additional paid-in capital in excess of the par value, net of transaction costs) and the reserve for treasury shares (equivalent in value to own Swiss Life Holding shares held by the Swiss Life Group).

Free reserves and retained earnings | Free reserves and retained earnings contain accumulated retained earnings which have not been distributed to the shareholders, or which have not been allocated to the reserve for treasury shares.

Issuance of convertible debt in 2004 | On 10 June 2004 Swiss Life Holding issued CHF 317 million in 0.625% convertible bonds (2004 to 2010) convertible into Swiss Life Holding registered shares. The conversion price is currently CHF 200.20.

In 2008, convertible bonds of CHF 25 961 000 were converted into 124 115 Swiss Life Holding shares with a corresponding increase of share capital and share premium.

Treasury shares | In the year under review the companies in the Swiss Life Group purchased a total of 3 083 540 Swiss Life Holding shares at an average price of CHF 230.61. In the same period, they sold 617 876 shares at an average price of CHF 215.53. As at 31 December 2008, the Swiss Life Group held 4 619 466 of its treasury shares.

Personnel expenses | No direct staff costs are included under operating expenses.

Contingencies | Swiss Life Holding acts as warrantor for all Swiss Life/Rentenanstalt liabilities with regard to the various tranches of the subordinated perpetual step-up loan (hybrid debt), which amounted to an equivalent value of CHF 2316 million at the balance sheet date.

Swiss Life Holding further gives a capital guarantee for a maximum net asset value of CHF 300 million to Swiss Life Funds.

Statement of changes in equitY for the years ended 31 December

In CHF million20082007
Share capital
Balance as at 1 January1 1891 385
Reduction in par value–596–245
Converted Swiss Life Holding shares349
Total share capital5961 189
Legal reserves
General reserves
Balance as at 1 January1 117918
Converted Swiss Life Holding shares22199
Total general reserves1 1391 117
Reserve for treasury shares
Balance as at 1 January61866
Reserve for treasury shares549552
Total reserve for treasury shares1 167618
Total legal reserves2 3061 735
Free reserves
Balance as at 1 January216508
Allocation to free reserves335250
Reserve for treasury shares (incl. reduction in par value)–508–542
Total free reserves43216
Profit shown in the balance sheet
Balance as at 1 January338253
Allocation to free reserves–335–250
Net profit1 921335
Total profit shown in the balance sheet1 924338
Total equity4 8693 478


RISK ASSESSMENT | For information on risk assessment, please refer to Note 5 of the Swiss Life Group’s consolidated financial statements.

Disclosure of compensation to the Board of Directors and the Corporate Executive Board in accordance with the Swiss Code of Obligations (CO) Art. 663bbis and Art. 663c

COMPENSATION IN 2008 | The specifications below take into consideration the new transparency regulations on compensation set out in the Swiss Code of Obligations (CO), Art. 663bbis and Art. 663c, and the Directive on Information Relating to Corporate Governance issued by the SIX Swiss Exchange. Further information on compensation and benefit expenditure can be found in the Swiss Life Group’s Annual Report 2008 (Corporate Governance and Notes 24 and 31 of the Financial Statements).

The description of the compensation received by the members of the Board of Directors and the Corporate Executive Board and the tables showing the relevant amounts are based on those in the Annual Report 2007. For comparison purposes, details of the compensation for 2007, as published in the Annual Report 2007, are shown in a separate table below the compensation table for 2008.

The compensation received by each member of the Board of the Directors and the Chairman of the Corporate Executive Board (Group CEO) is disclosed individually. In view of the fact that Rolf Dörig held the positions of Group CEO until the Annual General Meeting of Swiss Life Holding on 8 May 2008 and Delegate of the Board following his election to the Board of Directors, his compensation in the period under review is shown in its entirety under the compensation to the Corporate Executive Board. As, during the year under review, the position of Group CEO was transferred, as of 9 May 2008, to Corporate Executive Board member Bruno Pfister, who was previously CEO International, the compensation to Bruno Pfister, as the new Group CEO, is also reported individually for the 2008 financial year.

