Swiss Life Network NewsletterMarch 2011

2 I Swiss Life Network Newsletter I March 2011

Partner News I Country

I hope you had an excellent start to the new year,

and a good first quarter.

2011 is the last year before the Swiss Life Network

celebrates its 50th birthday. We are honoured to

have been the global employee benefit provider of

choice for many of our customers since the early 1960s. Today and

tomorrow, we remain fully committed to serving you and putting your

requirements always first.

Our current range of solutions reflects the changing needs of our

customers and the emerging global trends in employee benefits.

Pension solutions and health coverage are important elements in

today’s employee benefit solutions. Through traditional risk-pooling,

cost-optimisation remains an important feature of our solutions,

in addition to the highest standards of service. The variety of our

current solutions is illustrated in this issue by descriptions of some

of our network partners’ innovative approaches, and the prestigious

awards some of them have received.

To stay in touch with the market in future, we will continue our

ongoing dialogue with customers at our popular customer events.

Please read on for details of events planned for April and May in

Beijing and Hong Kong.

We look forward, together with our Swiss Life Network partners,

to continuing to help you meet and master your employee benefit

challenges in 2011.

Yours sincerely,

Margrit Schmid

Dear Reader

March 2011 I Swiss Life Network Newsletter I 3

Partner News

Denmark Danica Pension’s Think Nordic concept – a growing success 4

Guatemala Grupo Occidente supports socially responsible investment 5

France Pension reform requires action by employers 6

Hong Kong Sun Life expands its group business offering through continuous service innovation 8

Luxembourg HR award for Swiss Life’s group pension solutions 10

South Africa Momentum merges with Metropolitan to form MMI Holdings 11

Russia Pension benefits in Russia 12

Switzerland Swiss Life Pension Services – expert local and international services for multinational companies 14

USA Dearborn National® responds to growing need for critical illness cover 16

Network News

Swiss Life Network welcomes China Life as our new network partner in China 18

Danica Pension celebrates major Network anniversary 20

Country News

China New Social Insurance Law 21

Venezuela Important legal changes regarding insurance 22

List of Swiss Life Network Partners

Network partners and branch offices 23

Content

ImpressumPublisher Swiss Life Network, General-Guisan-Quai 40, P.O. Box, 8022 Zurich, Switzerland • Editor Swiss Life Network in cooperation with network partners, clients and Openline • Photos Swiss Life Network in cooperation with network partners and clients • Photo Front Asian business woman • Design and Print Swiss Life Marketing Support • Copyright Swiss Life Network • Reprint authorisation on agreement with the Publisher • The quarterly Swiss Life Network newsletter is available online: www.swisslife-network.com/newsletter

4 I Swiss Life Network Newsletter I March 2011

Partner News I Denmark

Danica Pension’s Think Nordic concept – a growing success

Significant benefits of a pan-Nordic approachThink Nordic is an employee benefit concept offering econ-

omies of scale, tailor-made products, professional advice,

a centralised approach, and simplified administration. It

is aimed at meeting the requirements of Nordic-located

companies, whether headquarters or subsidiaries of for-

eign companies.

Think Nordic offers assistance with establishing a uniform

employee benefit scheme in Norway, Sweden and Denmark,

in accordance with local legislation, and gives clients the

benefit of a single source of advice on pension systems and

employee benefits for all three countries. In addition, Think

Nordic offers cost reductions if clients use Danica Pension

in at least two countries, based on the total Nordic volume

placed with Danica Pension.

With many companies in Norway, Sweden and Denmark represented in more than one Nordic country, there is clearly room for a pan-Nordic pension and employee benefit solution. As a pension provider operating across all three countries, Danica Pension first launched Think Nordic with Swiss Life in 2008.

Cooperation with Swiss Life Multinational pooling

is an essential instrument in the Think Nordic concept.

Working with Swiss Life, Danica Pension is well equipped

to handle clients’ pan-Nordic pension and employee ben-

efit plans.

An expanding success story The concept has been

well received by customers in all three countries, as is shown

by the fact that although only three years old, Think Nordic

has generated new premium income of over EUR 3 million

a year for the last two years. Danica Pension is the pioneer

and unique provider of the pan-Nordic concept, and in order

to maintain its leading position, it recently started to work

with Mandatum Life of Finland. This means that Think

Nordic is now being expanded to include Finland, thus

offering even greater advantages to clients.

For more information

please visit www.danicapension.dk/english

or contact Mr. Peter Mørch, Danica Pension

E-mail: peter.moerch@danicapension.dk

Phone: +45 45 13 59 35

Denmark

Nor

way

Sweden

ThinkNordic

One pointof entry

Unique productportfolio

Customisedservice

Minimisedcosts

March 2011 I Swiss Life Network Newsletter I 5

Guatemala I Partner News

Grupo Occidente supports socially responsible investment

Grupo Agroindustrial Occidente (GAO), a leader in the

natural rubber industry in the Americas, has developed an

innovative management model integrating sustainability

principles and greater social responsibility, which allows

increased competitiveness while improving the risk man-

agement of rubber tree plantations.

The new model pioneers worldwide access to carbon

finance for rubber tree plantations through its pilot project

“Promoting sustainable development through natural rub-

ber tree plantations in Guatemala”. The project is planting

2,366 hectares of new rubber tree plantations, which are

managed using the best international sustainability criteria.

This will aid climate change mitigation through an addi-

tional average carbon dioxide sequestration of 1.74 mil-

lion tons during the lifespan of this plantation.

The project was registered under the Voluntary Carbon

Standard (www.v-c-s.org), and is in the process of verifica-

tion to allow the first issue worldwide of carbon offsets

from rubber tree plantations. The carbon offsets will be

traded to Switzerland-based enterprises in sustainable cor-

porate responsibility programmes.

Through sustainable management GAO will ensure the

highest social, environmental and production standards.

