6 External Auditors’ Statement

To the Board of Directors of
Swiss Life Holding Limited
Zurich

Auditor’s Report on Market Consistent Embedded Value

We have audited the accompanying Market Consistent Embedded Value Report (“MCEV Report”) of Swiss Life Holding Ltd for the year ended 31 December 2011. The embedded value information included in the MCEV Report has been prepared in accordance with the Market Consistent Embedded Value (“MCEV”) Principles issued by the European Insurance CFO Forum, as described in sections 1 and 4 of the MCEV Report.

The Board of Directors is responsible for the preparation of the MCEV Report, including the applied methodology and the assumptions used. Our responsibility is to express an opinion on whether the MCEV Report has been properly prepared in accordance with the MCEV Principles.

We conducted our audit in accordance with Swiss Auditing Standards as well as the International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the MCEV Report is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the MCEV Report. An audit also includes assessing the principles used and significant estimates made by the Board of Directors, as well as evaluating the adequacy of the overall presentation of the MCEV Report. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the MCEV Report of Swiss Life Holding Ltd for the year ended 31 December 2011 has been properly prepared in accordance with the MCEV Principles.

This report has been prepared solely for the Board of Directors of Swiss Life Holding Ltd in accordance with the terms of our engagement letter. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown except where explicitly agreed by our prior consent in writing. This report does not extend to any financial statements of Swiss Life Holding Ltd.

PricewaterhouseCoopers AG

Ray Kunz                             Morgan Schaeffer
Audit expert

Zurich, 28 February 2012

 

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