COMPENSATION POLICY PRINCIPLES | Pursuant to the Organisational Regulations, the Board of Directors as a whole is responsible for establishing the guidelines on the Group’s compensation policy (incl. bonuses, equity compensation plans and share option plans) and with regard to employee benefits. The compensation policy underpins the performance culture required by the corporate strategy and forms part of the HR policy. The aim is to retain well-qualified employees and gain new, highly skilled staff. The compensation system is to be competitive and in line with the market environment. The overall compensation takes into account the employees’ professional skills, commitment and personal performance. Individual compensation is made up of a basic salary and variable short-, medium- and long-term salary components as well as contributions to retirement and risk insurance. The basic salary is determined according to the employee’s function and skill-set, and is annually reassessed and adjusted if appropriate. The variable salary components are linked to the strategic objectives of the Group and the individual divisions and the associated financial and HR-related targets. Personal performance and target achievement are assessed annually in the employee appraisal procedure implemented throughout the Group (Group Performance System) and taken into consideration when applying the defined compensation policy.

PRACTICE AND PROCEDURE | Pursuant to the Organisational Regulations, the Board of Directors as a whole is responsible for determining the level and make-up of compensation for its members, whereas the Chairman’s Committee, in its capacity as a Compensation Committee, is responsible for putting forward corresponding proposals. The Board of Directors also establishes the guidelines for the company’s compensation policy. In doing so, it takes into consideration the compensation policies of other organisations of comparable size and in comparable industries, drawing its findings from publicly available information and, as necessary, studies by external experts. Based on these guidelines, the Chairman’s Committee determines the compensation for the individual members of the Corporate Executive Board and informs the entire Board of Directors accordingly.

COMPENSATION TO MEMBERS OF THE BOARD OF DIRECTORS | Compensation remitted to members of the Board of Directors in the year under review comprised the basic compensation, additional compensation in cash and a variable compensation component in shares. The basic compensation covers membership of the Board of Directors of Swiss Life Holding and its subsidiary Swiss Life/Rentenanstalt as well as membership of the individual Board Committees. The additional compensation in cash is commensurate to the function and workload and is determined annually by the Board of Directors. If Swiss Life Group’s business operations have proved successful, a further, variable compensation component is remitted in the form of Swiss Life Holding shares, decided upon by the Board of Directors taking into consideration the business result. The shares are allocated at economic value, which is equal to the tax value, taking a blocking period of three years into account.

As Chairman of the Board, Bruno Gehrig is affiliated to the employee benefits institutions of Swiss Life for the purpose of occupational provisions. This also applies to Rolf Dörig in his role as Delegate of the Board of Directors, a position he has held since 9 May 2008 following his election to the Board. No such affiliation exists for other members of the Board of Directors; no contributions have been made on their behalf.

Compensation to members of the Corporate Executive Board | The compensation remitted to members of the Corporate Executive Board comprises the salary, a variable bonus in cash, other compensation (child allowances, allowance for years of service, company cars, premium contributions to 3rd-pillar pension plans) and variable compensation in the form of shares. The salary is determined annually by the Chairman’s Committee in its capacity as Compensation Committee, taking into account the individual member’s function-related responsibility and workload. If the Group’s business operations have proved successful, a variable cash bonus and variable compensation in the form of shares is added, decided upon by the Chairman’s Committee under consideration of the personal target achievement of the members of the Corporate Executive Board.

As part of the compensation policy, a long-term equity compensation plan was introduced in 2004 for members of the Corporate Executive Board and other senior management members of the Swiss Life Group. Under this programme, participants have been granted future subscription rights to Swiss Life Holding shares in the form of Performance Share Units (PSUs) since 2005. These subscription rights entitle them to receive Swiss Life Holding shares free of charge after a period of three years insofar as the relevant conditions have been satisfied.