Plantations will be free of child labour, and guarantee com-

pliance with local laws and international agreements on

labour and environment, labour security, and employee

training.

Grupo Occidente, parent company of Network Partner Seguros de Occidente and Grupo Agroindustrial Occidente (GAO), is committed to promoting social responsibility, environmental sustainability, and strong corporate management in its investments.

Environmental management will protect natural resources,

water, soil, and biodiversity, and stop rubber plantations

taking over natural forests, by planting deforested areas

or degraded lands. Production management will prevent

over-exploitation, wildfires, and flooding, and promote

stabile growth and productivity.

GAO aims to have the first rubber plantations certified by

the Forest Stewardship Council in the Americas. Its inno-

vations promote social responsibility, diversify the sources

of revenue for rubber plantations, create incentives for

responsible low-risk expansion, and contribute to sustain-

able economic development.

For more information

please visit www.occidente.com.gt or

www.occidente.com.gt/agroindustrial

or contact Ms. Marylin Barascout,

Grupo Agroindustrial Occidente

E-mail: mbarascout@occidente.com.gt

Phone: + 502 2279 94 34

6 I Swiss Life Network Newsletter I March 2011

Partner News I France

Major features of pension reform affecting companies

• Increased statutory retirement age The new social security legal retirement age will rise from

60 to 62 years (for people born after 1955), and from 65

to 67 years for a full social security pension, regardless

of the years of employment.

• Longer contribution period for full pension There will be an increase in the contribution period required

to qualify for a full social security pension, which will grad-

ually rise to 166 quarters by 2020. However, employees

with what are defined as “strenuous” jobs will still be able

to take a full pension earlier. This is not fully defined yet,

with the Government communicating precise details dur-

ing the course of 2011.

• Improved equality between men and women A set of measures will be announced by the French Gov-

ernment in the coming months aimed at reducing cur-

rent inequalities in benefits provision between men and

women.

• Incentives to employ older workers To encourage employers to retain older employees on

their payroll and reduce the costs of early retirement, the

Government has introduced an obligation for every com-

pany to create a career development plan for employees

over 45 to come into effect from January 1, 2012.

Promotion of retirement savings

• Obligation to set up a group pension plan Employers will be obliged to set up a Defined Contribu-

tion group pension plan (Article 83 or PERCO) if there

is already a defined benefit plan (Article 39) for a specific

category of employees in force. The new rules are already

in operation and companies have until December 31, 2012

to comply with them.

• Holiday allocations to group pension plans Employees that do not take their full allocation of paid

holiday in any given year will be given the option to ex-

change up to 5 days per annum into a cash equivalent

which can then be paid as a single contribution into an

Article 83 or PERCO pension plan.

• New tax-advantaged individual contributions Individuals now have the option to make additional con-

tributions, which will have tax advantages, to their Article

83 group defined contribution plan.

• Early payment of lump sums The rules regarding possibilities for early payment of

lump sums under supplementary retirement plans in the

event of financial hardship or on death of a spouse or civil

union partner will be relaxed.

Pension reform requires action by employers

When France’s latest pension reforms were passed in November 2010, attention focused on the raising of the legal age of retirement. However, the reforms will also have a significant effect on retirement savings plans. The changes mean that in future, companies will have to adjust the way they handle not only employee retirement, but also retirement savings.

March 2011 I Swiss Life Network Newsletter I 7

France I Partner News

For more information

please visit www.swisslife.fr

or contact Ms. Anne-Gaëlle Colin, Swiss Life (France)

E-mail: annegaelle.colin@swisslife.fr

Phone: +33 1 40 82 22 47

Swiss Life pension offer in FranceSwiss Life in France is well-positioned to assist companies

in managing their retirement plans and responding to the

new reforms and can provide all types of retirement schemes

currently available on the market. Swiss Life has:• Vast experience in the management of funded pension plans• A range of tailor-made solutions for large and medium-

sized companies

Mutual funds Individual accounts

Article 39 Article 83PERP/PERE

PERCE

Termination annuities

t tDefined benefit

plansDefined

contribution plans

Annuity

Lump sum

• Expert consultants and dedicated teams for the admin-

istration of pension plans• Guaranteed annuity rates based on the date of affiliation

to the contract • A track-record of award-winning retirement solutions

Glossary• Article 39: Defined benefit plan. Arrangements set up for

a category of personnel for which the company agrees on

an amount of benefit (annuity) paid at the time of retire-

ment if the employee is still part of the workforce.• Article 83: Defined contribution plan. Arrangements put

in place for a category of personnel for which the com-

pany agrees on a contribution rate. An account is opened

in the name of each employee with full vesting from

inception. The savings are then converted into an annuity

at the time of retirement. Since the Act reforming the

pensions, the employee can make individual payments

and gets tax advantages.• PERCO: Plan d’Epargne Retraite Collectif (Collective

Retirement Savings Plan). Optional employee savings plans

where the company matches employee contributions.

Benefits are paid out as a lump sum or as an annuity.• PERP: Plan d’Epargne Retraite Populaire. Individual

contracts, with contributions deductible from taxable

income up to a certain limit. The group version is called

the PERE: Plan Epargne Retraite Entreprise (Company

Retirement Savings Plan).

8 I Swiss Life Network Newsletter I March 2011

Partner News I Hong Kong

Sun Life expands its group business offering through continuous service innovation

To meet its customers’ increasing demands for timely and professional service, Sun Life is launch-ing a new e-service platform for employers and their insured employees. Enhanced medical plans for SMEs are also scheduled to launch in 2011.

New group e-services Sun Life’s new group e-service

platform will offer employers and employees 24/7 access

to updated information on benefits, claims, and network

medical providers.

The new e-service for employers will help them better mon-

itor and administer their plans. The Sun Life eService will

also allow employers to become the primary source of plan

information for employees, offering health information

and privileged top-up benefit offers, with the aim of driving

employee engagement and benefits awareness.

