Dear Shareholders 

After serving on the Board of Directors for six years, Bruno Gehrig will not be standing for re-election at the next General Meeting of Shareholders in May 2009. As with all his decisions, Bruno Gehrig planned this step carefully, held discussions with the parties involved and finally decided to do what he believes is in the best interests of the company. Bruno Gehrig was an ideal choice for the Swiss Life Group in every respect. His experience in the financial industry, his outstanding leadership qualities, his knowledge of the financial markets, his tight-knit network among the business community, political circles, national banks and universities and, last but not least, his pleasant nature, made him a key player in the successful turnaround of 2003 and 2004. He soon gained the confidence of employees, clients and shareholders. With great consistency and persistency he established corporate governance practices that meet today’s requirements and ensured the optimum conditions for the smooth functioning of the Board of Directors and its committees. These executive bodies have been put to the test in the extremely challenging market environment of the past year. In addition to the business successes, the 150-year anniversary of Swiss Life in 2007 was a highlight of his tenure at Swiss Life, and clearly showed the strength of his ties with the company and its employees. His close involvement in the anniversary year was not a foregone conclusion, however. Bruno Gehrig suffered a stroke in November 2005. Happily, his recovery was a speedy one and he could return to work in March 2006. He was determined to settle the matter of his successor as early as possible. He originally intended to step down at the General Meeting of Shareholders in 2010. However, after being elected to the Board of Directors of UBS in October 2008, Bruno Gehrig changed his plans. His reason for accepting this function is also typical of Bruno Gehrig: He felt obliged to UBS, his former employer, and to the Swiss economy as a whole, the well-being of which hangs to a great extent on the performance of the financial centre. We would like to thank Bruno Gehrig warmly for his sterling contribution to Swiss Life and wish him every success and the best of health for the future.

Gerold Bührer Rolf Dörig  
Vice Chairman of the Board of Directors Delegate of the Board of Directors