Pursuant to the regulations of the 2007 and 2008 equity compensation plans, two objective performance criteria have been defined, each weighted at 50%. Depending on the fulfilment of the two performance criteria within the three-year period, the number of PSUs can increase by up to a factor of 1.5 or drop to zero. The first criterion is the Total Shareholder Return on the Swiss Life Holding share (TSR Swiss Life Holding), requiring a performance of over 20% for a subscription right to share allocation to arise after three years. The second criterion involves a comparison of the Swiss Life Holding share’s TSR with the TSRs of the shares of the companies included in the Dow Jones STOXX 600 Insurance Index (TSR Outperformance). A subscription right arises if the performance on expiry of the three-year term is above the first quartile in comparison with the companies in question.



The number of PSUs entitling the participant to receive shares after the three-year term is determined in accordance with the table above as follows: One half of the PSUs allocated is multiplied by the factor resulting from the TSR Swiss Life Holding target achievement, and the other half by the factor resulting from the TSR Outperformance target achievement. The factor equals 1, i.e. 100%, if a performance of 30% is attained for the first performance criterion, the TSR Swiss Life Holding. Interim values are determined by linear interpolation. In the case of TSR Outperformance, the second performance criterion, the factor is 1, i.e. 100%, if the TSR Swiss Life Holding is equal to the median of the benchmark index (Dow Jones STOXX 600 Insurance Index). Here, too, interim values are determined by linear interpolation. The results (factor TSR Swiss Life Holding multiplied by one half of the PSUs and the factor TSR Outperformance multiplied by the other half) are added up. The sum is the number of PSUs, which translates into an entitlement to an equal number of Swiss Life Holding shares.

The value of the PSUs allocated equals the fair value as at 1 April of the year of allocation. It is determined by an independent consultancy company.

Personnel changes to the Board of Directors and the Corporate Executive Board in 2008 | There were no resignations from the Board of Directors in the period under review. Within the context of succession planning at Board of Director and Corporate Executive Board level, Rolf Dörig was elected to the Board of Directors of Swiss Life Holding as an additional member on 8 May 2008.

Various personnel changes occurred in the Corporate Executive Board vis-à-vis the previous year. Bruno Pfister was appointed Group CEO with effect from 9 May 2008. On the same date, Manfred Behrens, CEO Germany, became a member of the Corporate Executive Board. He assumed the position of Co-CEO of AWD on 1 September 2008. CEO France, Charles Relecom, and the new CEO Germany, Klaus Leyh, joined the Corporate Executive Board on 1 July 2008 and 1 October 2008, respectively. Paul Müller handed over his position as CEO Switzerland to Ivo Furrer as of 1 September 2008. The Corporate Executive Board, including Rolf Dörig as Group CEO, thus consisted of up to ten members during the period under review (2007: six members).

Adjustment of compensation with regard to the 2008 financial year | Shares were allocated to the members of the Board of Directors in 2008 as part of the basic compensation and also as a variable compensation component relating to the 2007 financial year performance.

For the 2008 financial year, no variable compensation in shares will be paid to the members of the Board of Directors.

The compensation in cash received by the members of the Corporate Executive Board in the period under review includes a cash bonus of CHF 4 700 000 for the 2007 financial year, which was paid out in 2008. Furthermore in 2008 the members of the Corporate Executive Board were allotted a total of 7 724 shares, with a three-year blocking period, as a variable compensation component for the 2007 financial year performance.

For the 2008 financial year, no cash bonus and no variable compensation in shares will be paid to the members of the Corporate Executive Board.

Compensation to the Board of Directors in 2008 | For comparison purposes, the corresponding details of the compensation for 2007, as published in the Annual Report 2007, are shown in a separate table below the compensation table for 2008.