An “on the go” mobile accessible version is also available,

enabling members to use the new e-services whenever and

wherever they wish.

Expanded medical providers network Sun Life has

also expanded its panel provider network to approximately

1,400 medical doctors providing insured members with

greater choice and convenience of access by ensuring a suf-

ficient number of medical providers within various geo-

graphic districts.

March 2011 I Swiss Life Network Newsletter I 9

For more information

please visit www.sunlife.com.hk

or contact Ms. Vivian Leung, Sun Life Hong Kong Limited

E-mail: vivian.sy.leung@sunlife.com

Phone: +852 3183 21 72

Hong Kong I Partner News

Swiss Life and Sun Life

Hong Kong Emloyee Benefit ConferenceMay 25, 2011Hong Kong

We are delighted to announce the upcoming Hong Kong event: This half-day event offers multinational

companies and their brokers and consultants valuable in-

sights and information on ways to enhance their employee

benefit plans and solutions around the world, and in par-

ticular in Hong Kong.

This event is organised in kind cooperation with our Net-

work Partner Sun Life Financial.

For more information

please visit www.swisslife-network.com/events

Product revamp – group medical packaged plan for SMEs The majority of Hong Kong’s small and me-

dium enterprises (SMEs) currently do not to offer group

benefits (life and medical) to their employees. This is due

to various reasons, such as a lack of affordably-priced prod-

ucts to fit their requirements.

To address this situation, Sun Life launched a new group

life packaged plan in October 2010, customised to meet

the needs of Hong Kong SMEs. In 2011, Sun Life will also

enhance its group medical packaged plan to meet SMEs’

needs, by providing affordable products with comprehen-

sive coverage and flexible product options.

10 I Swiss Life Network Newsletter I March 2011

Partner News I Luxembourg

HR award for Swiss Life’s group pension solutions

By giving Swiss Life the Best Compensation & Rewards

Solution Award for 2010, human resources (HR) profession-

als in Luxembourg have not only honoured Swiss Life’s per-

formance, but also confirmed the importance of supplemen-

tary pension solutions as a form of extra-legal remuneration.

The success of supplementary pension plans has been rein-

forced both by the recent economic crisis and by the weak-

ening of statutory retirement systems. The former has

forced HR managers with tighter budgets to look for more

efficient means of remuneration; the latter has increased

demand for supplementary 2nd pillar pension solutions.

Swiss Life is once again ahead of the game among pension

solution providers. The jury, composed exclusively of HR

managers, highlighted the numerous information, deci-

sion-making and management support tools provided by

Swiss Life. These included pension surveys, the launch of

The Luxembourg HR community has paid tribute to the quality of Swiss Life’s pension solutions by presenting it with the Best Compensation & Rewards Solution Award.

a website for HR managers, and the development of a

benchmark for supplementary pension plans in the Grand

Duchy.

Once again, Swiss Life has confirmed its position as a lead-

ing group pension insurer in the Luxembourg market.

For more information

please visit www.swisslife.lu

or contact Mr. Pierre Dubru, Swiss Life (Luxembourg)

E-mail: pierre.dubru@swisslife.lu

Phone: +352 423 95 92 11

From left to right: Laurence Nicolet, Jean-Paul André-Dumont, Pierre Dubru and Steve Goedert proudly present their achievement.

March 2011 I Swiss Life Network Newsletter I 11

South Africa I Partner News

Momentum merges with Metropolitan to form MMI Holdings

The name refers to the combination of well-established

and well-respected operating brands – Metropolitan and

Momentum – which will continue to be used at a client-fac-

ing business level, with MMI the investor brand. Momentum

accounts for 59.3 % of the ZAR 30 billion embedded value

(estimated economic worth) of the business, and Metro-

politan 40.7 %.

Momentum and Metropolitan operate in different mar-

kets, with Momentum’s key area of focus the upper-income

market segment, and Metropolitan focusing predomi-

nantly on the low to middle-income markets.

With the listing of MMI Holdings on the Johannesburg Stock Exchange on December 1, 2010, the merger between Swiss Life Network Partner Momentum and Metropolitan became official. The new company is a major insurer in South Africa with strong prospects and a world of opportunity.

Significant value should be realised for clients, staff, share-

holders and other stakeholders as a result of the merger:

• the combination of Momentum and Metropolitan will

expand the merged entity’s target markets and create a

leading competitive, insurance-based financial services

group with businesses in life insurance, healthcare

administration, asset management, short-term insurance

and employee benefits, both locally and elsewhere in

Africa;• the merged entity will benefit from enhanced growth

opportunities, revenue synergies and economies of

scale;• cross-selling of insurance-based financial products and

loyalty programmes into the large combined retail and

group client bases of Momentum and Metropolitan;• capital efficiencies through the further diversification

of risks as part of an ongoing capital management pro-

gramme;• with its enlarged footprint the merged entity will be well

positioned to expand its activities outside South Africa;

and• the merged entity will have a material black empower-

ment shareholding.

Etienne de Waal, CEO of Momentum’s employee benefits

division, has been appointed CEO of the merged employee

benefits business.

Etienne de Waal, CEO at MMI’s employee benefits division

For more information

please visit www.momentum.co.za

or contact Mr. Nazeem Khan, Momentum

E-mail: nazeem.khan@momentum.co.za

Phone: +27 11 485 75 58

Pension benefits in Russia

According to Rosgosstrakh, only around 5 % of multina-

tional companies and large local companies in Russia pro-

vide pension benefits to their employees. This figure has

increased significantly from less than 1 % some three to

four years ago. Although a few multinational companies

postponed pension plan development in 2008–2009 due

to the economical crisis, market participants reported a

steady interest in corporate pension schemes and growth

is expected to rise sharply in future.

