Sustainability  
Report 2022
Extract from the Annual Report 2022

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Foreword by the Group CEO..............................................................................................................................95
Sustainability Strategy.........................................................................................................................................96
Sustainability in Business Behaviour............................................................................................................105
Regulatory Compliance...............................................................................................................................106
Cybersecurity...................................................................................................................................................111
Climate Protection and Operational Ecology......................................................................................112
Human Rights................................................................................................................................................ 120
Procurement.....................................................................................................................................................122
Political Commitment................................................................................................................................. 126
Corporate Citizenship................................................................................................................................. 128
Sustainability as an Asset Owner and­ Manager........................................................................................130
Securities...........................................................................................................................................................132
Real Estate Management.............................................................................................................................135
Infrastructure Investments.........................................................................................................................138
Sustainable Products in Asset Management.........................................................................................139
Sustainability in Insurance and Advisory...................................................................................................140
Offering and Customer Value....................................................................................................................141
Insurance Business.........................................................................................................................................145
Advisory.............................................................................................................................................................147
Sustainability as an Employer.........................................................................................................................148
Employees and Working Environment...................................................................................................149
Employee Leadership and Communication..........................................................................................150
Employee Retention.......................................................................................................................................155
Employee Development................................................................................................................................157
Collaboration and Diversity.......................................................................................................................160
Health and Safety...........................................................................................................................................165
Social Partnership..........................................................................................................................................167
Information on Memberships and Standards...........................................................................................168
Contribution to the Sustainable Development Goals (SDG)..........................................................169
UN Global Compact Progress Report.....................................................................................................172
Information on the UNEP FI Principles for Sustainable Insurance (PSI)..................................174
Information on Sustainability Reporting.............................................................................................175
EU Taxonomy Information for the Insurance Group .......................................................................177
Memberships....................................................................................................................................................179
GRI and SASB Index.....................................................................................................................................180
Sustainability Indicators...................................................................................................................................184
Report of the Independent Auditor...............................................................................................................188

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Sustainability Report﻿ / Foreword by the Group CEO
 
Foreword by the Group CEO
Dear reader
As part of our Group-wide “Swiss Life 2024” programme, we have set ourselves the goal of making 
sustainability an integral part of our business model. We integrate sustainability aspects in the 
way we conduct our business, in our role as an asset owner and manager, in the way we conduct our 
insurance and advisory business and, last but not least, in our role as an employer. This allows us 
as a company to assume responsibility in those areas in which we can exert a direct influence.
2022 was the first year of strategy implementation – and we have made a good start:
–	Swiss Life’s business operations have been net zero since 2022: we have offset all measured, 
unavoidable CO₂ emissions from our operations with certified projects in our core markets of 
Switzerland, France and Germany.
–	Swiss Life’s real estate portfolio is thus already well placed in terms of CO₂ intensity compared 
to the average real estate portfolio in the countries in which Swiss Life operates.
–	We also offer our customers solutions incorporating sustainability factors as part of our broad 
product range. Furthermore, sustainability aspects are integrated into our advisory processes.
Moreover, part of our ambition is to embed sustainability in our organisation. Thanks to a cross-
divisional and cross-function organisation, we are able to establish Group-wide standards while 
ensuring local implementation in our markets. This allows us to respond to the different require-
ments and customer needs in the best possible way.
Our approach to sustainability also means that it is an integral part of our governance: Both the 
Corporate Executive Board and the Board of Directors are significantly involved in strategy and 
decision-making and attach great importance to the issue. As a fundamental element of Swiss Life’s 
risk strategy and processes, sustainability issues are continuously addressed at the committees of 
the Board of Directors and by the Board as a whole. The responsible committees of the Corporate 
Executive Board and the Board of Directors monitor and manage risks on an ongoing basis and 
incorporate their considerations into the annual planning. In this way we can ensure that sustain­
ability factors are taken into account in the strategy and management of Swiss Life along with all 
other relevant success factors.
With our sustainability strategy, we as a company take on responsibility: we contribute to sus­
tainable development for the benefit of people, society and the environment.
Rolf Dörig
Chairman of the Board of Directors
Patrick Frost
CEO

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Sustainability Strategy
Sustainability is at the heart of what Swiss Life does to enable 
current and future generations to lead a self-determined life.
Swiss Life market research shows that nine out of ten people feel it is important for financial and 
pension services providers to act sustainably. They expect these companies to play an active role 
in society and to account for how they manage natural resources, how they act in an ecologically 
responsible manner, how they live up to their social role and how in doing so they make a positive 
contribution to the future for posterity. At the same time, people realise that sustainability 
begins with them and wish to make their own active contribution – including in terms of their 
finances and pension situation.
Contributing to self-determination
Here Swiss Life has a particular role to play: Swiss Life enables people to lead a self-determined 
life. This includes supporting them in shaping their financial future according to their require-
ments, including those concerning sustainability. Swiss Life’s 17 000 advisors actively contribute 
to making people’s expectations and needs regarding sustainability and their financial and pen-
sion situation understandable and tangible. They present customers with various options, 
thereby creating the basis for self-determined decisions. This enables customers to see that their 
decisions have an impact.
Swiss Life offers its customers value propositions which often extend over generations. Thanks 
to its products and services, Swiss Life is able to provide people with fitting answers to the ques-
tion of how to shape their pension provision and finances in a demonstrably sustainable manner, 
and to address their needs. To this end, the company can draw both on its own sustainable solu-
tions and on products from third-party providers.
As part of its new sustainability strategy, Swiss Life has defined four fields of action up for the 
period until 2024: its business behaviour, its role as an asset owner and manager, the way it runs 
its insurance and consulting business and its role as an employer. In all these fields of action, 
Swiss Life makes a direct contribution to people’s lives, to society and to the environment.

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Significant role in society
Insurance companies use statistical means to translate hazards and uncertainties into risks that 
can be assessed and managed. Over the past centuries they have thus fundamentally altered 
society’s view of risk: instead of being viewed as a potential loss, risks are now also seen as an 
opportunity to break new ground.
However, Swiss Life’s economic contribution is much more than that.
–	Pension and insurance gaps are increasing worldwide. The impact of the rapidly ageing popula-
tion and the high level of indebtedness of the pension systems in many countries are widely 
underestimated. The longer people live, the more responsibility they have to assume for their 
own provisions.
–	Swiss Life covers risks and, with its products and services, offers people the chance to focus on 
their skills. That allows them to look to the future with self-determination and confidence. 
Swiss Life’s services help people to accumulate capital, and ensure they achieve financial security.
–	Through their expertise and work, Swiss Life advisors make a key contribution to giving people a 
better understanding of their financial and pension situation.
–	As a long-term investor, Swiss Life also contributes to the stability of the financial centre and 
provides vital capital to companies and institutions.
–	Swiss Life is one of Europe’s leading institutional real estate investors and has the biggest pri-
vate real estate portfolio in Switzerland. It invests several hundred million francs a year in the 
renovation of its properties; in doing so it helps to shape the urban landscape and creates create 
living and working space for city districts and neighbourhood developments while also being a 
major client for the construction industry.

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–	As a taxpayer, Swiss Life makes a contribution to the economy and to society. The company 
ensures the tax compliance of its companies and provides transparent annual reporting with a 
Tax Policy and Transparency Report, which can be viewed at www.swisslife.com/tax-policy-
and-transparency-report.
–	As an employer, Swiss Life offers many people jobs as well as training opportunities.
Sustainability goals
The sustainability strategy of Swiss Life is an integral part of the Group-wide programme 
“Swiss Life 2024”. In this connection, the company has set out clear goals for making progress in 
the area of sustainability and making this measurable and transparent for stakeholder groups. 
The focus is placed on those areas in which Swiss Life can exert a direct influence and generate 
an impact:
1.	 In operational ecology, CO₂ emissions per FTE are to be reduced by 35% by 2024 compared to 
2019. This will primarily be achieved by adjusting business travel and by the use of electricity 
from sustainable production. In addition, the measured, unavoidable CO₂ emissions from 
operational ecology will be fully neutralised by certified projects in the core European mar-
kets. As a result, Swiss Life’s operational activity has been net zero since 2022.
2.	In its sphere of influence as asset owner and manager, Swiss Life intends to reduce the CO₂ 
intensity of real estate held directly for investment purposes by 20% by 2030 compared to 
2019. In addition, its excellent positioning in terms of ESG integration will be pursued further 
as part of the Responsible Investment approach. Around 90% of all assets managed by 
Swiss Life take the “Responsible Investment” approach into account. Among other things, 
this gives due consideration to the Principles for Responsible Investment (PRI). Swiss Life is 
thus better than the corresponding benchmarks in terms of the CO₂ intensity of its securities 
portfolio. Swiss Life aims to maintain this position over the coming years.
3.	 In terms of its own products and solutions, Swiss Life helps to meet the growing customer 
demand for sustainable solutions and is expanding its product offering.
4.	 Swiss Life also wishes to leverage the market strength of its advisors and consistently embed 
sustainability in its consulting business. Among other things, this involves including sustaina-
bility aspects in the advisory process, continuing to develop the relevant competencies and inte-
grating the company’s own as well as third-party products in the product offering.

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Reduce CO₂ emissions 
per FTE  by 35% by 
20241 and compensate 
emissions to reach 
net-zero  operations
Reduce CO₂ emission 
intensity for directly 
owned real estate by 
20% by 20301
Expand offering with 
sustainability solutions
Integrate sustainability 
in the advisory process
–  Adjustment of 
business travel
–  Further improvement of 
energy efficiency
–  Net-zero  operations 
since 2022 through 
 compensation of all 
measured, un avoidable 
CO₂  emissions of own 
business activities
–  Strong ESG integration: 
Responsible investment 
strategy covers around 
90% of AuM 
–  Maintain strong ESG 
risk management while 
seizing opportunities 
and solutions
–  Securities portfolio: 
Maintain lower carbon 
intensity than relevant 
benchmarks
–  Respond to increasing 
market demand and 
expand value-creating 
offering with sustain-
able solutions
–  Continue to integrate 
sustainability criteria 
in the underwriting 
process
–  Adapt advisory pro-
cesses and tools to 
meet growing customer 
sustainability expec-
tations
–  Systematically enhance 
competencies and 
integrate new own and 
3rd-party sustainability 
offerings
1 Compared to 2019
Business behaviour
Asset owner & manager
Insurance products
Advice
Sustainability targets up to 2024
Sustainability governance
The highest management body responsible for implementing the sustainability strategy is the 
Corporate Executive Board, chaired by the Group CEO. The Board of Directors, as the highest 
authority for strategic issues, is regularly informed about measures and progress as well as report-
ing and due diligence obligations in the area of sustainability and is involved in the decision-
making process  (more on this in the “Board of Directors” chapter).
The principles of the Group-wide sustainability organisation are set out in an internal directive 
and are enshrined in the Group-wide directives system. The directive summarises the key sus­
tainability principles of the Swiss Life Group and describes the roles and responsibilities within 
the sustainability organisation (more on this in the section on “Regulatory Compliance”). 
Swiss Life has also drawn up and published a number of principles, including a “Declaration on 
Respect for Human Rights” in accordance with internationally recognised principles such as the 
UN Guid­ing Principles on Business and Human Rights (www.swisslife.com/humanrights) or 
the “Responsible Investment Policy” of Swiss Life Asset Managers (www.swisslife-am.com/ri-
policy).

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Sustainability organisation 
Lead: Group Sustainability Team
People in charge of sustainability in each division
Corporate Executive Board 
Chairman: Group CEO
Board of Directors
Specialist delegates on specific topics
Organisational structure
Swiss Life 
Switzerland
Swiss Life 
Germany
Swiss Life 
France
Swiss Life 
International
Swiss Life  
Asset Managers
–	 Strategy, targets and tracking figures
–	 Reporting, ratings, memberships
–	 Responsible investing / responsible real estate management
–	 Products, underwriting, services
–	 Operational ecology
–	 Risk management
–	 Regulation and compliance
–	 Advice
–	 Communications, investor relations and corporate citizenship
–	 Employees
–	 Sustainable procurement
The Swiss Life Group Sustainability team is responsible for the coordination, steering and imple-
mentation of measures at Group level. This team ensures that the focus areas defined by 
Swiss Life’s Group-wide sustainability strategy are integrated within and implemented by the 
divisions. Furthermore, the team ensures the involvement of the Corporate Executive Board as a 
steering body, reports on progress and engages in dialogue with key stakeholder groups at Group 
level.
The sustainability organisation is aligned to Swiss Life’s multi-divisional organisation: it com-
prises sustainability delegates from all divisions as well as specialist delegates. The sustainability 
delegates from the divisions ensure that the Group-wide sustainability strategy is implemented 
on site with corresponding measures and initiatives, taking account of local regulatory require-
ments. They also ensure that the management teams and divisional CEOs are involved in the 
decision-making process. Swiss Life has defined eleven subject areas for specialist management 
which are assigned to corresponding specialist delegates and in which representatives of the divi-
sions participate. In total, Swiss  Life Group’s sustainability organisation comprised around 
64 FTE in 2022.

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Materiality matrix
During the year under review, Swiss Life completely revised its materiality matrix. The company 
now reports according to a “double materiality” principle: On the one hand, this maps the rele-
vance of nine sustainability topics to Swiss Life’s long-term business success (“outside-in”), while 
on the other hand it reflects the relevance of Swiss Life’s activities to sustainable development in 
the context of the selected sustainability topics (“inside-out”). The revised matrix meets the new 
requirements of the Global Reporting Initiative Standards and also covers new regulatory 
requirements.
In a multi-stage materiality process, Swiss Life elaborated the new material topics along the 
value chain together with internal and external stakeholders. From a broad range of topics based 
on inputs from sustainability ratings and analyses, market comparisons and regulatory develop-
ments (the “long list”), Swiss Life has compiled a consolidated and grouped overview of poten-
tially relevant topics (the “short list”). For these topics, Swiss Life then identified possible positive 
and negative impacts on the economy, society and the environment. Members of the extended 
Corporate Executive Board played an active role in preparing the materiality analysis, which 
included reviewing the preselection of key topics and assessing and evaluating their relevance to 
Swiss Life’s business success. The result is an exhaustive list of topics relevant to Swiss Life for 
further evaluation.
As a next step, Swiss Life conducted an online survey asking key stakeholder groups how they 
rate the impact of Swiss Life’s activities on sustainable development. More than 500 respond-
ents, including customers of all divisions, analysts, investors, journalists, business partners, ser-
vice providers and suppliers, employees and representatives of companies in the sustainability 
field, took part in the survey.
Based on this multi-level process, a new materiality matrix has resulted that brings together the 
expectations of the various stakeholder groups. The results of the materiality analysis were 
approved by the Corporate Executive Board and presented to the Board of Directors.

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Materiality matrix of the Swiss Life Group
Swiss Life has summarised the key issues in the matrix shown and addresses them in its reporting, 
in particular in the present Annual Report and Sustainability Report as well as in additional 
reports such as the TCFD report and the Swiss Life Asset Managers report on Responsible Invest-
ment.
Topics highly relevant to business success and sustainable development
Risk management
As a pensions and financial services provider, Swiss Life assumes the risks and vested pension 
capital of its customers. That is why integrated value-oriented risk management is part of the 
core business, which aims to assess risks and define and implement criteria so that customer and 
investor funds can be invested in the best possible way (more on this in the “Risk Management” 
section).
Successful business development
Swiss Life’s business model is oriented to long-term and profitable growth in line with the cor-
porate strategy. The focus is on earnings growth and earnings quality as well as efficiency and 
financial strength (more on this in the “Strategy and Brand” section).

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Employees and working environment
For Swiss Life as a service provider, success is based on the skills and above-average engagement 
of its employees. Attractive working conditions and a modern working environment have a 
positive impact on employee satisfaction and engagement (more on this in the section “Sus-
tainability as an Employer”).
Responsible investment
Swiss Life manages assets of around CHF 250 billion and is one of Europe’s leading real estate 
investors. In doing so, Swiss Life systematically integrates environmental and social factors as 
well as aspects of good corporate governance into its investment and risk management processes 
(more on this in the section “Sustainability as an Asset Owner and Manager”).
Cybersecurity and data protection
As the holder of sensitive personal data, Swiss Life bears special responsibility for cybersecurity 
and data protection and has defined Group-wide standards covering all business areas (more on 
this in the sections on “Regulatory Compliance” and “Cybersecurity”).
Regulatory compliance
As a financial services provider, Swiss Life is subject to a large number of legal and regulatory 
requirements. Regulatory compliance is therefore a fundamental prerequisite for sustainable 
business activities (more on this in the “Regulatory Compliance” section).
Offering and customer value
Swiss Life helps its customers to lead a financially self-determined life. To this end, Swiss Life 
continuously develops its offering, integrates sustainability into its products and advice, and uses 
digital solutions to offer its customers and advisers added value (more on this in the “Sustainabil-
ity in Insurance and Advisory” section).
Corporate governance
Responsible and appropriate corporate governance is of central importance to Swiss Life as a 
listed financial services company. Swiss Life therefore makes its corporate governance open 
and transparent, taking into account leading national and international standards (more on 
this in the “Sustainability Governance” and “Corporate Governance” sections).
Climate change
Swiss Life generates CO₂ emissions in the course of conducting its business. The company 
makes a positive contribution to mitigating climate change by integrating climate risks into 
its investment and risk management processes and by reducing the CO₂ emissions that it can 
directly influence in its own operations and from properties directly owned by Swiss Life for 
investment purposes (more on this in the section “Climate Protection and Operational  
Ecology”).

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Topics of little relevance to business success and sustainable development
Human rights
Swiss Life attaches importance to upholding human rights in its own business activities, as an 
asset owner and manager, in its insurance and advisory business and as an employer (more on 
this in the section “Human Rights”).
Corporate citizenship
Swiss Life is aware of its responsibility within society and is committed to projects and institutions 
in the fields of culture, science, education, the environment and research; it operates a total of 
seven foundations of its own. In addition, Swiss Life engages in dialogue with representatives of 
social, political and business organisations and participates in public dialogue (more on this in the 
“Corporate Citizenship” and “Political Commitment” sections).
Biodiversity
Swiss Life exerts a certain influence on biodiversity in its business activities, mainly through its 
investments but also through its own operations (more on this in the sections “Climate Protec-
tion and Operational Ecology” and “Sustainability as an Asset Owner and Manager”).
In the materiality analysis, human rights, corporate citizenship and biodiversity were rated as 
less relevant to Swiss Life’s business success and sustainable development than the other topics. 
Compliance with human rights is given a high priority and is firmly embedded in Swiss Life’s 
business processes. Moreover, it is incumbent on Swiss Life to play an active role within society 
and to show commitment in areas extending beyond its business activities. Despite their impor-
tance, both themes are less crucial to Swiss Life’s business success. With regard to biodiversity, 
Swiss Life has little influence on this area through its business activities and hence it is of less 
significance; the same applies to its relevance to business success.
The basic concepts and measures adopted by Swiss Life to address and monitor the relevant 
issues are covered by our reporting. Due to their lower relevance, however, the three topics are 
presented in less detail.

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Sustainability in Business Behaviour
Swiss Life maintains high standards for its own business conduct. 
Diligence and responsible action are the basis for successful and 
sustainable business operations.
Regulatory Compliance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
Cybersecurity.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .111
Climate Protection and Operational Ecology.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
Human Rights.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
Procurement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
Political Commitment.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
Corporate Citizenship.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128

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Avoidance of conflicts of interest; mandates and secondary commercial 
activities; pecuniary advantages and invitations; insider information
Integrity and  
trustworthiness
Competencies and authorisations, corporate communication and 
corporate identity
Representing Swiss Life externally
General information on data handling, special protection of personal 
data and commercial secrets, need-to-know principle, data security and 
use of IT resources
Confidentiality and 
data protection
Customer identification and monitoring of business relationships for 
money-laundering, the financing of terrorism, sanctions and embargos
Due diligence in advising and how to deal with complaints
Due diligence in the selection of business partners including the 
incorporation of ethical considerations and environmental factors in the 
selection process
Review of products
Contracts, anti-competitive behaviour and copyright
Non-discrimination, dealing with private activities, collegiality 
and handling access rights
Identifying and reporting misconduct; reporting investigations or legal 
proceedings; implementation of the Code of Conduct
Prevention of money laundering, 
combating terrorism financing, 
sanctions and embargos
Conduct towards  
customers
Cooperation with 
business partners
Products
Contracts and agreements
Personal conduct and security 
at the workplace
Reporting of material 
misconduct and implementing 
the Code of Conduct
Regulatory Compliance
Compliance with all applicable legal provisions and regulatory 
requirements forms the basis of Swiss Life’s business activities. 
Correct and honest employee behaviour is an indispensable  
prerequisite for this and is part of the corporate culture.
Integrity in business activities: Code of Conduct

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Correct and honest conduct is a prerequisite for Swiss  Life’s business activities. In this way 
Swiss Life can count on enjoying the trust of its stakeholder groups, such as supervisory auth­
orities, investors, business partners and customers. Swiss Life therefore has a Code of Conduct 
that sets out Group-wide values and principles of business ethics as well as the binding rules of 
conduct as part of its business culture.
The Code of Conduct includes content on integrity – for example on preventing and dealing with 
conflicts of interest or on the prohibition of bribery and other forms of corruption, as well as on 
confidentiality and data protection, prevention of money laundering, combating terrorism 
financing, compliance with sanctions and embargoes, conduct in dealing with customers and 
other business partners, personal conduct and security at the workplace, and reporting miscon-
duct.
The Code of Conduct applies to all Swiss Life units as well as to all members of the Board of 
Directors, all managers and all employees. It is reviewed at regular intervals and revised if nec-
essary.
Employees acknowledge receipt of the Code of Conduct and confirm that they will comply with 
it when they join the company. In addition, all employees throughout the Group receive training 
on the Code of Conduct within six months of joining the company. Refresher training on the 
Code of Conduct takes place every two years, and attendees confirm their compliance with it. 
Since 2020, moreover, contractors who have special ties with Swiss Life have been contractually 
obliged to comply with the Code of Conduct.
The Code of Conduct and internal directives encourage Swiss Life employees to draw attention 
to violations of legal, regulatory or internal provisions. Thus Swiss Life has, amongst other 
things, easily accessible, local in-house reporting offices to which anonymous information can be 
notified. These reporting offices are operated by the compliance organisation. Indications of 
misconduct are investigated promptly. All notifications are subject to confidentiality and protec-
tion from personal or financial disadvantage, provided they are made in good faith.
The Code of Conduct can be viewed at www.swisslife.com/en/coc.

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Compliance processes
The compliance organisation at Swiss Life consists of the central Group Compliance function at 
Group level and decentralised compliance organisations for the individual divisions. Group 
Compliance is headed up by the Group Head of Compliance. He additionally performs func-
tional management duties via the divisional compliance organisations. Duties, responsibilities 
and competencies are defined and documented within the governance framework of Swiss Life, 
and the impartiality of the compliance organisation is specified in directives. The compliance 
framework is subject to periodic review and is reworked and adapted to new circumstances as 
necessary.
The steadily growing complexity of laws and regulations in both traditional and new areas of law 
makes high demands on Swiss Life in terms of monitoring and implementing the legal and 
regulatory provisions. Processes have been established to ensure that compliance risks are duly 
identified, managed and monitored. The Compliance unit monitors and assesses the legal and 
regulatory environment, taking account of local legislation.
Regular risk assessments as well as ongoing and comprehensive compliance reporting to the 
Board of Directors’ Audit Committee and the Corporate Executive Board’s Risk Committee 
ensure that they are able to act in accordance with their respective priorities and fulfil their 
responsibilities. Swiss Life’s remuneration policy explicitly includes compliance targets as quali-
tative targets.
Swiss Life maintains a comprehensive directives system with minimum standards which are 
binding Group-wide and have been implemented in corresponding local regulations in all busi-
ness units. Swiss Life periodically reviews all directives in terms of relevance and accuracy and, if 
necessary, adjusts them to new regulatory and business requirements.
To ensure day-to-day compliance with the Code of Conduct, Swiss Life has extracted the key 
compliance topics from the Code of Conduct and spelt them out in Group-wide directives. 
Employees undergo compliance training within six months of joining, with repeat sessions every 
two years. Participation in the training is compulsory and is checked. The goal is a 100% partici-
pation and success rate. Staff in divisions for which the regulator has prescribed more frequent 
training must attend more frequent sessions.
The effectiveness of the compliance measures is regularly verified as part of the annual risk and 
control assessment.

