Ladies and gentlemen, good afternoon and welcome to Swiss Life's Investor Day at the Circle Convention Center here in Zürich Airport. A warm welcome also goes out to those following the event on the web. Today, we will present our new strategic and financial targets under our new three-year corporate program, Swiss Life 2024. The program starts next year. We'll have two sets of presentations. I will start by introducing the program. Matthias Aellig, our Group CFO, and Stefan Mächler, our Group CIO, will speak next. We will then hold the first Q&A session. After a coffee break, we will continue with a deep dive into the strategic plans of our business divisions Switzerland, France, Germany, and International. We will welcome on stage the respective divisional CEOs, Markus Leibundgut, Tanguy Polet, Jörg Arnold, and Nils Frowein. To conclude the event, we will have a second Q&A session. Now let's get started with Swiss Life 2024, that sets the scene for continued profitable growth. Swiss Life is in excellent shape after three very successful programs since 2009. We expect to successfully complete our fourth program, Swiss Life 2021, by the end of this year. Today, our competitive strengths lie in our very good positions in advisory networks across attractive markets, as well as in our corporate culture, our resilient business model, and our disciplined execution. With our new three-year program, we will build upon existing strengths and key success factors and set the direction for future profitable growth. We commit to the following actions. We will deepen customer relationships. We will strengthen our advisory power, and we will continue to expand operational scalability. Last but not least, we will anchor sustainability in all our activities. In this context, we set the following financial targets. One, we will significantly increase the quality of earnings and our ROE. two, we will also seek to reward shareholders. Swiss Life 2024 is both about continuity and change. Earnings quality as well as capital cash and payout will remain paramount in the new program. Let me first look back on the achievements of our current program and set a few key points that set the scene for our future development. Swiss Life 2021 will run until the end of this year. As I alluded to, I'm confident that we will achieve or even exceed all of our financial targets, as you can see on slide six. With our current program, which we presented three years ago, we've also considerably strengthened the profitability and the quality of our earnings. We also have improved operational efficiency. In addition, we've increased our dividends to shareholders based on a strong cash remittance from our units to the holding company, and we have implemented two share buybacks. Let's have a look at our track record on slide seven. Since 2012, we have achieved a five-fold increase of the fee result from CHF 121 million to more than CHF 600 million in 2020. When we expanded into these fee fields of the fee business about 10 years ago, it really sometimes felt like a mountain ahead of us. Since then, we have set ourselves ambitious targets for each and every year, and I am proud of our achievements. In my view, our continuous delivery on targets and promises has created trust in our ability to achieve ambitious goals. The shift to more fee results has considerably improved the resilience of our business model as we've reduced the share of the capital-intensive savings result. Moreover, and importantly, the fee result is cash accretive and capital light. Over the same period of time, we've more than quadrupled our dividend per share to 21 CHF for the financial year 2020, as shown on slide eight. We've tripled the payout ratio. This is proof of our success in managing the underlying solvency, earnings growth, and cash remittance that all contribute to an increased dividend. Our two share buybacks, one of CHF 1 billion and the other one of CHF 400 million, were both together worth more than two annual dividend payments. We've created significant value for shareholders as highlighted by Swiss Life's total return on slide nine compared to the total return indices of the Swiss Market Index and the STOXX Europe 600 Insurance Index, both shown in Swiss francs. Now, how did we get there? Well, in the end, the development of our share price, of course, is up to our investors. In my view, we got there thanks to the skills of our people, our strong solvency position, the massive increase of our fee result, the resilient growth of our other profit sources, and of course, our focus on cash generation and remittance, which is the basis of higher cash returns to shareholders. Now that was, of course, quite a technical explanation. Without our excellent market position and our customers, none of this would have been possible. On slide 10, we show our unique and strong position towards our customers in providing life, pensions, financial solutions, and advice for the long run. Our unique life insurance footprint in attractive European markets and our advisory power differentiate us from other players. Overall, we have more than 17,000 advisors working for Swiss Life. We're also a growing asset manager with unique strengths, such as in real assets. This results in several sources of profit, with more than one-third of the operating profit coming from the fee results. With this business model, we're on top of long-term trends and opportunities and can benefit from further business growth. First, we see increasing pension and protection gaps around the world. The impact of rapidly aging populations and the heavy indebtedness of many countries linked to pension and protection liabilities is generally underestimated. If people continue to live longer, then every one of us will be increasingly called upon to take more responsibility for providing for our own retirement. Pension solutions and advice are a growth market, and since many decades, we have proven to be a leading player in this field. We have the right offerings and solutions. Second, because people need support and financial advice in addressing those gaps in a self-determined way, we can be of help with our advisors. We believe that our advisory platform, which is already very strong, can be expanded further. Third, we continue to face a low interest rate environment. Our asset managers division has done a terrific job in achieving resilient yields and growing results based on optimizing the portfolio, including real assets. Equally important has been that our insurance operations have adapted their product landscape to this interest rate environment. Fourth, sustainable value creation is key. Sustainability is an integral part of our business and at the heart of what we do. I'll deep dive into this topic later on. With our Swiss Life 2024 strategic actions, we will strengthen our core and address industry trends and opportunities. Life, pensions, as well as financial solutions and advice are strongly influenced by local needs of targeted customer segments in the context of local tax and regulatory requirements. Customer proximity is key. This is why Swiss Life continues to be organized multidivisionally. Each business division has defined individual strategic priorities. These can be grouped around the strategic actions shown. You'll hear more details from our divisional CEOs later on. With Swiss Life 2024, we will continue to enable people to lead a self-determined life and show how this translates on the financial side into further earnings, quality, and growth. My next slide shows three of our strategic actions that support profitable business growth going forward. Our first strategic action, deepen customer relationships, focuses on complementing our product and service offering for new and existing customers. Solutions can be owned as well as third-party products and services. The second strategic action is all about strengthening the advisory power. Advice is a core element that complements the product and solutions offering. Excellent advice is essential to building trust and to establish a sustainable long-term business relationship with our customers. Swiss Life already has significant advisory power. This advisory power differentiates from our peers, and it will be an attractive and powerful element in our new strategy. With Swiss Life 2024, we will strive to grow our advisor base and distribution network. More advisors can reach out to more customers. However, we will also invest into our advisory platforms to optimally support our advisors and be more productive, ensuring an improved customer experience and thus in delivering high-quality advice. Our third strategic action is operational scalability. It can be achieved by either growing the top line and/or by focusing on cost efficiency. Swiss Life will make use of technology and digitalization to increase process automation and operational efficiency in its multidivisional business model. Let's now move on to a subject of importance, not only for the world, but also for our group. It's our fourth strategic action, page 14. Sustainability has been anchored in our business since the beginning, for more than 160 years. We've created a sound foundation for making further contributions to the sustainable development of our group through our operations, our work in the asset management area, including our ambitious program in real estate, our product offering, as well as our advisory power of our owned IFAs. The further development in this field is a continuation of what we have been pursuing for years. Of course, taking on climate change is the key aspect. In our sustainability strategy, we prioritize those areas in which we can have direct impact, in which the matter is, so to say, in our own hands. Specifically, this means in our business behavior, in our role as an asset owner and manager, in the way we conduct our insurance businesses and our advisory activities. Last but not least, in our role as an employer. We have a broad set of metrics and initiatives in anchoring sustainability in our businesses. Out of these, let me highlight four goals relevant for Swiss Life 2024 on page 15. First, in operational ecology, we will reduce our CO₂ emissions per employee by 35% by 2024. We will achieve this primarily by reducing travel, by efficient use of resources, and by contracting electricity from renewable sources only. We will also fully compensate for unavoidable emissions resulting from our work and other operations. We will therefore reach a net zero status from 2022 onwards. Second, in our sphere of influence as an asset manager and owner, we will reduce average CO₂ emission intensity of our directly owned real estate by 20% by 2030. Stefan Mächler will explain the path to net zero of our real estate investment portfolio in more detail later on. Let me just mention that our portfolio already is carbon efficient compared to the average real estate stock in the geographies we operate in. As a life insurer, we've always invested and managed our assets farsightedly, focusing on value stability. We invested quite extensively in acquiring new energy-efficient buildings and in refurbishing existing buildings, which have both resulted in comparatively low carbon intensity. In addition, we will continue to pursue our excellent positioning in ESG integration with our responsible investment approach, which covers 90% of all our assets under management. Our analyses also show that we are in a strong position with regard to the carbon intensity of our securities portfolio compared to the relevant benchmarks. We want to retain this position in the next strategic phase. In addition, we will further expand our business with convincing ESG customer solutions and seize the opportunities in this growth market for asset management. This also applies to our own products and solutions, our third goal. Across the entire rest of our group, we will also take account of the growing customer demand for sustainable solutions and expand our product offering. Our fourth strategic thrust is to harness the market power of our advisors and to further integrate sustainability aspects into our advice processes. This includes investing in the competencies of our advisory teams and in their systems and tools. To sum up, we will take decisive actions to further improve our sustainability profile. Now that brings me to the next subject, the strategic focus that each division has as part of Swiss Life 2024 on page 16. Each division will contribute to our group's strategic actions. That fits in with our multidivisional approach of managing each business division according to local, economic, legal, and regulatory conditions and in the view of proximity to customers. Well, you'll hear more from that again from my colleagues later on. I'll therefore quickly move on to the financial contributions I expect from each business division by 2024. The graph on the left-hand side shows the share of fee result for each business division plotted against their cash remittance to the holding company. The bubble sizes reflect the contributions to our profit from operations of each division. The arrows, well, they indicate the aspirations of each business division until 2024. As you can see, I've set different priorities for each division. Switzerland is our biggest division. It's our key cash contributor which will continue to grow. Its second result is driven by a large and resilient savings result as well as the risk result, which are both expected to increase compared to 2020. Moreover, Switzerland is investing to further increase the fee result beyond the 2024 period by expanding in affluent and digitally savvy customer segments. France will further leverage its private insurer and multi-distribution model, which will contribute to growing the fee result. Germany has delivered successful growth at Swiss Life Select and other brands such as Nölli tecis and will focus on growing the result from owned IFAs even further, primarily by increasing the number of advisors. International will focus on doubling the fee results supported by all lines of business while improving the risk result of corporate customers. While the asset managers have the goal to further increase the result from the business with third-party clients, with real assets playing an important role. All this will result in increased cash remittance and an improvement of our quality of earnings. With this, I turn now to my next page. With our new corporate program, we have raised our ambitions yet again. Again, we have refrained from publishing any top-line growth goals at group level. Here, we will continue to focus on bottom line growth and will pursue the following financial targets. Compared to our existing framework, we will significantly grow the fee result by 40% to CHF 850 million-CHF 900 million by 2024. We will also increase the return on equity to 10%-12% valid in every single year of our next strategic period. Now let me repeat. Capital cash and payout will remain paramount in our new program. We'll strive to remit