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Full-year Results 2020

Yield development in low interest rate environment Direct and net investment yield (IFRS basis, in %) Quality of earnings and earnings growth 5.0 4.8% 4.5 4.1% 3.9% 3.8% 3.9% 3.8% 4.0 3.7% 3.5 3.8% 3.8% 3.3% 3.7% 3.5% 3.0 3.4% 3.0% 2.9% 3.3% 2.8% 2.5 3.0% 3.0% 2.9% 2.8% 2.4% 2.0 2.5% 2.2% 1.5 1.0 0.5 0.0 -0.5 -1.0 31.12.09 31.12.10 31.12.11 31.12.12 31.12.13 31.12.14 31.12.15 31.12.16 31.12.17 31.12.18 31.12.19 31.12.20 Direct investment yield Net investment yield German Government bond (10 years) Swiss Government bond (10 years) 24 | Investor presentation | Full-year results 2020 SwissLife

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