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Compliance activities in the year under review included the following in particular: a new Group-
wide data protection directive was introduced, the processes for the global monitoring of legal 
and reputational risks associated with money laundering and the fight against terrorism were 
further developed, currently topical sanctions and embargoes were implemented, compliance 
with the ban on corruption and bribery was tracked, and the monitoring and implementation of 
sustainability-related regulatory requirements were further developed. The processes for ensur-
ing every year that the key compliance requirements are observed by employees are to be extended 
to include further divisions.
Swiss Life did not incur any significant monetary penalties or fines during the year under review.
Combating bribery and corruption
Due to its commitment to maintaining integrity in its business operations, Swiss Life prohibits 
bribery and all other forms of corruption, whether directly or indirectly and whether by offering, 
promising, giving, authorising, requesting, receiving or accepting benefits in order to induce 
oneself or someone else to behave improperly. The directives contain the necessary controls for 
enforcing this policy, and also include regulations regarding gifts and invitations or other con-
siderations for holders of public offices
Data protection
Data protection has a high priority at Swiss Life. All legal, regulatory and internal require-
ments are implemented throughout the Group.
In the year under review, Swiss Life added further specifics to its Group-wide standards for 
data protection in the form of a new and separate Group directive. This was implemented in 
all business areas by means of division-specific data protection directives and data protection 
declarations. The standards govern the fundamental requirements relating to the processing 
of data by the company and to data processing on a mandated basis. They contain provisions 
on data security and the handling of data subjects’ rights, such as the right to information 
and to the rectification or deletion of data. Moreover, they define the basic requirements for 
governance and the documentation obligations applicable to data processing.

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For the internal transfer of personal data between its Group companies, Swiss Life primarily 
relies on an Intra-Group Data Transfer Agreement that meets the requirements of the Swiss 
Federal Act on Data Protection, the European General Data Protection Regulation and the 
other legal systems applicable to Swiss Life’s business. Swiss Life discloses personal data to 
third parties solely for processing on a mandated basis or in the form of joint controllerships.
Each division has its own data protection officer and ensures that its employees are all given 
regular mandatory training on this topic. These standards are implemented by the individual 
departments. Compliance with the standards is assessed together with the respective divi-
sional compliance teams and at Group level.
Swiss Life classifies data according to the applicable protection requirement. As part of the 
risk management process, data are secured and protected with the appropriate organisational 
and technical protection measures. More information on risk management can be found in 
the “Risk Management” chapter of the Annual Report.
Any infringement of the data protection standards must be reported immediately to the com-
pliance officers. Information security incidents are handled consistently throughout the 
Group as part of operational risk management. The compliance framework contains defined 
processes for dealing with infringements of data protection. These include, for example, 
informing the data subjects and supervisory authorities.
Compliance regularly assesses the implementation and observance of the applicable provi­
sions. The Board of Directors’ Audit Committee and the Corporate Executive Board’s Risk 
Committee are kept informed on an ongoing basis about data protection topics within the 
framework of compliance reporting, thus assuming their responsibility in the area of data 
protection. Corporate Internal Audit regularly reviews data protection in a risk-oriented man-
ner as part of its internal auditing activities and counters any deficiencies with appropriate 
measures.
There were no significant data protection infringements within the Swiss Life Group during 
the reporting year.

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Cybersecurity
Swiss Life depends on strong cyber resilience to achieve its business 
strategy and goals. Ensuring the availability, confidentiality and 
integrity of systems, data and information is a central component  
of its internal control system. By doing so, Swiss Life is thus also 
meeting the expectations of its business partners.
Swiss Life has a comprehensive set of instruments and processes to ensure strong cyber resilience. 
Along with integration into the internal control system, the Group-wide directives define relevant 
minimum requirements for information security. These are based on leading and internationally 
recognised data security standards such as British Standards ISO/IEC 27001/2, the Control Objec-
tives for Information and Related Technology (CobiT) Framework, the Center of Internet Security 
(CIS) Controls and the Cybersecurity Framework of the National Institute of Standards and Tech-
nology (NIST). Swiss Life also maintains business continuity management (BCM) plans that are 
tested annually. The Switzerland Division is certified according to ISO 27001/2 and other divisions 
are working towards it.
The market units implement the standards and assess their own compliance with them together 
with the relevant information security specialists at Group and divisional level. This process encom-
passes many different topics, such as end-device encryption, remote network access control, vulner-
ability management, security operations, disaster recovery and cross-functional IT controls. Corpo-
rate Internal Audit reviews information security, including in IT infrastructure, several times a year 
and periodically reviews data protection to assess the risk exposure as part of its internal auditing 
activities. Any deficiencies are countered with appropriate measures. Depending on the vulnerabil-
ity identified, measures may include improving processes, updating documentation, rectifying 
access rights or launching a project to sustainably mitigate residual risk.
The “continuous development” approach is also intended to ensure that rapidly changing cyber-
attack methods are taken into account. Among other things, Swiss Life follows the recommenda-
tions of the Center for Internet Security (CIS) and is an active member of this organisation. The 
security measures implemented are internally validated by Risk Management and subjected to a 
regular independent external review. Cybersecurity is also a regular item on the agenda of the Cor-
porate Executive Board and the Audit Committee.
There were no significant reportable breaches of cybersecurity in the 2022 reporting year.
Further information on data protection can be found in the “Regulatory Compliance” and “Risk 
Management” sections.

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Climate Protection and Operational Ecology
Swiss Life supports the Paris Climate Agreement and seeks to  
contribute to climate protection through its own measures.  
The continuous reduction of CO₂ emissions is an important 
part of the sustainability strategy.
Climate strategy
Swiss  Life’s climate strategy is part of the sustainability strategy and of the Group-wide 
“Swiss Life 2024” programme presented in 2021. Swiss Life recognises that, in the absence of coun-
termeasures, climate change will have negative effects on the environment, society and the global 
economy. Swiss Life wants to contribute to the transition to a low-carbon and climate-resilient 
economy, in line with the Paris Agreement, and to make a positive contribution to mitigating cli-
mate change. Swiss Life also expects increasing transparency requirements with regard to products 
and services and growing demand for sustainable products. Moreover, Swiss Life’s investments in 
securities, real estate and infrastructure could be affected by the physical impacts of climate change 
and the transition to a low-carbon and climate-resilient economy. Swiss Life is therefore integrating 
sustainability and climate aspects into its existing risk management standards for the management 
of its business, and is assessing the actual and potential impacts of climate-related risks and oppor-
tunities on its business, strategy and financial planning. The independent risk management func-
tion is managed by the Group CRO, who reports to the Group CFO and to the Investment and Risk 
Committee of the Board of Directors.
Swiss Life works on the basis of various metrics and objectives, such as the environmental indica-
tors set out in this section, to assess progress towards the achievement of the corresponding targets 
and thus ensure the future resilience of the company’s business model. Here Swiss Life focuses on 
those areas on which it can exert a direct influence and achieve a corresponding impact: in opera-
tional ecology, CO₂ emissions per FTE will be reduced by 35% by 2024 compared to 2019. Swiss Life 
is also aware of its responsibility as a major real estate owner and aims by 2030 to reduce the carbon 
intensity of the real estate it holds directly by a further 20% compared to 2019. Both targets are 
based on 1.5° reduction paths and on achievement of the net zero target by 2050.
In addition to its Sustainability Report, Swiss  Life has been publishing an independent TCFD 
report since 2021. Based on the recommendations of the Task Force on Climate-related Financial 
Disclosures (TCFD), this summarises how the company is responding to climate change. It deals 
with the handling of physical risks, transition risks and opportunities arising from the transition 
to a low-carbon and climate-resilient economy, as well as Swiss Life’s contribution to climate protec-
tion. The TCFD report can be downloaded at www.swisslife.com/en/tcfd-report.
Swiss Life – Annual Report 2022

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Operational ecology
Operational ecology comprises the operational environmental management of the Swiss Life 
Group at its own locations and the emissions arising from its business behaviour and own 
employees.
A company-wide working group is responsible for designing the appropriate measures, setting 
the objectives and monitoring them. All divisions are represented by experts in this working 
group. The working group’s responsibilities and duties are set out in a Group-wide directive.
Swiss Life aims to reduce its CO₂ emissions per FTE by 35% by the end of 2024 compared to 2019, 
primarily by cutting emissions from travel and obtaining electricity from sustainable sources. As 
part of its investment cycles, Swiss Life also intends to further reduce fossil fuel use for heating 
company buildings. These targets are also part of the Group-wide “Swiss Life 2024” programme.
Operational activities at Swiss Life have been net zero since 2022. The measured, unavoidable 
CO₂ emissions from operational ecology are neutralised by certified projects in the core Euro-
pean markets (Switzerland, France and Germany). Further information about these projects is 
available in the Swiss Life section of the First Climate website (www.firstclimate.com/id85083429). 
Swiss Life supports projects that contribute not only to reducing CO₂ but also to preserving 
biodiversity, for example through forest conservation/reafforestation, biochar and the restora-
tion of moorland areas.
Swiss Life is also sensitised to this issue in the field of investments. In 2022, the company joined 
the Net Zero Asset Managers initiative (NZAMi) (more on this in the chapter “Sustainability as 
an Asset Owner and Manager”).

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Recording environmental indicators
In 2022, Swiss Life further standardised its recording of environmental indicators. Since 2021, the 
company has used a Group-wide company manual and data acquisition software for environmen-
tal indicators and is continuing to develop them in a targeted manner. The data acquisition soft-
ware also facilitates active monitoring of environmental indicators. This has significantly improved 
the quality and accuracy of data capture and emission calculations. CO₂ emissions are recorded in 
accordance with the internationally recognised standards of the Greenhouse Gas (GHG) Protocol 
Corporate Standard. The CO₂ emissions of all Swiss Life business locations are calculated using 
emission factors from the Ecoinvent and Ademe scientific databases. The science-based CO₂ equiv-
alents used for determining these values cover all relevant greenhouse gases:
–	Scope 1 emissions comprise fuel consumption for heating buildings and for the company’s 
own fleet of vehicles.
–	Scope 2 emissions comprise consumption of purchased electricity and district heating at the 
business locations.
–	Swiss Life currently has four Scope 3 emissions categories:
–	Category 1 “Purchased Goods and Services” comprises paper consumption and water pro-
curement at the operating sites. Other purchased services (such as server capacity) that are 
also relevant for Swiss Life are not yet included in this category.
–	Category 3 “Fuel- and Energy-Related Activities” comprises the upstream processes for the 
production of the purchased building energy that are not included in Scopes 1 and 2.
–	Category 5 “Waste Generated in Operations” comprises emissions resulting from the dis-
posal of waste at the business locations.
–	Category 6 “Business Travel” comprises the kilometres employees travel for business by train, 
car or plane.
The other categories are either not relevant for Swiss Life or else the data available is not of satisfac-
tory quality. Among these are Scope 3 emissions in category 7 “Employee Commuting” , which is 
not recorded. Categories 13 “Downstream Leased Assets” and 15 “Investments” are dealt with in 
the TCFD Report at www.swisslife.com/en/tcfd-report in the section “Key figures and targets”. 
For these two categories, weighted carbon intensity values are reported. 
Data for the whole Group is collected once a year for all locations at which more than 30 FTE work. 
Environmental officers at these locations collect the data and enter them in the system. Locations 
or individual data points that cannot be recorded are extrapolated. Energy, paper and water con-
sumption as well as the amount of waste are extrapolated per country for non-recorded Internal 
Services FTEs. Business travel per country is extrapolated for non-recorded Sales Force FTEs. 
These extrapolations are then allocated to the respective categories and the emission calculation is 
based on the average emission factors for the respective categories. The aim is to continuously 
reduce the extrapolation. Since 2019, Swiss Life has managed to reduce the average proportion of 
the projection from around 20% to approximately 5%. 
The 2022 environmental indicators were reviewed by an independent auditor (more on this in the 
section “Report of the Independent Auditor”).

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Changes in the data basis
Swiss Life reports adjustments to its 2022 environmental indicators as a result of acquisi-
tions, the sale of subsidiaries and the ongoing review of projections and emission factors.
The main changes are as follows:
–	On the acquisition of elipsLife by Swiss Life International on 1 July 2022, the Zurich (182 FTE 
as at 31 December 2022) and Netherlands (89 FTE as at 31 December 2022) locations were 
integrated on a pro rata basis with the corresponding environmental indicators.
–	Since the last reporting period, Swiss Life has also provided environmental figures for two 
additional new locations: the Swiss  Life Asset Managers branch in Norway (46  FTE as at 
31 December 2022) and Swiss Life Germany’s new career campus in Hanover (KCH) (119 FTE 
as at 31 December 2022).
–	Due to the sale of the subsidiary Livit FM Services in Switzerland (466 FTE as at 31 December 
2021) by Swiss Life Asset Managers on 1 January 2022, its locations, along with the correspond-
ing environmental indicators, were excluded.
–	Owing to the sale of the French Cegema entity (165 FTE as at 31 December 2022) by Swiss Life 
France on 1 November 2022, this location was excluded along with the corresponding environ-
mental indicators.
–	The emission factors for rail transport have been updated to the current and location-specific 
values in the Ecoinvent scientific databases.

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Absolute environmental indicators
 	
	
	
	
Indicator 	
Unit		
2022		
2021		
2020	
TOTAL BUILDING ENERGY 	
kWh		
32 812 574		
36 127 586		
35 045 099	
Electricity consumption in buildings 	
kWh		
17 204 564		
18 429 450		
19 372 119	
Proportion of renewable electricity 	
%		
100		
100		
89	
Fuel consumption in buildings 	
kWh		
11 774 610		
13 463 628		
11 506 046	
Fossil fuel consumption 	
kWh		
11 110 147		
12 715 301		
10 825 272	
Renewable energy consumption 	
kWh		
664 463		
748 327		
680 774	
Proportion of renewable fuels 	
%		
6		
6		
6	
Consumption of district heating in buildings 	
kWh		
2 191 895		
2 535 065		
2 234 785	
Extrapolation of entire building energy Group 	
kWh		
1 641 505		
1 699 443		
1 932 149	
TOTAL BUSINESS TRAVEL 	
km		
40 070 743		
35 486 181		
30 412 731	
Rail journeys 	
km		
10 663 632		
6 800 421		
4 217 275	
Car trips own fleet and leased vehicles 	
km		
12 308 997		
14 692 678		
18 384 380	
Car trips in third-party vehicles – rental cars, travel expenses and taxis 	
km		
11 136 998		
10 841 792		
3 884 740	
Air transport 	
km		
5 355 048		
2 677 749		
2 984 351	
Extrapolation of all business travel Group 	
km		
606 068		
473 540		
941 984	
TOTAL PAPER CONSUMPTION 	
kg		
564 154		
664 263		
621 906	
Proportion of recycled paper 	
%		
17		
19		
10	
Extrapolation of total paper consumption Group 	
kg		
31 304		
34 242		
39 752	
TOTAL WATER CONSUMPTION 	
m3		
59 426		
59 655		
63 217	
Extrapolation of total water consumption Group 	
m3		
4 082		
3 494		
3 855	
TOTAL WASTE 	
kg		
684 475		
585 826		
564 268	
Extrapolation of total waste Group 	
kg		
42 742		
34 493		
33 352	
TOTAL LOSS OF COOLANTS AND REFRIGERANTS 	
kg		
34		
25		
–	
TOTAL EMISSIONS 	
t CO2e		
16 362		
15 080		
13 865	
Scope 1 emissions 	
t CO2e		
7 406		
8 585		
9 313	
Scope 2 emissions 	
t CO2e		
414		
516		
782	
Scope 3 emissions 	
t CO2e		
8 542		
5 979		
3 770	
Scope 3 emissions Cat. 1 “Purchased goods & services (paper, water)” 	
t CO2e		
512		
592		
586	
Scope 3 emissions Cat. 3 “Energy activities” 	
t CO2e		
906		
1 045		
932	
Scope 3 emissions Cat. 5 “Waste” 	
t CO2e		
195		
170		
196	
Scope 3 emissions Cat. 6 “Business travel” 1	
t CO2e		
6 930		
4 172		
2 057	
Relative environmental indicators per FTE
 	
	
	
	
Indicator 	
Unit		
2022		
2021		
2020	
Number of full-time employees 	
FTE		
10 126		
10 219		
9 824	
Building energy 	
kWh/FTE		
3 241		
3 535		
3 567	
Business travel 	
km/FTE		
3 957		
3 473		
3 096	
Paper consumption 	
kg/FTE		
56		
65		
63	
Water consumption 	
m3/FTE		
6		
6		
6	
Waste 	
kg/FTE		
68		
57		
57	
TOTAL EMISSIONS 	
kg CO2e/FTE		
1 616		
1 476		
1 411	
Scope 1 emissions 	
kg CO2e/FTE		
731		
840		
948	
Scope 2 emissions 	
kg CO2e/FTE		
41		
51		
80	
Scope 3 emissions 	
kg CO2e/FTE		
844		
585		
384	
        
1	 In the year under review, Swiss Life Germany took a boat trip as an extraordinary incentive (CO2 emissions totalling 2520 t CO2e).

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Evolution of environmental indicators per FTE
The extraordinary circumstances due to the Covid-19 pandemic normalised during the year under 
review. The number of staff working in office buildings has gone up and the number of business 
trips has increased due to the lifting of restrictions (+14% per FTE). In the aftermath of the pan­
demic, mobile working has become more firmly established in the corporate culture. Swiss Life has 
thus also continued to drive digitalisation measures, such as projects to support advisory pro-
cesses. As a result, there have been further reductions in paper consumption compared to the last 
three years (–14% per FTE). Energy consumption continued to fall year-on-year (–8% per FTE); this 
was due on the one hand to the cessation of increased ventilation and heating requirements during 
the pandemic and on the other hand to increased awareness campaigns in connection with energy 
scarcity. Overall, total emissions per FTE increased by 9% compared to the previous year. This was 
due among other things to a one-off boat trip in Germany that served as an incentive (2520 t CO₂ 
equivalents).
Since 2021, all electricity used by Swiss Life has originated from renewable energy sources. By the 
end of 2024, Swiss Life intends to reduce total emissions per FTE by 35% compared to 2019. By the 
end of 2022, total emissions per FTE were 34% lower than in 2019.
Measures taken within the Swiss Life Group
Switzerland
–	In Switzerland, Swiss Life is a member of the Energy Model Zurich and has been obtaining all 
its electricity from renewable energy sources for over ten years. Founded in 1987, the Energy 
Model Zurich is an association of companies that set themselves voluntary targets for energy 
efficiency. In setting its new targets for 2020, Swiss Life renewed its pledge to increase energy 
efficiency at its Zurich location by 1.5% annually until 2030.
–	Swiss Life’s head office in Zurich is virtually carbon-neutral. Since the early 1990s, the building 
has been cooled and heated with water from Lake Zurich. Rainwater is used for sanitary instal-
lations at the Zurich business premises. 30% of the energy used for heating Swiss Life’s Binz 
Center property is biogas sourced from Switzerland. The aim is to continuously increase this 
share by 2024 in the place of natural gas. Since 2021, Swiss Life been steadily increasing the 
share of recycled copying and printing paper. Recycled paper as a percentage of total paper 
consumption is due to increase to 80% by 2024. The paper used by Swiss Life is one of the most 
ecological labels: it is made entirely of paper fibres from recycled paper, based on a production 
process that avoids the use of hazardous chemicals. Swiss Life also promotes the use of public 
transport by providing its employees with season tickets for local public transport operators at 
reduced rates. In addition, Swiss Life supports cycling and the use of e-bikes by offering dis-
counts on local cycle rental systems. All sites pay due attention to waste separation. There are 
recycling points on all floors of the operational buildings in Zurich.

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–	With its operational ecology programme, Swiss Life seeks to make an active contribution to 
climate protection. This is why it set up the Swiss Climate Foundation in 2008 in cooperation 
with other Swiss companies. The Foundation supports SMEs in becoming more energy effi­
cient and reducing their CO₂ emissions. Swiss  Life active contributes to the Foundation 
through its chairmanship of the Advisory Board and its permanent seat on the Board of Trus-
tees.
France
–	Since the initiation of the Group-wide “Swiss Life 2024” programme, Swiss Life France has 
focused on the following four priorities for reducing CO₂ emissions in its own operations: cut-
ting resource consumption and optimising waste separation, reducing CO₂ emissions, increas-
ing employees’ environmental awareness, and involving business partners and suppliers. 
Numerous measures have been defined for these four priority areas. For example, one of the 
two Swiss Life France data centres has been outsourced to an efficient data hosting specialist, 
thereby reducing CO₂ emissions.
Germany
–	In Germany, the two main Swiss Life branch offices – in Garching near Munich and in Hanover 
– have repeatedly been awarded the ECOPROFIT seal for their outstanding commitment to 
corporate environmental protection. The seal rewards efforts to reduce CO₂ emissions and save 
resources.
–	Swiss Life Germany has also been represented in the “Klima-Allianz der Stadt Hannover” 
(Climate Alliance of the City of Hanover) network for over ten years and, in cooperation with 
other companies, undertakes to reduce CO₂ emissions and increase energy efficiency in this 
urban area.
–	In order to further reduce CO₂ emissions, Swiss Life Germany decided with immediate effect 
to replace the company cars of its Executive Board members and level 1 managers with electric 
vehicles. The Car Policy, the central set of rules for the company car fleet, was already amended 
as of 1 September 2022. The cars will be replaced successively as their current leasing contracts 
expire. In the medium term, this means exchanging around 50 vehicles – equivalent to 100% of 
the company car fleet in internal services.
–	The digitalisation of processes holds great potential for climate protection. It includes the 
e-signature, and sustainable application, contract and commission processes. The aim is to 
make the customer process as independent of time and location as possible in order not only 
to increase customer satisfaction, but also to reduce emissions caused by paper printing and 
mobility.
Swiss Life International
–	The teams in Liechtenstein, Luxembourg, the UK, Austria, the Czech Republic, the Nether-
lands, Switzerland and Slovakia work in modern, energy-efficient office buildings. Environmen-
tal impact is steadily being reduced in all areas through progressive digitalisation and opti-
mised use of workplaces. The most important measures include reducing paper consumption 
and waste and encouraging the use of public transport.

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Carbon Disclosure Project (CDP)
Since 2011, the Swiss Life Group has taken part in the CDP (Carbon Disclosure Project) 
survey. The CDP is an independent charitable organisation which holds the world’s most 
comprehensive collection of corporate information on climate change. In 2022, Swiss Life 
received a B rating (scale from D– to A).
Swiss Life Asset Managers
–	In Switzerland, Livit Ltd has replaced all petrol and diesel fleet vehicles with hybrid vehicles. 
Planning for this changeover already took place in 2021, so hybrid vehicles have been used for 
all trips with the fleet since the year under review.
–	Energy from 100% renewable sources is used in Luxembourg and only recycled paper is used for 
copying and printing. Furthermore, waste is systematically separated at the recycling points 
located on all floors of the building. In addition, the number of disposable and reusable bottles 
is to be reduced by providing glass bottles and a water dispenser. Moreover, the canteen offers 
eco-conscious lunches and the company subsidises public transport tickets.
–	As part of internal sustainability communication in Germany, a monthly newsletter is sent to 
employees in which colleagues present inspiring options for a sustainable lifestyle. In addition, 
Swiss Life Asset Managers is actively involved in various local sustainability projects. In the 
year under review, for example, colleagues in Germany were actively involved in restoring bog-
lands to their natural state.