about 35% more cash to the holding company, namely CHF 2.8 billion-CHF 3 billion over the next three-year cumulative period. We will ensure an attractive cash return to shareholders by increasing the dividend payout ratio for the period to above 60%. We'll also launch a new share buyback of CHF 1 billion this December that is expected to be completed by May 2023. On top of what is shown in this slide, and in line with our strategic action of operational scalability, disciplined cost management will remain part of what we do. This applies to all our business lines. With Swiss Life 2024, we will again raise our ambitions. As shown on this slide, with every three-year program, we have become more ambitious in terms of target setting for the fee result, cash remittance, and dividend to shareholders. The higher ambition for the ROE now follows suit. Well, it's impressive what my team has achieved, and I look forward to embarking with them on this new journey. Let me now wrap up. The Swiss Life 2024 program is our roadmap for the next three years. We will again deliver more earnings quality and earnings growth. We will return more to our shareholders. That is what my team and I will be doing. I can assure you that we are fully committed to achieving our Swiss Life 2024 strategic and financial targets. Matthias, I now hand over to you to outline the financial aspects of our program in more detail. Thank you, Patrick, and good afternoon, ladies and gentlemen. I'm looking forward to providing details of the Swiss Life 2024 financial targets and the initiatives to achieve those targets. Swiss Life is in very good shape. We have substantially enhanced the earnings quality, and we have further improved the operational efficiency. At the same time, we have delivered attractive returns to shareholders through higher dividends and share buybacks. We're now again raising our ambitions in the next program, Swiss Life 2024. First, we plan to further strengthen the quality of earnings by growing the fee result and by increasing the ROE target. Second, we aim to increase cash returns to shareholders based on a growing cash remittance from the businesses to the holding. Let me start by reviewing where we stand with Swiss Life 2021 in more details. We are ahead with the return on equity despite the challenges of COVID-19. We have substantially increased the fee result and reached the 2021 target range one year ahead of time. We have achieved the goal to increase the risk result, and we also generated almost CHF 1.3 billion of cumulative new business value over the past two and a half years, thereby exceeding the target. The SST ratio improved from 170%-197%. That's above our ambition range. With a cumulative cash remittance of more than CHF 2.3 billion by half year 2021, we exceeded our target. This has allowed us to increase the dividend since 2017 from 13.5 CHF to 21 CHF. We also continued to improve the efficiency ratios across businesses: life insurance, owned IFAs and asset management. To sum it up, we will achieve or exceed all Swiss Life 2021 financial targets. Every business division played its part in Swiss Life 2021. As you can see on the slide, we are on track or ahead with respect to the divisional focus points presented three years ago in the CFO slot. This demonstrates the disciplined execution of the 2021 program in all divisions. What else will we maintain? With Swiss Life 2024, we build on proven strength and success factors. On one hand, we will keep the focus on quality of earnings and earnings growth. On the other hand, capital, cash and payout remain paramount. Let me show you how this translates into the Swiss Life 2024 financial targets, which are presented in the context of the current IFRS framework. We strive to deliver between CHF 850 million and CHF 900 million of fee result for the financial year 2024. This will, among others, increase the return on equity. New target of 10%-12% is valid for each and every year of the new program. We plan to increase the cumulative cash remittance to the holding over the next three years to CHF 2.8 billion-CHF 3.0 billion, and we strive to have a payout ratio above 60% of IFRS earnings. In addition, we will execute the CHF 1 billion share buyback over the next 18 months. You may have noticed that we have reduced the number of group financial targets compared to Swiss Life 2021. The aim was to focus on those key value drivers which are most relevant in explaining our growth ambitions. This supported the additional goal of simplifying the group's target set. The reduction affects value of new business, risk result, and operational efficiency. It does not mean, however, that those figures cannot grow or improve. We certainly have growth ambitions for all relevant metrics intrinsic to the business, and you will hear more from my colleagues in the divisional presentations. I'll now provide more background to the fee result target on the next three slides. Looking back first, the fee result has been the key profit driver for the past decade. It has increased almost fivefold since 2012 to CHF 601 million in 2020. Growing the fee result has substantially improved the risk profile of Swiss Life's business model. The fee result has a low dependency on financial markets and a low capital intensity. Moreover, there's no policyholder sharing, and it is cash accretive. By the way, it is essentially unaffected by the transition to the IFRS 17 accounting standard in 2023. We strive to grow the fee result by about 40% to CHF 850 million-CHF 900 million in 2024. Who contributes to this growth? It's fee PAM as well as the owned IFA and unit-linked businesses. The contribution from PAM to the fee result will, in absolute figures, remain stable, which results in a decreasing relative share. The contribution by business division is shown on the next slide. Switzerland plans to increase the fee result to around CHF 30 million while investing in growth initiatives, such as expansion into affluent and digital-savvy customer segments. France aims to increase the fee result to EUR 125 million-EUR 135 million. It will leverage its proven private insurance model and multi-distribution capabilities to further grow the unit-linked business. Germany plans to grow the fee result to EUR 115 million-EUR 125 million by further expanding the owned IFA networks. International will strive for a fee result of EUR 90 million-EUR 100 million. About half will come from the owned IFA businesses, and the other half from the private wealth and employee benefit businesses. Asset Managers will continue to grow its third-party business and push for profitable growth in all asset classes, supported by increasing focus on logistics and on ESG. We expect the fee result of EUR 460 million-EUR 490 million by 2024. Real estate project development will play an increasing role going forward. What about the other profit sources? They continue to remain important for us as they are also drivers of cash remittance to the holding company. Starting at the bottom of the slide, the cost result. We want to further improve it while growing and investing in the business. We also aim to further grow the risk result in all insurance divisions from 2020 levels. However, we are realistic that expected growth beyond 2021 is more limited than for the fee result. The savings result will continue to be an important contributor. We aim to further grow it compared to the 2020 level, which was impacted by COVID-19 related market volatility. We will manage the savings result, as in the past, with a capital efficient investment approach and by focusing on disciplined ALM to secure the interest rate margin. As shown on this slide, we expect the positive interest rate margin to be secured for more than three decades. Our work in both the asset and the liability side will continue. What are the main assumptions of this projection? First, no new business is included. Second, no profits from risk, fee, and cost results are considered. Third, we have not assumed any realization on fixed income instruments other than for building up the remainder of the ZZR in Germany. Fourth, we base the projection in conservative reinvestment rates. If we project with current effective reinvestment rates, the interest rate margin in 2050 is higher by around 40-50 basis points. Let me now show you a breakdown of the statutory reserves underlying this analysis. Traditional reserves are expected to decrease since some of the business matures, and as mentioned, the projection excludes future new business. As a consequence, there will be capital relief from the back book in the longer term. In the next few years, however, this capital relief is moderate. The following examples show how we will continue with our disciplined back book management that supports value creation. In Switzerland, we remain a full range insurance solution provider in the BVG business. In the current interest rate environment, we emphasize semi-autonomous solutions. At the same time, we are lowering the annuity conversion rates in full insurance in line with the industry. In France, we very successfully launched new pension products in response to the PACTE law, which enabled us to lower the guarantees in the pensions back book. In Germany, we continuously lower guarantees in modern traditional business, having pulled out of the traditional insurance products already a while ago. At the same time, we are more and more successful in selling pure unit-linked solutions. All those measures make Swiss Life's insurance business more resilient. In addition, we also managed a new business diligently. We focus on capital-efficient new business with low or even no guarantees, as the following examples show. In Switzerland, new business is focused on products that have a negative technical interest rate and a low guaranteed endowment benefit of around 45% on average. In Germany, we also emphasize low and no guarantee business. Last year, the endowment benefit of new business was as low as 32% on average, as we focus, as just mentioned, more and more on unit-linked solutions. This all leads to a reduction of the required economic capital for new business. That means Swiss Life is well positioned to further increase the value of new business. We strive to grow it above the cumulative target for the Swiss Life 2021 program, namely to significantly more than CHF 1.2 billion. Moreover, the ambition for the new business margin is unchanged at 1.5%, and the hold rate stays at 1%. Turning to operational efficiency. Disciplined cost management continues to be key. Operational scalability, in fact, is one of four 2024 strategic actions, and I would like to illustrate that for the fee businesses. Here, we strive for the bottom line to outgrow the top line. In other words, our initiatives are planned to deliver operational leverage. During the course of the past years, we have invested quite extensively to grow the fee businesses and making them more efficient. While we continue to further invest, we clearly see benefits coming through until 2024. France and International and TPAM are expected to substantially grow volumes while further benefiting from digitalization. This will result in significant operational leverage. In Germany, we see definitely attractive opportunities to achieve further growth in the owned IFA business. This will lead to operational leverage while we continue to upgrade the back-office infrastructure. Switzerland will not really show operational leverage in aggregate, as the investments to expand into new customer segments will be a drag on its total fee result. I now move to our financial ambitions in terms of capital, cash, and payout. Since 2016, we have continuously improved the solvency position. The introduction of the SST Standard Model in 2019 was a step forward, as it provided clarity on capital requirements. Today, the group SST ratio is at around 210%. The SST ratio of the main OpCo, Swiss Life AG, is also strong and even above that level. In that context, we plan to repatriate, by the end of 2021, a hybrid loan of CHF 200 million granted by the holding. In terms of the group's SST ambition, we confirm the 140%-190% range. The well-known framework with solvency and cash as key consideration for capital management actions remains in place unchanged. This includes that there's no automatism for such actions. In terms of cash, we increase the cash remittance target by about 35% compared to Swiss Life 2021. This means we aim to remit CHF 2.8 billion-CHF 3.0 billion of cash to the holding company cumulatively over the three-year period from 2022 to 2024. The main driver of this increase in cash remittance is the substantially higher fee result. On top of that, we also plan to receive increased contributions from the other profit sources. As we have mentioned on several occasions, cash remittance is based on local statutory accounts of Swiss Life holding subsidiaries. The transition to IFRS 17 and IFRS 9 will not affect the way we manage the business and will therefore not affect our cash targets. From a divisional point of view, Switzerland remains the main cash contributor. The growing savings result will play an important role. Asset Managers is the second largest cash contributor. Growth stems from the TPAM business. Cash remittance from Germany grows as a result of the owned IFA businesses, but in France, we also expect a growing risk and savings result in addition to a higher fee result. In the international business, cash remittance is driven by growing fee and risk results. Moving on to the dividend payout ratio, which we indicate as a percentage of IFRS earnings. As shown on this slide, approximately 15%-20% of the IFRS earnings are non-cash. Given the improvement in earnings mix, the relative share of non-cash items will be lower than in Swiss Life 2021, when we indicated around 20%. One example of a non-cash item are real estate revaluation gains which do not contribute to cash upstreaming. The reason is as follows. On the statutory accounting, there's no mark-to-market of real estate assets unless they are sold. As a result, there's no contribution of revaluation gains to statutory earnings, which are the basis of cash remittance to the holding. We expect further real estate revaluation gains in our economic base scenario, which is very moderate interest rate increases of less than 20 basis points per annum. This means we continue to foresee statutory earnings lower than IFRS earnings. Less than 5% of the cash is retained at business divisions to finance local growth projects. Another 10%-15% of the cash will be kept at the holding company to ensure capital management flexibility and financing for potential bolt-on acquisitions. This leads to a new target for the dividend payout ratio of more than 60% of annual IFRS earnings, up from 50%-60% in Swiss Life 2021. We believe this is an attractive target while being able to maintain capital management flexibility. This flexibility allows Swiss Life today to announce a CHF 1 billion share buyback. Let me give some further