DE / Previous Reports / INVESTOR RELATIONS /
Shareholders' Letter
Summary of Group Results
Group Structure and Shareholders
Corporate Executive Board
Transfer of Management Tasks
Report of the Statutory Auditor
Shareholders Participation Rights
Changes of Control and Defence Measures
CEO Foreword
GRI content index
Swiss Life Share
Financial Part
Market Consistent Embedded Value
2 Summary of MCEV Results
3 Information by Market Unit
5 Assumptions
6 Auditor's Report on Embedded Value
7 Glossary and List of Abbreviations
Consolidated Statement of Income
Conslidated Balance Sheet
Consolidated Statement of Cash Flows I
Consolidated Statement of Cash Flows II
Consolidated Statement of Changes in Equity I
Consolidated Statement of Changes in Equity II
Notes to the Consolidated Financial Statements
Swiss Life Holding Financial Statements
Statement of Income
Notes to the Financial Statements
Appropriation of Profit
The Group CEO directs the business operations of the Group. The Group CEO, together with the Corporate Executive Board, works out the long-term objectives and strategic orientation of the Group for submission to the Board of Directors and, based on the resolutions of the Board of Directors, ensures the goal-oriented leadership and development of the Group. The Corporate Executive Board can form committees to address specific areas and can delegate competencies to such Corporate Executive Board committees.
The organisation and division of tasks within the Corporate Executive Board generally reflects the key business areas and functions. The members of the Corporate Executive Board have a direct management role with functional management responsibility for cross-divisional competencies. The members of the Corporate Executive Board are responsible for setting objectives, financial planning, HR management and achievement of objectives within their area. They issue directives for their area within the context of legal and regulatory requirements, the relevant regulations and the Group directives valid for the Group as a whole.
The Corporate Executive Board is responsible for the implementation of the corporate strategy, for the establishment of conditions governing business operations and for financial guidance. It is responsible for the preparation of the resolutions for the Board of Directors and its committees, and for monitoring the implementation of these decisions in the Group. The Corporate Executive Board is vested with the authority to rule on business referred to it by the Board of Directors, the Board of Directors' committees and the Chairman of the Board of Directors, insofar as decision or approval is not reserved exclusively to the delegating body.
The Corporate Executive Board may delegate operational responsibility for the management of subsidiaries to individual members of the Corporate Executive Board.
Members of the Corporate Executive Board
On 31 December 2015 the Corporate Executive Board of Swiss Life Holding was composed of the following members.
Corporate Executive
Board since
Patrick Frost Group CEO 01.07.2006
Ivo Furrer CEO Switzerland 01.09.2008
Thomas Buess Group CFO 01.08.2009
Charles Relecom CEO France 01.07.2008
Markus Leibundgut CEO Germany 01.04.2014
Stefan Mächler Group CIO 01.09.2014
Nils Frowein CEO International 01.01.2015
Patrick Frost — Born 1968, Swiss national
Group Chief Executive Officer (Group CEO)
Patrick Frost studied at the ETH in Zurich and the universities of Cologne, Basel and Zurich, obtaining degrees in natural science (dipl. Natural Science (dipl. Natw. ETH), economics (Dr. rer. pol.) and law (lic. iur.)). He began his career in the mid-nineties as an analyst and subsequently as a Portfolio Manager in asset management for Winterthur Group. After two years in the US as a Corporate Bond Manager, he was appointed Head of Fixed Income at Winterthur Group in 2001.
In 2006 Patrick Frost was appointed Member of the Corporate Executive Board and Group Chief Investment Officer of Swiss Life and in this capacity was responsible for the investment management of the Swiss Life Group. Since 1 July 2014 he has been Group Chief Executive Officer (Group CEO) of the Swiss Life Group.
Other appointments:
economiesuisse, Member of the Executive Board
American Chamber of Commerce, Member of the Financial Services Chapter Board
Swiss Innovation Park Foundation, Member of the Foundation Board and of the Business Council (since October 2015)
Ivo Furrer — Born 1957, Swiss national
Chief Executive Officer Switzerland (CEO Switzerland)
Ivo Furrer graduated in law from the universities of Zurich and Fribourg and earned his PhD with a thesis on employee benefits in Switzerland. After joining Winterthur Life in 1982, he worked for several years in international industrial insurance in Switzerland, the UK and the USA. In 1998 he was appointed Chief Underwriting Officer at Winterthur International. He subsequently moved to Credit Suisse Group, where he was Head of e-Investment Services Europe and member of the management of Personal Financial Services. Ivo Furrer began working for Zurich Financial Services in 2002, initially in Germany as head of the international key account business, and in 2005 as a Member of the Global Corporate Executive Committee. In 2007 he was appointed CEO Life Switzerland and Member of the Global Life Executive Committee of Zurich Financial Services.
In September 2008 Ivo Furrer joined the Swiss Life Group as Member of the Corporate Executive Board and Chief Executive Officer Switzerland (CEO Switzerland).
Sanitas Krankenversicherung and Sanitas Beteiligungen AG, Member of the Board of Trustees and Vice Chairman of the Board of Directors
Valiant Holding AG and Valiant Bank AG, Vice Chairman of the Board of Directors
Swiss Insurance Association (SIA), Member of the Managing Board
Zurich Chamber of Commerce, Member of the Board
German-Swiss Chamber of Commerce, Member of the Board
Financial Market Authority (FMA) Liechtenstein, Member of the Board of Directors
Thomas Buess — Born 1957, Swiss national
Group Chief Financial Officer (Group CFO)
After completing his business administration and economics studies at the University of St. Gallen and a two-year research activity at the Institute of International Economics, Thomas Buess launched his career in insurance in 1985. From 1985 to 1993 he assumed various positions in the area of finance at the ELVIA Group. In 1994 he joined Zurich Financial Services Group as Chief Financial Officer and Member of the Executive Committee of the Swiss P&C business unit. From 1997 to 1999 he was Chief Financial Officer of all Swiss operations. In 1999 Thomas Buess moved to the USA as Chief Financial Officer of Zurich Financial Services Group's North American business area. In 2002 he was appointed Group Chief Financial Officer and Member of the Group Management Board. Thomas Buess went on to head the reorganisation of the life insurance business before assuming the role of Chief Operating Officer of Zurich Financial Services Global Life in 2004. In January 2009 he moved to Allianz Group as Head of Operational Transformation.