Compensation in cash Compensation in shares1 Expenditure for occupational provisions 

Amounts in CHF



Basic
compen-
sation



Additional
compen-
sation


Total
compen-
sation
in cash





Number





Amount
Total
compen-
sation
in cash
and shares
(amount)




Regular
contributions

2


Extra-
ordinary
contri-
butions



Aggregate
total
(amount)

3
Bruno Gehrig, Chairman of the Board of Directors 555 000 100 000 655 000 385 89 218 744 218 104 827  849 045
Gerold Bührer128 000110 000238 00044163 764301 764
Volker Bremkamp96 00030 000126 00030140 968166 968
Paul Embrechts72 00010 00082 00021828 972110 972
Rudolf Kellenberger104 00010 000114 00031241 108155 108
Henry Peter72 00010 00082 00021828 972110 972
Peter Quadri72 00010 00082 00021828 972110 972
Pierfranco Riva72 00010 00082 00021828 972110 972
Franziska Tschudi72 00010 00082 00021828 972110 972
Rolf Dörig 4
Group CEO until 08.05.2008, BoD Delegate from 09.05.2008
Total Board of Directors1 243 000300 0001 543 0002 529379 9181 922 918104 8272 027 745
1 The compensation in shares was, on the one hand, part of the basic compensation (in total 1 518 shares) and, on the other, a variable compensation component in shares for the 2007 financial year, allocated in 2008 (in total 1 011 shares). The allocation of shares was effected on 31.03.2008, 24.06.2008 and 16.12.2008 at economic value, which is equal to the tax value (CHF 231.7351, CHF 227.7469 and CHF 60.4526 respectively), taking into account a blocking period of three years. The share prices (closing prices) on the days of allocation were CHF 276.00, CHF 271.25 and CHF 72.00 respectively. No variable compensation component in shares will be allocated for the 2008 financial year.
2 Pursuant to the pension fund regulations, occupational provisions are financed by the employer and the employee at a ratio of 2/3 to 1/3.
3 All contributions are gross contributions, i.e. they include employee contributions to AHV/IV/ALV. Employer contributions to AHV/IV/ALV amounted to a total of CHF 96 047 in the year under review.
4 The 2008 compensation to Rolf Dörig, as Group CEO and BoD Delegate, is disclosed in its entirety under the compensation for the Corporate Executive Board members (see tables below).


Compensation to the Board of Directors in 2007

Compensation in cash Compensation in shares1 Expenditure for occupational provisions 

Amounts in CHF



Basic
compen-
sation



Additional
compen-
sation


Total
compen-
sation
in cash





Number





Amount
Total
compen-
sation
in cash
and shares
(amount)




Regular
contributions

2


Extra-
ordinary
contri-
butions



Aggregate
total
(amount)

3
Bruno Gehrig, Chairman of the Board of Directors 555 000 100 000 655 000 312 79 898 734 898 197 992 652 961 1 585 851
Gerold Bührer128 000110 000238 00023560 187298 187
Volker Bremkamp96 00030 000126 00015238 937164 937
Paul Embrechts72 00010 00082 00010827 653109 653
Rudolf Kellenberger104 00010 000114 00015339 199153 199
Henry Peter72 00010 00082 00010827 653109 653
Peter Quadri72 00010 00082 00010827 653109 653
Pierfranco Riva72 00010 00082 00010827 653109 653
Franziska Tschudi72 00010 00082 00010827 653109 653
Total Board of Directors1 243 000300 0001 543 0001 392356 4861 899 486197 992652 9612 750 439
1 The allocation of shares was effected on 30.03.2007, 25.06.2007 and 17.12.2007 at economic value, which is equal to the tax value (CHF 256.0841, CHF 270.5675 and CHF 243.2798 respectively), taking into account a blocking period of three years. The share prices (closing prices) on the days of allocation were CHF 305.00, CHF 322.25 and CHF 289.75 respectively.
2 Regular annual employer contribution of CHF 99 492 and subsequent contribution of CHF 98 500. Pursuant to the regulations, occupational provisions are financed by the employer and employee at a ratio of 2/3 to 1/3.
3 All contributions are gross contributions, i.e. they include employee contributions to AHV/IV/ALV. Employer contributions to AHV/IV/ALV amounted to a total of CHF 170 134 in the year under review.