details on the next slide. As in the past, this buyback will be executed by a partner bank through a second trading line over the course of 18 months. We will start repurchasing shares on the 6 December 2021, and plan to complete the share buyback by the end of May 2023. The impact on the SST ratio is around six percentage points. Repurchased share will be proposed for cancellation to the coming AGMs. The remaining part is financed about equally by two annual net cash buildups and by intragroup transfers, such as the mentioned repatriation of the CHF 200 million hybrid loan. I will now come to the last of the group's financial targets. This is the return on equity. All Swiss Life 2024 initiatives mentioned so far will contribute to the increase of the target range to 10%-12%. As in the past, it is based on shareholders' equity, excluding unrealized gains and losses. On the R side of the ratio, the drivers of improvement are the higher fee result, the additional earnings from further operational leverage, as well as the healthy interest rate margin. On the E side, the drivers are the disciplined back book management and the capital-efficient new business, as well as the higher dividend payout ratio and the share buyback, which will lead to an optimized capital structure. In that context, we set a new reference level for shareholders' equity of 65%-75% compared to 70%-75% as of today. With the mentioned measures, we are essentially in the middle of the new range. Ladies and gentlemen, with Swiss Life 2024, we raise again our financial targets and commit to an ambitious new program. We are aware that success does not come for granted and that we need to continue to deal with risks and master challenges arising from the financial market, regulation, and the competitive space, just to name a few. We have, however, the determination and commitment to deliver on the new financial targets. We will do so with our usual discipline and diligence, which are an integral part of Swiss Life's way of doing business. Let me conclude. Over the last 12 years, we have successfully increased the earnings and earnings quality by repositioning the group, by growing the fee businesses. With Swiss Life 2024, we plan to continue this successful path by further strengthening the earnings quality and by further striving for higher cash returns to shareholders. Thank you for your attention. I will now hand over to our CIO, Stefan Mächler, who will speak about the Swiss Life 2024 priorities for asset managers. Thank you, Matthias. Ladies and gentlemen, in the next 30 minutes, I'm glad to announce ambitious targets for Swiss Life Asset Managers' next business cycle, Swiss Life 2024. This, backed by our proven investment management, we were well-positioned to sail through a persistently low-yielding investment environment. We consistently built up our real asset, driving process optimization and digitization. ESG is not just a buzzword. We embed ESG in our DNA, harnessing emerging investment opportunities. To name a few, at real estate, such as healthcare, light industrial, small, and a leading real estate asset manager in Europe. For the current Swiss Life 2021 program, I am confident to achieve or surpass of our investment competencies. We were able to shift our efforts to higher margin business and sticky assets. Secured by CHF 12 billion-CHF 49 billion. Our infrastructure business has grown sizably. With the renewables we increase our growth potential during the next three years. Nothing has changed in our heritage, the PAM business. With our strength in retail clients, we complete our offerings. The infrastructure business is playing an increasingly important role in our strategy. Now I would like to take a deep dive and give you a glance at two of our high impact focus topics of the AM strategy 2024. Why light industrial and small box logistics? We have since consistently expanded our capacities and footprint. We are swiftly responding to increasing tenant demand from well-known tenants to provide the necessary space at best-suited locations. Investors alike as we provide maximum flexibility to fulfill our century-long success story. A comprehensive approach without jumping to conclusions on ESG fully integrated in all of our core processes to future-proof. Here are some highlights in numbers. For the entire organization. For this transformation process, ESG expertise is highly crucial. We are proud of the approach. With a coverage ratio of 100%, again underpinning our broad approach, the carbon intensity of ours, equally significantly lower than benchmark. Both figures underpin the excellent and CO2 efficient fixed income exposure. Here, 18 out of 22 submitted real estate portfolios were Green Star rated by GRESB. Climate change and resource. We are very well aware of our responsibility and what we can do. In alignment with the targets of the Paris Climate Agreement, we commit. Dark red line reflecting the Swiss Life-specific real estate portfolio composition in terms of geography and asset type. The development will include a wide array of usages such as light industrial, storage, logistics, production, but also data center. Such environmentally optimized project developments, driven by in-house energy efficiency and decarbonization expertise, we are in a good position to earn fees on many levels of the service delivery. Klybeck in Basel is another project that we are realizing in Switzerland, where we intend to invest significantly across energy-related technologies such as locally self-generated solar power, heating and cooling, e-mobility, and the power distribution grid. As you can see, we have great plans and ambitions for the coming years, and we'll make every effort to reduce the CO2 emissions of properties. Let's turn to the next slide and to have a look at our efforts on efficiency during the next strategy cycle. We will improve operational leverage and work relentlessly on our efficiency in four main categories to manage increasing regulatory complexity, shifting product demand, strategic need for service consistency, and margin pressure. We aim at building state-of-the-art core platforms by upgrading, implementing, and integrating IT platforms mainly in the core assets. We harmonize processes across locations and functions, which supports our goals to consistently generate attractive returns for investors, but also helps us to protect development costs. What does it sum up to? As in the previous strategy cycle, our growth ambitions are high, become the main business driver for a segment result perspective by 2024. PAM and TPAM's asset base are expected to grow to CHF 320 billion by the end of 2024, whereby TPAM's asset under management accounts for roughly one hundred and forty billion. The envisaged AUM growth and the broad revenue resources will translate into a total income of CHF 1.25 billion-CHF 1.3 billion and a segment result of CHF 460 million-CHF 490 million. After all, a cumulative cash remittance for the next three years of CHF 750 million-CHF 800 million. Coming to the end of my presentation. We are aware that we have set ourselves high standards and ambitious targets. I'm fully convinced that we will be able to achieve our plans due to our unique positioning, long-standing experience, well-thought-out investment offerings, and a highly motivated and capable workforce. Ladies and gentlemen, this is Swiss Life Asset Managers' plan for 2024. Thank you. Now back to you, Patrick. Q&A session. We'll start here in the room. Let's start with you, Andy. Yeah, mic made it very difficult for Sorry. Thanks. It's Andrew Sinclair from Bank of America. Sorry, not used to asking questions this way. Three for me as usual. First was just trying to understand a bit more about the funding of the buyback against. Wasn't sure, I forgot the figures quite right there. CHF 150 million of excess cash. There, I get that today. Did you say the rest was 50/50 between excess cash generation and the remainder of the repatriation of the loan? I think you also said the repatriation of the loan was CHF 200 million. Essentially that repatriation doesn't seem to square up with 50/50 of that. I was just trying to understand the difference there. Secondly, maybe this is connected, I was just on debt leverage. I think you may be gonna be towards the top end of your leverage targets, maybe even slightly above, without being exacerbated by the buyback. Just trying to understand where you'll sit on debt leverage over the next plan period and how you think about that. Thirdly, I was just on the savings target. There's some great targets in here today, but savings being better than a depressed 2020 level felt a little bit less ambitious. Just trying to get a little bit more color on how much better that can be than 2020 levels. Thanks. Let me have a first go, and then Matthias will correct me or give you some more color. The first point is Matthias mentioned the CHF 200 million loan repatriation over the coming years. That was just one example. It does square up, but not with the CHF 200 million alone. The leverage ratio, here Matthias said that, we're at the middle of our new leverage target, so not at the upper end. For the savings result, look, I mean, in the past, we never really talked about the savings result or gave you any target, and I think it's already quite a good sign that, you know, we do give you some color of where it will move. As Matthias said, it'll not only rise because 2020 was an exceptional year, but also because we've reduced average technical rates over the last couple of years because current incomes will now, you know, stabilize. It'll, you know, as reinvestment rates are moving closer to our direct investment income levels. The last point is that we do expect our business to, you know, our insurance book to continue to grow slightly. But maybe now, Matthias, anything more to add or no? I was just gonna follow up as well just on that CHF 450 million of extra actions. Should we see that as on top of the remittance targets as opposed to being included in the remittance targets? They're not part of it. Matthias will explain. No, that's part of the repayment of an intragroup loan does not count towards cash remittance. It's a key part of the refinancing of the financing. There's probably more you can say. First of all, we do expect that our insurance book will continue to grow. Value changes. We hold real estate because they provide long-dated cash flows that really nicely fit with our. You start the construction only when you have sold about roughly one-third of the apartments already. You get cash down payments, and you sell it off over the course. You know, how we should sort of track, you know, your ability to do buybacks, et cetera, in the future. Could you maybe give us an update of how we should think about your comfort zone going forwards, which obviously used to be the 0.7-0.9? You know, whether there's any additional flexibility to do sort of internal cash flows, free up more capital in the future. That was the first one. The second one, if I look at the walk to get from IFRS earnings to your 60%+ payout ratio, I mean, if I take the midpoint of those buckets, I get to about 68%. Is that too bullish? Or just to help me sort of think about, you know, where I should be setting my expectations. Maybe finally one for Stefan on ESG. You know, you mentioned the 90% being in scope. I'm guessing you're not doing sort of your own proprietary ESG research into everything that's in that 90%. Maybe you are, I don't know. Maybe you could just explain to what extent, you know, how active you are on that 90%, what the process is. Thank you so much. Okay. Let's first start with Matthias. Well, thanks for the question and, you know. In terms of buybacks, we confirmed existing framework. I will not repeat that. I mean, that stays in place unchanged, cash and solvency considerations, no automatism. That will be what we will have going forward. That's, as said, settled the DOJ matter, so we confirm that as well. Now looking forward, that was the last point you raised. There was the question on additional intragroup transfers. You know, we looked at that, and I think it's clear the holding not only receives cash, it's also at the center of the intragroup financing. At that point in time, there's no further, let's say, capacity or mobility of intragroup transactions. About what we do with the data and the conclusion out of that. Today, on the security side, we rely on MSCI data. We are still focused there. Our ambition is actually that we know all the data ourselves, and therefore we invest quite significantly. For me, it's more a data issue. Follow up- The walk from IFRS earnings to the 60% payout ratio. Mm-hmm. Yeah. Thank you. Yeah. I think this walk really shows how we think about the payout ratio and how we Your neighbor on Mutuelle had an impact on the solvency ratio. I'm wondering if we should expect an impact during 2022 as a preparation? What the other companies disclose in terms of impacts on IFRS and the SST. I mean, what is the case. On the second question, you know, we are very glad that we have secured the interest rate margin for three decades, but that this is a statutory view. IFRS 17 is kind of a very complex framework that, how should I say, moves even further away for the life business from the statutory earnings than the current IFRS earnings are. It is just a present value concept like MCEV was. That's why it's a bit difficult to say, let's say, what will come out of that. What is clear, I mean, we have Upselling, you know, and I'm just wondering, you know, if this is what you're referring to, and if yes, could you give us a few example? That's the first question. Then, yeah, what Andy mentioned before, I thought that the cash situation is a little bit stretched, you know. I thought that you will go for further bolt-on ac- The bolt-on acquisition strategy is completely unchanged. We still have the ambition to support our fee result by acquiring smaller companies, i.e., bolt-on here and there. Again, mainly, to support the fee result. I mean, there's no change to that at all. Now on the example. Yes, we have talked about cross and upselling in the past. To be fair, we never made it measurable, right? I mean, we never disclosed anything to the outside. We still do not do that. Internally, of course, we still do speak about that. I mean, typical examples might be within a long tradition of approaching our banking clients with life insurance products and the other way around. It's actually very broad. You continue to sell. Stefan gets about 70% of his inflows or let's say of AUM in terms of a hard measured figure is that there has been, let's say, a bit of an overpromising tradition within the insurance industry with respect to cross- and upselling. That's why we don't toot the trumpet and, you know, make us heard loud. Infrastructure funds. Not Swiss Life. Having bought them is one of our funds on the infrastructure side. Also from new money coming in, particularly in Switzerland, as Patrick said, predominantly