In August 2009 Thomas Buess joined the Swiss Life Group as Group Chief Financial Officer (Group CFO) and Member of the Corporate Executive Board.
Swiss Insurance Association (SIA), Chairman of the Finance and Regulation Committee
Charles Relecom — Born 1953, Belgian and Swiss national
Chief Executive Officer France (CEO France)
Charles Relecom graduated from the University of Namur (Belgium) with a degree in mathematics and went on to gain a master's degree in Actuarial Science at the University of Louvain (Belgium). He began his career in 1978 as Chief Actuary and Chief Technology Officer at Swiss Life in Belgium. In 1984 he moved to the head office in Zurich, where he played a significant role in setting up the International Division. From 1988 to 1994 he worked for ELVIA Life as Director of Sales in the key accounts business. In 1994 he moved to "La Suisse" and, in 1998, was appointed CEO of the non-life business and Chief Actuary. In 2000 he became the CEO of "La Suisse", a position he held until 2005 when the company was integrated into the Swiss Life Group. Following the integration, Charles Relecom returned to Swiss Life in Belgium, initially as the CEO of Zelia S.A. and, from February 2006, as CEO for the entire Belgian business.
In July 2008 Charles Relecom was appointed Chief Executive Officer France (CEO France) of the Swiss Life Group and Member of the Corporate Executive Board.
French Insurance Association (FFSA), Member of the Board of Directors
Markus Leibundgut — Born 1969, Swiss national
Chief Executive Officer Germany (CEO Germany)
Markus Leibundgut studied Physics and Mathematics at the University of Bern and gained his doctorate in quantum field theory. Having joined McKinsey & Company in 1999 he worked in various positions as a strategic advisor for companies in a number of sectors including technology, telecommunications and management. During his career at McKinsey & Company, Markus Leibundgut focused on consulting in the insurance sector in Europe and Switzerland. He was elected a partner in 2005. From 2009 to 2011 Markus Leibundgut also managed the McKinsey European Life Insurance Center of Competence. He joined Swiss Life in 2012, initially heading the Finance & Actuarial Services business area as CFO and Member of the Executive Board at Swiss Life Switzerland. In 2013 Markus Leibundgut was appointed Chief Operating Officer and Member of the Executive Board of Swiss Life Germany.
In April 2014 Markus Leibundgut was appointed CEO Germany and Member of the Corporate Executive Board of the Swiss Life Group.
Stefan Mächler — Born 1960, Swiss national
Group Chief Investment Officer (Group CIO)
After studying law at the University of St. Gallen, Stefan Mächler (lic. iur. HSG) spent 18 years working for the Credit Suisse Group in the capital market and asset management areas. After nine years abroad and various posts in Tokyo, Osaka, Seoul and Frankfurt, he returned to Switzerland in early 1999 and was appointed Managing Director of Sales & Marketing Europe and Switzerland at Credit Suisse Asset Management. At the same time, he was the driving force behind the foundation of the listed real estate company Swiss Prime Site AG, where he served as Chairman of the Board of Directors until 2005. From 2005 until 2009 he worked for Deutsche Bank, initially assuming responsibility for managing family offices in Switzerland and in the final two years serving as CEO of Privatbank Rüd, Blass & Cie AG. From 2009 until 2014, Stefan Mächler was in charge of asset management at the Swiss Mobiliar Group as Chief Investment Officer and Member of the Group Executive Board.
On 1 September 2014 Stefan Mächler was appointed Group Chief Investment Officer and Member of the Corporate Executive Board of the Swiss Life Group.
Corporate Private Care AG, Member of the Board of Directors
Rüegg-Naegeli AG, Member of the Board of Directors
Stiftung Technopark Zürich, Member of the Board of Trustees
Inter-Community School Foundation, Member of the Board of Trustees
Nils Frowein — Born 1964, German national
Chief Executive Officer International (CEO International)
Nils Frowein is an economics graduate with German and American accountancy certification. He is a skilled banker and has extensive expertise in the financial services sector and many years of capital market experience. From 1997 until 2004 he worked at the auditing firm BDO Deutsche Warentreuhand AG where he was responsible for the Financial Advisory Services division, most recently as partner. From 2004 to 2007 Nils Frowein was CFO of financial services provider MLP. There he was significantly involved in laying the strategic foundations for the company. Nils Frowein joined AWD as deputy Chief Executive Officer in January 2008. He was initially Chief Financial Officer and was appointed Chief Operating Officer on 1 September 2008. Between 2009 and 2010 he additionally took charge of the Swiss business of AWD as acting CEO. Since 2010 he has also been Chairman of the Swiss Life subsidiary Chase de Vere in the UK and since 2011 Chairman of the Supervisory Board of Swiss Life Select Austria.
Nils Frowein was appointed Chief Executive Officer of the International market unit (CEO International) on 1 January 2013, and Member of the Corporate Executive Board of the Swiss Life Group on 1 January 2015.
Resignations and new members
Nils Frowein, CEO International since January 2013, was appointed Member of the Corporate Executive Board of the Swiss Life Group on 1 January 2015.
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