Compensation to the Corporate Executive Board in 2008 | For comparison purposes, the corresponding details of the compensation for 2007, as published in the Annual Report 2007, are shown in a separate table below the compensation table for 2008.

Compensation in cash Compensation in shares for 20074 

Amounts in CHF





Salary



Bonus for
2007 paid
in 2008

2



Other
compen-
sation

3


Total
compen-
sation
in cash





Number





Amount
Total
compen-
sation
in cash
and shares
(amount)
Rolf Dörig 11 525 0001 250 00096 8062 871 8061 905441 4553 313 261
Group CEO until 08.05.2008, BoD Delegate from 09.05.2008
Bruno Pfister1 000 000850 00053 1931 903 1931 587367 7642 270 957
CEO International until 08.05.2008, Group CEO from 09.05.2008
Other members of Corporate Executive Board 53 908 0572 600 000260 8936 768 9504 232980 7037 749 653
Total Corporate Executive Board6 433 0574 700 000410 89211 543 9497 7241 789 92213 333 871
1 Group CEO until 08.05.2008, BoD Delegate from 09.05.2008. Salary / compensation in cash was fixed at CHF 1 200 000 per year for the position of BoD Delegate.
2 The bonus paid in 2008 relates to the 2007 financial year. No bonus will be paid for the 2008 financial year.
3 Child allowances (CHF 12 830), allowances for years of service (CHF 31 570), company cars (CHF 110 221), premium contributions to 3rd-pillar pension plans (CHF 174 401), other (CHF 81 870), each in total.
4 The allocation of the shares for the 2007 financial year was effected on 31.03.2008 at economic value, which is equal to the tax value (CHF 231.7351), taking into account a blocking period of three years. The share price on the day of allocation was CHF 276.00. No variable compensation in shares will be paid out for the 2008 financial year.
5 Eight individuals were taken into account in the period under review. Compensation for 2008 membership in the Corporate Executive Board is given on a pro-rata basis for Manfred Behrens, Charles Relecom, Paul Müller, Ivo Furrer and Klaus Leyh.


Expenditure for occupational provisions 

Amounts in CHF








Regular
contributions

6






Extra-
ordinary
contri-
butions
Aggregate
total
compen-
sation in cash
and in shares
and occupa-
tional
provisions
expense
(amount)

8
Rolf Dörig195 6563 508 917
Group CEO until 08.05.2008, BoD Delegate from 09.05.2008
Bruno Pfister 7755 1483 026 105
CEO International until 08.05.2008, Group CEO from 09.05.2008
Other members of Corporate Executive Board813 4208 563 073
Total Corporate Executive Board1 764 22415 098 095
6 Regular annual employer contribution and subsequent contributions. Pursuant to the regulations, occupational provisions are financed by the employer and employee at a ratio of 2/3 to 1/3.
7 Regular contribution of CHF 156 648 and a subsequent contribution of CHF 598 500 in accordance with the pension fund regulations due to the increase in the insured income.
8 All contributions are gross contributions, i.e. they include employee contributions to AHV/IV/ALV. Employer contributions to AHV/IV/ALV amounted to a total of CHF 1 223 286 in the year under review.