we can increase the share of wallet of existing clients in different propositions. We have invested significantly in our sales and distribution capabilities. Overall, we predominantly are in this- Let's now turn over to the web. Let's open up for questions from the web. The first question comes from the line of, Fulin Liang from Morgan Stanley. Please go ahead. Hello. Thank you very much. Hello? Yes, we hear you. Um- Go on. Oh, thank you very much. I got three questions. Again, the slides of the walk from net prom- Correct. If that's the case, does that mean that you are not expected to build up your holdco central liquidity at 1%, 2% per annum? That's the second question. Third one is, again, I think you mentioned about a development- Okay, let me start with, I think you didn't get that right. The 20 basis points that Matthias mentioned was the expected interest rate development over the coming years per annum. We expect basically over the next three years that, you know, some of that might be impacted by rate levels. However, there is also these 37 basis points, I think you mentioned, of additional value by repositioning the portfolio, which, of course, if that were to continue, would be great. I think that was just a misunderstanding. We did not quantify. The 20 basis points were only about the annual increases in long-dated rates. On the whole, I think that's one of the favorites for Matthias to explain maybe again how much of the share buyback will be funded. I'll try to say it again. From the, you know, from the cash comfort level we're at now to the lower range, we'll get another CHF 150 million basically instantly that is available for share buybacks. The same thing we did three years ago. The other half which is still open, basically half of that will be funded by the loan that is maturing from the OpCo to the holding, which will not be renewed, which is not part of the remittance figures, but does help to fund the share buyback. There's another, say CHF 200 million or so of similar effects which we have not detailed yet, which will also help to finance that share buyback. I think, is there more? What more is there to add? To be clear on that, yes, there is no additional buildup of central liquidity. We confirm the CHF 700 million-CHF 900 million coming from that. What's the ROE rate to expect? Well, it depends on who is the risk taker. If Swiss Life has emerged, but we are there, we are embracing for the change in fair market value or the capital gains in selling it off into the market or in our products. If it is on a, let's say, on a PAM project or on a TPAM project, they also, the fees are in that area, as I've just have been speaking, depending on the size. Right. For the contribution for everything that is basically on asset managers' balance sheet, which is not so much, there we expect about 10% of total income to come with what we call other fee income in our, you know, biannual, or in our half year and full year, disclosures in the area of asset managers. This is, you know, the chart that Stefan showed. I think three years ago, this was, Between CHF 25 million and CHF 50 million, we had profit contribution, and here you see it's 10%, so roughly CHF 85 million by 2024. Which is the 10% of, I think, the CHF 850 million shown. Back to Peter, and then we'll go back to the web. I had two other questions please, if that's okay. The first one, just I was interested in the slide that you showed on capital release. It was slide 13 of Matthias' presentation. Just wondering how we should think about over the short term, you know, whether it's linear sort of between 2020 and 2030 or, you know, whether it stays flat for the next few years, and then, yeah. But just interested to understand that move a little bit. Secondly, on the asset management, the cost income ratio for the third-party assets, I mean, I guess, you know, you can add to sort of help us track that or understand that movement. Just we don't, you know, we don't have the expenses behind third-party assets, I guess. Just differentiating between PAM and TPAM there would be very helpful if. Sure. Let's first go to the first question. Maybe on page thirteen, I think what is absolutely key to know is to stress there's no new business assumed in that chart. We have still a marginal part of traditional new business that is coming into the picture. Even if we sell also modern traditional business, I mean, there's one part of that modern traditional new business that ends in these figures. This is really key to stress. Taken together, that's what Stefan has shown, we expect, to cut it short, given that we continue to write new business with also traditional elements, there is a flat-ish development to be expected. Maybe on the cost-income, I mean, what we do show is, for TPAM on page 15 of Matthias's presentation, we do show that we expect a much stronger fee result growth than income growth. This of course implies then that we have an improvement of the cost-income ratio, you know, in the area that Stefan mentioned, which is 70%-75%. Or to put that differently, you know, the main priority here is to grow the top line in order to grow the bottom line even more, and then basically the cost-income ratio that results from that movement. We do want to achieve operational leverage here, and that's the reason why implicitly the cost-income ratio will come down. I think this gives you a good flavor of what the orders of magnitude are. Stefan? As Patrick said, if you allow me to add, is the TPAM cost-income ratio, taking into account the growth pattern we had in the last few years. I'm really pleased in the direction of how the cost-income ratio came down. Because having such a strong growth pattern, you also have to finance the growth, and you have to keep your IT platforms Azure or even state-of-the-art. That's why we said that its cost-income ratio would look fantastic. We actually are really looking at the traditional asset management business to make a fair comparison to what you see on the market. Now we go back to the web. There is another question. Back to the operator. The last question for the forward what kind of form of liquidity you can potentially have? Very low capital consumptive business lines that will keep unlocking capitals for you. At the same time, your subsidiaries would have an apt holding level. Why is this the case? I mean, we have access to the repo platform of the Swiss National Bank, which is quite the reason why we keep talking about liquidity management and comfort ranges and so on and so forth is of course because you're interested in how much more cash returns might be available for shareholders. I think we've really now very exhaustively talked about the different comfort levels and impact Where we can use it most flexibly, be it to deploy it to other units, be it for, let's say, capital management flexibility. Finance projects, that's a part of a holding that we have there. Just these kind of intergroup financing transactions, that's part of holding. Maybe one more thing to add there. I mean, you know, we obviously publish Solvency II figures of our subsidiaries, Germany, France, Luxembourg, and so on. Of course, most of these are at very comfortable levels. However, just because you have very comfortable levels, I think in Germany, we're one of the best capitalized life insurers in the market. That doesn't mean you can just get the money, right? Because that's not the only restriction around moving capital up the food chain, basically. Just as an example, in Germany, we have the ZZR restriction. So at the moment, there is no cash coming from our German insurance company to the holding. That has been the case for the last few years and will continue to be the case in this strategic phase. That's why Matthias said, we do try to upstream as much as possible. That's why we're getting to the levels that Peter tried to get some more color about before, right? I mean, it's Solvency II figures are not the only restrictions out there. What we do very diligently is just we get out as much as we can. Why is that possible? Because at our key OpCos, we are very well 5% capital to 70. I didn't understand it, and I tried, maybe you can explain. The second is the question which was asked, I think, three years ago, which of these targets is so conservative that you've kind of almost achieved it already today? I think that was asked back then, and in retrospect, maybe which one? It was a fee, obviously, 'cause you're a year early. Maybe, Stefan, you can talk about the Basel scheme. I've been so curious about it. You announced this big project, but I can't find any details of it, and I'd be interested to understand if it's in your numbers or how big it could be, anything like that. Thank you. Let's first go to Klybeck and to give Matthias a few minutes. Well, Klybeck is a price-sensitive space and about 60,000 sq m of office and other space. Now, the thing is, this has to go through the political process till then, that will last for another two to three years. In the best case, we can start construction in 2025, and that will last until I'm more than retired, like 2035, so to speak. What are we talking about in the amount? We assume that there will be, just on our side, some investments of CHF 1 billion and beyond, just to speak. It's a long-term project. Grüze, I know it was mentioned, that's on a shorter term, but also takes some up to some 10 years. We are good owner for that because we have all the time since we are here for 160 years already, but I hope it will be finished before that. I think, Michael, you referred to page 21, and sorry for not having been clear enough. What I meant to say was that, you know, we have many initiatives that contribute to the increase of the ROE target to 10%-12%. On the R side, on the return side, it's clearly the digital fee result. It is the additional source of income, the operational leverage and what have you. On the E side, on the equity side, I refer to the fact that, look, we continue to do further disciplined back book management. As outlined, you will hear about that after the break and also about the new business. I mean, that is what will improve the ROE, but also the increased payout ratio and the additional share buyback, which also contributes to the improvement of the ROE. The latter two lead to an optimized capital structure. You know, we have a reference level for our capital structure, which currently is that we have 70%-75% of, that is, shareholders' equity. The rest is hybrid and senior debt. We now widen that range to 65%-75% from today's level of 70%-75%. With all the measures that we have talked about, we will essentially be in the middle of the new range, so in around the 70s. The reason why we did that, I mean, of course, we listened to our rating agencies and their requirements, you know, obviously coverage ratios, capital requirements, and so on. We also looked at our peer group, and we felt that this move is, you know, very well thought through. Thank you very much for your questions. We will now go for the break. We'll be back at 3:30, Swiss time. Really, one of the opportunities you get here is you get to talk to our operational CEOs. I think one of the reasons why we're really so successful in the past is because we give you really a very granular plan. We really show you all the details on how we expect to get there. In addition to that, we get the people who are responsible for making that happen up here on the stage to take your questions and explain on how they're gonna make it happen. Enjoy your coffee, and we'll be back in a little bit more than 30 minutes. Merci. [Foreign language] Ladies and gentlemen, it's a pleasure to be here today. I welcome this opportunity to tell you how the Swiss division is playing its part in Swiss Life 2024. We have a strong market position in Switzerland based on years of improved performance. We want to build on these strong foundations. Firstly, we want to develop our insurance business further. We will do this by increasing the number of and effectiveness of our advisors. We will also do this by diligently managing and further optimizing our new business as well as the back book. Secondly, we will harness our strong market position and our investment products experience to continually advance into the growing personal financial assets management to Swiss Life Group. Our business mix has evolved by offering investment solutions to both private and corporate customers. It rests on strong foundations. A 44% share of the life and pension market and a substantial increase in advisors. Marketing and sales activities are more effective and efficient thanks to the digital customer advice and support. As a result, we are making very good progress toward achieving the ambitious target of Swiss Life 2021. Personal financial assets are our market. There are two parts to this market. The upper part, in light gray, consists of the freely disposable assets of private households, such as cash on hand, bank deposits, equity market. This market is of particular importance in Switzerland as these funds may, for example, be used to finance owner-occupied residential property. Both submarkets, the investment funds part of that, is growing even faster at 7% per year. The life and pension market is also growing at 4% despite the fact that annual premium volume is declining. The reasons are the intrinsic growth of the pension system and the fact that the Swiss Life 2021, shown on the left side of the slide, we increased capital efficiency and cash remittance in individual life and group life. At the same time, we reinforced our phygital market access and built a strong foothold in the investment market. We now successfully cover life investment and the Swiss Life 2024 strategy. In the life and pension market, in the investment market, we will be launching new offerings for affluent and digitally savvy customers. Sustainability, as Stefan Mächler said in his presentation, will be our focus. By capturing opportunities in both areas of the personal financial assets market, we aim to further increase our contribution to the Swiss Life Group, particularly in cash and assets under management. On the next slide, you see that our Swiss Life 2024 strategy is based on four pillars. Pillar one, optimize the business mix and back book. Pillar two, ensure scalability and productivity. Pillar three, increase advisory effectiveness. Finally, pillar four, attract customers in new segments. These pillars support the Swiss Life Group strategy and our financial ambitions. I would now like to turn to the four pillars individually, starting with pillar one. We have improved our starting position in individual life. New business production has been switched to capital optimized products with lower, in some cases even negative guarantees. FlexSave and dynamic elements are exchange products. As you can also see on the top left panel, we can exchange products in new business, as required. As a result, we significantly improved the capital efficiency of new business by over 40%. At the same time, we increased the product margin and maintained earnings power. On this basis, we want to further improve capital efficiency and provide our customers with attractive life products. By continuing to pursue our capitalized strategy and constantly managing our margins, we plan to further increase the value of new business despite declining market for individual life insurance. Our focus will be on sustainability. We want to be able to offer sustainable products in all lines of business. As in the past, we will complement our offering where relevant with a make or buy approach. Let's move on to our group life business. As shown here on the top left of the slide, the full insurance business contributes significantly to Swiss Life Group. Thanks to the successive improvements in the performance of full insurance in recent years. The share of supplementary benefits in new business has increased by 20 percentage points to 60%. This is key as we can compensate for the still supplementary coverage. We also introduced the so-called flexible splitting in new business and our back book. This helps us to further optimize compensation through a more differentiated approach for the excessive mandatory conversion rate, reducing the guarantees by another 15% by 2024. Thanks to these improvements in new business and the back book, we can secure the interest rate margin in full insurance for decades. As shown on the previous slide, full insurance continues to be an attractive business for us. That means we will stick to our full range provider approach. We continue to offer full insurance, and we continue growing in semi-autonomous solutions for companies and individuals. The lab with the so-called 1e solutions. 