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Human Rights
Swiss Life undertakes to uphold social and environmental standards 
within its spheres of influence. The approach to respecting human 
rights is set out in a Group-wide declaration.
Swiss Life respects the internationally recognised rights set out in the UN Guiding Principles on 
Business and Human Rights (UNGPs). In this context Swiss Life adheres, in particular to:
–	the International Bill of Human Rights; 
–	the core standards and the principles of the International Labour Organisation (ILO), includ-
ing the Convention on discrimination (No. 111), the Convention on the minimum age for the 
effective abolition of child labour (No. 138) and the Convention on the prohibition of and 
immediate action to eliminate the worst forms of child labour (No. 182).
As a signatory to the UN Global Compact, Swiss Life makes an annual public commitment to 
respect and support human rights and comply with the Ten Principles of the United Nations 
Global Compact (UNGC). Additionally, Swiss Life adheres to international general and sector-
specific standards, such as the Principles for Responsible Investment (PRI) and the Principles for 
Sustainable Insurance (PSI).
Approach and due diligence
Swiss Life wants to avoid, address or mitigate possible negative effects on the company’s activities 
or third-party activities associated with Swiss Life, particularly in four areas:
–	In its business behaviour
–	As an asset owner and manager
–	In the insurance and advisory business
–	As an employer

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Swiss Life has internal policies and procedures in place for each area. Human rights-related risks 
are considered and monitored in the comprehensive risk profile process. They are regularly ana-
lysed and assessed in different risk categories. Information on risk mapping in the context of 
potential human rights risks and the monitoring results are presented and discussed in the 
responsible committees – which comprise members of the Corporate Executive Board and the 
Board of Directors.
During the year under review, Swiss Life addressed the subject of human rights in particular in 
internal directive documents for the insurance area (underwriting), for the investment and M&A 
area, and for procurement. Subsidiary topics such as the anti-discrimination and equal treat-
ment principles are set out in the Group-wide Code of Conduct.
Swiss Life provides further information on how it fulfils its responsibility for the protection of 
human rights in a Group-wide Declaration on Respect for Human Rights, which can be viewed 
at www.swisslife.com/sustainability under “Human rights”.

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✔	 We treat our suppliers and service providers fairly
✔	 We communicate clearly and understandably
✔	 We buy locally and sustainably
Our standards  
as a purchaser
✔	 Compliance with Swiss Life principles
✔	 Compliance with legal regulations must be assured at all times
✔	 We expect our suppliers to honour the same social, human rights 
and environmental standards as we do
What we expect of 
suppliers and service providers
✔	 Compliance with Swiss Life’s general requirements regarding 
people, society and the environment
✔	 Environmentally friendly and sustainable distribution, transport 
and production appropriate to the product
What we expect of 
products and services
Procurement
Swiss Life demands a high degree of responsibility from its business 
partners, too, in terms of implementing and meeting sustainability 
standards, and requires them to fulfil their obligations towards 
their employees, society and the environment.
Group-wide principles for sustainable procurement
To ensure that sustainable aspects within procurement are further embedded in the company 
and its processes, a dedicated working group will address the issue within the Group-wide  
sustainability organisation.
Cultivating relationships and engaging in dialogue with suppliers and service providers, as well 
as guiding them, are central to Swiss Life’s contribution to sustainable procurement. In 2022, 
Swiss Life decided to introduce a supplier management platform. It did so in order to meet the 
expectations in political circles and in society at large, as well as to take account of the emerging 
regulatory and legal tightening. Thanks to the individual sustainability assessments of its busi-
ness partners, Swiss Life is able to better monitor the ecological, social and ethical risks in its 
supply chain and thus take another major step forward in its continuous efforts to achieve sus-
tainable procurement.

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Professional 
services  33%
Percentage split of purchasing volume by category
As at 31.12.2022
Marketing and 
public relations  8%
Human Resources  6%
IT services and 
telecoms  15%
IT hardware  2%
IT software  13%
Facility management and 
general services  15%
Travel and events  8%
 
For its insurance business, Swiss Life mainly sources products and services in the following  
categories:
–	Professional services (such as advisory services)
–	Marketing and public relations
–	Human resources
–	IT services and telecoms
–	IT software and IT hardware
–	Facility management services (security personnel, building maintenance, cleaning, etc.) and 
general services (refreshments, electricity, gas, etc.)
–	Travel and events
When selecting suppliers, Swiss Life is also guided by ethical, ecological and economic principles 
and – wherever possible and practicable – works with local suppliers or at least with suppliers in 
OECD countries.
In Switzerland most suppliers and service providers are domestically based, though these are 
supplemented by business partners from the EU.
In its other core markets, France and Germany, Swiss Life also works mainly with national 
suppliers. In these two countries, foreign suppliers make up only a small proportion of the total.
When working with major international companies in the IT area, Swiss Life works wherever 
possible with their national companies at all locations so that emissions from travel are kept as 
low as possible.
Moreover, Swiss Life is one of Europe’s leading real estate investors and has the biggest private 
real estate portfolio in Switzerland. In this context, Swiss Life mainly uses external partners for 
architecture and design services as well as general construction services.

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Guidelines for suppliers and service providers
Swiss Life revised its directive on Group-wide procurement in the previous year. The aim was to 
reflect Swiss Life’s sustainability principles even better in the directive documents and tighten the 
existing regulations accordingly. Special attention was paid to issues relating to labour standards 
and human rights. The directive entered into force in the fourth quarter of 2021. The changes in the 
directive have since been implemented Group-wide.
In all divisions, companies that wish to work with Swiss Life must comply both with the relevant 
statutory provisions and with Swiss Life’s own standards. Evaluation of key suppliers and service 
providers is integrated in the Swiss Life Group’s risk management framework. If any of the agreed 
standards are violated, Swiss Life demands that corrective measures be implemented. In the event 
of serious or repeated violations, the cooperation will be terminated. The right to carry out audits 
of suppliers and service providers is contractually agreed. This may include requesting confirma-
tion of ISO certification, checking the validity of such certification and analysing the underlying 
reports.
When concluding contracts with suppliers and service providers in the core markets of Switzerland, 
France and Germany, Swiss Life expects them to guarantee the following standards as a rule:
–	Compliance with applicable environmental and climate protection standards
–	Compliance with legal regulations on working hours and ensuring working conditions that do 
not endanger employee health or security
–	Fulfilment of legal regulations relating to salaries, compensation of overtime and payouts
–	Assurance that their employees can work in an environment free of discrimination on the basis 
of race, gender, religion, origin, disability, age, sexual orientation, handicap or other attributes
–	Respect for employees’ rights of association and collective bargaining
–	Renunciation of child and forced labour
–	Compliance with the articles of the Universal Declaration of Human Rights (UDHR)

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With regard to compliance with human rights, Swiss Life also expects its service providers and 
suppliers to comply with the same international human rights standards as Swiss Life itself (see 
section on “Human Rights”). It communicates this expectation to suppliers via the procurement 
departments of the business units and has set this out accordingly in a Group-wide internal 
directive.
Swiss Life mainly works with European service providers and suppliers in European countries where 
local regulations guarantee compliance with labour and human rights.
The German and French national companies introduced a Supplier Code of Conduct in 2021, and 
Swiss Life Asset Managers did so in 2022. Its purpose is to require suppliers to assume responsibility 
for introducing and complying with sustainability standards.
In its core markets of Switzerland, France and Germany, Swiss Life gives preference to products and 
services from companies that can be shown to have a certified environmental management system 
(ISO 14001 or EMAS) and general quality certification (e.g. ISO 9001 or ISAE 3402).
Since 2020, the Swiss Life Group has procured all office and IT equipment under global contracts 
featuring a sustainability label.

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Political Commitment
Swiss Life cultivates an active dialogue with politicians and  
contri­butes its viewpoints, as political and regulatory conditions  
have a major impact on its operating environment and its customers’  
pension planning. They affect product design and processes as  
well as the way in which information is reported to shareholders, 
supervisory authorities and the public.
Swiss Life is committed to promoting a competitive business location and appropriate regula-
tion in all markets of relevance for it. In doing so, it focuses on the most significant issues for its 
business areas, such as pensions and insurance, investment and asset management, real estate 
management and customer advice, as well as requirements regarding insurance solvency and 
consumer protection.
Swiss Life’s “Political Communication” steering committee defines the strategic orientation of 
its political work. The members of this committee are the Group CEO and Group CFO, the 
CEOs of the divisions headquartered in Switzerland, the General Counsel, the Chief Risk Officer, 
the Head of Group Communications and Strategic Marketing, and the Head of Group Human 
Resources. The steering committee meets four times a year and defines its political priorities. The 
Swiss Life Group’s Public Affairs team is responsible for implementing the measures at the ope­
rational level.
Stakeholder management and work in industry associations
Swiss Life fosters contacts with representatives of the political, administrative and business com-
munities as well as with supervisory authorities. In its direct exchanges with political groups, 
Swiss Life aims to better understand their opinions, expectations and perspectives, while at the 
same time gauging how the enactment or amendment of legal principles could affect its busi-
ness. In Switzerland, parties of the political centre-right and individual politicians receive finan-
cial support, mainly for their election campaigns. The total amount of support provided during 
the year under review was again around CHF 500 000. No significant support was provided to 
political parties in the markets outside Switzerland. In this area, Swiss Life is guided by the rules 
in its Code of Conduct, as specified in the internal directive Code of Conduct. These rules stipu-
late that donations to political parties must be free of any obligation. The divisions confirm 
every year to the Public Affairs team of the Swiss Life Group that they comply with all relevant 
laws and regulations pertaining to national association memberships and financial contribu-
tions.
Political advocacy work and communication are closely coordinated with industry associations 
in all the divisions. Moreover, a number of company executives are members of various national 
industry associations in particular. The Chairman of Swiss Life’s Board of Directors, Rolf Dörig, 
is Chairman of the Swiss Insurance Association (SIA). In addition, members of the Corporate 
Executive Board and Swiss Life employees work on various SIA committees.

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In Switzerland, Swiss Life Asset Managers is represented on the Board of the Swiss Real Estate 
Association (VIS) and is a member of the Asset Management Association Switzerland. It is also 
represented at the Conference of Investment Foundation Managers (KGAST) through the 
Swiss Life Investment Foundation. A member of the Board of Directors of subsidiary Livit Ltd 
chairs the Swiss Real Estate Association (SVIT Schweiz).
Swiss  Life France is a member of the French Insurance Federation (Fédération française de 
l’assurance, FFA), France’s largest trade association in the insurance sector. The company is rep-
resented through a number of employees who actively participate in the committees for different 
insurance-related themes.
With its Public Affairs unit, Swiss Life Germany adopts positions on the most relevant current 
regulatory issues. These are projected to decision-makers in politics and society as well as 
through the committees of key industry associations. Swiss Life Germany is a member of the 
German Insurance Association (GDV) and of various associations representing intermediaries, 
such as the “Verband unabhängiger Finanzdienstleistungs-Unternehmen in Europa e.V.” (VOTUM).
Swiss Life International is a member of country-specific industry associations in its Liechten-
stein, Luxembourg, UK, Austria, Singapore, Slovakia and Czech Republic markets. It is also a 
member of the Association of International Life Offices (AILO).
Committed to the militia system
In Switzerland, Swiss Life is committed to the militia system (part-time public service) in the 
firm belief that it promotes a better understanding between politics, society and business and 
facilitates a valuable knowledge transfer. Swiss Life therefore supports employees who take on a 
political or public office. Full-time employees can use up to 20% of their working hours for per-
forming such a mandate. In addition, Swiss Life organises regular events in Switzerland for 
employees who hold political or public mandates.

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Corporate Citizenship
Swiss Life supports projects and institutions in the fields of social 
affairs, culture, science, education and research, and operates a total 
of seven of its own foundations in its various core markets.
In line with the purpose and corporate strategy, the social activities of all Swiss Life Group divi-
sions are concentrated on projects promoting self-determination and confidence. In 2022, total 
contributions amounted to around CHF 3.5 million.
Switzerland
–	In 2005, Swiss Life founded the “Perspectives” Foundation, which supports charitable initia-
tives in the fields of health, science, education, culture and sport and donates CHF 1.3 to 1.5 mil-
lion every year to social charity projects in Switzerland. In 2022 it supported 114 projects and 
organisations with donations totalling around CHF 1.4 million. The founding company, 
Swiss Life, provides all the funds.
–	A second foundation operated by Swiss Life in its home market of Switzerland is the “Anniver-
sary Foundation for Public Health and Medical Research”, which was founded in 1957 on 
the occasion of the company’s centenary. This foundation supports medical research projects 
and specific charitable organisations for people with physical and mental disabilities. Swiss Life 
has made annual donations of CHF 400 000 or CHF 500 000 to this foundation in recent years.
–	The Swiss Life Select distribution company operates the “Confidence for Children” foundation 
in Switzerland. This seeks to improve the life and development opportunities of disadvantaged 
children and thereby give them a better chance of leading a self-determined and independent life. 
Among its key undertakings are two projects in Kyrgyzstan providing medical care to children 
with cleft lips/palates. The foundation receives key support from Swiss Life Select’s financial advi-
sors and employees who donated around CHF 402 000 to the foundation in 2022. Swiss Life 
Select Switzerland pays all the foundation’s administrative costs.
–	In addition to these commitments to foundations, Swiss Life promotes Swiss film-making and 
helps artists go their own creative way. Swiss Life supported the Solothurn Film Festival and the 
Locarno Film Festival in 2022. Moreover, Swiss Life has supported classical music in Switzerland 
for years through its financial commitment to Tonhalle-Orchester Zurich, the Zurich Opera 
House, the Lucerne Festival and the Davos Festival.
–	Swiss Life Asset Managers has sponsored the “Swiss Life Thesis Award” for the past nine years. 
The Award, presented in cooperation with the Institute for Financial Services Zug (IFZ), part of 
Lucerne University of Applied Sciences and Arts, and the business journal Finanz und Wirtschaft, 
provides a platform for innovative and practice-oriented research work at Swiss universities. The 
best theses in the fields of investment, financial markets, financial services companies, financial 
instruments and corporate finance are singled out for awards each year. The Swiss Life Thesis 
Award comes to CHF 20 000 in total.

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France
–	Since its inception in 2008, the “Fondation Swiss Life” has been supporting long-term pro-
jects with its partners in the fields of health, art and social engagement. The most important 
projects in the field of health are support for cancer research (“Une Jonquille contre le cancer” 
with the Curie Institute, Breast Cancer Awareness Month) and support for Alzheimer patients 
and their carers (adapted visits to museums and cultural institutions, concerts, travel thera-
pies). The Fondation Swiss Life also supports artistic creativity, with the “Prix Swiss Life à 
4 Mains” awarded for works in photography and music. In addition, 16 solidarity projects in 
various areas were supported in 2022 as part of the “Aider à aider” employee volunteer pro-
gramme. During the year under review, the Fondation Swiss Life donated a total of EUR 301 000 
to various initiatives.
Germany
–	Through the “Swiss Life Stiftung für Chancenreichtum und Zukunft” (“foundation for 
opportunities and the future”), Swiss Life Germany has been doing its part for educational 
equity and equal opportunity in Germany since 2016. It works towards having as many peo-
ple as possible – regardless of their social background – retain their natural sense of curios-
ity, acquire knowledge and, as a result, lead a self-determined life. The foundation is mainly 
financed with donations from employees and distribution partners. Swiss Life Germany 
covers its personnel and administrative costs, thus allowing 100% of donation revenues to 
go towards project work. This organisation is a pure support foundation: it supported more 
than 50 initiatives with a total of almost EUR 900 000 in 2022. When the outbreak of war 
in Ukraine shook the world in spring 2022, the foundation provided EUR 100 000 in emer-
gency aid. EUR 35 000 each went to “Aktion Deutschland hilft” and to “Tafel Deutschland”, 
which support Ukrainian refugees in Germany, primarily with basic necessities.
–	In 2019, the “Swiss Life Stiftung für Chancenreichtum und Zukunft” initiated a multi-year 
strategic cooperative project with “KinderHelden”, a mentoring initiative that offers improved 
educational opportunities to primary school children with a difficult background and helps 
them integrate into society. Employees and distribution partners serve as mentors on a volun-
tary basis for children from disadvantaged backgrounds.
Austria
–	Swiss Life Select in Austria supports the “Confidence for Children” foundation. In the year 
under review, this foundation supported 27 local and international aid projects as well as provid-
ing medical aid in specific cases. Donations of about EUR 60 000 were collected, mainly from 
Swiss Life Select financial advisors. With their help and the support of customers and private 
individuals, numerous children were given a new perspective in life. In addition, for the past six 
years Swiss Life Select in Austria has been a sponsor of the “Junge Philharmonie Wien” (Vienna 
young people’s philharmonic orchestra).

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Sustainability as an Asset Owner and­ Manager
In its role as an asset owner and manager, Swiss Life consistently 
integrates ESG factors into its investment activities. Around 90%  
of all assets managed by Swiss Life take the “Responsible Investment” 
approach into account. Among other things, this gives due consi­
deration to the Principles for Responsible Investment (PRI).  
In addition, Swiss Life has a growing range of sustainable products 
and, as a leading real estate investor, pursues a net zero target  
for its real estate investment portfolio.
Securities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132
Real Estate Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135
Infrastructure Investments.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138
Sustainable Products in Asset Management.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139
Swiss Life is an asset manager for its own insurance companies as well as for third-party clients 
such as pension funds, other insurance companies and private investors. As a responsible inves-
tor, Swiss Life can make a relevant contribution to the positive development of society and the 
environment. It does this by reducing risks to society and the environment, exploiting corre-
sponding opportunities, and offering its customers appropriate investment products and solu-
tions. The long-term protection of customer funds and the optimal allocation of risk capital are 
the main objectives. Invested assets must be secure, profitable, and liquid overall. Due to the 
long-term nature of its liabilities, Swiss Life invests predominantly in fixed-income securities 
such as government and corporate bonds as well as in real estate, equities and infrastructure. Its 
investment decisions have always been informed by a long-term assessment of risks and returns.
To further strengthen its commitment to responsible investing, Swiss Life has formalised its 
approach to integrating ESG criteria into investment and risk management processes. The 
resulting “Responsible Investment Framework” is aligned to the Principles for Responsible 
Investment (PRI). Further information is available at www.swisslife-am.com/ri-policy. Swiss Life 
and all its subsidiaries are fully committed to the PRI and disclose their responsible investment 
activities accordingly. This was recognised in the latest PRI assessment, which awarded a score of 
82% and four stars to the “Investment & Stewardship Policy” module. The entire PRI Assessment 
Report is available at www.swisslife-am.com/pri-assessment.
For the prevention of “greenwashing”, Swiss Life relies on clear and transparent communication 
with its stakeholders to address sustainability aspects. In the case of products in particular, it 
ensures that adequate control mechanisms exist and that definitions are based, where appropri-
ate, on established industry standards. These control mechanisms include, for example, monthly 
reports depicting the key sustainability aspects of a portfolio and serving as a basis for discus-
sion in certain committees (e.g. the Risk Committee).

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Assets under management1 – breakdown by asset 
class 
As at 31.12.2022
Properties  35% 
Mort- 
gages  4% 
Alternative investments  5% 
Other  1% 
Loans  2% 
Shares  12% 
Bonds  41% 
1	 Total assets under management for insurance business 
and third-party-clients	
 
Information/ 
technology  4%
Corporate bond portfolio1 – breakdown by industry 
sector 
As at 31.12.2022
Energy  5%
Other  12% 
Health  5%
Other financial services 
providers  6%
Banks  34% 
Consumer 
goods, 
non cyclical  9% 
Utilities  6% 
Consumer goods, 
cyclical  7% 
Industry  6% 
Communi- 
cation  5% 
1	 Managed corporate bonds for the insurance 
business (CHF 37.2 billion)	 
As a major investor, Swiss Life is committed to ensuring that direct investments in its portfolio 
are in line Swiss Life’s fundamental standards and values. As a signatory to the UN Global Com-
pact, Swiss Life is committed among other things to the fundamental principles for upholding 
human rights and protecting the environment. Moreover, Swiss Life Asset Managers has been a 
member of the “Net Zero Asset Managers initiative” since 2022.
Systematic integration of ESG criteria
Swiss Life  systematically integrates ecological and social factors, including aspects of good cor-
porate governance , into the investment process and risk management for all asset classes. This 
results in a broader information base and more balanced risk cover. In its “Responsible Invest-
ment” approach, Swiss Life defines how the company deals with sustainability risks. This is a 
widely used approach and is part of a company’s duty as a fiduciary. With the Responsible Invest-
ment approach, it also shows which significant criteria products and portfolios must meet in 
order to be designated and marketed as sustainable.
Around 90% of all assets managed by Swiss Life take the “Responsible Investment” approach 
into account. Among other things, this gives due consideration to the Principles for Responsible 
Investment (PRI). The remaining assets under management are investment products such as 
mortgages and discretionary mandates. Due to the product structure, ESG criteria are not yet 
applicable to these assets. Swiss Life applies its Responsible Investment approach not only to 
proprietary assets but also to third-party assets.
Responsible Investment Report
Further information on responsible investing and on the organisational embedding of Swiss Life 
Asset Managers can be found in the cross-asset-class “Responsible Investment Report”. The report 
can be downloaded at the link www.swisslife-am.com/rireport.

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Securities
Securities make up the largest share of Swiss Life’s total assets under 
management. Swiss Life takes a large number of measures into 
account in the investment process for securities. These include, among 
others, ESG thresholds, the systematic exclusion of non-compliant 
companies and the exercise of voting rights at shareholder meetings.
In the investment process for securities – such as shares and corporate and government bonds – 
Swiss  Life uses, among other things, analyses by of various independent international ESG 
research and valuation service providers. ESG information on over 14 000 share and bond issuers 
worldwide helps Swiss Life to swiftly identify and anticipate the risks relating to environmental 
and social issues as well as governance aspects. This also ensures early recognition of risks aris-
ing from ESG problems such as infringements of labour law, shortcomings in corporate govern-
ance and indications of corruption or environmental risks relating to climate change. Swiss Life 
is thus better than the corresponding benchmarks in terms of the CO₂ intensity of its securities 
portfolio. Swiss Life aims to maintain this position over the coming years.
Swiss Life sets ESG thresholds on the basis of external ratings in order to avoid issuers with a 
poor ESG performance when making new investments. In particular, it avoids issuers that have 
a low ESG rating or are involved in serious ESG controversies. In its credit analyses of issuers of 
fixed-income investments, Swiss Life also takes climate indicators such as carbon intensity into 
account in addition to ESG ratings and controversy assessments. On this basis, detailed credit 
reports are formulated which are then analysed by the risk committees.
Unlike fixed-income investments, for which Swiss Life pursues an active investment approach, a 
passive approach is taken for equity investments. As a result, there is limited flexibility to exclude 
investments from the investment universe. In most of the equity investment strategies, however, 
ESG ratings or controversies are used as a factor to optimise the portfolio. Swiss Life also attaches 
great importance to exercising shareholder voting rights in its equity investments: during the 
year under review, it further expanded its engagement with portfolio companies in the context of 
corporate dialogues.
The Stewardship Report is available at www.swisslife-am.com/active-stewardship-report-en.

