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Full-year Results 2020

Expense development CHF million (IFRS basis) FY 2019 FY 2020 Change Total operating expense 3 461 3 463 0% Commissions and DAC amortisation -1 692 -1 653 Operating expense (before FX) 1 769 1 810 +2% Restructuring costs and one-offs -22 -54 Programme costs for new accounting standard -36 -33 Scope changes -3 -12 FX translation effect -37 Operating expense adjusted 1 671 1 711 +2% of which Insurance 1 186 1 203 +1% - Asset Managers 469 498 +6% 16 | Investor presentation | Full-year results 2020 SwissLife

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