1e solutions allow for individualized asset solutions for higher income customers. We aim to grow assets under management in these solutions in the double-digit percent range every year. Existing 1e customer relationships can also be used in market activities to develop the affluent segment. I now turn to our second strategic pillar being operational efficiency. Operational efficiency remains key. We are working on our single platform business model to increase scalability for our advisors as well as lean processes in our back office. This will lead, for example, to an improved distribution expense ratio. What is the architecture behind our single platform business model, and how do we use it to increase advisory effectiveness in our third strategic pillar? Our digitally supported platform business model not only allows us to scale up our business, it is also crucial to further deepen the customer relationships because advisors may capture more opportunities with our customers, leveraging the digital support provided by the platform. The advisor effectiveness is further increased by the digitally supported platform. This in turn allows us to fulfill our purpose to enable our customers to lead a self-determined life. Our platform business model consists of three essential elements. The first elements being processes and technology. The end-to-end customer process introduced on the Swiss Life 2021 forms the technological core of the digitally supported platform business model. I will explain the key elements briefly in the following slide. The second element, distribution. Our physical advisory organizations are part of the platform business model and benefit from the integrated tools and processes. Third-party distribution, distributors and brokers can also be integrated and benefit from the platform. The third element, offering, the platform allows us to easily integrate third-party products in addition to our own products in accordance with the Best Select approach. Looking in more detail at the end-to-end customer process, we see that it consists of many elements, and these elements are all linked to create a seamless customer and advisor experience across all touch points from lead generation to customer service. We are continuously expanding the functionality of our end-to-end customer process as basis for increased advisor effectiveness. Personal advice will continue to be very important for our customers. As mentioned, our digitally supported platform business model allows us to increase our advisor base, leveraging our capabilities to serve more customers. Our advisors benefit from high-quality digital support, allowing them to be more effective in satisfying all customer needs. This results in distribution income growing faster than the advisor base. While the share of other products as an indicator for cross-selling continuously grows. This brings me to the fourth pillar, attracting new customers in new segments. In recent years, we have successfully entered the investment business for retail customers. Assets under management with private customer has increased to CHF 3.5 billion. On one hand, this success is due to our attractive investment solutions. On the other hand, it is a result of significantly broadening our holistic financial advice, covering areas ranging from life insurance and investment to mortgages and real estate brokerage. Customers trust us to have the expertise to manage their money profitably. This is critical given our plans to expand further in the investment business. Our skills and experience in retail investment solutions and very positive customer feedback provide a springboard to further expand in the growing investment market. We will do this by systematically addressing two customer segments. Number one, we will address the affluent customer segment, where we will be working with specific offers and a dedicated advisory organization in addition to our existing market access. Number two, we will launch a purely digital sales channel to serve digital natives interested in sustainable offerings. Together with our current offering in the area of retail investment solutions, we aim to double assets under management by 2024 and significantly increase fee income. The effect on the fee result is mitigated by the related investment costs. With Swiss Life 2024, we aim to further enhance our already substantial financial contribution to Swiss Life Group. By 2024, we will further increase the cash remittance to CHF 500 million, cumulative between CHF 1.35 billion and CHF 1.4 billion for the period 2022 to 2024 and grow VNB to significantly more than CHF 200 million. We'll deliver a segment result of around CHF 1 billion. We expect profit sources to develop as follows. Increase in the savings result, increase in the risk result, only a slight increase in the fee result due to the pre-financing of growth initiatives in the investment market, a further increase in the already positive cost result. To sum up, Swiss Life 2024 will enable us to further optimize our strong core business. We will further expand our already unique customer access. We will also exploit our excellent starting position to systematically develop the affluent and digitally savvy customer segments. With this growth, we will contribute to achieving the Swiss Life Group's ambitious Swiss Life 2024 targets. Thank you for your attention, and I will now hand over to Tanguy Polet. Thank you, Markus. Good afternoon, everyone. Swiss Life France plans to remain on its profitable growth path, taking advantage of its unique positioning. Each country is different. The French often insist on their cultural exceptionalism. Over the years, we have learned to navigate those French waters culturally, politically, technically, and commercially. Let's see how we intend to build on our successful track record through 2024. For more than a decade, we have been uniquely positioned in the French market with our private insurer business model. This has generated a strong performance. Our focus is on advising and supporting high-value customers in their financial investments. We provide comprehensive insurance and wealth management solutions to affluent customers and high-net-worth individuals. We also offer a broad range of personal protection and pension solutions to self-employed professionals and corporates, mainly SMEs. We reach both main customer groups through proprietary distribution channels and a multi-distribution strategy. This helps us to increase our distribution capacity. I will come back to our key priorities for 2024, but allow me first to give you some more context. Our strategy has been successful. For more than a decade, we have outperformed the French insurance market. This outperformance is reflected in our gross written premiums in life insurance. This outperformance is also reflected in our resilience in the pandemic year of 2020. In fact, 2020 was our best year. We also outperform in terms of share of unit-linked in the premiums we collect, which is far above market average. This profitable growth translates into new business margin, and again, this is above the market average. This is the result of our focus on customers that have higher amounts to invest, are ready to take more financial risk, and are more exposed to unit-linked products. That means that we are more capital efficient, and we achieve higher margins. Turning to our 2021 targets, we are on track or ahead for fee results and our VNB. The risk result will be challenging, and this is due to the impact of the recent French healthcare reform. Our life efficiency ratio, REACH, is also challenging because of our strong outperformance in the pension business that led us to allocate additional resources to capture this growth. This slide shows one of our recipes for success. It is a profound knowledge of our customers and a clear customer segmentation. The number of millionaires among the total population, the financial wealth of French households, the number of self-employed workers, these are all growing and are the basis of our future growth. We also have other assets. One of these is our recognized brand. In France, the brand conveys quality and reliability. It perfectly fits with our affluent and high net worth customers. Another asset is our high-quality multi-distribution network with five agents, but also brokers, IFA partners that focus on our type of clients and sell our profitable products. We have a culture of entrepreneurial agility. This is acknowledged by our partners because working with Swiss Life is always quick and time to market. This slide shows the second reason for our success. It is our private insurer model. Our private insurer model is based on the unique combination of a life insurer and a private bank. This model puts their expertise, solutions, and distribution networks together to attract affluents and high net worth individuals. This combination is also very attractive to distribution channels because we provide a one-stop shop for wealth management solutions they offer their clients. As you see, it all begins with relevant advice provided by our distribution networks, taking advantage of this one-stop shop. This advice is converted into investment vehicles, be it life insurance contracts or private banking accounts. Our customers can transfer their private assets or professional assets into those solutions. Each of these life insurance or banking vehicles are regulatory designed to include a huge variety of financial solutions orchestrated in an open architecture mode. This is a very effective way to promote asset management solutions, notably our in-house Swiss Life Asset Managers solutions. They get better access to distributors and to customers, thanks to this private insurer platform. In a nutshell, this private insurer business model is a very effective combination of advice, life insurance, and asset management. It is fully in line with our purpose. We enable people to lead a self-determined life. Now let's turn to our three divisional priorities for 2024, supporting our group strategic actions and related KPIs. First, we want to grow our preferred customer segments. Second, we want to leverage our multi-distribution model to increase our volumes and our profitability. Third, we want to improve our scalability and efficiency. Let me go into detail. First priority, grow our preferred customer segments. This will be done by further developing offerings for self-employed and SMEs, mainly in the personal protection and the pension business. I will make a focus on the pension business in the next slide. We will also strengthen our private insurer model by enhancing the offering to high net worth individuals, and we will further integrate sustainability in our unit link solutions. I am indeed convinced that we have a responsibility to make our wealthy customers aware that they also have a role to play by putting sustainable solutions in their portfolios. This should further increase inflows for Swiss Life Asset Managers, by the way. Allow me to focus for a while on our pension business. No doubt you have already heard about the plan d'action pour la croissance et la transformation des entreprises, called the PACTE law, which aims to remove obstacles to the growth and transformation of companies in France. This 2019 PACTE law has strong implications for the pension business by completely opening up this market in France. For decades, Swiss Life has been known by self-employed customers as an expert in pensions. We already had a solid market share, but we wanted to consolidate our position. We were among the first to launch our PACTE solutions on the French market, and these solutions match the needs, not only of our preferred customer segments, but also of many distributors we work with. This has been a big success for us. This business is strategic because more than two-thirds of our new premium inflows are unit-linked products with a high new business margin. The PACTE law also helped us to shift some guaranteed interest rate back books into capital light solutions, decreasing our guaranteed rate from 1.6% to 1.1%, with positive impacts in terms of solvency and VNB, as you can see on the slide. You also see the +18% CAGR in the Swiss Life pensions premium and our market share that increased from 9%-11%. Remember that we only have a 2% share of the overall insurance market in France. PACTE is a strong and profitable growth opportunity for us. Our second priority is to leverage our multi-distribution model. With large partners and brokers, we will accelerate our business, notably in the savings and pensions business, but also in health and protection. We have also decided to launch an international health business with a dedicated distribution setup, including TPA services. We will also develop distribution initiatives with high growth potential. For example, we will hire new tied agents, especially the ones who focus on personal protection and pension solutions. We will also promote our savings and pension solutions on the Internet. We will do this through our internet broker, placement-direct.fr. It achieved strong growth during the COVID-19 crisis with a 50% share of unit link. All these initiatives, as well as others, are key to reaching our risk and fee targets. This chart