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Climate risks and exit from coal for power stations 
Swiss Life supports the objectives of the Paris Agreement and, for insurance business invest-
ments, has a strategy for exiting from the carbon-intensive coal sector. In particular, Swiss Life 
refrains from investing in bonds issued by companies which derive more than 10% of their reve-
nue from the mining, extraction or sale of coal for power stations. A corresponding threshold 
also applies to infrastructure investments: Swiss Life does not invest in projects or companies in 
which more than 10% of the company or project valuation is attributable to contributions from 
transactions involving coal for power stations.
Swiss Life endeavours to persuade third-party customers to apply a similar exit strategy to their 
assets.
In the year under review, Swiss Life joined the “Net Zero Asset Managers initiative” to work with 
other asset managers to commit to a net-zero greenhouse-gas emissions target by 2050. The ini-
tiative promotes measures and investment strategies in the asset management sector that are 
necessary to achieve the objective.
Furthermore, Swiss Life is continuing its green investment programme and has set itself the goal 
of investing CHF 2 billion in green bonds1 by the end of 2023. These portfolios are managed on 
the basis of the carbon intensities of the companies and countries concerned.
Further selective exclusions
For all its assets, Swiss Life has defined specific limits for investment in the defence industry. 
Swiss Life recognises that sovereign states have a right to self-defence but refrains from investing 
in companies that are significantly involved in the production of internationally banned arma-
ments such as land mines, cluster ammunition and nuclear, biological and chemical weapons. 
For this, it uses data from an independent ESG research and valuation service provider plus the 
generally known exclusion lists for controversial weapons published by PAX, an international 
non-profit and NGO-type peace organisation, and from SVVK-ASIR, the Swiss association for 
responsible investments. Companies that significantly violate the principles of the UN Global 
Compact are excluded.
1 Green, social, sustainable bonds

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Proxy voting and engagement
Swiss Life also represents its interests when exercising its voting rights and assumes responsibil-
ity through “active ownership”. In doing so, Swiss Life aims to improve its long-term corporate 
value. ESG factors are used to make a balanced assessment of the purpose of motions and the 
overall benefits for the respective company’s shareholders. Particularly in the case of motions 
relating to environmental and social issues, an in-depth analysis is carried out in order to verify 
their added value for the company. When exercising voting rights, Swiss Life uses analyses and 
services provided by the external voting rights consultant Institutional Shareholder Services 
(ISS) and other sources. 
In 2022, Swiss Life voted 5694 times at 301 annual general meetings. In 1.5% of cases it deviated 
from the recommendations made by ISS and in around 10% of cases it voted against the respec-
tive Board of Directors. In addition, the engagement approach was further developed in the year 
under review, a Head of Active Stewardship was recruited and an Engagement Committee was 
created.
Scenario analyses
Swiss Life seeks to minimise the transitory and physical risks associated with climate change for 
the long-term sustainable management of its investment portfolio. For this reason, in addition 
to carbon intensity, the company is also integrating forward-looking indicators from scenario 
analyses into its investment and risk management processes. In order to more easily assess its 
understanding of climate-related risks, Swiss Life has been participating in the Paris Agreement 
Capital Transition Assessment (PACTA) since 2017. This is organised by the Swiss Federal Office 
for the Environment (FOEN) and the “2 Investing Initiative”. Swiss Life is gradually continuing 
the integration of the climate scenario metrics and the further application of various transition 
scenarios.

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2019
2021
2025
2030
2040
0
10
20
30
40
60
50
(kg CO2 e/sqm)
Carbon intensity
Real estate sector 1.5 °C pathway worldwide
Real estate sector 1.5°C pathway – net-zero benchmark for directly held Swiss Life real estate
Directly held Swiss Life real estate portfolio 20191
2050
Year
1Data coverage for the carbon intensity of the PAM real estate portfolio directly held by Swiss Life corresponds to 76% of the ﬂoor area 
in 2019, 73% in 2020 and 62% in 2021. The greenhouse gas emissions of oﬃce buildings used by the company are included in operational 
ecology and are excluded from the calculation of the carbon intensity values.
Real Estate Management
As a major real estate owner, Swiss Life can make an important 
contribution to reducing carbon emissions in its own portfolio.  
Swiss Life is therefore pursuing a “net zero by 2050” target for  
its directly held investment properties.
Swiss Life is one of Europe’s leading real estate investors and has the biggest private real estate 
portfolio in Switzerland. Preserving and increasing value in the long term and ensuring sustain-
able earnings are of central significance to Swiss Life. All decisions are thus oriented to a long-
term property life cycle.
Net zero targets for real estate 
In recent years, Swiss Life has focused on gradually and systematically integrating ESG criteria 
into real estate portfolio management and asset management. The company expanded this 
approach in 2021 to include a CO₂ reduction path for its directly held real estate portfolio. The 
reduction path is in line with the goals of the Paris Agreement. With regard to the 1.5° target, 
Swiss Life has set itself the goal by 2030 of reducing the CO₂ emissions of its entire directly held 
building stock by 20% compared to 2019.

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Swiss Life’s real estate portfolio is already well placed in terms of CO₂ emissions compared to the 
average real estate portfolio in the countries in which Swiss Life operates.  The 2019 baseline – a 
carbon intensity of 20 kg CO₂ equivalents per square metre of floor area – is already well below 
the global net zero path of the real estate sector. This baseline is also below the net-zero scenario 
benchmark of Swiss Life, which reflects the specific composition of the Swiss Life real estate 
portfolio in terms of geography and investment type. 
A total of around CHF 2 billion will be invested over this period in order to achieve this target. 
To monitor the achievement of these objectives, Swiss Life has rolled out a specially developed 
cockpit and integrated this into its existing IT applications.
In order to integrate sustainability criteria systematically into the overall value creation process 
of real estate investments, Swiss Life has developed its own “Responsible Property Investment 
Framework”. This applies to all real estate management activities and is bringing about an opti-
misation of the real estate portfolio in terms of environmental and social aspects:
–	In the transaction process, a due diligence checklist is used to identify sustainability oppor-
tunities and thus highlight potential for appreciation. At the same time, this checklist allows 
early identification of potential risks so that value is preserved for the long term.
–	Sustainability aspects play a central role in real estate development, from the feasibility study 
to the construction decision, and are integrated into the planning process. Swiss Life defines 
minimum energy standards, examines ecological risk profiles, analyses the socio-economic 
effects of real estate development projects and decides on the certification of buildings accord-
ing to sustainability labels such as Minergie, DGNB, SGNI, LEED, BREEAM and HQE1. These 
sustainability labels provide external confirmation of properties’ quality in terms of sustaina-
bility.
–	Implementing sustainability measures in property management – for example extensive reno-
vation, specific optimisation measures, efficient in-house utilities and maintenance work – 
helps reduce energy consumption in the portfolio. In turn, the associated improvement in 
the properties’ energy efficiency leads to a reduction in CO₂ emissions. Energy-related main-
tenance measures (e.g. replacement of heating systems or refurbishment of the building shell) 
can thus produce energy and CO₂ savings of up to 50% for the properties affected. In this 
way, dependence on fossil fuels is reduced further, with a shift to renewable energy sources 
(e.g. photovoltaics, district heating, geothermal energy, use of river and lake water or pellets).
–	By making energy-saving adjustments to technical installations and carrying out smaller-scale 
upgrading measures with a shorter payback period (e.g. lighting systems or insulation of water 
pipes), Swiss Life brings about improvements outside of major renovation cycles. Energy and 
CO₂ savings of around 10% can be achieved through these optimisation measures.
1	 Minergie (Swiss Building Standard for Sustainable Building), DGNB (Deutsche Gesellschaft für Nachhaltiges Bauen), LEED (Leadership 
in Energy and Environmental Design), BREEAM (Building Research Establishment Environmental Assessment Methodology),  
HQE (High Environmental Quality)

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Global Real Estate Sustainability Benchmark
Since 2018, Swiss Life has participated in the annual Global Real Estate Sustainability Bench-
mark (GRESB) evaluation. This sustainability benchmarking analysis enables the company to 
systematically measure sustainability aspects of the real estate portfolios evaluated and inte-
grate them into its facility management. In 2022, almost 65% of the total real estate assets under 
management and around 98% of the proprietary insurance asset management portfolio of 
Swiss Life Asset Managers were submitted to the GRESB. GRESB coverage is already 100% for 
the Swiss portfolio. All 28 portfolios submitted received the “Green Star” label.

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Infrastructure Investments
When implementing infrastructure projects, Swiss Life takes 
economic, ecological and social factors as well as corporate  
management aspects into account throughout the entire life cycle.
Swiss Life already incorporates ESG considerations, including a systematic ESG analysis, in the 
due diligence process of infrastructure investments. Each investment recommendation includes 
an ESG section that indicates the rating for 12 ESG themes and an aggregated ESG score. The 
rating is based on a systematic ESG questionnaire developed in-house to assess indicators in 
various areas and cover all ESG topics. Swiss Life also monitors ESG criteria and relevant devel-
opments on a quarterly basis as part of the regular monitoring processes of its underlying assets.
The infrastructure funds managed by Swiss Life Asset Managers hold several renewable energy 
infrastructure assets as direct investments. Investments in the infrastructure portfolio produced 
3860 GwH of electricity from heat and renewable energy sources in the year under review.
Also during the reporting year, Swiss Life Asset Managers successfully continued the GRESB 
evaluation of its infrastructure funds and portfolio companies. The positive assessment results 
of the core infrastructure funds reflect the commitment of Swiss Life Asset Managers to promot-
ing ESG integration and GRESB transparency within the portfolio companies.

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SFDR
In March 2021, the Transparency Regulation (Sustainable Finance Disclosure Regulation; 
SFDR) came into force in the EU. It defines various transparency obligations, especially for 
financial and insurance products. Various transparency requirements apply, depending on a 
product’s sustainability. There are essentially three groups of products:
–	Article 6 products: either include sustainability risks in investment decisions or disregard 
them.
–	Article 8 products: promote ecological or social characteristics
–	Article 9 products: target sustainable investments
Sustainable Products in Asset Management
Swiss Life offers a range of sustainable products in asset 
management that meet the requirements of the EU Transparency 
Regulation (SFDR).
In business with third parties, clients can access Swiss Life’s ESG competencies and experience. 
In asset management, Swiss Life has a range of sustainable investment products in the largest 
asset classes: bonds, equities, real estate and infrastructure. In addition, so-called “impact prod-
ucts” (compliant with Art. 9 of the Sustainable Finance Disclosure Regulation/SFDR) have been 
developed in the real estate and equities areas. They focus on investments that measurably pro-
mote sustainable development. Furthermore, Swiss Life is developing new investment solutions 
and strategies in various asset classes that are geared to specific ESG topics or to companies that 
meet strict sustainability criteria.
In the year under review, Swiss Life pushed ahead with the Regulatory Technical Standards 
(RTS, SFDR Level 2) as part of the implementation of the EU Transparency Regulation (SFDR). 
Based on the classification of third-party client products into different categories, Swiss Life cre-
ated the various rules on pre-contractual information and reporting and integrated them into 
its processes. Initial measures have also been developed to integrate sustainability proliferation 
into the sales process in accordance with the amendments to MiFID II (Markets in Financial 
Instruments Directive II). Moreover, Swiss Life is drawing on the findings gained from the imple-
mentation of SFDR, RTS and MiFID II and is analysing the proprietary insurance asset manage-
ment portfolio in respect of the necessary criteria so that portfolios have an ESG strategy and/or 
can be declared compliant with Art. 8 SFDR.

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Sustainability in Insurance and Advisory
Swiss Life’s advisory and product strategy combines optimal 
customer value with profitable and sustainable business behaviour. 
Offering and Customer Value.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
Insurance Business.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145
Advisory.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .147

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Offering and Customer Value
Life insurance and risk products make a significant contribution  
to a self-determined life for insured persons. Moreover, these  
products are a crucial element in occupational pensions in many 
developed markets.
Swiss Life offers private and corporate clients comprehensive and individual advice plus a broad 
range of proprietary and partner products through its own financial advisors, agents and distri-
bution partners. Swiss Life Select, the subsidiary specialising in financial planning for private 
households and the brokering of financial products, and the advisors at Tecis, Horbach, Proven-
tus, Chase de Vere and Fincentrum use the Best Select approach to help their customers to 
choose the product that suits them best. In this way, customers are given access to an extensive 
range of products from many suppliers.
As a pensions and financial services company, Swiss Life puts people at the centre of its business. 
Product solutions with a savings component make it possible to provide for retirement and close 
potential gaps in coverage. Life and disability insurance can enable people to provide material 
security for their relatives or mitigate the financial consequences of earning incapacity or occu-
pational disability. Swiss Life thus makes a positive contribution to people, thereby underlining 
its relevance to society. 
In the advisory area, the 17 000-plus advisors who conduct Swiss Life’s dialogue with customers 
have access to digital solutions that support them in the advisory process. The purposeful com-
bination of personal advice and digital support is at the root of Swiss Life’s “phygital approach”. 
This approach ultimately leaves advisors with more time to give their customers personal advice. 
They make targeted use of digital aids where this creates added value for customers, e.g. in iden-
tifying the best solution for them.
Digital customer portals and new forms of collaboration
In the last few years, Swiss Life has repeatedly carried out its own qualitative and quantitative market 
research to find out at an early stage what its customers expect of a sustainable company and to meet 
their needs as best possible. This showed, among other things, that customers see transparency, flex­
ibility, fairness and a long-term business model as important cornerstones of a sustainable company.
In addition to personal advice, Swiss Life also offers its customers access to online portals where they 
can view their documents anytime and anywhere, make appointments, request offers and make 
changes quickly and easily. Online calculation tools are also provided so that customers can simu-
late scenarios on their own. They can then decide how they wish to interact with Swiss Life and 
choose their own mode of access. Swiss Life applies industry standards and uses digital solutions to 
avoid discontinuities in the use of media, reduce the amount of printed paper and guarantee high 
quality.

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2017
2018
2019
2020
2021
2022
0
6
12
30
36
18
24
42
0
100000
300000
400000
200000
500000
Development of Direct Customer Feedback programme
Total contact points recorded (left-hand axis) 
Total feedback recorded (right-hand axis)
Swiss Life intends to continue making targeted investments in digitalisation. Investments in digital 
advisory platforms will thus remain a key element of the new Group-wide “Swiss  Life 2024” 
programme in order to further improve the quality of customer advice and enhance the customer 
experience.
Customer satisfaction and the Net Promoter Score (NPS)
Swiss Life continuously assesses customer satisfaction at the key contact points. Directly following 
interaction, customers are asked about their experience, satisfaction and willingness to recommend 
Swiss Life. Anyone who gives a negative response is contacted within 48 hours. In this way, Swiss Life 
can be sure that it understands the reasons for a negative rating and can offer the customer a solu-
tion. Customer satisfaction is surveyed in close collaboration with an independent market research 
institute.
The Direct Customer Feedback programme has been continuously expanded in recent years.
Swiss Life bases its quantitative measurement of customer satisfaction on the Net Promoter 
Score (NPS), which indicates a customer’s willingness to recommend a provider to family and 
friends. The NPS is surveyed continuously and reported internally on a quarterly basis. What 
is more, the NPS is a component of the objectives-setting process and of performance reviews 
of employees with customer contact.
Swiss Life’s NPS has improved at the key Consulting and Service Center contact points over 
the past four years, thanks to regular customer feedback analysis and the improvements de­rived 
from it.

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Development of the NPS at the Consulting contact point
 	
	
	
	
 	
2022		
2021		
2020		
2019	
Switzerland Individual life 	
+65		
+65		
+57		
+59	
Switzerland Swiss Life Select 	
+60		
+59		
+52		
+48	
France 	
+81		
+76		
+66		
+57	
Germany Swiss Life Select 	
+85		
+85		
+69		
+64	
Austria Swiss Life Select 	
+64		
+66		
+56		
+58	
UK Chase de Vere 	
+67		
+72		
+58		
+56	
At the Consulting contact point, the NPS remained at a high level in 2022 and showed further 
improvements in some areas – thanks, among other things, to end-to-end digital support options 
such as online consulting and self-service platforms, along with our focus on professional and 
personal advice.
Development of the NPS at the Service Center contact point
 	
	
	
	
 	
2022		
2021		
2020		
2019	
Switzerland Individual life 	
+44		
+40		
+39		
+37	
France 	
+7		
+4		
–12		
–13	
Germany Swiss Life Select 	
+33		
+38		
+18		
+9	
Germany Individual life 1	
+38		
n/a		
+23		
+16	
        
1	 No data was available in 2021 due to a reorganisation.
The NPS at the Service Center contact point also showed an improvement. Continuous process 
optimisations and improvements to digital aids, independent quality assurance by employees and 
personal service provided by human beings played a key role here. Customer feedback is regularly 
analysed and used to enhance processes.
In the interests of long-term customer relationships and the optimisation of business activities, 
Swiss Life has systematic complaints management procedures. Complaints about various topics, 
such as advice, products and service delivery, can be submitted in digital or analogue form. 
Swiss Life takes every complaint seriously and uses feedback from its customers to improve its 
service, scrutinise processes and consistently step up its quality assurance efforts.

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Promoting and consolidating a customer-oriented work culture
In addition to measuring customer satisfaction, Swiss Life also conducts surveys to gauge the 
internal perception of its customer orientation. Since 2019, it has been assessing this through 
a Group-wide survey on employee engagement. The survey is conducted biannually in coop-
eration with an independent consulting agency.
The most recent survey in 2021 showed that the percentage of all employees who see Swiss Life 
as a customer-oriented company had remained at a high 86%. This figure was four percentage 
points above that for the most successful companies worldwide and nine percentage points 
above the global average for companies in the financial sector.
Transparent product information and promotion of financial literacy
In addition to a customer-focused advisory approach, Swiss Life pays great attention to ensur-
ing that documentation is complete and easy to understand. Not only does it provide product 
documentation on various insurance and pension topics on the local websites and customer 
portals, it also makes video material and publications available containing additional infor-
mation such as user guides and checklists.
Swiss Life would like to help people develop their financial literacy so they can make better 
decisions. That is why, among other things, it has supported the Swiss financial literacy plat-
form fintool.ch for years now. In Germany, through the Swiss Life “Stiftung für Chancenre-
ichtum und Zukunft” (“foundation for opportunities and the future”), Swiss Life specifically 
assists projects that promote the education of socially disadvantaged children and young 
people and support them in difficult life situations.

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Insurance Business
Swiss Life offers its customers a wide range of solutions for their 
­financial security and future provisions. Their term often extends 
over many years or even decades. Taking sustainability into 
account in product design and underwriting is therefore crucial.
Swiss Life’s underwriting process ensures that the insured portfolio complies with the compa-
ny’s fundamental standards and values. Risk underwriting is in keeping with the regulatory 
requirements and with Swiss Life’s commitment to holistic and value-oriented risk manage-
ment.
Prior to signing a contract, Swiss Life routinely evaluates sustainability factors as part of the risk 
assessment in addition to the medical and financial aspects. In the context of assuming social 
responsibility, Swiss Life seeks to provide insurance cover for all legitimate companies and indi-
viduals. It is thus selective in the way it decides on any rejections or exclusions on the grounds of 
sustainability.
Thus Swiss Life also insures people in group insurance and endeavours not to exclude them from 
any relevant insurance cover just because their employer falls short in terms of sustainability.
If, during the risk assessment, Swiss Life identifies indications of violations of applicable laws or 
of a lack of respect for human rights, or has other reservations regarding the lawfulness of the 
applicant, the insurance application may be rejected following appropriate clarification with the 
applicant. Swiss Life addresses sustainability-related issues with its customers – in the Swiss 
group life business, for example, by incorporating the Responsible Investment approach into 
customer information and communication or raising awareness by explaining its sustainability 
approach on the various boards of trustees.

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Customer centricity and Group-wide value proposition standards
Long-term benefit commitments and obligations arising from pension and financial products 
call for a precise analysis of the legal and regulatory environment and the associated risk in 
advance. This also provides the basis for customer-oriented advice and is key to avoiding advi-
sory errors or transgressions and their possible consequences.
Based on mandatory Group-wide regulations that are implemented through corresponding 
local directives, Swiss Life makes sure that it can deliver its value proposition:
–	The specific structure of products and services is based on Group-wide standards and stringent 
compliance with local regulatory requirements and legislation. The ability of the local Compli-
ance teams to make adjustments, even to existing products and services, is guaranteed. Group-
wide standards for the development of products and services are also adapted to framework 
conditions as required.
–	Product management is regulated through a number of directives at Group level. To this end 
Swiss Life has established a uniform, auditable product development process. This process 
defines the minimum requirements for local product development as well as the approval and 
escalation process for initiatives at Group level. The observance of laws and provisions, practi-
cal customer value and the quality of customer documentation are naturally essential criteria 
in the assessment process.
Sustainable insurance and pension products
As part of its sustainability strategy, Swiss Life has set itself the goal of meeting customer demand 
for sustainable solutions with its own products and solutions and of expanding its product 
range accordingly. Swiss Life is therefore working on further sustainable insurance, pension and 
financial products by way of an ongoing product development process and is making increasing 
use of digital sales channels for this purpose.
Swiss Life has products with integrated sustainability aspects in various markets. For example, 
Swiss Life in Switzerland now offers the Pando 3a solution based on transparent investment 
portfolios. These are geared towards consistently sustainable investments with the aim of mak-
ing a positive contribution to the common good. With the Swiss Life Premium Delegate Prime 
asset management mandate, the Environment investment theme can be selected. It contains 
investment funds that pursue dedicated environmental objectives in addition to financial objec-
tives. In the area of unit-linked life insurance, for example, the Investo pension insurance at 
Swiss Life Germany includes a “Green” option. Depending on the client’s fund selection, various 
ecological and/or social characteristics are supported while good corporate governance practices 
are observed at the same time.

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Advisory
Sustainability is an integral part of Swiss Life’s core business and  
is becoming increasingly important in the context of advice.
The company’s own market research studies on sustainability show that although customers are 
interested in sustainable products, they do not know exactly how to put their goals and wishes 
in this regard into practice. People have a fundamental need to make informed and self-deter-
mined financial decisions. Swiss Life advisors therefore have an important role to play: they sup-
port customers in realising their needs and visions of sustainability. This is also a source of new 
business opportunities for Swiss Life.
Advisory competence and transparency
A number of divisions in the Swiss Life Group have launched local products with sustainabil-
ity aspects in recent years. ESG factors are also incorporated into the advisory processes via 
these products and solutions. In 2022, Swiss Life increasingly integrated the relevant sustain-
ability aspects  into its advisory process and its marketing and sales documents. In doing so, 
the company is also meeting customers’ growing expectations. 
Swiss Life is integrating (potential) customers’ individual sustainability preferences directly into 
the advisory processes and instruments in its EU-based divisions in accordance with the 
respective regulatory requirements via a questionnaire. In this way, the company is ensuring 
that advisors carry out the aptitude test to identify sustainability preferences and enable 
(potential) customers to make decisions on the basis of sound information. To develop the 
relevant advisory competencies, Swiss Life has introduced a range of training measures. In 
Germany, for example, these consist of several digital training modules that can be visited on 
the eCampus, the training centre operated by Swiss Life. With this ambition, Swiss Life is also 
meeting the regulatory requirements of the European Union. Initial experience with querying 
customers’ preferences shows that sustainable financial products and solutions meet an exis­
ting customer demand. In Switzerland, too, Swiss Life is working on the “sustainability prefe­
rences query” process and on integrating it into advisory processes and instruments.
As part of its new sustainability strategy, Swiss Life has set itself the goal of utilising its advi-
sors’ market strength and consistently embedding sustainability in its advisory business. In 
the coming year, Swiss Life wants to systematically strengthen the competencies it has built 
up in its advisory organisations, refine processes and integrate new sustainability offerings 
(both proprietary and third-party). It also intends to further increase its advisors’ market 
strength.