The challenges One of the major challenges facing

Russia revolves around demographics. In 2009, Russia’s

population was estimated at 141.9 million. The state sta-

tistics organisation Goskomstat estimates the number of

pensioners in 2010 to be over 38 million, or 27 % of the

population. Today almost 12.9 % of the population is older

than 65 years, while the international average is 7 %. There

are less than two working people per one retiree in Russia

today, down from 5/1 in 1990, and 8/1 from the USSR time.

Should this trend continue there will only be one working

person per two retirees by 2050.

Another challenge is the level of pension contribution by

the state. State pensions in Russia today provide an average

of 26 % of salary on retirement, compared with 60 % to 70 %

in Western Europe. The figure in Russia is expected to drop

to 10 % by 2020.

Network partner Rosgosstrakh, the largest insurance company in Russia, considers the development of the pension insurance market one of the top priority issues for today.

Rosgosstrakh promotes pensions Rosgosstrakh

understands the importance of pension planning for the

Russian population in general, and for companies keen to

attract and retain highly qualified employees in particular.

To meet its clients’ demands in this area, the Rosgosstrakh

Group introduced three pension solutions for domestic

and international clients in Russia. New services became

available when the RGS Non-State Pension Fund joined

Rosgosstrakh Group.

• Transfer of mandatory social security contributions from

the government-operated fund to the Rosgosstrakh

Group (RGS) pension fund• Participation in the state co-financed pension programme• Complementary savings plan with guaranteed return

Transfer of mandatory social security contribu-tions All employees in Russia are required to contribute

to a pension fund. The maximum contribution to the fund-

ed part is 6 % but capped at RUR 27,780 per year.

Up to 2002, mandatory contributions were only allowed

to be placed in the state administered fund. In 2009, the

return on this state fund was officially less than 1 %, while

the return from private funds was between 8 % and 14 %.

It is now possible for employees to choose either to continue

contributing to the state fund, or to contribute instead to

a private fund to handle their mandatory savings. The Ros-

gosstrakh Group pension fund offers an important alter-

native to the state fund, and employers are encouraged to

explain this option to their staff. Employers play a key role

in spreading awareness and providing the opportunities

to their staff as well.

Partner News I Russia

12 I Swiss Life Network Newsletter I March 2011

March 2011 I Swiss Life Network Newsletter I 13

Russia I Partner News

For more information

please visit www.rgs.ru

or contact Mr. Sergei Smirnov

or Ms. Olga Trubach, Rosgosstrakh-Life

E-mail: sergey_smirnov@rgs.ru, olga_trubach@rgs.ru

Phone: +7 495 783 2424

Over 90 years of excellenceRosgosstrakh (RGS), established over 90 years ago, is

now a major insurance player in the Russian market. With

over 25 million private and 250,000 corporate clients,

3,000 regional offices, 400 claims centres and 60,000 pro-

fessional staff, Rosgosstrakh offers over 50 different types

of high-quality insurance products for individuals and

businesses.

Winner of two top awardsRosgosstrakh won two awards at the Russia’s National

Company of the Year event in 2010. With history of over a

decade, the awards were established by the RBC Group, a

major media organisation in Russia, to recognise the most

successful companies in the Russian market.

Rosgosstrakh was honoured once again with the title:

Insurance Company of the Year 2010, which it last won in

2005. The company was also the first ever recipient of a

new award category established by Microsoft to honour

“A high degree of responsibility towards customers and

quality of service”.

Participation in the state co-financed pension pro-gramme Together with the mandatory premium con-

tribution to the pension fund, benefits can be increased

through additional contributions made by the employer,

employee, or both. The state annually co-finances addi-

tional pension contributions in the amount equal to the

employee contribution with an annual cap. Enrolment in the

state co-financed pension programme is possible only until

October 2013, and the program will run for ten years. How-

ever, the mandatory pension accumulation together with

such participation still does not bring the living standard

of the retiree to a decent level.

“Guaranteed with profits” complementary saving plan This parallel pension solution is not associated

with mandatory pension contributions. The complemen-

tary savings plan is a flexible insurance policy in the form

of a defined contibutions plan that can include additional

riders such as classical life or disability coverage. The re-

turn is guaranteed at 3.5 % and additional returns are

passed on to the insured. The guaranteed return allows for

presenting this pension solution to a Client in the form of

quasi – “defined benefit” plan.

A strong motivator for the move into this type of solution

has come from leading international companies operat-

ing in Russia, particularly in the banking, oil and gas, phar-

maceutical and chemical industries. The major appeal of

these products is that they allow companies to provide an

increased level of benefits to staff, and strengthen loyalty

among key employees.

15 %

10 %

5 %

0 %2009 2008 2007 2006

10.25 %

13.50 %12.70 % 13.10 %

Return on the Rosgosstrakh plan is the best in market over the past four years.

As an additional service, Rosgosstrakh provides employee

presentations and information meetings for company

administrators and staff on the topic of employee benefits.

Most people in Russia are still unaware of the pension

reforms of 2002, and the advantages they offer. Rosgoss-

trakh is using its network to educate employees and corpo-

rate clients about the benefits of investing in a retirement

pension.

14 I Swiss Life Network Newsletter I March 2011

Partner News I Switzerland

Swiss Life Pension Services – expert local and international services for multinational companies

Autonomous pension funds are organised as legal entities,

with a balance sheet, profit and loss statement, and sepa-

rate supervisory authority. As such, they need services rang-

ing from insurance products to administration services,

and from asset management to investment consulting and

actuarial advice.

Independent consultancy services since 2009 It

was to serve this important market that Swiss Life set up an

independent consulting firm, Swiss Life Pension Services

Ltd (SLPS) in 2009, which provides both local and cross-

border services.

Led by Roland Schmid, former CEO of Hewitt Switzerland

(the largest pension consulting and administration pro-

vider in Switzerland), the company now has a team of 22

specialists offering a broad range of local and international

expertise and experience.

In Switzerland, employers can decide (with their employees) to meet the requirements of Swiss pension legislation either using an insurance contract or through an autonomous pension fund. Of the CHF 600 billion in pension assets held in Switzerland, 80 % are currently handled by autonomous pension funds.