summarizes our sophisticated multi-distribution model. Distribution in France is very diverse. We have developed the know-how to select the right distribution channels to attain our strategic objectives. That means reaching preferred customer segments and selling our customer-specific products. As an example, IFAs usually sell high unit link share savings products to affluents and high-net-worth individuals. We are collaborating with these specialized distributors, becoming for them a crucial partner. Another example is the launch of our new PACTE pension products. Here again, we choose partners that are stronger than others in addressing our affluent and self-employed strategic customer segments. By combining our proprietary distribution networks with independent distribution networks, we have been pursuing a multi-distribution strategy which helps us to outperform the market. Finally, our third priority is to optimize the scalability and efficiency of our business model. We want to increase our distribution efficiency by sharpening the selection of our distributors, notably by focusing on partners that use our portals and our electronic signature solutions. We will also leverage our customers and advisors portal by implementing front-to-back processes, thanks to more automation, aiming at a higher operational efficiency. In terms of architecture, we will push the development of our APIs, these technological solutions that make link between the external portals of our partners and our internal IT infrastructure, decreasing subsequently the operational work required to capture this growth. Nowadays, distribution partners are also growing, and they see the benefits of using standardized formats. Optimizing our operating model is of course designed to reduce our cost ratios, but it is also designed to increase the customer satisfaction and the intermediary satisfaction. As a result, one of the KPIs for our business model optimization is the NPS, the Net Promoter Score. Here, we aim for a very significant increase. Indeed, 10 years at Swiss Life, including as head of the customer and digital transformation division, has taught me the value of combining operational efficiency with the quest for increased customer satisfaction. Satisfied customers promote our business. Satisfied customers are loyal to our business. Satisfied customers entrust us with a higher share of wallet than average. With Swiss Life 2024, we aim to go from strengths to strengths. By 2024, we aim to have grown all our business lines, but with a much stronger increase of our fee results, allowing us to deliver more cash to the group. As a conclusion, we have a strong position in the French market. Our brand is a byword for quality, reliability, and exclusivity. We have a strong distribution model ready to make the most of growth in this dynamic market. We have a strong commitment to efficiency and scale. That adds up to a platform for success reflected in our ambitious targets. I look forward to answering your questions later this afternoon. Thank you for your attention. I now hand over to my dear colleague, Jörg. Good afternoon, ladies and gentlemen. Two to go. I'm happy to present Swiss Life Germany's strategy. Let's start with an overview of our business. Firstly, we have a unique business model which includes a strong advisory network. This has allowed us to unlock significant growth potential over the past three years. We are particularly well-positioned among the millennials, so the customer group aged between 18 and 39 years. Our network of young advisors, of products and services are playing a big role in our performance. Secondly, the priorities of Swiss Life 2024 put us on the path to further growth in the future. We want to expand our franchise organically. We want to gain market share in the financial advisor industry in Germany, where advisors are typically much older than the millennial clients. That offers us a major growth opportunity. In the insurance field, we want to build on our strengths around biometric solutions and modern UL offers. On the financial side, Matthias has mentioned it already. We are aiming for fee results in a range between EUR 125 million and EUR 150 million, and aim to generate a cumulative cash remittance of EUR 190 million-EUR 210 million within three years. Before looking forward, let's turn back the clock. How did we perform under Swiss Life 2021? We expanded our advisor organization, and then we improved our productivity thanks to a phygital, as our French colleagues have introduced it, a digital advisory approach. This combines personal advice and digital support. Our customer base has increased from 1.2 million active customers to 1.5 million customers since 2017. In insurance, we are focused on profitable biometric and modern products, and launched a pure UL offer, our Investo series with great success. We remain on the successful path we embarked upon three years ago. That is reflected in our performance against Swiss Life 2021 financial targets. We are ahead in three dimensions. We are on track in one, so we are delivering what we have promised. Swiss Life Germany's path is aligned with the larger group strategy. Let me explain with the same slide you already know from the former presentations. Having the overall strategic dimensions in mind, we are paying particular attention to advisory power with our four strategic clusters. I will explain them in more detail in a minute. In addition to expanding the advisory organization, the core of our growth is rooted in taking care of our customers and further develop the customer experience. At the same time, we want to continue to work on our operational leverage to advance the scalability of our platform as a whole, but we must make further investments accordingly. What's the secret of success for Swiss Life in Germany? Let's look into the customer dimension. Our strong customer focus solidly underpins our strategy. Our strength lies in serving younger customers. After all, they make up a quarter of the entire German population, and in both of our business models, we generate more than 75% of new business from this customer group. What are young customers most interested in? Three points. First, they are very receptive to financial services because they have a big need for retirement planning. Second, they want strong equity-based pensions and are especially interested in sustainable solution. Third, they want digital interaction and personal financial advice. We learned really in the Corona pandemic that younger people want personal advice even more than older people. We are catering on both needs, on their digital wishes and on their need for personal advice. While the overall number. By the way, let's go to this last column here with the results of what comes out of our customer orientation. What you can see is that the overall numbers of financial advisors in Germany have decreased over the last three years. We have expanded, at the same time, our network with a CAGR of 9%. Our financial advisors on average are 16 years younger than our competitors. That gives us a perfect match. Young advisors serve a younger customer base. In the insurance business too, our focus is paying off. We have increased our VNB, our value of new business, significantly with a CAGR of 24% to a level of EUR 72 million. What is the core of our model? What is the architecture we have put in place? You can see it on this slide. Let's start with the insurance model. There we are following a make or buy strategy. In contrast to many of our peers, we are benefiting from the absence of a tied agent organization. We don't offer every product under the sun. We focus on offering profitable, capital-efficient products and leave everything else to the market. If you look at the major competitors in the advice arena, most of them are more or less tied to a specific insurer. Among the big five advisor organizations in the life market in Germany, we are the only one who offers a true open architecture. This reflects a fundamental wish of our customers who have learned on the Internet to compare offers and who want to do the same for their financial solutions. By leading our customers to the best available offer in the market financially, we enable them to live a self-determined life. Talking about the purpose is absolutely key in recruiting young advisors to our network. Getting back to the open architecture. This open architecture builds at the same time a solid entry barrier. In the new business, we cooperate with more than 250 different product partners, which represents a level of complexity that we are able to handle via our strong platform. For a newcomer to this market, it would take years to build that up. In addition, our setup with a strong IFA model, I'm sure you are aware of this, generates cash, and this cash can directly be transmitted to group level. What plans do we have now concrete for our IFAs? There are three strategic areas. Firstly, we want to continue to expand our advisory network to more than 6,500 financial advisors. Keep in mind that on top of them, we have additional 6,000 company representatives, most of them in a situation where they want to collect financial education and some of them to find out if they want to start a professional career as a financial advisor. Investing in management leadership skills is crucial in this field. Our more than 1,000 managers across Germany are responsible for recruiting, onboarding, and educating our junior staff. We will launch a big program focused on further developing their management and leadership skills. These managers are critical to the growth of our network, and they are exactly what our competitors are lacking and why they stay overaged. On top, we will enhance our career systems, and we will continue to expand into new locations in Germany. I will now move on to the second area of this slide, which relates to our platform and our goal of further digitalization. You can see that the distribution expense ratio should further decrease. We have launched a major modernization project in the back office of CIFA with potential benefits of scale. The third area presents the customer experience, which is shown on the bottom of, on the bottom part of the chart, which is definitely a key area to master. We will continue developing the hybrid model by increasingly linking personal consultancy with digital support. We expect this to pay off in the fee income, where we aim to increase to a range between EUR 800 million-EUR 830 million. Let's turn to our customer experience and let's look how it adds value. The advisor who gives the high quality advice to our customers is in the center of our model. The advisor is backed up, and you can see them in those light red boxes by a 24/7 customer support and our newly introduced claims processing unit. You can see it in dark gray boxes. We offer several apps and interfaces to the customers, most of them supported by the advisor while the customer is using them. There's another layer of technology in light gray, which is to organize and support the advisor in the best possible way and which helps to increase their productivity. All of this is based on our data management. This brings together all the information we have collected around the customer in combination with the data provided by our product partners. In 2020 alone, we have sent 700,000 leads from our CRM into our advisory networks. This gets more and more key in building up productivity. The development of our data warehouse is one of our key initiatives in the new strategy program. The better we manage data, the better we can grow with the customer as they get older. Or in other words, as our customer base matures, we will move towards significant growth opportunities. All these tools, apps, and centrally provided services intelligently interconnected with our team of advisors and our growing client base form our superior technological platform. It makes us more and more a tech company harnessing the strengths of a personal advisor base. This hybrid approach will also help us to deal with any potential competitive threat which might occur from the fintech industry or other intruders into our market. What are we aiming for in our insurance business? There are two major areas of focus. First is to intelligently manage our back book to ensure solidity. This is based on our Swiss Life specific ALM approach. Thanks to Swiss Life Asset Managers, we have been on the right track for years. We have extended the duration early and as a result, our net investment yield is substantially above the average technical rate. Additionally, we are working hard on improving our business mix, which generates a growing risk result on top. This brings us to the second major area, which is product innovation. We aim to continually strengthen our biometric solutions. We plan to launch new products over the next couple of years. We also plan to further reduce the guarantee level of our product range as it was already mentioned. Integrating sustainability in our offering is another key area to work on, especially having our young customer group in mind. This year we have already taken a first step towards sustainability with the launch of Invest o Green, our sustainable unit-linked product line. We also have many opportunities to further develop in the employee benefits insurance business driven by our strength in consortium solutions. We are partnering with some of the big unions in Germany and receive exclusive recommendations for our biometric products from them, and that, of course, helps us a lot. All these measures are contributing to the significant increase in our value of new business. What are we aiming to achieve financially? You know already these figures. We aim for our fee result to grow to this range between EUR 150 million to EUR 125 million. We will strive to significantly expand our cash remittance. We have delivered EUR 145 million over the last three years. We want to deliver EUR 190 million-EUR 210 million within the next three years. The fee result remains a central pillar in our profit by source logic. Of course, we are seeking to increase other sources as well. Last but not least, let's do a quick wrap-up of what I have shown to you. As the second largest IFA in Germany, we are well-placed to monetize on our strengths. We are ready to tap growth among young customers by attracting young advisors to help the younger generation plan their financial futures. As our customer base matures, this creates new opportunities. The German management team of Swiss Life is convinced that the best is yet to come. We have a strong set-up in insurance with the desire to focus on profitable new business. This gives us the confidence that we can make a substantial contribution to the group's financial success. Ladies and gentlemen, thank you very much for your interest. Now I hand over to my dear colleague, Nils Frowein, the CEO of the International business. Last but not least, International. Maybe I should file an application