Swiss Life successfully places EUR 700 million of hybrid capital

Thursday, 12. April 2007 18:30

Swiss Life today closed its placement of EUR 700 million (around CHF
1.1 billion) of hybrid capital notes. The offering was structured
using a repackaging vehicle (ELM B.V.) that issued notes secured by
perpetual subordinated non-call 10 step-up loan notes issued by the
Swiss Life Insurance and Pension Company and guaranteed by Swiss Life

On the back of strong demand by international institutional
fixed-income investors the order book was several times
oversubscribed which allowed an attractive pricing. The coupon was
set at 5.849% for the first 10 years equivalent to the Euro 10-year
swap rate plus 150 basis points.

With this transaction, Swiss Life made use of favourable market
conditions to further diversify its debt maturities and improve its
overall funding structure in line with its active capital management.
The proceeds provide additional financial flexibility for Swiss
Life's strategic development. The hybrid capital notes qualify for
capital treatment by the Federal Office of Private Insurance as well
as by Standard & Poor's (S&P). The notes are rated BBB by S&P.

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Swiss Life
The Swiss Life Group is one of Europe's leading providers of pension
and life insurance products. The Swiss Life Group offers individuals
and companies comprehensive advice across a broad range of products
via agents, brokers and banks in its domestic market, Switzerland,
where it is market leader, and selected European markets.
Multinational companies are serviced with tailor-made solutions by a
network of partners in over 60 countries and regions. With Banca del
Gottardo, the Swiss Life Group is also active in private banking. The
bank, with its head office in Lugano, has an extended national and
international network and around CHF 36 billion in customer assets
under management.

Swiss Life Holding, registered in Zurich, dates back to
Schweizerische Rentenanstalt founded in 1857. Shares of Swiss Life
Holding are listed on the SWX Swiss Exchange (SLHN). The Swiss Life
Group employs a staff of around 9000.

Cautionary statement regarding forward-looking information
This publication contains specific forward-looking statements, e.g.
statements including terms like "believe", "assume", "expect" or
similar expressions. Such forward-looking statements are subject to
known and unknown risks, uncertainties and other factors which may
result in a substantial divergence between the actual results,
financial situation, development or performance of the company and
those explicitly or implicitly presumed in these statements. Against
the background of these uncertainties readers should not place undue
reliance on forward-looking statements. The company assumes no
responsibility to update forward-looking statements or to adapt them
to future events or developments.

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