• Seven accredited Swiss pension experts (three of whom

also have international consulting experience) support

Swiss pension funds. Alongside meeting all Swiss require-

ments, SLPS has developed a methodology of tailored

benefit benchmarking, taking account of inflation,

expected return on assets and salary increases.• Five international accounting specialists provide pro-

found knowledge of IFRS and US GAAP requirements.

SLPS currently serves over 120 clients with international

accounting services. • Ten administrators deliver commercial services including

book-keeping, collecting employee contributions, prepar-

ing annual accounts, technical administration, opera-

tional management, and preparation and leading of board

of trustees’ meetings.• Four accredited actuaries deliver actuarial and technical

calculations at both individual and pension fund levels.

They also provide information through our Asset and

Liability Management (ALM) services, giving clients a

clear understanding of the structural situation of their

pension fund and how liabilities are developing over time.

Based on this, SLPS assists clients to develop an optimised

asset portfolio.

Roland Schmid, Managing Director at Swiss Life Pension Services Ltd

March 2011 I Swiss Life Network Newsletter I 15

Switzerland I Partner News

For more information

please visit www.slps.ch

or contact Mr. Roland Schmid,

Swiss Life Pension Services Ltd

E-mail: pension.services@swisslife.ch

Phone: +41 800 00 25 25

Benefits for international clients and headquarters• SLPS checks the consistency of international account-

ing assumptions, so that companies do not have to rely

solely on the input of local advisors• Local pension fund administration service costs are reduced

through benchmarking and implementing efficiencies• Local risk becomes transparent, with different

approaches to risk reduction available• The SLPS benchmarking methodology enables stream-

lining and cross-border comparisons of benefits for

international companies• As a Swiss company, SLPS is committed to quality and

precision• SLPS consultants are members of the Swiss Chamber of

Pension Actuaries• A systematic advisory process guarantees optimal man-

agement of the autonomous pension fund• The size and experience of the SLPS team ensures

expert delivery of the full range of advisory services

Full range of pension services SLPS services add significant value for international clients and headquarters.

Advisory services and implementation

Strategy Risk management Pension Governance Administration

Examination and safeguarding of

financial equilibrium

IFRS/US GAAP/FERreporting and consolidations

Legal advice/ legal opinions

Communciation concepts

Actuarial reports

Financing of the risks of disability and death

ALM study

Risk analyses and reinsurance concepts

Analysis of pension fund’s risks and risk capacity

Pension governance studies

Analysis of management tasks/responsibilities

Analysis of decision-making processes and organisa-

tional processes

Second opinion studies for companies, pension funds and supervisory authorities

Technical administration

Commercial administration

Foundation acccounting

Case management and prevention

Communication

More details on these services are available on www.slps.ch/slps/en/home/solutions.

16 I Swiss Life Network Newsletter I March 2011

Partner News I USA

Dearborn National® responds to growing need for critical illness cover

Many believe it will not happen to them Cancer.

Heart attack. Stroke. These and other critical illnesses are

issues that no one wants to think about, but are real risks.

For example, every year just under one million Americans

have a heart attack1. In addition, the American Cancer So-

ciety has predicted that almost 1.5 million new cancer cas-

es will be diagnosed in 20102. The good news is that due

to advances in early detection and modern medicine, many

people can recover from a critical illness. Recovery, though,

can be expensive.

Dearborn National has responded to the gaps in traditional medical insurance and new healthcare legislation with a critical illness rider available on its term life insurance policy. Critical illness benefits can help to pay for unplanned medical expenses, or be used however the insured wishes. Benefits are available for eligible employees and their eligible dependents.

High costs of critical illnesses Many Americans un-

derestimate the financial impact a critical illness can have

on their lives. They rely on their group health coverage,

and certainly this usually provides excellent and compre-

hensive medical expense benefits.

However, the out-of-pocket expenses for critical illnesses

can add up when deductibles, co-payments, limits and ex-

cluded items are factored in. While many Americans also

have disability insurance, typically it does not replace an

insured’s total income.

Critical illness coverage for peace of mind Crit-

ical Illness coverage helps to address the needs created by

high deductibles and other expense gaps. When critical

illness strikes, full attention should be given to treating it

- not worrying about money or a confusing policy.

Dearborn National’s process is simple. The benefit is a rid-

er to the employer’s group term life insurance. Once the

coverage is in force, if an employee or insured dependent

is diagnosed with a critical illness and provides the required

proof of loss, the benefit is paid out in a single payment.

Proof of expenses is not required.

Matt Reddy, Vice President, National Accounts at Dearborn National

1 American Heart Association. A report from the American Heart Association Statistics Committee and Stroke Subcommittee. Heart Disease and Stroke Statistics 2009 update.

2 American Cancer Society “2010 Cancer Facts and Figures”

March 2011 I Swiss Life Network Newsletter I 17

USA I Partner News

For more information

please visit www.dearbornnational.com

or contact Mr. Matt Reddy, Dearborn National

E-mail: matthew_reddy@dearbornnational.com

Phone: +1 630 824 60 96

Here are some examples of how the benefit can be used:• Deductibles, co-payments, and out-of-pocket expenses

incurred with medical care• Experimental treatments not covered by insurance

plans• Transportation expenses to and from treatment facilities,

as well as daycare for children or even pets • To supplement income lost due to time away from work• Household bills, utilities, food and everyday expenses• Home modifications, such as expanding doorways and

adding wheelchair ramps or lifts

Critical Illness benefit offers even more: if the covered in-

sured or a covered dependent dies, any remaining portion

of the critical illness benefit will be paid as a death benefit

under the life insurance policy.