for next time. Ladies and gentlemen, Swiss Life International has tremendously developed in recent years. We will be able to make a significant and above all, growing contribution towards achieving the targets of Swiss Life 2024. Our strategy is fully in line with the aspirations and targets of the Swiss Life Group for 2024. Today, I will be looking at our current positioning and opportunities in the market, out of which we have defined clear initiatives to achieve our KPIs for 2024. When we speak of Swiss Life International, we mean two lines of business. Firstly, Global Solutions, which is our B2B insurance business. Secondly, our own financial advisory businesses. As both business lines are strongly positioned, it is now all about leveraging the existing propositions in core markets and expand distribution. Ladies and gentlemen, Swiss Life International is clearly focused on generating fee and risk result. By 2024, we are aiming to double the fee result to CHF 90 million-CHF 100 million and increase the risk result to CHF 18 million-CHF 20 million. An important point in this context, around 65% of the underlying fee income is recurring and creates stability for the years ahead. As important, this is a cash business. We aim to more than double cumulative cash remittance to CHF 170 million-CHF 190 million by 2024. Let me now explain our strategic positioning. Swiss Life International has two business lines, Global Solutions and the International IFAs. Both have strong market positions. Global Solutions is a leading brand and business partner for high-net-worth individual insurance solutions and offers biometric risk and pension solutions to multinational corporates. This business is present in key financial centers and operates with three insurance carriers, Luxembourg, Liechtenstein, and Singapore. Our international IFAs provide comprehensive financial advice with a focus on investment, pension, and real estate. In the U.K., we have been among the leading IFAs for almost 50 years now. In Austria, we are the number one IFA, and in Czech Republic and Slovakia, we have also top market positions. This makes us a trusted partner and advisor for longer self-determined life. Before we turn to the Swiss Life 2024 program, let's have a look at the current Swiss Life 2021 program. Swiss Life International is on track to successfully deliver on its ambitious targets. We will double the fee result to CHF 65-70 million and increase the risk result by over 50% by the end of 2021. Both business lines contributed significantly and have strong foundations to grow further. In line with the Swiss Life Group's strategic objectives for 2024 set out by Patrick and Matthias, we have continued to develop our strategy for Global Solutions and for the international IFAs. For all, it is all about leveraging the existing proposition and brands in our key markets as well in new growth markets and segments. Swiss Life International has strong strategic foundations, in particular, with regard to systems and processes, and will be able to further capitalize on operational leverage. This will generate significant fee and risk result growth by 2024. Our business is capital light, which will lead to strong cash remittance growth over the next three years. Important to mention, we do not foresee any major investment to deliver the initiatives of the 2024 program. Let me now take a closer look at the strategy for the two business lines, starting with Global Solutions. All our insurance activities are bundled together under the subbrand Global Solutions with headquarters in Luxembourg. This is a well-established B2B business with long-standing business partnerships covering 350 private banks, asset managers, 90 network partners around the globe, and a client base of well over 500 multinational corporates. With our insurance platform, we are connected to our partners and can offer customized end-to-end solutions while ensuring process efficiency and scalability. In addition to the pure delivery of solutions, these partners are interested in the excellence of our services. This is what constitutes the relationship between our partners. This is where the game is decided, and this is where relations between partners become more rewarding. Global Private Wealth provides high-net-worth individuals with succession planning and wealth transfer solutions, allowing for a simple, secure, and straightforward way to transfer assets to the next generation. Furthermore, the offering includes innovative high death cover solutions which additionally address estate equalization, targeting, for example, entrepreneurs. This is a growing market. Huge amounts of wealth are being transferred to the next generation in the coming decades. Global Employee Benefits offers biometric risk and pension solution. Risks covered are death, disability, and medical. The solutions are offered out of Luxembourg to several European markets. Here we want to capitalize on the growing need for employee benefit solutions for local and international workforces. Ladies and gentlemen, we address these opportunities with a clear strategic direction and focus on the following key initiatives. Let me start with Global Private Wealth. With our partners, we will focus on core markets. In Europe, France, Spain, Italy, and Portugal. In Asia, Singapore and Hong Kong. With our innovative high death cover solution, we have a strong USP for partners and clients addressing wealth transfer, estate equalization, and liquidity planning needs. This is where the distribution focus is. We want to get closer to our partners with full data and process integration, and the foundation for this is laid. The business operates on one platform for all three carriers and is connected to its partners through the portal. What are the key growth initiatives for Global Employee Benefits? First, strengthening the existing footprint in Europe. Key markets here, Benelux, Germany, Italy, and the Nordics. Second, further grow our insurance offering. This includes new solutions in risk, pension, and medical. Last but not least, scale distribution with brokers, managing general agents, health insurers, and IFAs. Ladies and gentlemen, our growth initiatives will significantly increase fee and risk result until 2024. Let's now turn to our IFAs. They offer financial planning with a focus on investment, pension, and real estate solution, very consistent with what you have heard today from my colleagues. Our businesses are in the U.K. and Central Eastern Europe. In the U.K., we operate, as you know, under the Chase de Vere brand and have more than 300 advisors. Our target group are affluent clients with a focus on investment and pension. The business has developed strongly over the last three years, driven by a growing asset-based discretionary portfolio management as well as strong relationships with several affinity groups such as the British Medical Association. The British Medical Association contract offers exclusive access to more than 150,000 doctors in the U.K. for advice about pension, investment, and disability. Central and Eastern Europe, we have more than 1,200 advisors serving retail and affluent clients in Austria, the Czech Republic and Slovakia. In recent years, we have significantly strengthened and expanded the advisory propositions for investment and real estate. The businesses have all it takes to grow further. Brand, distribution power, advisory solution, excellent processes, and a huge client base. Our best-in-class advisory portal serves as the financial home for advisors and clients. Ladies and gentlemen, financial advice is a growing market, driven by the need to address the pension and protection gap. Now, what are our major initiatives to capture these growth opportunities? First of all, we want to significantly expand our advisory power from around 1,300 in 2020 up to over 1,750. The job profile of a financial advisor is highly attractive. It stands for entrepreneurship, attractive income, and for providing meaningful financial planning to our clients. We want to continue this journey with our advisors and systematically drive recruitment at all levels of the organization. The second major growth driver is the further strengthening of advisor productivity. Now, our advisor productivity is already among the highest in the market. At the heart of the proposition is the financial plan, supporting clients in achieving their goals with financial confidence. In this context, we will focus on high-value business, and this means investment, pension, and real estate solutions. Smaller tickets will be covered through our digital advice together with support from central sales and servicing. Our advisor and client portals, together with our digital processes, are a major competitive advantage. We aim to attract new advisors and serve existing clients better and more efficiently. All this will significantly drive the fee result until 2024. Let me conclude with a look at our major financial targets for 2024. Swiss Life International is driven by fee and risk result as shown by the profit by source. We will double the fee result to CHF 90 million-CHF 100 million by 2024. Both lines of business, Global Solutions and the International IFAs will contribute strongly. Important to mention again, around 65% of the underlying fee income is recurring and creates stability over the years to come. Furthermore, Global Solutions will increase risk result to CHF 80 million-CHF 90 million during this period. All this will more than double cumulative cash remittance to CHF 170 million-CHF 190 million over the next three years. Our track record, the growth opportunities based on our strategic foundation, and the continuous hard work of an excellent team makes me confident that we will reach our ambitious targets. At the heart of the execution of this program are our people and the way we collaborate. With that, I would like to say a big thank you to my colleagues, to my team for the strong commitment and the passion to grow the business. Ladies and gentlemen, with Swiss Life International 2024, we are a major contributor of fee and risk result growth of Swiss Life Group. Thank you for listening. Now, together with Patrick and my colleagues, we are ready to take your questions. Thanks, Nils. Let's get going. Maybe the gentleman in the back. Right in the back there. André Fischer from UBS. Thank you so much so far for your statement. Hopefully, I ask questions which are in general interest of all of you. What kept in mind actually that you're saying is Swiss Life France and also German business was you were actually proud saying we reduced insurance portion. Of course, we all know what's the reason behind. If I'm taking in mind Swiss Life, which is the leading insurance company in Switzerland and one of the leading insurance companies in Europe, it's actually interesting. Of course, you could say you still try to sell insurance policies, but of course, the bank business is increasing, so at this time, also insurance is lower. So you may add whatever you like afterwards. Now to my question. I have a question to the Swiss business and more precisely to your advisory model, which was on page 14 in our booklet and page 73. You pointed out that your advantage is having actually two sales channels. One is the organization with your tied agents and the Swiss Life Select. I'm right that is about half, so 700 to 700 employees? First question. Second question: what do you favor in the near future? What is maybe has more growth potential? And third question: what is actually the fee split income of these two segments? So what is more profitable, a tied agent or Swiss Life Select? And if I may ask a last question, sorry, is to your innovation ambitions on your new products in Switzerland. You mentioned this mobile third, a pillar product on sustainability. When will that come? Can you elaborate a little bit, will that be multi-manager? Or what will be differentiation to the existing offering in the market? Thank you so much. Thank you very much for the question. They are all very important and interesting. I go through in a row. In terms of numbers of advisors, they're a little bit more with Select and with the tied agent channel, but it's relatively close to 50/50. In terms of importance or potential to grow, I think it's important to realize they're just different. The Swiss Life Select advisors are in this open model, very similar to what my colleague, Jörg, was describing for Germany. They're independent. It's a Best Select approach, and it's a profitable business model in itself, producing fee result and cash. The tied agents, on the other hand, they are really a deep part of our business model, so there is a big option value in helping us to sell what we need actually in terms of a business mix. There's no standalone P&L to them, so we cannot really say anything about profitability. It's something which is deeply ingrained in the business model. Both are really valuable to us. That's why we also decided that we invest in a platform that can accommodate actually both distribution channels. They're learning a lot from each other. They're profiting from each other, so it's a really cool model at the end. On the mobile offering, you can expect this to be in the market really rather soon. It will go into the direction initially of like three A offerings with a really strong distribution focus, and it will be really mobile only. Yeah. Michael? Then, on the international, it's the one which doubles, so it's the best one. I just wondered why isn't everything else doubling? I don't know why you're doubling. I think the answer is somewhere in the investment. I don't know. On the Swiss, I wonder if you can give us a figure or a feel for how much you're investing in the platform and the, you know, all this stuff, you know, to make your business more fee-focused than it is now. Then the last one is actually from Matthias. Sorry. I remember from the half year, but maybe this is before the hedging costs are down, and I'm just wondering whether that's one of the key reasons why we see these wonderful numbers. Thank you. Well, maybe taking Matthias' role here. Yes, hedging costs are down. Of course, together with the forwards, they will go slightly up, but still way away from where they used to be. Obviously depends on the short end of the curve. But yes, you're right. That's definitely supportive. But much more importantly was, let's say, compared to last year's, of course, that we had a drag from the equity portfolio, as you might remember, which I think is the higher swing factor than the hedging costs. For now, let's move over to Markus. On the question on how much we invest, I think the simple answer is if we wouldn't invest in these new customer segments, you would see a clear increase in leverage in the fee business. Fee result would grow stronger than the income. In terms of numbers, you know, it's small million numbers compared to our cost base. It's actually not that much, but we are very honest in how we show it, deducting it