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Sustainability as an Employer
The success of Swiss Life is based on the skills and engagement of its 
staff. Swiss Life promotes the continuous development of its employees 
and offers them a working environment where they act with  
personal responsibility.
Employees and Working Environment.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .149
Employee Leadership and Communication.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150
Employee Retention.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155
Employee Development.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157
Collaboration and Diversity.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
Health and Safety.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165
Social Partnership.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167

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Employees and Working Environment
The success of Swiss Life as a leading provider of comprehensive life and pensions and financial 
solutions is based on the professionalism and engagement of its employees. That is why Swiss Life 
aims to attract talented people, retain them and continuously support their development. Thanks 
to its competitive working conditions and a modern working environment, Swiss Life is seen as an 
attractive employer not only by potential employees but also by current ones. Swiss Life is commit-
ted to equal opportunity for all employees and offers them a working environment in which they 
can assume personal responsibility. Overall, Swiss Life achieves a balanced diversity of its work-
force.
Group Human Resources manages the divisional HR organisations functionally at Group level. 
The basic principles, responsibilities and processes are defined and documented in the directives 
system of the Swiss Life Group. The relevant directive is reviewed regularly and adapted as neces-
sary to new requirements.
All processes, measures and initiatives of Human Resources are aimed at creating the sort of work-
ing conditions in which employees can best contribute their ideas, skills and competencies in line 
with the purpose and objectives. The focus is on a modern understanding of leadership and on 
achieving an appropriate work-life balance (e.g. through hybrid work models). In addition, system-
atic HR processes are in place to ensure proper succession planning, especially for positions of 
particular relevance to the business. 
The Swiss  Life Group’s Guideline on combating discrimination and promoting diversity and 
inclusion forms the basis for all activities in this area. These are aimed at dispelling prejudices and 
reaping the benefits that a diverse company workforce can bring. Moreover, the Group Compensa-
tion Policy ensures fair and equal compensation for all employees throughout the Group. Occupa-
tional health and safety measures are based on the belief that good working conditions influence 
the health of employees.
Thanks to its multi-divisional organisation, Swiss Life is able to swiftly anticipate and react to 
changes in the labour markets. All processes and instruments are continuously reviewed and 
adapted to the new requirements.

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Employee Leadership and Communication
The Swiss Life corporate culture gives employees plenty of scope to take responsibility. This can be 
attributed to good leadership at Swiss Life. By delegating competencies and responsibilities to 
employees, managers not only foster their innovation and potential for independent action but 
also express respect and appreciation. Employees value the trust placed in them, as evidenced for 
example by the above-average engagement score. As a basis for successful leadership and commu-
nication, Swiss Life has established behavioural principles applicable throughout the Group that 
serve as a formal framework.
Swiss Life’s behavioural principles:
–	I think consistently from the customer’s point of view.
–	I collaborate effectively in the best interests of the company.
–	I act in an efficient and goal-oriented way.
–	I work in a committed and agile manner.
–	I build trust by listening and communicating openly.
–	I pursue continual self-development.
The behaviour principles for managers:
–	I think and act in an exemplary manner and in the best interests of the company.
–	I create meaning and understanding within the context of our purpose.
–	I trust my employees.
–	I encourage appreciative collaboration.
–	I promote the development of my employees.
–	I set and achieve ambitious goals.
Transparent human resources management through standardised processes
The following Group-wide standard HR management processes are used to provide optimal  
support to managers and employees.
–	Regular discussions with all employees
–	Regular performance appraisal and feedback processes (setting of objectives and assessment/
management by objective) with all employees (100%)
–	Discussions regarding career development and measures
–	Decisions on salaries and promotions
–	Strategy and value-oriented behaviour
–	Assessment and management of employee risks

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Full-time equivalents by country
 	
	
	
 	
2022		
2021		
2020	
Switzerland 	
3 568		
3 766		
3 646	
France 	
2 789		
2 918		
2 802	
Germany 	
2 426		
2 343		
2 296	
Luxembourg 	
256		
235		
227	
Liechtenstein 	
27		
21		
23	
Other 	
1 059		
936		
829	
TOTAL 	
10 126		
10 219		
9 823	
Employees by country
 	
	
	
 	
2022		
2021		
2020	
Switzerland 	
3 877		
4 198		
4 094	
France 	
2 901		
3 022		
2 877	
Germany 	
2 541		
2 447		
2 417	
Luxembourg 	
274		
248		
240	
Liechtenstein 	
30		
28		
26	
Other 	
1 089		
947		
870	
TOTAL 	
10 712		
10 890		
10 524	
Employees by gender
 	
	
	
in % 	
2022		
2021		
2020	
Women 	
47		
47		
47	
Men 	
53		
53		
53	
Employees by age group
 	
	
	
in % 	
2022		
2021		
2020	
<30 	
15		
15		
15	
30–50 	
58		
58		
58	
>50 	
27		
27		
27

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Newly hired employees by gender per segment
 	
	
	
	
	
	
	
	
	
	
	
	
 	
	
	
		
		
 		
		
	
 	
	
	
	
	
 	
2022		
2021		
2020	
 	
Men		
in %		
Women		
in %		
Men		
in %		
Women		
in %		
Men		
in %		
Women		
in %	
Switzerland 	
203		
59.5		
138		
40.5		
200		
57.8		
146		
42.2		
250		
60.5		
163		
39.5	
France 	
219		
42.6		
295		
57.4		
293		
46.1		
342		
53.9		
251		
42.0		
347		
58.0	
Germany 	
102		
47.0		
115		
53.0		
127		
46.9		
144		
53.1		
178		
45.2		
216		
54.8	
International 	
151		
46.9		
171		
53.1		
112		
48.5		
119		
51.5		
80		
46.2		
93		
53.8	
Asset Managers 	
222		
48.6		
235		
51.4		
354		
53.4		
309		
46.6		
338		
47.7		
371		
52.3	
Other 	
3		
42.9		
4		
57.1		
6		
50.0		
6		
50.0		
8		
50.0		
8		
50	
TOTAL 	
900		
48.4		
958		
51.6		
1 092		
50.6		
1 066		
49.4		
1 105		
48.0		
1 198		
52.0	
Departures of employees by gender per segment
 	
	
	
	
	
	
	
	
	
	
	
	
 	
	
	
		
		
 		
		
	
 	
	
	
	
	
 	
2022		
2021		
2020	
 	
Men		
in %		
Women		
in %		
Men		
in %		
Women		
in %		
Men		
in %		
Women		
in %	
Switzerland 	
212		
63.7		
121		
36.3		
187		
68.0		
88		
32.0		
145		
60.4		
95		
39.6	
France 	
214		
44.2		
270		
55.8		
232		
44.9		
285		
55.1		
181		
40.8		
263		
59.2	
Germany 	
81		
49.1		
84		
50.9		
87		
58.0		
63		
42.0		
96		
45.5		
115		
54.5	
International 	
158		
53.4		
138		
46.6		
108		
50.5		
106		
49.5		
55		
40.2		
82		
59.8	
Asset Managers 	
134		
40.4		
198		
59.6		
251		
44.7		
311		
55.3		
209		
48.5		
222		
51.5	
Other 	
6		
85.7		
1		
14.3		
2		
33.3		
4		
66.7		
7		
58.3		
5		
41.7	
TOTAL 	
805		
49.8		
812		
50.2		
867		
50.3		
857		
49.7		
693		
47.0		
782		
53.0

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Measures taken with regard to the 2021 Employee Survey
Swiss Life performs a Group-wide employee survey on engagement every two years in cooperation 
with an independent research institute1 to gauge employee satisfaction and establish where there 
is room for improvement. The response rate to the survey conducted in 2021 was 84% and the 
engagement value 76%. The following improvement measures have been implemented (among oth-
ers):
The Switzerland Division has prioritised three areas for action. The optimisation and simplifica-
tion of processes were addressed using the “lean life process management” approach. The aim is to 
optimally coordinate all activities that are necessary for value creation and to avoid unnecessary 
activities. Around 30 employees were certified as “LEAN Masters” in a training course. In their role 
as multipliers, they pass on their knowledge to their colleagues and thus ensure the implementa-
tion of the project. In order to further develop cooperation and further establish a culture of trust, 
a large number of workshops and learning opportunities have been implemented. When imple-
menting development measures, the focus is on creating communities for networking purposes 
and learning agile working techniques.
The Germany Division has initiated the following measures: The suggestions made by employees 
on development opportunities and concepts for shaping an efficient meeting culture have been 
successfully implemented. The topic of social responsibility was regularly discussed in so-called 
“meet-ups” with the Executive Board. The next step is to specify and implement the ideas devel-
oped by the employees at “barcamps” for possible initiatives on sustainability and employee reten-
tion.
The International Division has identified the themes “Teamwork” and “Trust in leadership” as 
strengths. The measures taken build on these themes in order to consolidate and further strengthen 
them. Specifically, this involves a wide range of networking opportunities and events for em­ployees. 
The Swiss Life Asset Managers division has, among other things, implemented the “AM Academy” 
based on the results of the employee survey. This is a uniform, division-wide, structured learning 
platform on which all learning opportunities for employees and managers of Swiss Life Asset Man-
agers are available. In particular, a specific learning programme on health and wellbeing has been 
set up with its own learning path. Along with the AM Academy, a new talent programme for high 
potentials has been implemented. In addition to the focus on development, special focus was 
placed on talent acquisition and employer branding. The first AM-wide employer branding cam-
paign was launched, which also includes new websites on career and vacancies.
1 Korn Ferry 2021

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2022
2021
2020
Switzerland
France
Germany
International
Asset 
Managers
Division
Top apprenticeship company 
for young sports talents – Swiss 
Olympic in collaboration with 
the United School of Sports 
Top 100 most attractive 
employers – «Universum»1
Most attractive employer 
for students and young employees 
– «Universum»1
Top Employer (Swiss Life Select) 
«Best Recruiter» – silver award
St. Gallen Diversity Benchmarking – 
We participate 2022
Committed to the Diversity Charter, 
Advance Gender Equality in Business
Top Employer
(Top Employer Certifi cation)
Top Employer
(Top Employer Certifi cation)
Fair Trainee Programme – 
Tendence (Swiss Life Germany)
Top employer in the property 
industry – Immobilienzeitschrift 
(Swiss Life AM Germany and BEOS)
Top Company 2022 – kununu 
(Swiss Life AM and Livit)
First place in the kununu ranking 
of best employers in Zurich in the 
category of large companies
Fair Trainee Programme – 
Tendence (Corpus Sireo)
Top employer in the real estate 
sector (3rd place BEOS)
Red Dot Winner: Brands & 
Communication Design 2021
Fair Trainee Programme – 
Tendence (Corpus Sireo)
Top employer in the property 
industry – Immobilienzeitschrift 
(BEOS)
Real Estate Manager Award in the 
Human Resources Category (BEOS)
«Best Recruiter» – silver award
(AM Switzerland)
Top Employer 
(Top Employer Certifi cation)
Top Employer
(Top Employer Certifi cation)
Top Employer
(Top Employer Certifi cation)
Top Employer
(Top Employer Certifi cation)
Top 100 most attractive 
employers – «Universum»1
Most attractive employer 
for students and young 
employees – «Universum»1
Top Employer (Swiss Life Select)
«Best Recruiter» – silver award
Top apprenticeship company 
for young sports talents – Swiss 
Olympic 
St. Gallen Diversity Benchmarking – 
We participate 2021
Top 100 most attractive 
employers – «Universum»1
Most attractive employer 
for students «Universum»1
Top Employer (Swiss Life Select)
«Best Recruiter» – silver award
Top apprenticeship company for 
young sports talents – Swiss 
Olympic 
1 Employer Branding Research Company, Stockholm
Awards
External organisations also recognise Swiss Life’s commitment:

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Employee Retention
Swiss Life supports its employees in shaping their working lives themselves through all phases of 
their career. With its Group-wide “Actively shaping your career” programme, Swiss Life aims to 
strengthen the individual resources of its employees. This takes account of and seeks to reconcile 
operational requirements with employees’ personal needs in various phases of their working and 
private life.
Attractive benefits for employees
Employees of the Swiss Life Group enjoy a wide range of company benefits at all locations. 
These include the following:
–	 Generous contributions to insurance schemes covering the areas of healthcare (health insur-
ance), pensions (retirement provisions) and risk (death and disability)
–	 Discounts on public transport
–	 Bonuses for recruiting new employees 
–	 Anniversary payments or additional leave 
–	 Professional support for work-related or private challenges 
–	 Allowances for a wedding or the birth of a child
–	 The option of part-time employment at the end of an employee’s career 
–	 Professional support with the provision of care for family members 
Work-life balance
Swiss Life wishes to support its employees in reconciling work and private life and offers them 
corresponding solutions at all locations:
–	 Paid maternity/paternity leave in excess of the statutory minimum
–	 Various time-out models 
–	 Flexible working arrangements that facilitate location-independent working 
–	 Opportunities for part-time employment and job sharing at all hierarchical levels
–	 Support with the search for childcare facilities or care for family members

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Number of employees taking maternity/paternity leave
 	
	
	
	
 	
	
	
 	
	
	
		
		
 		
		
		
 		
		
	
 	
2022		
2021		
2020	
 	
Men		
in %		
Women		
in %		
Men		
in %		
Women		
in %		
Men		
in %		
Women		
in %	
Switzerland 	
65		
67.7		
31		
32.3		
2	 1	
6.3		
30		
93.7		
2	 1	
6.7		
28		
93.3	
France 	
58		
35.4		
106		
64.6		
52		
33.8		
102		
66.2		
35		
32.4		
73		
67.6	
Germany 	
33		
47.8		
36		
52.2		
49		
40.5		
72		
59.5		
34		
49.3		
35		
50.7	
International 	
12		
15.2		
67		
84.8		
15		
26.3		
42		
73.7		
7		
11.9		
52		
88.1	
Asset Managers 	
72		
47.7		
79		
52.3		
63	 1	
43.8		
81		
56.3		
41	 1	
40.6		
60		
59.4	
Other 	
0		
0.0		
1		
100.0		
4		
80		
1		
20.0		
–		
–		
1		
100.0	
TOTAL 	
240		
42.9		
320		
57.1		
185		
36.1		
328		
63.9		
119		
32.3		
249		
67.7	
Number of employees who returned to work following completion of maternity/paternity leave
 	
	
	
	
 	
	
	
	
 	
	
	
		
		
 		
		
		
 		
		
	
 	
2022		
2021		
2020	
 	
Men		
in %		
Women		
in %		
Men		
in %		
Women		
in %		
Men		
in %		
Women		
in %	
Switzerland 	
60		
73.2		
22		
26.8		
1	 1	
5.0		
19		
95.0		
2	 1	
100.0		
28		
100.0	
France 	
51		
41.5		
72		
58.5		
50		
96.2		
76		
74.5		
35		
100.0		
40		
54.8	
Germany 	
34		
43.0		
45		
57.0		
42		
85.7		
35		
48.6		
31		
91.2		
29		
82.9	
International 	
12		
23.1		
40		
76.9		
18		
120.0		
22		
52.4		
7		
100.0		
25		
48.1	
Asset Managers 	
69		
59.5		
47		
40.5		
61	 1	
96.8		
88		
108.6		
34	 1	
82.9		
45		
75.0	
Other 	
0		
0.0		
1		
100		
4		
100		
0		
0.0		
–		
–		
1		
100.0	
TOTAL 	
226		
49.9		
227		
50.1		
176		
42.3		
240		
57.7		
109		
91.6		
168		
67.5	
  	
 	
 	
 	
 	
 	
 	
 	
 	
 	
 	
 	
1	 Without employees in Switzerland	
The number of employees who returned to work in the year under review following maternity/
paternity leave may be greater than the number of employees who went on maternity/paternity 
leave. Maternity or paternity leave may have started in the previous year and ended in the year 
under review. It is thus possible for the values to exceed 100%.

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Employee Development
At Swiss Life, continuous professional development and regular investments in the employabil-
ity of its staff are of paramount importance. Employees benefit from a broad range of training 
and development programmes. This is continuously reviewed, further developed and expanded 
by an expert committee in accordance with new needs and requirements. The offering is freely 
accessible to all employees so that they can pursue further training in line with their individual 
needs in their day-to-day work, regardless of time or place.
Swiss Life additionally offers its employees attractive training programmes through targeted 
partnerships with educational institutions such as universities:
–	Swiss Life Switzerland has established an Inhouse Certificate of Advanced Studies (CAS) in 
cooperation with the Kalaidos University of Applied Sciences (FH). The first graduates will 
complete a “CAS FH in Reinventing Work” in 2023. In cooperation with the Mendo training 
institution and the Institute for Financial Planning (IfFP), Swiss Life Switzerland offers its 
sales force employees the opportunity to qualify as a certified financial advisor IAF or Swiss 
federally certified financial advisor. There is also the option of taking the examination for 
insurance intermediaries of the Insurance Industry Vocational Training Association (VBV) 
that is recognised throughout Switzerland. By joining the Cicero register (the seal of approval 
for excellence in insurance advising), sales force employees undertake to continuously develop 
their skills further. In this way, customers benefit from in-depth expertise that is fully up to 
date at all times.
–	For the training and certification of sales and asset management staff, Swiss Life France has 
entered into partnerships with KEDGE Business School, EM Normandie Business School and 
Université Paris Dauphine – PSL.
–	As part of initial training or studies, Swiss Life Germany works together at the Garching and 
Hanover locations with the respective universities of applied sciences, vocational schools and 
the Berufsbildungswerk der Deutschen Versicherungswirtschaft (BWV Munich). In addition, 
actuarial training in Garching takes place in close partnership with the German Association 
of Actuaries (DAV).
–	Swiss Life Asset Managers sponsors various study prizes in the area of promoting young talent: 
Together with Lucerne University of Applied Sciences and Arts, it presents the Swiss Life Thesis 
Award for the best Bachelor’s and Master’s theses in the field of finance and sponsors the 
Swiss Life MFE Award (Master of Financial Engineering) at the Federal Institute of Technology 
in Lausanne (EPFL). Since 2022, Livit has been offering a Certificate of Advanced Studies (CAS) 
Real Estate Accounting in cooperation with Wincasa, the school of the Swiss Real Estate Asso-
ciation (SVIT) and the Zurich University of Applied Sciences (HWZ). This practice-oriented 
sandwich course provides all the subject-specific and methodological basics.

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Training and development for managers are based on the behavioural principles of the Swiss Life 
Group. The course offerings are being continually expanded to meet the current demands of the 
world of work, e.g. by topics such as hybrid leadership, managing virtual teams and resilience. 
Resilience in management means reacting flexibly, seeing mistakes as a learning opportunity, 
and allowing others opportunities for participation and development. These offerings are aimed 
at employees who are already in a management role as well as those who are new to such roles. 
Each division develops and implements specific leadership development programmes for differ-
ent target groups in accordance with its priorities.
The Swiss Life Group also offers junior staff a wide range of vocational training courses, appren-
ticeships, internships, graduate and trainee programmes and combined university degrees. In 
Switzerland, some 88% of trainees, interns and graduates on graduate training programmes are 
offered employment on completion of their training.
Specific development for talented employees
With its Group-wide personnel information and management system (Workday), which will be 
implemented by 2024, Swiss Life aims to increase the consistency of its personnel management 
processes. This includes systematic and comprehensive succession planning using a standard-
ised process. The process identifies business-critical succession positions, nominates internal 
and external candidates, assesses their potential and willingness as well as their development 
needs, and thus ensures a comprehensive succession-planning and development programme on 
multiple levels.
The individual divisions have specific programmes to help prepare future first and second-level 
managers (team leaders and department heads) as well as project managers and specialists for 
their future roles through training modules and project work.
At the level of the Swiss Life Group, the Key Persons Programme (KPP) is directed at Swiss Life 
Group managers, specialists and project managers who already hold a key position at senior level 
or show potential for such a position. The aim of the Group-wide programme is to prepare peo-
ple who show the desire and ability to help shape the company’s future in their own areas for a 
key position so that they can live up to their role as decision maker. The programme thus plays a 
role in employee and succession planning. Within a period of about 15 months, participants 
acquire a detailed insight into the Swiss  Life Group’s main areas, receive and provide fresh 
impulses and apply what they have learnt to their daily work. The KPP’s focus themes are:
–	In-depth understanding of Swiss Life’s corporate strategy and divisional business models
–	People leadership and communication
–	Finance
–	Innovation
–	Trends and organisational development

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Turnover by segment – Net employee turnover (resignation by employees)
in %
0
25
20
15
5
10
2021	
	
	
	
	
2022	
	
	
	
	
 
8.5
11.0
Switzerland
12.1
France
10.8
4.3
Germany
6.0
16.9
International
15.6
14.9
Asset 
Managers
10.9
8.9
Other
15.2
11.2
Total
10.7
Alumni of the Key Persons Programme meet the participants every year at the “Shaping the 
Future Day” event. At this conference they dig deep into strategically relevant issues around 
implementation of the current corporate programme and hold discussions with the Group 
Executive Board and other key people. The Key People Network (KPN) was launched on the 
occasion of Shaping the Future Day 2022. The aim of this network is to inspire and encourage 
participants to learn, and to share and use existing knowledge, experience and ideas within 
Swiss Life through mentoring and mutual support. At the founding event, the alumni gained 
insight into the topic of “network organisation” through external and internal speakers; they 
cultivated existing relationships and forged new ones.
Average number of years employed by segment
 	
	
 	
		
		
	
 	
2022		
2021		
2020	
Switzerland 	
11		
11		
11	
France 	
10		
10		
11	
Germany 	
10		
10		
10	
International 	
6		
5		
6	
Asset Managers 	
6		
5		
5	
Other 	
9		
10		
10	
TOTAL 	
9		
9		
9

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Board of Directors by gender
Total 12 as at 31.12.2022
Men  75% 
Women  25% 
 
Employees without management functions 
by gender
Total 9 063 as at 31.12.2022
Men  51% 
Women  49% 
 
Employees at senior and executive management 
levels by gender1,2
Total 60 as at 31.12.2022
Men  87% 
Women  13% 
 
Employees with management functions 
by gender1
Total 1 649 as at 31.12.2022
Men  65% 
Women  35% 
 
Employees at middle and lower management 
levels by gender1,3
Total 1 589 as at 31.12.2022
Men  65% 
Women  35% 
TBU
1 	Positions with leadership responsibility
2 	Members of the Group, division and business area management
3 	Department and team heads
 
Collaboration and Diversity
At Swiss Life, employee diversity is valued. It is an important element for business success. Mutual 
respect and a collaborative working culture across linguistic, cultural and national borders are 
fundamental for this. Different perspectives and approaches, experiences, ideas and skills lead to 
innovation and serve to secure the long-term success of Swiss Life, including when competing for 
qualified professionals.

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Diversity and respect as the basis for collaboration based on trust
The Group-wide Guideline on combating discrimination and promoting diversity and inclusion 
according to the International Labour Organisation (ILO) Conventions forms the basis for the 
divisions’ specific initiatives and programmes. These enable Swiss Life to pursue the goal of 
increasing diversity in its workforce as a whole. These include:
–	Flexible working and development models for all career phases up to and beyond normal retire-
ment age and at all locations
–	Reverse mentoring (the junior also coaches the senior) at all locations
–	Participation of Swiss Life Switzerland in “St. Gallen Diversity Benchmarking” at the insur-
ance institute of the University of St. Gallen (HSG) as well as in a Diversity & Inclusion working 
group of the Swiss Insurance Association (SIA) 
–	The inclusive and co-creative development of a basis document on “Diversity through inclu-
sion” at Swiss Life Switzerland; as well as ongoing awareness-raising with regard to uncon-
scious prejudices plus opportunities for job sharing and top sharing
–	Launch of a three-year plan for employees with disabilities at Swiss Life France that comprises 
job offers, workplace adaptation and the like
–	Partnership of Swiss Life France with the national association “LADAPT” (L’association pour 
l’insertion professionnelle aet sociale des personnes handicapées); the development of an inter-
nal women’s network and the provision of training opportunities to develop leadership and 
self-marketing, according to the level of experience
–	Specific training courses on “How women successfully shape their career” and dealing with 
unconscious bias against women at Swiss Life 
–	Childcare facilities at Swiss Life Germany’s own day-care centres or equivalent cooperative ven-
tures at the Hanover and Garching locations, as well as the initiative to hold interviews for all 
employees aged 50 and over to discuss their future career and deployment prospects 
–	The proactive addressing of unconscious prejudices as part of recruitment processes and suc-
cession planning by the Asset Managers division. Also: raising awareness of inclusion and 
diversity with the “365 Days of Inclusion” initiative. In addition to five “action days”, weekly 
“food for thought” sessions, “inspirations”, learning content and view-sharing opportunities 
are offered.
–	The launch of the podcast entitled “365”, which presents the diversity of employees and the 
areas of responsibility at Swiss Life Asset Managers; and cooperation with the organisation 
“MYAbility”, which is committed to creating a fair and equal society; specifically, three tal-
ented individuals with a physical disability are given the opportunity to work in a “job shadow-
ing” capacity.
–	The “WoMentoring Programme” of Swiss Life Select in Austria, which addresses women who 
are prepared to act as change agents in actively supporting others on their way to the top.
–	The active advocacy of elipsLife in the Netherlands for equal opportunities for men and 
women, with a focus on recruitment for management positions and offers of internal transfers. 
Where there is a risk of staff departures, opportunities for part-time work are reviewed and 
implemented as far as organisationally possible.