The Critical Illness Acceleration Rider is form number FDL1-604CI-1010.Products and services marketed under the Dearborn

National® brand and the star logo are underwritten and/

or provided by Fort Dearborn Life Insurance Company®

(Downers Grove, IL) and certain affiliates. Fort Dearborn

Life Insurance Company offers insurance products in all

states (excluding New York), the District of Columbia,

the United States Virgin Islands, the British Virgin Islands,

Guam and Puerto Rico. The products referenced may not

be available in all states.

Network News

Swiss Life Network welcomes China Life as our new Network partner in China

China Life Insurance Company Limited and the Swiss Life

Network held a signing ceremony in Beijing on December 7,

2010, to mark the official entry of China Life into the Swiss Life

Network. Mr. Lin Dairen, Vice President of China Life, and

Ms. Margrit Schmid, Swiss Life Senior Vice President and

Head of the Swiss Life Network, signed the agreement.

Leading life insurer in China China Life was founded

in the same year as the People’s Republic of China, and was

one of the first insurance companies in China. The com-

pany is the trailblazer of China’s life insurance industry.

After over 50 years of experience and development, China

Life knows China’s life insurance market like no other.

China Life achieved a market share of 45 % of the group

insurance market in the first half of 2009, having grown

from 42 % in the same period in 2008. Corporate annuity

business is also growing.

China Life Insurance Company Limited was listed on the

New York Stock Exchange, the Hong Kong Stock Exchange,

and the Shanghai Stock Exchange on December 17 and 18,

2003, and January 9, 2007, respectively.

Financial strength and brand awareness In 2010,

China Life Insurance (Group) was named as one of the

“Fortune 500” for the eighth consecutive year. Its rank

jumped from 290 in 2003 to 118 in 2010.

For more information

please visit www.chinalife.com.cn

or contact Mr. Cedric Luah, Swiss Life Network

E-mail: cedric.luah@swisslife-network.com

Phone: +65 6580 65 61

We are pleased to announce that China Life officially joined the Swiss Life Network on January 1, 2011 to meet the employee benefit needs of multinational corporations in China, and Chinese enterprises investing inside and outside China’s borders.

The total assets of China Life Insurance (Group) account

for nearly half of China’s life insurance industry. On

December 31, 2009, its total assets reached RMB 1,226,257

million, with shareholder equity of RMB 211,072 million.

The company’s solvency ratio was 303.59 %. China Life

Insurance Company Limited is the world’s largest life

insurance company in terms of market capitalisation.

Comprehensive products and services for cus-tomers China Life offers its group customers a full-

range of insurance products, including term insurance,

accidental insurance, health insurance and disability

insurance, as well as pensions, and supports companies,

organisations and government organs in formulating com-

prehensive benefit plans for their employees.

Covering almost all urban and rural areas of China, the

company has the country’s most extensive nationwide dis-

tribution network, comprising over 3,000 customer service

counters, a customer service hotline, website, 777,000

exclusive agents, 12,700 direct sales representatives, and

14,000 financial advisors.

China Life, together with Swiss Life Network, is commit-

ted to the integrity, reliability, and quality of its employee

benefit solutions, and to helping its clients concentrate on

their core businesses and retain their employee talents.

18 I Swiss Life Network Newsletter I March 2011

March 2011 I Swiss Life Network Newsletter I 19

China I Network News

Senior representatives of the Swiss Life Network and China Life at the signing ceremony.

Swiss Life and China Life – Employee Benefit Conference

April 8, 2011Beijing, China

Comprehensive and well-suited Employee Benefit solu-

tion are a key success factor for companies who compete

in the global environment. Swiss Life Network and China

Life invite clients, brokers and consultants to join for

valuable insights and information on the employee benefit

market and solutions for multinational corporations

and their subsidiaries in P. R. China.

For more information

please visit www.swisslife-network.com/events

20 I Swiss Life Network Newsletter I March 2011

Network News

Danica Pension celebrates major Network anniversary

The Swiss Life Network is based on relationships characterised by trust and common goals, and we are proud of our longstanding partnerships with top local insurance providers. We are thus delighted to celebrate the 25th anniversary of Danica Pension joining the Network, and look forward to continuing our successful cooperation with them for many years to come.

25 yearsDanica Pension, Denmark

Danica Pension is one of Denmark’s largest and leading

insurance company by premium income and assets.

Part of the Danske Bank Group, Denmark’s largest finan-

cial services firm, it has over 150 years of experience in the

life and pensions market. The company specialises in pen-

sion and employee benefits schemes, life, disability and

health insurance.

Premium income in 2009 exceeded EUR 2 billion, with to-

tal assets at the end of 2009 of over EUR 35 billion. Danica

Pension’s market share in 2009 was 31 % in terms of total

premium. The company has around 600,000 policyhold-

ers and has been a member of the Swiss Life Network since

1986.

For more information

please visit www.danicapension.dk/english

Since our foundation in 1962, the Swiss Life Network has

established partnerships with more than 50 life insurance

companies, whose average length of membership as part-

ners in the Network is 19 years. Our long-standing alli-

ances with Network partners are essential to the excellent

service we provide to our clients and business partners, on

which the Swiss Life Network’s success depends. We thank

all our Network partners for their loyalty and for the

mutually beneficial business relationships we continue to

enjoy with them.

March 2011 I Swiss Life Network Newsletter I 21

China I Country News

New Social Insurance Law

Five types of coverageThe new Social Insurance Law

sets out the five insurance cov-

erages provided to all Chinese

citizens:• Old age pension• Basic medical• Unemployment• Maternity• Work injury

Participants The law applies to all employers in the PRC

and all to individuals, including city residents, flexibly em-

ployed people, migrant workers and foreigners.

A new Social Insurance Law was passed on October 28, 2010, which consolidates existing social insurance regulations and introduces several new provisions. The new law becomes effective on July 1, 2011.

Portability The new law allows basic pension, basic me-

dial and unemployment coverages to be transferred when

an individual changes job or moves to another province or

city. Premium contribution years in different locations will

be counted cumulatively. This is important, since previ-

ously there were considerable obstacles to transferring and

receiving benefits on moving residence.