from the fee result at the end. Maybe let's say the doubling, if I may answer that, and then we move on. I mean, it's a bit, you know, look at what happened last year in Germany on one extreme, you know, which had an extremely good year. Then, of course, international on the other hand, was impacted by the lockdowns, for example, in Asia. I think that's one of the difference. Nevertheless, of course, doubling is great, Nils. Thank you, Patrick. I actually think so too. I mean, the reason is, we really built the business model up through the last couple of years on a continuous basis. We are laser-focused actually in those business models, precisely what we are doing there. If you follow the operational leverage throughout the years, we expect more to come with regard to that. We think that we are very well-positioned in growth markets and that we have a good opportunity to really capitalize on that going forward. Peter? Thank you very much. Peter Eliot from Kepler Cheuvreux. Two for Jörg, please, and perhaps one for yourself, Patrick. On Germany, I was just wondering if you could help us understand if the sort of upcoming regulatory change in respect of commissions, you know, might have any impact. Secondly, I was interested in your statement at the end, your confidence that the best is yet to come. I mean, we've seen a pretty good development recently, so I'm just I mean appreciate everything you said in the presentation, but I'm just wondering if there's something that I've missed that is gonna, you know, kickstart even more in the future. My one for Patrick, I mean, we've heard of lots of great businesses. There's no obvious connection really between high-net-worth individuals in France, real estate asset managers in Switzerland, young financial advisors in Germany, but they all seem to be going very well. Just wondering what's the common factor? How do you achieve this? Right. Let's start with the potential regulatory impact. I mean, the new German government has just yesterday afternoon put their new coalition contract on the table. It's quite a short period to get into it. It's more than 150 pages. Only two pages are on our model. What we have learned over the last 24 hours out of it, and a bit we were expecting, we were expecting that already, is that they want to strengthen the three pillars in Germany. The state-driven pillar, the employee benefits world, and then the private world. They want to allow customers to take more risks. They want to go into this equity based pension building, and that is especially something which plays into our cards. They want to think about other ways to put up pension solutions into the market. There's nothing decided yet. It's more that they want to look into it. What we are expecting is there will be some new offers. There will be some tailwind for what we are doing. We are quite neutral to what is coming out of the new government. We are really used in Germany to regulatory changes. Over the last 10 years, there was plenty of it. With our professional setup, we always think that we are very capable of dealing with those potential changes. The best is yet to come, yeah. With Matthias and Patrick around, it's always a bit kind of dangerous to walk such a slogan into it. I am pretty aware of that. What I really think is supporting us in our optimism is that we have this young advisor network. I've shown the average age. There's one figure which I find quite impressive. There were these exams for certified advisors in Germany. 20% of all persons in Germany in 2021 who took an exam were from Swiss Life. If you take our numbers or our head count, we are not 20% of the overall financial market. It's clear that we are building up a network which can take over when a lot of older advisors will leave the market. That is together with our strong database we have built, that is what gives us this optimism that in the future we really can take over market share in the German market. Yeah. Well, what holds it all together, I mean, that's the reason why we talk a lot about our purpose of helping people to lead a self-determined life. What we mean by that is, I mean, from our market research, we know that's a very fundamental human need. We also see that people are getting older and older, and the governments out there really have you know, more and more tougher time in providing for old age. We're here with our products and with our advisors to ensure that a large part of the population has access to retirement advice and retirement products. Some of them being provided by our own asset managers. Some of them, of course, by other products, you know, with the different platforms that we have. That's why we talk about this. Of course, the brand helps as well. You're right. I mean, we're not, you know, perfectly aligned everywhere. In all fairness, you know, it's probably smarter in France to access, you know, the richer part of the population where Swiss, the Swissness really works really well compared, let's say, to the poorer, which are covered by the Mutuelle and similar institutions. Whereas, you know, in asset management with our liability structure, you know, it's probably smarter to excel in real assets than, you know, so let's say in index funds, you know, where we're competing against, you know whom. You know, I think we really have a smart way of looking where we have a competitive edge, and that then holds it all together. Yeah, thank you very much. Sorry, and just for clarity, I certainly wasn't criticizing the fact that there was different strategy in each country. Could I just follow up on the market share, Jörg? I just sorry if I missed it in the presentation, but are you able to give us what your market share is? I mean, we have now 5,000, a little bit more than 5,000 advisors. The overall financial advisor market is 196,000 advisors. Take the 5,000 against the 196,000. You see, we are at something about 3% or getting into 3%. Twenty percent of all the guys who are passing an exam in 2021 are from Swiss Life. There you see that while the market is getting older, we will take over market share. Maybe we now turn over to the web. Hand over to the operator. The first question is from Fulin Liang from Morgan Stanley. Please go ahead. Thank you. Just two, maybe three questions from me, if I may. Thank you. The first one is, I was just linking the slides back to what's been said earlier today. On the Swiss markets, because you mentioned earlier that you're going to increase the remittance of the cash remittance of Swiss. Then I look at the slides this afternoon. I think the driver of that higher remittance is fair to say is because you have capital saving from writing new business? Or is it more like from the capital release from your back book? That's the first one. Secondly is, I just wonder how you manage the... Because you are running multiple distribution channels in some countries, and how do you manage the competition between the distribution channels? For example, your tied agent versus your IFA. How, if there is a lead, how do you manage that between different channels? That's the second one. The last one, not sure that is specific to country, but it's actually in general to all countries, I guess. How much of the flow? Because in France especially, large part or even a larger part of your flow is going to be from unit-linked products. How much of that flow will eventually flow into TPAM? Thank you. Let me start with the very first question, then maybe. Mm-hmm. Again, you know, the cash remittance is not driven by capital release. It's driven by statutory earnings. Statutory earnings are driven by what we have in terms of guarantees and by the investment result, which drive the so-called savings result on the one hand, and the other hand, it's the risk result, what drives it. It doesn't have anything to do with capital. I'm exaggerating a little bit, but not much. Absolutely. It's driven by operational results at the end, right? By the segment results. On the question with respect to are these channels in Switzerland, for example, are they conflicting or not? Actually, they're not. Even if they both have Swiss Life in their name, simply because they're positioned in a different way. Customers that would naturally go to Swiss Life Select wouldn't show up at an agency of Swiss Life tied agents and vice versa. Actually having both channels just simply increases our reach in the market. Tanguy. Yes. Relating to the unit link strategy and the TPAM capacity to collect these unit links out of the life insurance contracts in France, we have 50% of our life insurance reserve that are unit linked today. Among these 50%, we have 50% that are in-house asset management solutions, 25% Swiss Life Asset Managers solutions, 25% Swiss Life Banque Privée solutions. We have a strong capacity to bring our in-house solutions. We have 11% CAGR growth over the period in collecting new assets. Just for Swiss Life Asset Managers solutions, for example, it's EUR 500 million-EUR 600 million net new assets a year. This business model is clearly working, but we need open architecture business model to really promote also our in-house solutions. Thank you, Tanguy. Okay. Just to clarify, 50% of the 50% went to internal solution? Yes. Is that right? Okay. That's correct. Next question from the web, please. The next question is from [Samit Singca] from Citigroup. Please go ahead. Yeah, hi, thanks for taking my question. A very good set of results. Congratulations on that. Just that, for the cash remittances you previously provided, the remittances by business line. I was not able to find this information in the slides, current slide. If you can just indicate what are, what is like, the remittances that are planned for, and the breakdown by business lines. Just quickly, I wanted to understand this, because there's a lot of shift to, semi-autonomous business in Switzerland, Group Life, business. How should we think about these results going forward, compared to the previous level there? Semi-autonomous was like, less than 50% of the mix. Just these two. Yeah. If you look at page 18 of the slides of the CFO slides, there you see the different cumulative Yeah. Cash remittance targets per unit, so per division. Three years ago, we also showed that the target is about 60% coming from the life business and 40% from all other businesses. Going forward, this ratio for the life business will just be slightly below 60%. We've not included it in the slide pack anymore because we never really got questions about that, but now we do. It'll be just slightly below 60%, going forward. The question about the semi-autonomous business vis-a-vis the full insurance business, I guess that was it. If I understood correctly, I hand over to Markus. Yes. I try to answer the question. Not sure I understood it completely, but at the end, you know, it's a question the answer to that question is driven by what customers need at the end. You know, there's choice. There are customers for whom the guaranteed model makes more sense. There are customers for whom the semi-autonomous model makes more sense. We offer both. We have a big reach in the market, and we also have a big reach in terms of, like, different investment solutions. At the end, it's very attractive to have the full range because all in all this business is capital efficient to us, it makes a lot of sense and we can play with this together with our colleagues from the asset managers. Did that answer the question? Okay. Yep. Thank you. Coming to the end, Michael has another urgent question. On France, can you say, you know, there's a new kind of legal thing which makes solvency lighter, the Fonds de retraite professionnelle Supplémentaire, something like that, and I just wonder if you could talk a little bit about that and the potential benefit. The second is in Switzerland, so you're obviously trying to grow and in my mind, I make it very simple, copy the success of Germany. I'm just wondering why did you buy, like Germany did in the past, an established network? The last question, all your competitors are selling back books, but you're not. Can you maybe give some color? Thank you. Sure. Why don't we start in France? Yes. We had a project indeed to launch in France an FRPS product, which is in fact the European IORP solutions with the French translation of it. This vehicle is Solvency I related, which helps indeed to increase globally the solvency ratio of France. We aim at gathering in this vehicle all our pension business, our existing pension business, but also new pension business to come. We have filed an application. The regulator should give his consent in 2022, and then the pension business will be located in that business with this additional advantage of being Solvency I and so solvency friendly, I would say. In terms of buying a network in Switzerland, for us, the organic growth path is the more logical, more natural one. It works very well. It allows us to train our people the way we want to train them in with respect to quality of service, et cetera. It's just more attractive. With respect to the back book management here, we are under the impression that we do it better than others, and there is no need for anyone else to do it. I guess there are no more questions left in the room and the web. Let me move over to my closing remarks here. I guess you can stay on stage because it's not going to be very long. I'd like to now conclude this Investor Day. Thank you very much for having attended. Maybe we could accelerate a little bit here. Our program is very clear with Swiss Life 2024. As you've heard, we build upon our key success factors of the prior programs. Our purpose, enabling people to lead a self-determined life, our ability to pursue market opportunities based on customer needs, and our local execution power, which you've just gotten to know better. Our discipline in measuring and delivering is of course important as well, especially towards these guys here. Our new strategic actions centered around the customer, our advisory power, operational scalability, and system ability will support Swiss Life in delivering on our financial goals. Those are increasing earnings quality and earnings growth, particularly by growing the fee results about 40% and by increasing the return on equity to 10%-12%. Second, enhancing cash returns to shareholders by introducing a new share buyback and by increasing our dividend payout ratio. This is all based on a strong solvency as well as on an increase of about 35% of the cash remittance to the holding company. By focusing all our efforts on our goals for Swiss Life 2024, we will deliver on our promise to serve the societies we are operating in. With this, I'd like to thank you for your interest again and your questions. Thank you for joining us today, and we'd be delighted for those here in the room to join us for a farewell drink and goodbye also to everyone who has followed us online. I wish you now a safe journey home if you're not already home, and hope to see you again soon. Thank you very much.