Group Structure and Shareholders

Group structure

The public limited company Swiss Life Holding was established in 2002 and is incorporated under Swiss law. Its registered office is located in Zurich. Since 19 November 2002, its stock has been listed on the SIX Swiss Exchange. Swiss Life Holding brings together all the Swiss Life Group companies and activities under a single holding company. The holding company structure makes it easier to effect investments, enter into partnerships or cooperation agreements and execute capital market transactions. Transparency is also improved by separating the interests of shareholders from those of policyholders.

The companies falling within the Group’s scope of consolidation are presented in the Consolidated Financial Statements (Note 36). Information on the listing on the SIX Swiss Exchange and market capitalisation can be found in the section “Share Performance and Historical Comparison”. The organisational structure of the Group shows the key business markets and areas. The resulting operational responsibilities are reflected in the allocation of responsibilities among the Corporate Executive Board. With regard to insurance operations, one person with responsibility for the market and results is assigned to each specific area.

The operational management structure as at 31 December 2015 is shown in the section Corporate Executive Board .


The purchase or sale of shares or of acquisition/disposal considerations regarding shares in companies that are domiciled in Switzerland and have their shares listed in Switzerland must be reported to the company in question and the SIX Swiss Exchange if the shareholdings exceed, fall below or reach certain thresholds. The relevant thresholds are 3, 5, 10, 15, 20, 25, 33⅓, 50 and 66⅔% of the voting rights. Details are set out in the Federal Act on Stock Exchanges and Securities Trading (SESTA) – as of 1 January 2016 in the Financial Market Infrastructure Act (FMIA) – and in the Stock Exchange Ordinance-FINMA (SESTO-FINMA).

The disclosures of shareholdings that exceed the disclosure threshold on the balance sheet date of 31 December 2015 are shown below. In accordance with the disclosure requirements, the percentage figures given relate to the share capital and number of outstanding shares pursuant to the Articles of Association applicable at the time of the relevant disclosure.

ETHENEA Independent Investors S.A 16, rue Gabriel Lippmann, 5365 Munsbach, Luxembourg, reported in a publication of 1 December 2015 that it held 975 000 shares of Swiss Life Holding Ltd, equivalent to a 3.04% share of the voting rights.

Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main, Germany, reported in a publication of 6 January 2015 that it held 1 714 876 shares of Swiss Life Holding, equivalent to a 5.35% share of the voting rights. At the same time, Deutsche Bank AG held sales positions in the amount of 5.09% of the voting rights (1 631 627 equity swaps).

BlackRock Inc., 55 East 52nd Street, New  York 10055, USA, reported in a publication of 13 December 2014 that it held through various Group companies a total of 1 750 937 shares of Swiss Life Holding, equivalent to 5.58% of the voting rights.

UBS Fund Management (Switzerland) AG, P.O. Box, 4002 Basel, Switzerland, reported in a publication of 19 November 2014 that it held 990 414 shares of Swiss Life Holding, equivalent to a 3.09% share of the voting rights.

AQR Capital Management LLC, 2 Greenwich Plaza, 4th Floor, Greenwich CT 06830, USA, reported in a publication of 30 September 2014 that it controlled through various managed funds a total of 3.01% of the voting rights of Swiss Life Holding (950 453 shares of Swiss Life Holding and 14 963 equity swaps).

In addition, Norges Bank (the Norwegian central bank) reported during the year under review, in a publication of 28 January 2015, that it had exceeded (holdings of 3.23%), and, in a publication of 27 August 2015, that it had once again fallen below (holdings of 2.97%) the disclosure threshold.

All full disclosures can be found on the publication platform of the SIX Swiss Exchange’s disclosure office.

No cross participations exceeding the 3% threshold exist between Swiss Life Holding or its subsidiaries and other listed companies.

Shareholder structure

On the balance sheet date some 165 000 shareholders and nominees were listed in the Swiss Life Holding share register, of which about 4000 were institutional shareholders. Taken together, the shareholders entered in the share register held around 50% of the shares issued. Over half of these shares were owned by shareholders domiciled in Switzerland. Approximately a third of the registered shares were in private hands.

A table showing the shareholder structure is provided in the section “Share Performance and Historical Comparison”.

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