Performance Share Units (PSU)11, 12

Amounts in CHF



Number



Amount
Aggregate
total
incl. PSUs
(amount)

13
Rolf Dörig 93 508 917
Group CEO until 08.05.2008, BoD Delegate from 09.05.2008
Bruno Pfister 105 9241 062 1734 088 278
CEO International until 08.05.2008, Group CEO from 09.05.2008
Other members of Corporate Executive Board17 7713 186 34111 749 414
Total Corporate Executive Board23 6954 248 51419 346 609
9 In 2008 no PSUs were allocated to Rolf Dörig as a result of his transfer from the Corporate Executive Board to the Board of Directors. Disregarding the cash bonus paid for the 2007 financial year and the variable compensation in shares, the total compensation paid to Rolf Dörig for 2008 amounted to CHF 1 817 462.
10 Disregarding the cash bonus paid for the 2007 financial year and the variable compensation in shares, the total compensation paid to Bruno Pfister for 2008 amounted to CHF 2 870 514.
11 The PSUs represent future subscription rights that entitle the individuals concerned to receive Swiss Life Holding shares after a period of three years, provided the relevant conditions are then met. Depending on the fulfilment during the three-year term of the two performance criteria defined, the number of PSUs can increase by a factor of 1.5 or drop to zero.
12 The allocation of PSUs as at 01.04.2008 was effected at a fair value of CHF 179.30, as calculated by an independent consultancy firm.
13 Including a cash bonus for 2007, paid in 2008, and a variable compensation component in shares for 2007, paid in 2008. For the 2008 financial year, no cash bonus and no variable compensation in shares will be paid to the members of the Corporate Executive Board.


Compensation to the Corporate Executive Board in 2007

 Compensation in cash Compensation in shares2 

Amounts in CHF





Salary



Bonus for
2006 paid
in 2007



Other
compen-
sation

1


Total
compen-
sation
in cash





Number





Amount
Total
compen-
sation
in cash
and shares
(amount)
Rolf Dörig, Group CEO1 980 0001 450 00080 0013 510 0011 554447 1433 957 144
Other members of Corporate Executive Board 32 588 4003 350 000123 8426 062 2424 6711 344 0207 406 262
Total Corporate Executive Board4 568 4004 800 000203 8439 572 2436 2251 791 16311 363 406
1 Child allowances (CHF 12 840), allowances for years of service (CHF 10 938), company cars (CHF 50 056), premium contributions to 3rd-pillar pension plans (CHF 130 009), each in total.
2 The allocation of the shares was effected as at 30.03.2007 at economic value, which is equal to the tax value (CHF 287.7370), taking into account a blocking period of one year. The share price (closing price) on the day of allocation was CHF 305.00.
3 Five individuals were considered in the period under review.


Expenditure for occupational provisions 

Amounts in CHF








Regular
contributions

4






Extra-
ordinary
contri-
butions
Aggregate
total
compen-
sation in cash
and in shares
and occupa-
tional
provisions
expense
(amount)

5
Rolf Dörig, Group CEO238 8564 196 000
Other members of Corporate Executive Board587 0897 993 351
Total Corporate Executive Board825 94512 189 351
4 Regular annual employer contribution and subsequent contributions. Pursuant to the regulations, occupational provisions are financed by the employer and employee at a ratio of 2/3 to 1/3.
5 All contributions are gross contributions, i.e. they include employee contributions to AHV/IV/ALV. Employer contributions to AHV/IV/ALV amounted to a total of CHF 579 310 in the year under review.


Performance Share Units (PSU)6, 7

Amounts in CHF



Number



Amount
Aggregate
total
incl. PSUs
(amount)
Rolf Dörig, Group CEO6 7171 270 9915 466 991
Other members of Corporate Executive Board17 7273 354 30311 347 654
Total Corporate Executive Board24 4444 625 29416 814 645
6 The PSUs represent future subscription rights that entitle the individuals concerned to receive Swiss Life Holding shares after a period of three years, provided the relevant conditions are then met. Depending on the fulfilment during the three-year term of the two performance criteria defined, the number of PSUs can increase by a factor of 1.5 or drop to zero.
7 The allocation of PSUs as at 01.04.2007 was effected at a fair value of CHF 189.22, as calculated by an independent consultancy firm.