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Employees by contract type
 	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
		
		
		
		
	 	
		
		
		
		
	 	
		
		
		
		
	
	
	
	
Total 10 712 as at 31.12.2022		
Total 10 890 as at 31.12.2021		
Total 10 524 as at 31.12.2020	
 	
		
		
		
		
Total	 	
		
		
		
		
Total	 	
		
		
		
		
Total	
 	
Men		
in %		
Women		
in %		
in %	 	
Men		
in %		
Women		
in %		
in %	 	
Men		
in %		
Women		
in %		
in %	
Employees full-time 	
5 210		
58.8		
3 646		
41.2		
82.7	 	
5 293		
59		
3 646		
41		
82	 	
5 126		
59		
3 500		
41		
82	
Employees part-time 	
448		
24.1		
1 408		
75.9		
17.3	 	
441		
23		
1 510		
77		
18	 	
434		
23		
1 464		
77		
18	
Permanent employment 	
		
		
		
		
	 	
		
		
		
		
	 	
		
		
		
		
	
contracts 	
5 595		
53.1		
4 943		
46.9		
98.4	 	
5 643		
53		
4 985		
47		
98	 	
5 440		
53		
4 779		
47		
97	
Temporary employment 	
		
		
		
		
	 	
		
		
		
		
	 	
		
		
		
		
	
contracts 	
63		
36.2		
111		
63.8		
1.6	 	
91		
38		
171		
62		
2	 	
120		
39		
185		
61		
3	
The Swiss Life Group uses targeted processes, training courses, guidelines and regulations to 
ensure that no bullying or discrimination on the basis of gender, ethnicity, language, religion, 
confession, national origin, age, sexual orientation, physical or mental handicap, marital status, 
political views, company rank, working model or level of employment, education or other (visible 
or invisible) personal characteristics is tolerated. The specialist units in the divisions take tar-
geted measures to prevent harassment, bullying, victimisation and retaliation. Corresponding 
guidelines, employee and line manager training and educational materials encourage employees 
to voice their concerns. In addition, Swiss Life has established confidential escalation and grie­
vance processes and informal and confidential complaint channels for receiving and handling 
cases of discrimination and complaints.
–	The directive on conflict management, discrimination, sexual harassment and bullying at the 
workplace sets out the principles and processes for the Switzerland Division in respect to these 
topics. The Social Care Consulting specialist unit is the point of contact for confidential and 
solution-oriented internal advice for employees and managers in matters concerning psycho-
logical and physical disorders, impaired performance, stress, conflict, bullying, discrimination, 
sexual harassment, dependencies (addiction) and other problematic situations. Employees can 
also contact the social partner (staff committee). 
–	The Guideline on Conflict Resolution at the Workplace covers all the processes for the Swiss Life 
Asset Managers division with regard to this topic. Employees can contact internal units such 
as Human Resources or the social partners if they have any problems. External contacts are 
also available: the Association for Health in the Financial Sector (ASTF) in Luxembourg or the 
“PME Familienservice” as well as local accredited doctors in Germany. 
–	There is a guideline at the Luxembourg location on the prevention and management of psycho-
social risks, in particular bullying and various forms of harassment. Employees affected by 
bullying can also contact internal or external advisers.

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Fair employment procedures free of discrimination
In accordance with applicable national and international law and the conventions of the Inter-
national Labour Organization (ILO), the Swiss Life Group adopts fair and non-discriminatory 
employment procedures with the aim of ensuring equal opportunity. Recruitment or promotion 
is based exclusively on ability, competence and potential in accordance with the requirements of 
the position in question. When recruiting staff, Swiss Life aims to achieve a balanced relation-
ship between applicants from different diversity dimensions:
–	At Swiss Life Switzerland, vacancies at all levels are systematically reviewed for part-time and 
top-sharing/job-sharing opportunities and are advertised accordingly. The early identification 
of potential staff risks and their causes takes into account relevant key figures and the strategy 
for the next three years. The results are incorporated into the annual HR planning processes 
and serve as the basis for operational measures. Furthermore, the Switzerland Division evalu-
ates its recruitment channels and the responses to its job advertisements. Finally, the subject of 
unconscious bias is explicitly addressed in respect of personnel recruitment with a structured 
approach in terms of content and process.
–	The Swiss Life Asset Managers division evaluates its recruitment channels and the reactions to 
its job advertisements with data from the HR information system and “LinkedIn Monitoring”. 
In addition, the division participates in various programs that make it easier for minority 
groups to enter the labour market: “Job shadowing” for students with disabilities in Switzer-
land and internships under the “10 000 Black Interns” programme in the United Kingdom (the 
programme offers paid internships to black students and university graduates). Finally, the 
training of recruitment specialists explicitly addresses the issue of unconscious bias in recruit-
ment.
Vacancies filled by internal candidates
 	
	
	
	
	
	
 	
2022	 	
2021	
 	
	 	
Number of	 	
	 	
	 	
Number of	 	
	
 	
	 	 vacancies filled	 	
	 	
	 	 vacancies filled	 	
	
 	
Number of	 	
by internal	 	
	 	
Number of	 	
by internal	 	
	
 	
vacancies filled	 	
candidates	 	
in %	 	 vacancies filled	 	
candidates	 	
in %	
Switzerland 	
341	 	
71	 	
20.8	 	
346	 	
39	 	
11.3	
France 	
514	 	
92	 	
17.9	 	
635	 	
46	 	
7.2	
Germany 	
217	 	
30	 	
13.8	 	
271	 	
39	 	
14.4	
International 	
322	 	
95	 	
29.5	 	
231	 	
63	 	
27.3	
Asset Managers 	
457	 	
6	 	
1.3	 	
663	 	
76	 	
11.5	
Other 	
7	 	
2	 	
28.6	 	
12	 	
6	 	
50.0	
TOTAL 	
1 858	 	
296	 	
15.9	 	
2 158	 	
269	 	
12.5

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Fair and equal compensation for all employees is ensured by the Group Compensation Policy, 
which is applicable throughout the Group. For a number of years, Swiss Life has had processes 
and instruments in place for eliminating the gender-specific salary gap at all its national compa-
nies. Some examples:
–	Swiss Life actively promotes equal pay for women and men at its Swiss location and has for 
several years used the “Logib” software of the Federal Office for Gender Equality to review 
equal pay. Regular and systematic consideration of equal pay issues ensures that there is no 
gender discrimination in the pay structure.
–	At the French location, the occupational equality index for Swiss Life France, as defined in the 
“Avenir professionnel” law, has achieved a score of 92 out of 100 points since 2020. Analysis of the 
results makes it possible to define measures such as salary increases following maternity leave 
and the representation of women in senior management positions. Since 2020, the index for 
equal pay for Swiss Life Asset Managers France has stood at 94 out of 100 points.
–	In Germany, the Transparency in Wage Structures Act (EntGTranspG) applies; this prohibits 
unequal pay on the grounds of gender. Men and women must receive equal pay for equal work.
–	Swiss Life International publishes a Gender Pay Report every year at its UK location containing 
average and median figures on salary and bonus differentials, figures on the proportion of 
employees receiving a bonus, and percentiles by gender.

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Health and Safety
Good working conditions have a positive influence on employees’ health. Swiss Life attaches 
great importance to ensuring a holistic work structure with a variety of tasks. Furthermore, it 
promotes social interaction and autonomy, and offers professional scope as well as learning and 
development opportunities. The aim is always to ensure that employees’ work is meaningful and 
to show them appreciation. Swiss Life aims to offer its employees a safe and healthy working 
environment.
Occupational safety and health management
The nature of employment at a service provider means that general health and safety risks are rela-
tively low. The framework conditions for health and safety at the workplace, which are provided by 
European and local laws and regulations, apply to all Swiss Life companies and form the basis of 
all health management and labour protection standards and guidelines.
Hazard identification, risk assessment and investigation of work-related incidents are integrated 
into the management system and guaranteed by the relevant regulations and processes, which in 
turn are based on the aforementioned legal principles. Some examples:
–	At Swiss Life France, a committee for the management of health, safety and working condi-
tions meets quarterly in the presence of employee representatives (employee participation). 
Accidents at work are analysed and undergo a risk assessment and, if necessary, result in the 
adaptation of safety measures. An annual review and a risk prevention programme are estab-
lished and are the subject of reports submitted to the elected staff representative. Health ser-
vices and local representatives support employees in matters relating to health and working 
conditions. In addition, three specially trained mediators are responsible for preventing har-
assment and sexist remarks.
–	At the Luxembourg location of the International division, a staff delegate oversees health and 
safety aspects in accordance with the legal requirements and in cooperation with the desig-
nated employee representative.
To ensure employees’ safety and health, the divisions employ staff at their locations who are spe-
cialised in these areas. Moreover, managers are responsible for helping employees to comply with 
occupational safety measures and for protecting their health. In order to continuously improve 
the management approach and the impact of the measures taken, specialists and managers 
regularly review their effectiveness and make improvements where necessary.

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Absence by segment
in %
0
5
4
3
1
2
2021	
	
	
	
	
2022	
	
	
	
	
 
Switzerland
4.7
3.5
France
3.0
4.3
Germany
3.1
4.7
International
2.3
2.6
Asset 
Managers
1.7
2.8
Other
1.2
2.8
Total
3.0
3.6
A wide selection of services to promote health and well-being
All divisions have a wide range of preventive measures for employees to help them stay healthy: 
These include:
–	Mental health and preventative assistance for psychosocial risks such as stress, work and other 
pressures, health issues, addictions, conflicts, bullying, sexual harassment and discrimination 
as well as crisis management, conflicts at the workplace and partnership problems
–	Support with the organisation and financing of long-term care services 
–	Access to an occupational physician 
–	Free flu vaccinations
–	Health amenities such as a sports club, company fitness facilities, on-site physiotherapy and 
relaxation rooms
–	Ergonomically designed workstations
–	E-learning offerings on health and well-being 
Employee involvement in occupational health and safety matters takes place via the social part-
ners (based on collective agreements and, in Switzerland, on the basis of participation rights). 
Employees can access the offerings via various communication channels, such as the intranet. In 
addition, the managers regularly inform staff about the available management channels.
All employees of the Swiss Life Group have access at all times to online training options consisting 
of text content, short videos, checklists and learning programmes on the topic of occupational 
safety and health protection which they can use wherever they happen to be.
Thus employee health and prevention programmes are a central focus of the Swiss Life Group’s 
corporate activities. The emphasis is on preventive care. In cooperation with their social partners, 
all divisions offer facilities for exercise and sport, massage and therapy (e.g. physiotherapy) plus 
relaxation rooms and a full range of advice, including in the areas of nutrition and social counsel-
ling. Safety at the workplace (with regard to equipment, work tools and instruction) is continu-
ously monitored and adapted to changing requirements.

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Social Partnership
The employee-employer relationship at Swiss Life is characterised by close contact between 
employee representatives and the Corporate Executive Board. Since 1996, Swiss Life has had 
a European Works Council (pursuant to EU Directives 94/45/EC and 2009/38/EC).
The ten-person “Europa Forum”, a committee comprising delegates from four countries, 
meets regularly with representatives of the Corporate Executive Board at ordinary and 
ex­traordinary meetings. It deals with transnational information and consultation on topics 
which affect all Swiss Life employees. The focal points for 2022 were the Swiss Life 2024 
Group-wide programme, “New Work” (modern and flexible forms of work and work organ-
isation, such as teleworking) and economic developments in crisis situations.
Freedom of association and the right to collective bargaining are guaranteed by local legisla-
tion (EU Charter Art. 12, Swiss Federal Constitution Art. 23); they form the basis for inter-
nal guidelines. Collective bargaining agreements exist in France, Germany and Luxem-
bourg. 
Detailed information on social partnerships, collective bargaining agreements and works 
agreements at the individual companies of the Swiss  Life Group can be found at 
www.swisslife.com/socialpartnership.

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Information on Memberships and Standards
Swiss Life adheres to recognised standards for sustainability reporting 
and is both a member of a wide range of organisations and networks 
in the area of sustainability and a co-signatory of initiatives.
Contribution to the Sustainable Development Goals (SDG).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .169
UN Global Compact Progress Report.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
Information on the UNEP FI Principles for Sustainable Insurance (PSI).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174
Information on Sustainability Reporting.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .175
EU Taxonomy Information for the Insurance Group.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177
Memberships.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179
GRI and SASB Index.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180

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SDG (target)
Our contribution
Ensure healthy lives and  
promote well-being for  
all at all ages
Swiss Life is committed to raising society’s awareness of the issues of 
healthcare and protection against financial risks and to actively 
addressing the attendant challenges. Swiss Life supports its custom-
ers in making all the necessary preparations early so that they can 
lead a self-determined life even in the event of illness. Swiss Life sup-
ports its employees, for example, by offering them flexible working 
models and a wide range of health and prevention services.
More on this in the sections “Insurance”, “Health and Safety” and 
“Corporate Citizenship”.
Guaranteeing inclusive, high-  
quality education respectful  
of equality and advocating 
lifelong learning for all
Achieve gender equality and  
empower all women and  
girls to achieve self- 
determination
Swiss Life supports its employees in maintaining their employability 
and promotes their ongoing development. This includes continuous 
internal and external courses for employees of all ages, training 
for apprentices and trainees, and entry-level opportunities for uni-
versity graduates.
In addition, Swiss Life uses its own foundations to support institu-
tions that help people from a wide range of backgrounds educate and 
better themselves.
More on this in the sections on “Employee Development” and  
“Corporate Citizenship”.
In keeping with current national and international law, as well as 
the conventions of the International Labour Organization (ILO), 
Swiss Life applies fair employment procedures that are free of dis-
crimination with the aim of guaranteeing and promoting equal 
opportunities.
Fair and equal compensation for all employees is ensured by the 
Group Compensation Policy, which is applicable throughout the 
Group. For a number of years, Swiss Life has had processes and 
instruments for removing the gender-specific salary gap at all its 
national companies.
More on this in the “Collaboration and Diversity” section.
Contribution to the Sustainable Development 
Goals (SDG)
The United Nations’ 17 Sustainable Development Goals (SDGs)  
are the heart of the Agenda 2030 for Sustainable Development. 
Swiss Life is transparent about which of these goals it is particularly 
contributing to.
In this report, Swiss Life focuses on the sustainable development goals where the company is 
currently having the biggest impact through its business activities, investments and social 
en­gagement. Swiss Life is thus restricting itself here to nine of the 17 SDGs.

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Our contribution
SDG (target)
Ensuring access to affordable,  
reliable, sustainable and  
modern energy for all
Swiss Life specifically uses some of its investments to support climate-
friendly technologies, projects and initiatives. In this context, Swiss 
Life has set itself the goal of investing CHF 2 billion in green bonds1 
by 2023.
The Swiss Life Group also includes a leading investment manager for 
clean energy and infrastructure funds in Switzerland. These infra-
structure portfolios are focused on thermal, water, solar and wind 
power.
Swiss  Life supplies its own office locations with electricity from 
re­newable energy sources. In addition, it aims to continuously increase 
energy efficiency.
More in the sections “Sustainability as an Asset Owner and Man-
ager” and “Climate Protection and Operational Ecology”.
Promote sustained, inclusive and 
sustainable economic growth,  
full and productive employment 
and decent work for all
Swiss Life makes a major contribution to the economy and society, 
both as a provider of products and services and as an employer, tax-
payer and investor. In addition, it cultivates a fair employee-employer 
relationship that is governed by social partnerships and collective 
and works agreements.
More on this in the section “Social Partnership”.
Build resilient infrastructure,  
promote inclusive and sustainable 
industrialization and foster innovation
Swiss Life invests through its own funds in the renewal of infrastruc-
ture and the development of innovative real estate projects.
Furthermore, Swiss  Life strengthens innovations along the entire 
value chain. The focus is on measures that create sustainable added 
value for customers and employees.
More on this in the section “Sustainability as an Asset Owner and 
Manager”.
1 Green, social, sustainable bonds

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Make cities and human settlements  
inclusive, safe, resilient and sustainable
Ensure responsible consumption 
and production
Swiss Life is one of Europe’s leading real estate investors and has the 
biggest private real estate portfolio in Switzerland. The majority of 
its properties are in urban areas. As a builder, property owner and 
asset manager, Swiss  Life aims to use ecological and economic 
resources with maximum efficiency and to make an active contribu-
tion to sustainable urban development.
More on this in the “Real Estate Management” section.
As a construction industry client and in its own operations, Swiss Life 
supports the sparing use of resources. Swiss Life publishes annual fig-
ures on waste and paper consumption as well as the other key indica-
tors for operational ecology. Furthermore, Swiss  Life uses Group-
wide targets to ensure that the company can make further progress in 
the realm of operational ecology.
When selecting suppliers and service providers, Swiss Life works with 
local contractors whenever possible and gives preference to products 
and services from companies that have implemented a certified envi-
ronmental protection system.
More on this in the sections “Real Estate Management”, “Procure-
ment” and “Climate Protection and Operational Ecology”.
Immediate measures for combating  
climate change and its effects
Swiss  Life makes an active contribution to climate protection by 
reducing CO2 emissions and has set itself Group-wide targets for this 
purpose. In addition to reducing greenhouse gas emissions in its  
own operations, Swiss Life systematically integrates environmental 
aspects into asset management and real estate management. 
Following the recommendations of the Task Force on Climate-related 
Financial Disclosures (TCFD), Swiss  Life publishes a report which, 
among other things, shows the opportunities and risks associated 
with climate change.
More in the sections “Sustainability as an Asset Owner and Man-
ager” and  “Climate Protection and Operational Ecology”.
Our contribution
SDG (target)

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Declaration of support
In 2018 Swiss Life signed the Principles of the UN Global Compact. We 
acknowledge the Ten Principles, because we want to accept our respon-
sibility as a company in the key areas of human rights, labour, the envi-
ronment and anti-corruption and publicly affirm these global values. 
The focal areas of the UN Global Compact are reflected in both our 
Code of Conduct and our materiality matrix. The way in which we con-
tribute to meeting these Principles within our area of responsibility is 
shown in our annual progress report.
Patrick Frost
CEO
UN Global Compact Progress Report
As a signatory to the UN Global Compact, Swiss Life supports the  
ten sustainability principles and contributes to a social and ecological 
approach to globalisation.
Human rights
Principles 1 and 2:
–	Businesses should support and respect the protection of international human rights and
–	make sure they are not complicit in human rights abuses.
	“Regulatory Compliance” (pages 106–110) 
	“Procurement” (pages 122–125) 
	“Sustainability as an Asset Owner and Manager” (pages 130–139)
	“Human Rights” (page 120–121)

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Labour
Principles 3, 4, 5 and 6:
–	Businesses should uphold the freedom of association and the effective recognition of the right 
to collective bargaining; in addition, they should press for
–	the elimination of all forms of forced and compulsory labour;
–	the effective abolition of child labour; and
–	the elimination of discrimination in respect of employment and occupation.
	“Procurement” (pages 122–125) 
	“Sustainability as an Employer” (pages 148–167) 
Environment
Principles 7, 8 and 9:
–	Businesses should support a precautionary approach to environmental challenges;
–	undertake initiatives to promote greater environmental responsibility; and
–	accelerate the development and diffusion of environmentally friendly technologies.
	“Procurement” (pages 122–125) 
	“Sustainability as an Asset Owner and Manager” (pages 130–139) 
	“Real Estate Management” (pages 135–137)
	“Climate Protection and Operational Ecology” (pages 112–119) 
Anti-Corruption
Principle 10:
–	Businesses should work against corruption in all its forms, including extortion and bribery.
	“Regulatory Compliance” (pages 106–110)
	“Procurement” (pages 122–125)

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Information on the UNEP FI Principles for 
Sustainable Insurance (PSI)
Swiss Life supports the PSI with the aim of collaborating with its 
competitors in the insurance industry to promote sustainable 
development.
Principle 1
In our decision-making we will embed environmental, social and governance issues relevant to 
our insurance business.
	“Sustainability in Business Behaviour” (pages 105–129)
	“Regulatory Compliance” (pages 106–110)
	“Procurement” (pages 122–125)
	“Sustainability as an Asset Owner and Manager” (pages 130–139)
Principle 2
We will work together with our clients and business partners to raise awareness of environmen-
tal, social and governance issues, manage risks and develop solutions.
	“Procurement” (pages 122–125)
	“Sustainability as an Asset Owner and Manager” (pages 130–139)
	“Real Estate Management” (pages 135–137)
Principle 3
We will work together with governments, regulators and other key stakeholders to promote 
widespread action across society on environmental, social and governance issues.
	“Regulatory Compliance” (pages 106–110)
	“Corporate Citizenship” (pages 128–129)
Principle 4
We will demonstrate accountability and transparency in regularly disclosing publicly our pro-
gress in implementing the Principles.
	“Information on Memberships and Standards” (pages 168–183)

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Reporting according to the European Non-Financial Reporting Directive (NFRD)
The Swiss Life Group’s Sustainability Report is in conformity with the EU’s NFRD Directive. 
In this Sustainability Report, Swiss Life reports on environmental issues (pages 112–119), 
employee concerns (pages 148–167), and social issues (pages 128–129) as well as on respect for 
human rights (page 120–121) and the fight against corruption and bribery (pages 106–110). 
The pages cited also provide information on the concepts and associated results, as well as on 
due diligence processes and risk management. In addition, Swiss Life Group shows topics 
relevant to the Group on the basis of double materiality (page 102), taking into account rele-
vance for sustainable development and relevance for business success.
Reporting in accordance with the GRI standards
The Swiss Life Sustainability Report meets the requirements of the GRI Standards, a framework 
for transparent sustainability reporting. The 2022 report covers all segments – Switzerland, 
France, Germany, International and Asset Managers. On the one hand, the aim of the GRI 
standards is for organisations to report on the economic, environmental and social impacts 
of their own business activities. On the other hand, the standardised format of the reports, 
based on key figures, also contributes to the comparability and transparency of sustainability 
reporting. The corresponding content references can be found in the combined GRI and SASB 
index on pages 180–183.
Information on Sustainability Reporting
Consistent reporting to stakeholder groups
Swiss Life aims to create transparency and strengthen communication with stakeholder groups 
through its annual reporting on sustainability. Swiss Life’s stakeholder groups include all stake-
holders who are directly or indirectly affected by the company’s business activities or who have a 
significant influence on Swiss Life’s business activities. These include employees, customers, inves-
tors and representatives of the media, politics and associations. Swiss Life is in regular dialogue with 
relevant stakeholder groups. In this way, it gets to know the needs and expectations of stakeholders 
and is able to react to challenges or changes. Further information on our dialogue with stakeholder 
groups is available on the Swiss Life website at www.swisslife.com/stakeholdercommunication.