The new law also gives enhanced powers to the social se-

curity authority to recover back contributions if employers

do not pay or underpay contributions for their employees.

Foreign nationals Under the new law, foreign nation-

als will also participate in the national pension system. Al-

though earlier regulations included this, many cities did

not have systems that allowed foreigners to participate.

The government has announced that it will be negotiating

social security totalisation agreements with other coun-

tries in order to avoid contributors having to make double

payments.

For more information

please contact Mr. Cedric Luah, Swiss Life

E-mail: cedric.luah@swisslife-network.com

Phone: +65 6580 65 61

22 I Swiss Life Network Newsletter I March 2011

Country News I Venezuela

Important legal changes regarding insurance

The new law addresses issues

such as social exclusion in pri-

vate health insurance and the

protection of consumer’s rights.

The law also applies to compa-

nies supplying prepaid medicine

and insurance cooperatives, and puts all insurance com-

panies under greater regulation by the state.

Immediate treatment for emergency cases One key

change in the legislation requires emergency cases in private

clinics to be treated immediately, rather than waiting for

authorisation by the insurance company. According to leg-

islators, this improves social justice, since it is deemed un-

fair for insurance employees without medical training to

be able to decide if a patient arriving at an emergency clinic

can be treated or not.

Inclusion of all illnesses and conditions Pre-existing

or acquired illnesses, such as congenital defects or obesity,

must now be included in hospital, surgery and maternity

insurance contracts. Under the new law, insurers must also

provide legal reasons when rejecting claims requests.

Insurance companies must now also provide plans for re-

tirees, pensions, the elderly, people with disabilities, and

those with physical or mental illnesses.

Extension of obligatory insurance coverage The law

makes it obligatory to extend insurance coverage to em-

ployees earning less than 25 tax units per month – currently

VEF 1,625 (USD 377). One aim of this coverage, known as

the health solidarity plan, is to guarantee continued medical

assistance to patients with chronic illness such as cancer.

With the new Insurance Activity Law that came into effect on July 29, 2010, the government of Venezuela is taking steps to improve the insurance system and increase coverage. Currently, only 12 million of Venezuela’s 24 million people are covered by private health insurance.

State-owned companies The legislation now author-

ises state-owned companies to function like insurance com-

panies, in order to provide medical protection to their em-

ployees and their families.

Greater oversight Under the new law, people who be-

lieve that their rights have been violated can apply to their

community council, which is obliged to investigate and refer

the complaint to the Superintendency of Insurance Activity.

Furthermore, the Superintendency of Insurance Activity

now has access to insurance companies’ information systems

and can levy large fines for non-compliance with the law.

Separation of banking and insurance In response to

a recent insurance company scandal and the 1994 financial

crisis in Venezuela, the new law prohibits financial links

between the insurance and banking sectors. Banks are no

longer allowed to insist that their clients take out insur-

ance with a connected company, or to sell policies at bank

branches.

For more information

please contact Mr. Max Carriazo,

Seguros Comerciales Bolívar

E-mail: max.carriazo@sbolivar.com

Phone: +58 212 905 99 31

March 2011 I Swiss Life Network Newsletter I 23

Country Network Partner Website Contact E-mail Telephone

Argentina Galicia Seguros S.A. www.galiciaseguros.com.ar Ms. Lucía ARMANDO larmando@galiciaseguros.com.ar +54 11 411 48 12 9

Australia Hannover Life Re of Australasia www.hannoverlifere.com Ms. Kristine NUGENT knugent@hlra.com.au +61 2 925 16 91 1

Austria Wiener Städtische www.wienerstaedtische.at Ms. Monika ARNOLD m.arnold@staedtische.co.at +43 50 350 22 08 7

Belgium Delta Lloyd Life www.deltalloydlife.be Mr. Michel MOREAU michel.moreau@deltalloydlife.be +32 2 238 89 11

Brazil Icatu Seguros www.icatuseguros.com.br Ms. Vanessa DONKE vdonke@icatuseguros.com.br +55 11 347 23 91 6

Canada Great-West Life www.greatwestlife.com Mr. David HENRY david.henry@gwl.ca +1 416 552 58 02

Chile Cruz del Sur www.cruzdelsur.cl Mr. Juan Pablo ACHONDO jachondo@cruzdelsur.cl +56 2 461 83 43

China Ping An of China www.pingan.com.cn Mr. Jian Yong WU wujianyong002@pingan.com +86 21 386 35 80 1

China Life www.chinalife.com.cn Mr. Yifei YAO yaoyifei@e-chinalife.com +86 10 6363 18 92

Colombia Seguros Bolívar www.segurosbolivar.com Ms. Valentina ESTRADA valentina.estrada@segurosbolivar.com +57 1 312 26 00 ext. 7031

Czech Republic Kooperativa www.koop.cz Mr. Tomáš JAKUBEC tjakubec@koop.cz +420 727 743 368

Denmark Danica Pension www.danicapension.dk Mr. Peter MØRCH peter.moerch@danicapension.dk +45 45 13 59 35

PFA Pension www.pfa.dk Ms. Lotte ELSBORG sl@pfa.dk +45 391 75 00 0

El Salvador Mapfre La Centro Americana www.lacentro.com Ms. Zuleika TELLO zuleika.tello@mapfre.com.pa +507 378 89 00

Finland Ilmarinen www.ilmarinen.fi Ms. Riitta RÄSÄNEN-RUGEMALIRA riitta.rasanen-rugemalira@ilmarinen.fi +358 10 284 26 28

France Swiss Life (France) www.swisslife.fr Ms. Anne-Gaëlle COLIN annegaelle.colin@swisslife.fr +33 1 408 22 24 7

Germany Swiss Life (Germany) www.swisslife.de Ms. Marion VINTZ marion.vintz@swisslife.de +49 89 381 09 18 72

