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Full-year Results 2020

Corporate bond portfolio: Industry split Corporate bond portfolio¹) (fair value basis), as of 31.12.2020, 25.2% of insurance portfolio for own risk (CHF 45.4 bn) Breakdown by rating Breakdown by industry % of total corporate bond portfolio BBB 22% Banks 36% Other financials 5% 49% AAA Utilities 8% Industrial 6% Consumer non-cyclical 9% 22% A 7% AA Energy 4% Communication 6% Breakdown by structure Subordinated bonds Thereof in % of total Consumer discretionary 7% banks: 16% Health 5% Tier 1: Tier 2: 16% 0% Material 4% Other 10% Senior 53% bonds 31% Covered bonds 100% Total 1) Including senior secured loan funds 61 Investor presentation | Full-year results 2020 PAM SwissLife

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