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Full-year Results 2020

Swiss Life 2021 financial targets CHF Quality of earnings and earnings growth Operational efficiency Capital, cash and payout Fee result 600-650 m FY 2021 Life efficiency ratio FY 2021 < 40 bps SST ambition range 140-190% 2019-2021 Risk result FY 2021 400-450 m Distribution operating expense ratio < 25% Cash to Holding 2-2.25 bn cumulative 2019-2021 FY 2021 VNB cumulative 2019-2021 > 1.2 bn TPAM ~75% cost income ratio FY 2021 Dividend payout ratio 2019-2021 Share buyback Dec 18 - Dec 19 50-60% 1 bn 1) Equity excl. unrealised gains/losses 22 | Investor presentation | Full-year results 2020 ROE¹) of 8-10% SwissLife

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