Greece Groupama Phoenix www.groupama-phoenix.com Mr. Dimitris KALOUDIS kaloudisd@groupama-phoenix.com +30 210 937 62 44

Guatemala Mapfre Guatemala www.mapfre.com.gt Ms. Zuleika TELLO zuleika.tello@mapfre.com.pa +507 378 89 00

Seguros de Occidente www.occidente.com.gt Mr. Wilber BARRIOS wbarrios@occidente.com.gt +502 22 79 70 00 ext. 9373

Honduras Mapfre Honduras www.mapfre.com.hn Ms. Zuleika TELLO zuleika.tello@mapfre.com.pa +507 378 89 00

Hong Kong Sun Life Hong Kong Limited www.sunlife.com.hk Ms. Vivian LEUNG vivian.sy.leung@sunlife.com +852 31 83 21 72

Hungary UNION Biztos’tó www.unionbiztosito.hu Ms. Judit SÖRÖS soros.judit@unionbiztosito.hu +36 1 486 42 48

India Kotak Mahindra Old Mutual Life www.kotaklifeinsurance.com Mr. Sandeep SHRIKHANDE sandip.shrikhande@kotak.com +91 22 666 21 59 99

Ireland Irish Life www.irishlife.ie Mr. Damian FADDEN damian.fadden@irishlife.ie +353 1 704 12 72

Italy Apulia previdenza www.apuliaprevidenza.it Ms. Giulia POLI gestcollett@apulialife.it +39 02 725 66 73 6

Japan Meiji Yasuda Life www.meijiyasuda.co.jp Mr. Takeshi MISAWA ta-misawa@meijiyasuda.co.jp +81 3 32 83 92 26

Korea Korea Life www.korealife.com Mr. Chang-Mo KIM lost98@Korealife.com +82 2 789 79 66

Luxembourg Swiss Life (Luxembourg) www.swisslife.lu Mr. Steve GOEDERT steve.goedert@swisslife.lu +352 423 95 92 33

Malaysia Hong Leong Assurance www.hla.com.my Mr. Chee Kwan FOONG ckfoong@hla.hongleong.com.my +60 3 765 01 35 8

Mexico Seguros Inbursa www.inbursa.com Mr. Jorge NAVARRO jnavarrop@inbursa.com +52 55 532 50 42 3

Netherlands Zwitserleven www.zwitserleven.nl Mr. Charles ALBERS c.albers@zwitserleven.nl +31 6 134 48 63 4

New Zealand Hannover Life Re of Australasia www.hannoverlifere.com Ms. Kristine NUGENT knugent@hlra.com.au +61 2 925 16 91 1

Nicaragua Mapfre Nicaragua www.mapfre.com.ni Ms. Zuleika TELLO zuleika.tello@mapfre.com.pa +507 378 89 00

Norway Danica Pensjon www.danica.no Ms. Nina FRIVOLD friv@danica.no +47 85 40 53 98

Vital Forsikring www.vital.no Mr. Tor MYRSETH tor.myrseth@vital.no +47 934 07 43 4

Panama Mapfre Panama www.mapfre.com.pa Ms. Zuleika TELLO zuleika.tello@mapfre.com.pa +507 378 89 00

Philippines First Life www.firstlife.com.ph Ms. Ninian CEDO ncedo@firstlife.com.ph +63 2 893 30 24

Poland Compensa Life www.compensazycie.com.pl Mr. Sebastian BOROWSKI sebastian.borowski@compensazycie.com.pl +48 22 501 63 43

Portugal Groupama Seguros www.groupama.pt Mr. Nuno SILVA nuno.silva@groupama.pt +351 21 792 32 40

Russia Rosgosstrakh www.rgs.ru Ms. Olga TRUBACH olga_trubach@rgs.ru +7 495 783 24 24

Singapore NTUC Income www.income.com.sg Ms. Sharon LOH sharon.loh@income.com.sg +65 686 67 25 1

Slovakia Kooperativa www.koop.sk Mr. Štefan PAL’OV palov@koop.sk +421 2 572 995 95

South Africa Momentum www.momentum.co.za Mr. Nazeem KHAN nazeem.khan@momentum.co.za +27 11 485 75 58

Spain VidaCaixa www.vidacaixaprevisionsocial.com Ms. Ana DELGADO adelgado@vidacaixa.com +34 93 227 89 57

Sweden Danica Pension www.danica.se Mr. Tomas OLOFSSON kundservice@danica.se +46 752 48 04 06

Switzerland Helsana www.helsana.ch Mr. Michael SOFKA michael.sofka@helsana.ch +41 43 340 64 30

Swiss Life (Head Office) www.swisslife.ch Mr. Martin DAENIKER martin.daeniker@swisslife.ch +41 43 284 61 49

Taiwan Kuo Hua Life www.khltw.com Mr. Hunter HSU yshsu@khltw.com +886 2 555 19 78 8

Thailand Bangkok Life Assurance www.bla.co.th Mr. Taweesak DEJPRASIT group@bla.co.th +662 777 8888 ext. 8441

United Kingdom Bupa International www.bupa-intl.com Ms. Jette HOLTEN jhl@ihi.com +45 33 15 30 99

Unum www.unum.co.uk Mr. Colin FITZGERALD colin.fitzgerald@unum.co.uk +44 1306 873 04 7

USA Dearborn National www.dearbornnational.com Mr. Matthew REDDY matthew_reddy@dearbornnational.com +1 630 824 60 96

Venezuela Seguros Comerciales Bolívar www.segurosbolivar.com Mr. Claudio HERNANDEZ claudio.hernandez@sbolivar.com +58 212 905 97 56

Network partners and branch offices

Swiss Life Network

General-Guisan-Quai 40

P.O. Box, 8022 Zurich

Switzerland

T +41 43 284 37 97

F +41 43 284 39 97

network@swisslife.com

www.swisslife-network.com