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Reporting according to the Sustainability Accounting Standards Board (SASB)
Swiss Life’s Sustainability Report for the 2022 financial year is based on the provisions of the 
SASB standard for the insurance industry. SASB is a US-based non-profit organisation that 
provides industry-specific reporting standards to strengthen communication between com-
panies and financial market participants on the financial impact of sustainability issues. The 
corresponding content references can be found in the combined GRI and SASB index on pag-
es 180–183.

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Eligible corporate bonds 
(Environmental targets 1+2 of the Taxonomy Regulation) in %
Eligible equities 
(Environmental targets 1+2 of the Taxonomy Regulation) in %
2%
8%
77%
23%
75%
13%
1%
6%
11%
82%
18%
Investments to be classiﬁed 
without corporate bonds
Corporate bonds
Eligible corporate bonds
Non-eligible corporate bonds
Non-NFRD corporate bonds
Investments to be classiﬁed 
without equities
Equities
Eligible equities
Non-eligible equities
Non-NFRD equities
Eligible real estate
(Environmental targets 1+2 of the Taxonomy Regulation) in %
5%
78%
22%
17%
Investments to be classiﬁed 
without real estate 
Real estate 
Eligible real estate 
Non-eligible real estate 
Non-NFRD real estate 
EU Taxonomy Information for the Insurance 
Group 
This section summarises key figures relating to investments according 
to Art. 8 of the EU Taxonomy Regulation.
As part of Art. 8 of the EU Taxonomy Regulation, Swiss Life is publishing metrics on taxonomy 
eligible investments as at 31 December 2022 for the two environmental objectives climate miti-
gation and climate change adaptation. The following EU Taxonomy metrics apply equally to 
both environmental objectives. As the Swiss parent of EU companies, Swiss Life voluntarily pub-
lishes the metrics on behalf of its EU subsidiaries.

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EU Taxonomy Regulation
In June 2020, the Taxonomy Regulation was published in the Official Journal of the EU. The 
Regulation implements a classification system that can be used to define business activities, 
services and products as sustainable. According to the Regulation, a business activity or prod-
uct is sustainable if it contributes substantially to climate change mitigation and adaptation 
(two of the EU’s priority environmental targets) while not having a significantly negative im-
pact on these two objectives or four other EU environmental targets (circular economy, water 
protection, waste prevention, biodiversity), complies with minimum social protection require-
ments and meets technical criteria.
The investments to be classified according to the EU Taxonomy Regulation comprise all on-bal-
ance sheet investments1 with the exception of government, central bank and supranational issued 
securities. In the chart above, this corresponds – for corporate bonds, real estate and ­equities – to 
the total quantity of the pie chart.
Government, central banks and supranational issuers account for around 15% of total invest-
ments. Derivatives account for around 1% of total investments. As at 31 December 2022, the clas-
sified investments in the corporate bonds (22%), real estate (19%) and equities (18%) asset classes 
total 63% of the investments to be classified. The eligibility of the other investments to be classified 
according to the EU Taxonomy Regulation, such as infrastructure, cannot be determined due to 
insufficient data.
Currently, 8% of the investments to be classified are eligible (of which corporate bonds: 2%, real 
estate: 5%, and equities: 1%). 14% of the investments to be classified are not eligible (corporate 
bonds: 8%, real estate: 0%, and equities: 6%). 41% of the classified investments are investments in 
companies that do not fall within the scope of the European Non-Financial Reporting Directive 
(NFRD) (marked in the chart as non-NFRD; corporate bonds 13%, real estate 17% and equities 
11%). Taking into account the amendments to the Delegated Regulation as regards economic 
activities in certain energy sectors and as regards specific public disclosures for those economic 
activities, Swiss Life calculates the eligible and non-eligible portions in the fossil gas and nuclear 
energy-related activities for corporate bonds and equities. The eligible portion in the areas of fossil 
gas and nuclear energy amounts to less than 1%. The non-eligible share2 in fossil gas and nuclear 
energy-related activities is also below 1%. In this context, Swiss Life focuses on companies that fall 
within the scope of the NFRD. Overall, valuation on the basis of the fair value approach was used 
to determine EU Taxonomy-related metrics for investments. Securities (corporate bonds and equi-
ties) are allocated on the basis of the EU Taxonomy Compass (NACE3 code mapping) and the 
companies’ respective turnover. The sustainability strategy, product design processes and engage-
ment with clients and counterparties are explained in the sections “Sustainability Strategy”, “Sus-
tainability as an Asset Owner and Manager” and “Sustainability in Insurance and Advisory”. 
Aspects of climate change mitigation and climate change adaptation are highlighted in the 
TCFD Report at www.swisslife.com/en/tcfd-report.
1 Investments from unit-linked contracts are included in the analysis.
2 Takes into account fossil gas and nuclear energy for electricity generation.
3 Nomenclature statistique des activités économiques dans la Communauté européenne (economic classification system)

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Memberships
The Swiss  Life Group is a member of all sorts of organisations and networks in the area of 
sustainability, as well as being a co-signatory of initiatives. These include the following:
–	Principles for Responsible Investment (PRI): unpri.org
–	Principles for Sustainable Insurance (PSI): unepfi.org/psi
–	UN Global Compact (UNGC): unglobalcompact.org
–	Global Real Estate Sustainability Benchmark (GRESB): gresb.com
–	Carbon Disclosure Project (CDP): cdp.net
–	Task Force on Climate-Related Financial Disclosures (TCFD): fsb-tcfd.org
–	Institutional Investors Group on Climate Change (IIGCC): iigcc.org
–	Forum Nachhaltige Geldanlagen (Sustainable Investment Forum): forum-ng.org
–	Climate Action 100+ (CA100+): climateaction100.org
–	International Corporate Governance Network (ICGN): icgn.org
–	Net Zero Asset Managers initiative (NZAMi): netzeroassetmanagers.org
 
In addition to its involvement in local industry associations, Swiss Life is active at its local 
locations in the following organisations:
–	Swiss Sustainable Finance (SSF): sustainablefinance.ch
–	Swiss Climate Foundation: klimastiftung.ch
–	Zurich Energy Model: energiemodell-zuerich.ch
–	Swiss Insurance Association (SIA): svv.ch
–	Observatoire de l’immobilier durable (Green Building Observatory):  
o-immobilierdurable.fr
–	Plan Bâtiment Durable (Sustainable Building Plan): planbatimentdurable.fr
–	Netzwerk der Klima-Allianz der Stadt Hannover (Network of the Climate Alliance of the 
City of Hanover): klimaallianz-hannover.de
–	UK Sustainable Investment and Finance Association (UKSIF): uksif.org
 
Do you have any questions or suggestions about sustainability at Swiss Life? Write to us at  
sustainability@swisslife.ch.

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GRI and SASB Index
Swiss Life has reported in accordance with the GRI standards for the period from 1 January 2022 
to 31 December 2022. For the Service Content Index Essentials, GRI Services verified that the GRI 
Content Index was presented clearly and in accordance with the standards, and that the references 
for items 2–1 to 2–5, 3–1 and 3–2 were consistent with the corresponding sections in the main body 
of the report. This service was provided for the German version of the report. The Sustainability 
Report is published annually. The report was issued on 24 March 2023. The contact point is 
Swiss Life Media Relations, as per the imprint.
      
 	
   	
Omission reasoning	
 	
SASB 	
 	
 	
Requirement omitted (RO), Reason (R), 
GRI-Standards 	
Disclosures 	
DISCLOSURES 	
Reference/Information 	
Explanation (E) 
GRI 1: Foundation 2021 	
 	
 	
 	
 
GRI 2: General Disclosures 2021 	
 	
 	
 	
 
 	
 	
THE ORGANISATION AND ITS REPORTING PRACTICES 	
 	
 
GRI 2: General 	
 	
2-1 Organisational details 	
p. 5, 16, 18-27, 30 	
 
Disclosures 2021 	
 	
 	
 	
 
 	
 	
2-2 Entities included in the sustainability 	
p. 18-27, 173 	
 
 	
 	
reporting of the organisation 	
 	
 
 	
 	
2-3 Reporting period, frequency and contact point 	
p. 180 	
 
 	
 	
2-4 Restatements of information 	
None 	
 
 	
 	
2-5 External assurance 	
p. 188-190 	
 
 	
 	
ACTIVITIES AND WORKERS 	
 	
 
GRI 2: General 	
 	
2-6 Activities, value chain and other business relationships 	
p. 5, 9, 10   
Disclosures 2021 	
 	
 	
   
 	
 	
2-7 Employees 	
p. 5, 151, 162   
 	
 	
2-8 Workers who are not employees 	
 	
(RO) Workers who are not employees 
 	
 	
 	
 	
(R) Data not available 
 	
 	
 	
 	
(E) No Group-wide collection of data 
 	
 	
GOVERNANCE 	
 	
 
GRI 2: General 	
 	
2-9 Governance structure and composition 	
p. 35-37   
Disclosures 2021 	
 	
 	
   
 	
 	
2-10 Nomination and selection of the highest 	
p. 35-36 	
 
 	
 	
governance body 	
 	
 
 	
 	
2-11 Chair of the highest governance body 	
p. 37 	
 
 	
 	
2-12 Role of the highest governance body in overseeing 	
p. 99 	
 
 	
 	
the management of impacts 	
 	
 
 	
 	
2-13 Delegation of responsibility for managing impacts 	
p. 46, 53, 99-100 	
 
 	
 	
2-14 Role of the highest governance body in 	
p. 99, 101 	
 
 	
 	
sustainability reporting 	
 	
 
 	
 	
2-15 Conflicts of interest 	
p. 107 	
 
 	
 	
2-16 Communication of critical concerns 	
p. 108 	
 
 	
 	
2-17 Collective knowledge of the highest governance body 	
p. 35 	
 
 	
 	
2-18 Evaluation of the performance of the highest 	
p. 47 	
 
 	
 	
governance body 	
 	
 
 	
 	
2-19 Remuneration policies 	
p. 59-63, 68, 70-73 	
 
 	
 	
2-20 Process to determine remuneration 	
p. 63-67 	
 
 	
 	
2-21 Annual total compensation ratio 	
 	
(RO) Ratio of total annual remuneration 
 	
 	
 	
 	
(R) Data not available 
 	
 	
 	
 	
(E) No Group-wide collection of data

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Omission reasoning	
 	
SASB 	
 	
 	
Requirement omitted (RO), Reason (R), 
GRI-Standards 	
Disclosures 	
DISCLOSURES 	
Reference/Information 	
Explanation (E) 
 	
 	
STRATEGY, POLICIES AND PRACTICES 	
 	
 
GRI 2: General 	
 	
2-22 Statement on sustainable development strategy 	
p. 6-7 	
 
Disclosures 2021 	
 	
 	
 	
 
 	
 	
2-23 Policy commitments 	
p. 99 	
 
 	
 	
2-24 Embedding policy commitments 	
p. 99 	
 
 	
 	
2-25 Processes to remediate negative impacts 	
p. 106-109 	
 
 	
 	
2-26 Mechanism for seeking advice and raising concerns 	
p. 108-109 	
 
 	
 	
2-27 Compliance with laws and regulations 	
p. 108-109 	
 
 	
 	
2-28 Membership associations 	
p. 179 	
 
 	
 	
STAKEHOLDER ENGAGEMENT 	
 	
 
GRI 2: General 	
 	
2-29 Approach to stakeholder engagement 	
p. 126-127   
Disclosures 2021 	
 	
 	
   
 	
 	
2-30 Collective bargaining 	
 	
(RO) Collective agreements 
 	
 	
agreements 	
 	
(R) Data not available 
 	
 	
 	
 	
(E) No Group-wide collection of data 
      
 	
   	
Omission reasoning	
 	
SASB 	
TOPIC-SPECIFIC STANDARDS 	
 	
Requirement omitted (RO), Reason (R), 
GRI-Standards 	
Disclosures 	
AND DISCLOSURES 	
Reference/Information 	
Explanation (E) 
GRI 3: Material 	
 	
 	
 	
 
Topics 2021 	
 	
 	
 	
 
 	
 	
MATERIALITY ASSESSMENT AND LIST OF MATERIAL TOPICS 	
 	
 
GRI 3: Material 	
 	
3-1 Process to determine material topics 	
p. 101 	
 
Topics 2021 	
 	
 	
 	
 
 	
 	
3-2 List of material topics 	
p. 102-103 	
 
 	
 	
RISK MANAGEMENT 	
 	
 
GRI 3: Material 	
 	
3-3 Management of material topics 	
p. 89-91 	
 
Topics 2021 	
 	
 	
 	
 
 	
FN-IN-450a.1 	 Probable maximum loss (PML) of insured products 	
Not relevant 	
 
 	
 	
as a result of weather-related natural disasters 	
 	
 
 	
FN-IN-450a.2 	 Financial losses from insurance payments of modelled and 	
Not relevant 	
 
 	
 	
non-modelled natural disasters by type of event and 	
 	
 
 	
 	
geographic region 	
 	
 
 	
FN-IN-450a.3 	 Description of the approach to incorporating environmental 	 p. 141, 147 	
 
 	
 	
risks into insurance business processes for individual 	
 	
 
 	
 	
contracts and the management of company-wide risks 	
 	
 
 	
FN-IN-550a.1 	 Exposure with respect to derivative instruments, by category 	 p. 250-253 	
 
 	
FN-IN-550a.2 	 Total fair value of securities transactions in relation 	
p. 258 	
 
 	
 	
to collateral assets 	
 	
 
 	
FN-IN-550a.3 	 Description of the approach to managing capital- and 	
p. 246-258 	
 
 	
 	
liquidity related risks in relation to systemic 	
 	
 
 	
 	
non-insurance activities 	
 	
 
 	
 	
SUCCESSFUL BUSINESS DEVELOPMENT 	
 	
 
GRI 3: Material 	
 	
3-3 Management of material topics 	
p. 9-10 	
 
Topics 2021 	
 	
 	
 	
 
GRI 201: Economic 	
 	
201-1 Direct economic value generated and distributed 	
p. 4, 382 	
 
Performance 2016 	
 	
 	
 	
 
 	
 	
201-2 Fincancial implications and other risks and 	
p. 112 	
 
 	
 	
opportunities due to climate change

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Omission reasoning	
 	
SASB 	
TOPIC-SPECIFIC STANDARDS 	
 	
Requirement omitted (RO), Reason (R), 
GRI-Standards 	
Disclosures 	
AND DISCLOSURES 	
Reference/Information 	
Explanation (E) 
 	
 	
EMPLOYEE AND WORKING ENVIRONMENT 	
 	
 
GRI 3: Material 	
 	
3-3 Management of material topics 	
p. 149 	
 
Topics 2021 	
 	
 	
 	
 
GRI 403: Health and 	  	
403-1 Occupational health and safety 	
p. 165-166 	
 
safety at the 	
 	
management system 	
 	
 
workplace 2018 	
 	
 	
 	
 
 	
 	
403-2 Hazard identification, risk assessment and 	
p. 165-166 	
 
 	
 	
incident investigation 	
 	
 
 	
 	
403-3 Occupational health services 	
p. 165-166 	
 
 	
 	
403-4 Worker participation, consultation and 	
p. 165-166 	
 
 	
 	
communication on occupational health and safety 	
 	
 
 	
 	
403-5 Worker training on occupational health and safety 	
p. 165-166 	
 
 	
 	
403-6 Promoting employee health 	
p. 165-166 	
 
 	
 	
403-7 Prevention and mitigation of occupational health and 	 p. 165-166 	
 
 	
 	
safety impacts directly linked by business realtionships 	
 	
 
 	
 	
403-9 Work-related injuries 	
p. 166 	
 
 	
 	
403-10 Work-related ill health 	
p. 166 	
 
GRI 404: Training and 	 	
404-2 Programs for upgrading employee skills and 	
p. 157-159 	
 
Development 2016 	
 	
transition assistance programs 	
 	
 
 	
 	
404-3 Percentage of employees receiving regular 	
p. 150 	
 
 	
 	
performance and career development reviews 	
 	
 
GRI 405: Diversity 	
 	
405-1 Diversity of governance bodies 	
p. 160 	
 
and Equal 	
 	
and employees 	
 	
 
Opportunity 	
 	
 	
 	
 
 	
 	
405-2 Ration of basic salary and remuneration of women 	
p. 164 	
 
 	
 	
to men 	
 	
 
GRI 406: Non- 	
 	
406-1 Incidents of discrimination and 	
None 	
 
discrimination 	
 	
corrective actions taken 	
 	
 
 	
 	
RESPONSIBLE INVESTING 	
 	
 
GRI 3: Material 	
 	
3-3 Management of material topics 	
p. 130-132 	
 
Topics 2021 	
 	
 	
 	
 
 	
FN-IN-410a.1 	 Total number of investments by industry 	
p. 131 	
 
 	
 	
and asset class 	
 	
 
 	
FN-IN-410a.2 	 Description of the approach to incorporating ESG factors 	
p. 130-139 	
 
 	
 	
into investment management processes and strategies 	
 	
 
 	
 	
CYBERSECURITY AND DATA PROTECTION 	
 	
 
GRI 3: Material 	
 	
3-3 Management of material topics 	
p. 106-110, 111 	
 
Topics 2021 	
 	
 	
 	
 
GRI 418: Customer 	
 	
418-1 Substantiated complaints concerning breaches of 	
p. 110 	
 
Data Protection 	
 	
customer privacy and losses of customer data

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Omission reasoning	
 	
SASB 	
TOPIC-SPECIFIC STANDARDS 	
 	
Requirement omitted (RO), Reason (R), 
GRI-Standards 	
Disclosures 	
AND DISCLOSURES 	
Reference/Information 	
Explanation (E) 
 	
 	
REGULATORY COMPLIANCE 	
 	
 
GRI 3: Material 	
 	
3-3 Management of material topics 	
p. 106-110 	
 
Topics 2021 	
 	
 	
 	
 
GRI 205: Anti- 	
 	
205-3 Confirmed incidents of corruption and 	
None 	
 
corruption 2016 	
 	
actions taken 	
 	
 
GRI 206: Anti- 	
 	
206-1 Legal actions for anti-competitive behaviour, 	
None 	
 
competitive behaviour 	 	
anti-trust and monopoly practices 	
 	
 
 	
 	
OFFERING AND CUSTOMER VALUE 	
 	
 
GRI 3: Material 	
 	
3-3 Management of material topics 	
p. 141-144 	
 
Topics 2021 	
 	
 	
 	
 
GRI 417: Marketing 	
FN-IN-270a.1 	 417-2 Incidents of non-compliance concerning product 	
None 	
 
and labelling 2016 	
 	
and service information and labelling 	
 	
 
 	
FN-IN-270a.2 	 Ratio of appeals to claims made 	
Swiss Life does not currently publish 	
 
 	
 	
 	
complaints statistics. Information 	 
 	
 	
 	
on customer satisfaction can be 	
 
 	
 	
 	
found on pages 141–144. 	
 
 	
FN-IN-270a.3 	 Customer retention rate 	
Swiss Life does not currently publish 	
 
 	
 	
 	
complaints statistics. Information 	 
 	
 	
 	
on customer satisfaction can be 	
 
 	
 	
 	
found on pages 141–144. 	
 
 	
FN-IN-270a.4 	 Product information for customers 	
p. 144 	
 
 	
FN-IN-000.A 	
Number of current policies by segment 	
Not relevant 	
 
 	
FN-IN-410b.1 	 Net premiums written for energy efficiency and 	
Not relevant 	
 
 	
 	
low-carbon technologies 	
 	
 
 	
 	
 	
 	
 
 	
FN-IN-410b.2 	 Description of products or product characteristics, 	
Swiss Life has been offering premium rates 	 
 	
 	
promotion of health, safety and/or environment- 	
in Switzerland for several years, distinguishing 	
 
 	
 	
friendly behaviour 	
between smokers and non-smokers. Thus the 	
 
 	
 	
 	
risk premium in death benefit insurance for a 	
 
 	
 	
 	
non-smoker is lower than for a smoker. 	
 
 	
 	
 	
Although mostly actuarially based, Swiss Life 	
 
 	
 	
 	
thus creates an incentive to lead a lifestyle 	  
 	
 	
 	
that is conductive to longer life expectancy. 	
 
 	
 	
CORPORATE GOVERNANCE 	
 	
 
GRI 3: Material 	
 	
3-3 Management of material topics 	
p. 29 	
 
Topics 2021 	
 	
 	
 	
 
 	
 	
CLIMATE CHANGE 	
 	
 
GRI 3: Material 	
 	
3-3 Management of material topics 	
p. 112-113 	
 
Topics 2021 	
 	
 	
 	
 
GRI 302: Energy 2016 	 	
302-1 Energy consumption within the organisation 	
p. 116 	
 
 	
 	
302-2 Energy consumption outside of 	
p. 116 	
 
 	
 	
the organisation 	
 	
 
 	
 	
302-3 Energy intensity 	
p. 116 	
 
 	
 	
302-4 Reduction of energy consumption 	
p. 116 	
 
GRI 305: Emissions 	
 	
305-1 Direct (Scope 1) GHG emissions 	
p. 116 	
 
2016 	
 	
 	
 	
 
 	
 	
305-2 Energy indirect (Scope 2) GHG emissions 	
p. 116 	
 
 	
 	
305-3 Other indirect (Scope 3) GHG emissions 	
p. 116 	
 
 	
 	
305-4 GHG emissions intensity 	
p. 116 	
 
 	
 	
305-5 Reduction of GHG emissions 	
p. 116

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Sustainability Indicators
  	
	
	
 
 	
 	
		
		
		
 
Topic 	
Metric 	
2022		
2021		
2020		
Reference 
SUSTAINABILITY ORGANISATION	
		
		
		
	
	
	
 
NUMBER OF FTE IN SUSTAINABILITY ORGANISATION	
		
		
		
	
	
	
 
 	
Total FTE 	
64		
52		
31		
AR, p. 100 
ENVIRONMENT 	
 		
		
		
	
 
GHG EMISSIONS 	
 		
		
		
	
 
 	
Total emissions 	
1 616		
1 476		
1 411		
AR, p. 116 
 	
(in kg CO2-e/FTE) 	
		
		
		
 
 	
Scope 1 emissions (in kg CO2-e/FTE) 	
731		
840		
948		
AR, p. 116 
 	
Scope 2 emissions (in kg CO2-e/FTE) 	
41		
51		
80		
AR, p. 116 
 	
Scope 3 emissions (in kg CO2-e/FTE) 	
844		
585		
384		
AR, p. 116 
 	
Targets to reduce GHG emissions 	
yes		
yes		
yes		
AR, p. 112-113 
 	
Neutralisation of measured, unavoidable emissions 	
yes		
yes		
no		
AR, p. 98, 113 
ENERGY 	
 	
		
		
		
 
 	
Total building energy (in KWh/FTE) 	
3 241		
3 535		
3 567		
AR, p. 116 
 	
Proportion of renewable electricity in % 	
100		
100		
89		
AR, p. 116 
 	
Proportion of renewable fuels in % 	
6		
6		
6		
AR, p. 116 
 	
Targets to reduce energy consumption 	
yes		
yes		
yes		
AR, p. 117 
BUSINESS TRAVEL 	
 		
		
		
	
 
 	
Total business travel (in km/FTE) 	
3 957		
3 473		
3 096		
AR, p. 116 
 	
Proportion of rail transport in % 	
27		
19		
14		
AR, p. 116 
 	
Proportion of car trips in % 	
59		
73		
76		
AR, p. 116 
 	
Proportion of air traffic in % 	
14		
8		
10		
AR, p. 116 
PAPER CONSUMPTION 	
 		
		
		
	
 
 	
Total paper consumption (in kg/FTE) 	
56		
65		
63		
AR, p. 116 
 	
Proportion of recycled paper (in %) 	
17		
19		
10		
AR, p. 116 
WATER 	
 	
		
		
		
 
 	
Total water consumption (in m3/FTE) 	
6		
6		
6		
AR, p. 116 
WASTE 	
 	
		
		
		
 
 	
Total waste (in kg/FTE) 	
68		
57		
57		
AR, p. 116 
CORPORATE ENVIRONMENTAL PROTECTION GUIDELINES AND INITIATIVES 	 		
		
		
	