Share ownership / Participation rights as at 31.12.2008 | As at the balance sheet date, current members of the Board of Directors and Corporate Executive Board (including closely linked parties) held the following number of registered Swiss Life Holding shares and future subscription rights to Swiss Life Holding shares in the form of Performance Share Units (PSUs).

Board of directors

Number 31.12.2008
SLH shares
Bruno Gehrig, Chairman of the Board of Directors 2 021
Gerold Bührer 2 166
Volker Bremkamp 1 043
Paul Embrechts 776
Rudolf Kellenberger 1 022
Henry Peter 1 856
Peter Quadri 1 556
Pierfranco Riva 3 181
Franziska Tschudi 776
Rolf Dörig 1
Group CEO until 08.05.2008, BoD Delegate from 09.05.2008
Total Board of Directors 14 397
1 Share ownership and the number of PSUs are shown in their entirety under the relevant details for the Corporate Executive Board (see tables below).


Corporate Executive board

Number 31.12.2008
SLH shares
Rolf Dörig 28 607
Group CEO until 08.05.2008, BoD Delegate from 09.05.2008
Bruno Pfister 8 841
CEO International until 08.05.2008, Group CEO from 09.05.2008
Manfred Behrens 698
Patrick Frost 1 615
Ivo Furrer
Reto Himmel 2 010
Klaus Leyh 53
Thomas Müller 1 065
Charles Relecom
Total Corporate Executive Board 42 889


Number 31.12.2008
Performance Share Units (PSUs) as future subscription rights to SLH shares1
Rolf Dörig 13 870
Group CEO until 08.05.2008, BoD Delegate from 09.05.2008
Bruno Pfister 17 483
CEO International until 08.05.2008, Group CEO from 09.05.2008
Manfred Behrens 4 263
Patrick Frost 6 610
Ivo Furrer 1 975
Reto Himmel 11 258
Klaus Leyh 373
Thomas Müller 7 543
Charles Relecom 1 502
Total Corporate Executive Board 64 877
1 Total number of PSUs allocated in the years 2006, 2007 and 2008 in connection with the relevant equity compensation plan. The PSUs represent future subscription rights that entitle the individuals concerned to receive SLH shares after a period of three years, provided that the relevant conditions are then met. In 2008 no PSUs were allocated to Rolf Dörig as a result of his transfer from the Corporate Executive Board to the Board of Directors.


Share ownership / Participation rights as at 31.12.2007 | As at the balance sheet date, current members of the Board of Directors and Corporate Executive Board (including closely linked parties) held the following number of registered Swiss Life Holding shares and future subscription rights to Swiss Life Holding shares in the form of Performance Share Units (PSUs).

Board of directors

Number 31.12.2007
SLH shares
Bruno Gehrig, Chairman of the Board of Directors 1 636
Gerold Bührer 1 725
Volker Bremkamp 742
Paul Embrechts 558
Rudolf Kellenberger 710
Henry Peter 1 638
Peter Quadri 1 338
Pierfranco Riva 2 963
Franziska Tschudi 558
Total Board of Directors 11 868


Corporate Executive board

Number 31.12.2007
SLH shares
Rolf Dörig, Group CEO 12 245
Bruno Pfister 6 723
Paul Müller 6 290
Reto Himmel 903
Thomas Müller 557
Patrick Frost 557
Total Corporate Executive Board 27 275


Number 31.12.2007
Performance Share Units (PSUs) as future subscription rights to SLH shares1
Rolf Dörig, Group CEO 23 508
Bruno Pfister 19 913
Paul Müller 12 847
Reto Himmel 11 808
Thomas Müller 3 594
Patrick Frost 2 661
Total Corporate Executive Board 74 331
1 Total number of PSUs allocated in the years 2005, 2006 and 2007 in connection with the relevant equity compensation plan. The PSUs represent future subscription rights that entitle the individuals concerned to receive SLH shares after a period of three years, provided that the relevant conditions are then met.