 
 	
Energy efficiency policy 	
yes		
yes		
yes		
AR, p. 112-119 
 	
Emissions reduction initiatives 	
yes		
yes		
yes		
AR, p. 112-119 
 	
Waste reduction policy 	
yes		
yes		
yes		
AR, p. 112-119 
 	
Environmental information verified 	
yes		
yes		
no		
AR, p. 188-190 
 	
Participation CDP (Carbon Disclosure Project) 	
yes		
yes		
yes		
AR, p. 119 
SOCIAL ASPECTS	
		
		
		
	
	
	
 
HEALTH & SAFETY 	
 		
		
		
	
 
 	
Health and safety policy 	
yes		
yes		
yes		
AR, p. 165-166 
 	
Health and safety policy is group-wide 	
yes		
yes		
yes		
AR, p. 165-166 
 	
Workforce absences employees, total 	
3.6%		
3.0%		
3.3%		
AR, p. 166 
 	
Workforce absences per segment 	
yes		
yes		
yes		
AR, p. 166 
           
	 AR = Annual report

185
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﻿
  	
	
	
 
 	
 	
		
		
		
 
Topic 	
Metric 	
2022		
2021		
2020		
Reference 
EMPLOYMENT AND EMPLOYEE RETENTION 	
 		
		
		
	
 
 	
Total number of employees (headcount) 	
10 712		
10 890		
10 524		
AR, p. 151 
 	
Total number of full-time employees (full-time equivalent) 	 10 126		
10 219		
9 823		
AR, p. 151 
 	
Total number of part-time employees 	
1 856		
1 951		
1 901		
AR, p. 162 
 	
Employee turnover 	
10.7%		
11.2%		
7.4%		
AR, p. 159 
 	
Fluctuation target 	
no		
no		
no		
 
 	
Company monitors employee satisfaction on a 	
yes		
yes		
yes		
AR, p. 153 
 	
regular basis 	
		
		
		
 
 	
Major layoffs in the last three years (affecting 10% of staff or 	
no		
no		
no		
 
 	
over 1000 employees) 	
		
		
		
 
 	
Major merger or acquisition in the last three years 	
no		
no		
no		
 
 	
(affecting large proportion of staff) 	
		
		
		
 
TRAINING & HUMAN CAPITAL DEVELOPMENT 	
 		
		
		
	
 
 	
Formal talent pipeline development strategy 	
yes		
yes		
yes		
AR, p. 157-159 
 	
(forecasts hiring needs, actively develops new pools 	
		
		
		
 
 	
of talent) 	
		
		
		
 
 	
Graduate/trainee apprenticeship program 	
yes		
yes		
yes		
AR, p. 158 
 	
Job-specific development training programs 	
yes		
yes		
yes		
AR, p. 147 
 	
Leadership training and skills development 	
yes		
yes		
yes		
AR, p. 158-159 
 	
Partnerships with educational institutions 	
yes		
yes		
yes		
AR, p. 157 
 	
Share of employees with professional development 	
100%		
100%		
100%		
AR, p. 150 
 	
interviews/annual performance reviews 	
		
		
		
 
LABOUR & HUMAN RIGHTS 	
 		
		
		
	
 
 	
UN Global Compact Signatory 	
yes		
yes		
yes		
AR, p. 172-173 
 	
Human rights policy 	
yes		
yes		
yes		
AR, p. 120-121 
 	
Collective employment contracts 	
yes		
yes		
yes		
AR, p. 167 
SUPPLY CHAIN 	
 		
		
		
	
 
 	
Guidelines for social assessment of suppliers 	
yes		
yes		
yes		
AR, p. 122-125 
 	
Guidelines for environmental assessment of suppliers 	
yes		
yes		
yes		
AR, p. 122-125 
 	
Inclusion of ESG criteria in supplier contracts 	
yes		
yes		
yes		
AR, p. 122-125 
PHILANTHROPY 	
 		
		
		
	
 
 	
Company has foundations 	
yes		
yes		
yes		
AR, p. 128-129 
 	
Total Group-wide foundation expenditures 	
3.5		
3.3		
3.2		
AR, p. 128-129 
 	
(in CHF million) 	
		
		
		
 
ETHICS AND COMPLIANCE 	
 		
		
		
	
 
 	
Business ethics guidelines incl. conflicts of interest 	
yes		
yes		
yes		
AR, p. 106-110; Code of Conduct 
 	
Anti-bribery guidelines 	
yes		
yes		
yes		
AR, p. 106-110; Code of Conduct 
 	
Guidelines on the prevention of money-laundering and 	
yes		
yes		
yes		
AR, p. 106-110; Code of Conduct 
 	
on sanctions and embargoes 	
		
		
		
 
 	
Employee protection/Whistle blowing policy 	
yes		
yes		
yes		
AR, p. 106-110; Code of Conduct 
 	
Employee training on ethics and compliance 	
yes		
yes		
yes		
AR, p. 107 
 	
Monitoring by the Board of Directors 	
yes		
yes		
yes		
Articles of Association of Swiss Life Holding Ltd, Clause 11 
DIVERSITY & INCLUSION 	
 		
		
		
	
 
 	
Women in workforce 	
47%		
47%		
47%		
AR, p. 151 
 	
Proportion of women with management functions 1	
35%		
34%		
33%		
AR, p. 160 
 	
Proportion of women at senior and 	
13%		
14%		
9%		
AR, p. 160 
 	
executive management levels 1,2 	
		
		
		
 
 	
Proportion of women at middle and 	
35%		
35%		
34%		
AR, p. 160 
 	
lower management levels 1,3 	
		
		
		
 
 	
Gender equality policy and diversity activities 	
yes		
yes		
yes		
AR, p. 160-164 
 	
Equal pay guidelines 	
yes		
yes		
yes		
AR, p. 161 
           
1	 Positions with leadership responsibility 
2	 Members of the Group, division and business area management 
3	 Department and team heads 
	 AR = Annual report

186
Sustainability Report / Sustainability Indicators
Swiss Life – Annual Report 2022
﻿
  	
	
	
 
 	
 	
		
		
		
 
Topic 	
Metric 	
2022		
2021		
2020		
Reference 
RESPONSIBLE INVESTING 	
 		
		
		
	
 
 	
Exclusion criteria exist 	
yes		
yes		
yes		
AR, p. 132 
 	
Responsible Investment Policy 	
yes		
yes		
yes		
AR, p. 99 
 	
ESG integration in asset management 	
yes		
yes		
yes		
AR, p. 98 
 	
Scope of ESG investment guideline 	
93%		
89%		
90%		
AR, p. 130 
 	
(% of assets under management) 	
		
		
		
 
 	
Active ownership guidelines 	
yes		
yes		
yes		
AR, p. 134 
 	
Total number of Annual General Meetings at which 	
301		
283		
310		
AR, p. 134 
 	
Swiss Life Asset Managers voted 	
		
		
		
 
 	
Total number of agenda items where 	
5 694		
5 372		
5 750		
AR, p. 134 
 	
Swiss Life Asset Managers voted 	
		
		
		
 
 	
Proportion of votes against the management 	
10%		
8%		
9%		
AR, p. 134 
 	
recommendation at the Annual General Meetings 	
		
		
		
 
 	
ESG products 	
yes		
yes		
yes		
AR, p. 139 
 	
Participation in impact investments (in CHF million) 	
805		
145		
25		
AR, p. 132-134 
 	
Participation in sustainable bonds (in CHF million) 	
1 938		
1 216		
541		
AR, p. 133 
 	
Sustainable real estate strategy 	
yes		
yes		
yes		
AR, p. 135-137 
 	
Member of Principles for Responsible Investment (PRI) 	
yes		
yes		
yes		
AR, p. 130, 179 
 	
Member of Net Zero Asset Managers initiative (NZAMi) 	
yes		
no		
no		
AR, p. 130, 179 
 	
Number of ESG specialists (in FTE) 	
40		
25		
13		
swisslife-am.com/rireport 
UNDERWRITING RISK MANAGEMENT 	
 		
		
		
	
 
 	
Obesity and emerging health issues listed as a 	
yes		
yes		
yes		
AR, Notes of the Consolidated Financial Statements, 
 	
business risk factor 	
		
		
		
Note 5 “ Risk management policies and procedures” 
 	
 	
		
		
		
and Note 5.5 “ Insurance risk management objectives 
 	
 	
		
		
		
and policies” 
 	
Aging population and demographic change listed as a 	
yes		
yes		
yes		
AR, Notes of the Consolidated Financial Statements, 
 	
business risk factor 	
		
		
		
Note 5 “ Risk management policies and procedures” 
 	
 	
		
		
		
and Note 5.5 “ Insurance risk management objectives 
 	
 	
		
		
		
and policies” 
 	
Principles for Sustainable Insurance 	
yes		
yes		
yes		
AR, p. 174, 179 
DATA PROTECTION & SECURITY 	
 		
		
		
	
 
 	
Data privacy policy 	
yes		
yes		
yes		
AR, p. 109-110; Code of Conduct 
 	
Guidelines on the protection of customer data 	
yes		
yes		
yes		
AR, p. 109-110; Code of Conduct 
 	
and other personal data 	
		
		
		
 
 	
Granting of data subject rights (right to information, 	
yes		
yes		
yes		
Applicable law and internal guidelines 
 	
correction, blocking, forwarding of personal data) 	
		
		
		
 
 	
Prohibition of access to personal data by 	
yes		
yes		
yes		
AR, p. 109-110; Code of Conduct 
 	
unauthorised persons 	
		
		
		
 
 	
Regular internal audits of the IT systems 	
yes		
yes		
yes		
s. AR section Risk Management – Information- and system security, 
 	
 	
		
		
		
AR, p. 90-91 
 	
Infringements of data protection / personal data 	
0		
1		
0		
AR, p. 110 
CUSTOMER RETENTION AND PROTECTION 	
 		
		
		
	
 
 	
Guidelines on due diligence in advisory services 	
yes		
yes		
yes		
AR, p. 147 
 	
and how to deal with complaints 	
		
		
		
 
 	
Auditable product development process 	
yes		
yes		
yes		
AR, p. 146 
           
	 AR = Annual report

187
Sustainability Report / Sustainability Indicators
Swiss Life – Annual Report 2022
﻿
  	
	
	
 
 	
 	
		
		
		
 
Topic 	
Metric 	
2022		
2021		
2020		
Reference 
GOVERNANCE 	
 		
		
		
	
 
BOARD OF DIRECTORS 	
 		
		
		
	
 
 	
Total directors 	
13		
11		
12		
AR, p. 37 
 	
Independence 	
92%		
91%		
92%		
AR, p. 35-36 
 	
Average term of office (years) 	
8		
9		
9		
AR, p. 35-36 
 	
CEO duality 	
no		
no		
no		
AR, p. 35-36 
 	
Independent chairperson 	
yes		
yes		
yes		
AR, p. 35-36 
 	
Former CEO or equivalent on Board 	
yes		
yes		
yes		
AR, p. 35-36 
 	
Voting rights of largest shareholder 	
>5%		
>5%		
>5%		
AR, p. 33 
BOARD DIVERSITY 	
 		
		
		
	
 
 	
Number of women on the Board 	
4		
2		
2		
AR, p. 37, 160 
 	
Proportion of women on the Board 	
31%		
18%		
17%		
AR, p. 160 
 	
Average age of Board member 	
61		
60		
60		
AR, p. 38-46 
 	
Commitment to Board diversity 	
yes		
yes		
yes		
AR, p. 35 
CSR-GOVERNANCE 	
 		
		
		
	
 
 	
CSR/sustainability committee at 	
yes		
yes		
yes		
AR, p. 99-100 
 	
Corporate Executive Board level 	
		
		
		
 
 	
Sustainability strategy 	
yes		
yes		
yes		
AR, p. 96-99 
COMPENSATION 	
 		
		
		
	
 
 	
CEO total summary compensation (in CHF million) 	
4.3		
4.3		
3.9		
AR, p. 74 
 	
Clawback policy 	
yes		
yes		
yes		
AR, p. 64-67 
 	
Equal remuneration policy 	
yes		
yes		
yes		
AR, p. 59-61 
OWNERSHIP & CONTROL 	
 		
		
		
	
 
 	
Controlling shareholder 	
no		
no		
no		
AR, p. 30–31 
 	
Deviation from one share one vote 	
yes		
yes		
yes		
AR, p. 33 
RISK MANAGEMENT 	
 		
		
		
	
 
 	
Company has a risk management framework 	
yes		
yes		
yes		
AR, p. 88-92 
 	
Climate change listed as a business risk factor 	
yes		
yes		
yes		
AR, p. 91, 112 
 	
Climate reporting according to the recommendations 	
yes		
yes		
yes		
swisslife.com/en/tcfd-report 
 	
of the Task Force on Climate-related 	
		
		
		
 
 	
Financial Disclosures 	
		
		
		
 
 	
Risk management system covers reputational risks 	
yes		
yes		
yes		
AR, p. 88-92 
 	
Risk management system covers market conduct risks 	
yes		
yes		
yes		
AR, p. 88-92 
 	
Risk management covers systemic risks 	
yes		
yes		
yes		
AR, p. 88-92 
 	
Risk management covers human rights risks 	
yes		
yes		
under		
AR, p. 88-92 
 	
 	
		
		
develop-		
 
 	
 	
		
		
ment		
 
 	
Risk management covers climate risks 	
yes		
yes		
yes		
AR, p. 88-92 
 	
Board oversight of risk management 	
yes		
yes		
yes		
AR, p. 90 
           
	 AR = Annual report

188
Sustainability Report / Report of the Independent Auditor
Swiss Life – Annual Report 2022
﻿
 
 
  
PricewaterhouseCoopers AG, Birchstrasse 160, Postfach, 8050 Zürich, Switzerland 
Telefon: +41 58 792 44 00, www.pwc.ch 
PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity. 
Independent practitioner's limited 
assurance report 
on Selected Key Indicators 2022 in the Sustainability Report 2022 to the 
Management of Swiss Life Holding AG, Zurich 
We have been engaged by Management to perform assurance procedures to provide limited assurance on the Selected 
Key Indicators 2022 (including the greenhouse gases statements) in the Sustainability Report 2022 of Swiss Life Holding 
AG and its consolidated subsidiaries (‘Swiss Life’) for the period from 1 January 2022 till 31 December 2022.  
Our engagement focused on the Selected Key Indicators 2022 in the table “Absolute Environmental Indicators” on page 
116 (hereafter briefly “Selected Key Indicators 2022”) aggregated for the year ended 31 December 2022 and disclosed 
in the “Climate Protection and Operational Ecology” section in the Sustainability Report 2022. Our assurance procedures 
do not cover the non-financial performance in other sections in the Sustainability Report 2022. We do not comment on, 
nor conclude on, any comparative prior year figures or any prospective information. 
 
The Selected Key Indicators 2022 (including the statements on greenhouse gases) in the Sustainability Report 2022 
were prepared by the Management of Swiss Life based on The Greenhouse Gas Protocol, A Corporate Accounting and 
Reporting Standard (Revised Edition) and its specific application (hereinafter "Suitable Criteria»), as described on page 
114 of the Sustainability Report 2022.  
Inherent limitations  
The accuracy and completeness of the data and information for the Selected Key Indicators 2022 (including the 
greenhouse gases statements) in the Sustainability Report 2022 are inherently subject to limitations resulting from their 
nature and methods for determining, calculating and estimating such data. In addition, the quantification of Selected Key 
Indicators 2022 (including the greenhouse gas statements) in the Sustainability Report 2022 is subject to inherent 
uncertainty due to incomplete scientific knowledge used to determine factors related to the determination and calculation 
of environmental information and the values required for the combination. Our audit report should therefore be read in 
connection with the Swiss Life Suitable Criteria above.  
Management’s responsibility 
The Management of Swiss Life Holding AG is responsible for the Criteria and its selection as well as for the preparation 
and presentation of the Selected Key Indicators 2022 (including the greenhouse gases statements) in the Sustainability 
Report 2022 in accordance with the Suitable Criteria. This responsibility includes the design, implementation and 
maintenance of the internal control system related to the preparation of the Selected Key Indicators 2022 (including the 
greenhouse gases statements) in the Sustainability Report 2022 that are free from material misstatement, whether due 
to fraud or error. Furthermore, the Management is responsible for the selection and application of the Criteria and 
adequate record keeping. 
Independence and quality management 
We are independent of the Swiss Life Holding AG in accordance with the International Code of Ethics for Professional 
Accountants (including International Independence Standards) issued by the International Ethics Standards Board for 
Accountants (IESBA Code). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code, 
which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality 
and professional behaviour.    
 
 
Report of the Independent Auditor
pdf version of the Annual Report

189
Sustainability Report / Report of the Independent Auditor
Swiss Life – Annual Report 2022
﻿
 
 
 
3  Swiss Life Holding AG  |  Independent practitioner's limited assurance report 
PricewaterhouseCoopers AG applies International Standard on Quality  Management 1, which requires the firm to 
design, implement and operate a system of quality management including policies or procedures regarding compliance 
with ethical requirements, professional standards, and applicable legal and regulatory requirements. 
Practitioner’s responsibility 
Our responsibility is to perform an assurance limited engagement and to express a conclusion on the Selected Key 
Indicators 2022 (including the greenhouse gas statements) in the Sustainability Report 2022. We conducted our 
engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) 
‘Assurance engagements other than audits or reviews of historical financial information’ and the International Standard 
on Assurance Engagements 3410, Assurance Engagements on Greenhouse Gas Statements ('ISAE 3410'), issued by 
the International Auditing and Assurance Standards Board. Those standards require that we plan and perform our 
procedures to obtain limited assurance whether anything has come to our attention that causes us to believe that the 
Selected Key Indicators 2022 (including the greenhouse gases statements) in the Sustainability Report 2022  were not 
prepared, in all material aspects, in accordance with the Suitable Criteria.  
Based on risk and materiality considerations, we performed our procedures to obtain sufficient and appropriate 
assurance evidence. The procedures selected depend on the assurance practitioner’s judgement. A limited assurance 
engagement under ISAE 3000 (Revised) and ISAE 3410 is substantially less in scope than a reasonable assurance 
engagement in relation to both the risk assessment procedures, including an understanding of internal control, and the 
procedures performed in response to the assessed risks. Consequently, the nature, timing, and extent of procedures for 
gathering sufficient appropriate evidence are deliberately limited relative to a reasonable assurance engagement and 
therefore less assurance is obtained with a limited assurance engagement than for a reasonable assurance 
engagement.  
Summary of the work performed  
Our limited assurance procedures included, but were not limited to the following work:  
• 
Inquiries of the relevant stakeholders for the Selected Key Indicators 2022 (including the greenhouse gas 
statements) in the Sustainability Report 2022; 
• 
Virtual and onsite visits in Switzerland and France for areas such as energy, water and paper consumption and 
waste production selected based on quantitative and qualitative criteria; 
• 
Inspection of relevant documents and evaluation of the application of guidelines; 
• 
Testing the underlying data of the Selected indicators on a sample basis;  
• 
Reconciliation of data sources, e.g., FTE data, with financial reporting data and other underlying records  
• 
Reperformance of relevant calculations 
• 
Analytical procedures 
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. 
Conclusion 
Based on the work we performed, nothing has come to our attention that causes us to believe that the Selected Key 
Indicators 2022 (including the greenhouse gas statements) in the Sustainability Report 2022 of Swiss Life Holding AG 
for the year ended 31 December 2022 are not prepared, in all material respects, in accordance with the Suitable Criteria. 
Restriction of use and purpose of the report 
This report is prepared for, and only for, the Management of Swiss Life Holding AG, and solely for the purpose of 
reporting to them on Selected Key Indicators 2022 (including the greenhouse gas statements) in the Sustainability 
Report 2022 and no other purpose. We do not, in giving our conclusion, accept or assume responsibility (legal or 
otherwise) or accept liability for, or in connection with, any other purpose for which our report including the conclusion 
may be used, or to any other person to whom our report is shown or into whose hands it may come, and no other 
persons shall be entitled to rely on our conclusion. 
We permit the distribution of our report, in full only, together with Sustainability Report 2022 to enable the Management 
to demonstrate that they have discharged their governance responsibilities by commissioning an independent assurance

190
Sustainability Report / Report of the Independent Auditor
Swiss Life – Annual Report 2022
﻿
 
 
 
4  Swiss Life Holding AG  |  Independent practitioner's limited assurance report 
report over the Selected Key Indicators 2022 in the Sustainability Report 2022 of Swiss Life without assuming or 
accepting any responsibility or liability to any third parties on our part. To the fullest extent permitted by law, we do not 
accept or assume responsibility to anyone other than the Management of Swiss Life Holding AG for our work or this 
report. 
 
PricewaterhouseCoopers AG 
Peter Eberli 
Carlos Arias 
Zürich, 14 March 2023 
‘The maintenance and integrity of Swiss Life Holding AG’s website and its content are the responsibility of the  
Management; the work carried out by the assurance provider does not involve consideration of the 
maintenance and integrity of the Swiss Life Holding AG's website, accordingly, the assurance providers accept 
no responsibility for any changes that may have occurred to the reported Selected Indicators in the 
Sustainability Report 2022) or Criteria since they were initially presented on the website.

Swiss Life – Annual Report 2022
﻿
192
Contacts
Swiss Life
General-Guisan-Quai 40
P.O. Box 2831
CH-8022 Zurich
Tel. +41 43 284 33 11
www.swisslife.com
Shareholder Services
Tel. +41 43 284 61 10
shareholder.services@swisslife.ch
Sustainability Report 2022
The Sustainability Report is an extract of the Annual Report and is published in German and 
English.
The German text is definitive.
The Sustainability Report can be found online at: www.swisslife.com/results
Publishing details
Publisher — Swiss Life Holding Ltd, Zurich
Editorial responsibility — Swiss Life, Group Communications and Strategic Marketing, Zurich
Consulting Materiality Assessment and Sustainability Report — Sustainserv GmbH, Zurich,  
Frankfurt, Boston, Nashville
Production — Management Digital Data AG, Zurich
© Swiss Life Holding Ltd, 2023
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This document may contain projections or other forward-looking statements related to Swiss Life that are subject to known and un­
known risks, uncertainties and other important factors. The reader should be aware that these statements are only projections which 
could differ materially from the actual results, financial situation, development, performance or expectations and that therefore no 
undue reliance should be placed on such forward-looking statements. Neither Swiss Life nor any of its directors, officers, employees 
or advisors, nor any other person connected or otherwise associated with Swiss Life, makes any representation or warranty, express or 
implied, as to the accuracy or completeness of the information contained in this document. Neither Swiss Life nor any of its directors, 
officers, employees or advisors, nor any other person connected or otherwise associated with Swiss Life, shall have any liability for 
damage or loss of any kind arising directly or indirectly from any use of this document. All forward-looking statements are based on 
the data available to Swiss  Life at the time the present document was compiled. Unless otherwise required by applicable law, 
Swiss Life assumes no responsibility to update or alter its forward-looking statements or to adapt them, whether as a result of new 
information, future events or developments or any other reason.
There may be minor discrepancies in total figures and percentages in this report due to rounding effects.
Investor Relations
Tel. +41 43 284 52 76
investor.relations@swisslife.ch
Media Relations
Tel. +41 43 284 77 77
media.relations@swisslife.ch
Contacts and Publishing Details

Swiss Life – Annual Report 2022
﻿
193
﻿
Important Dates
Important dates
Annual General Meeting 2023
28 April 2023
Interim Statement Q1 2023
11 May 2023
Half-year Results 2023
6 September 2023
Interim Statement Q3 2023
8 November 2023

﻿
Swiss Life 
General-Guisan-Quai 40 
P.O. Box 2831 
CH-8022 Zurich 
Tel. +41 43 284 33 11 
www.swisslife.com
We enable people to lead 
a self-determined life.