Legal

Statement on Engagement and Shareholder participation as at 31st May 2022

Scope
With its headquarter in Vaduz, Elips Life Ltd. is authorised in Liechtenstein and adheres to the Persons and Companies Act (hereinafter: "PGR") of Liechtenstein.

Applicable Law
In Liechtenstein, the second Shareholder Rights Directive of the European Union (ARUG II, Directive (EU) 2017/828) has been transposed into domestic law via the PGR. Elips Life Ltd. (hereinafter: "Elips Life") is a company which conducts life insurance business in Liechtenstein and thus qualifies as an institutional investor pursuant to Art. 367a PGR. Pursuant to Art. 367h PGR, Elips Life is obliged to either publish its participation policy regarding participations in listed companies on its website or to publicly explain why it has decided not to do so (comply or explain). In the case of participation in listed companies, a distinction must be made between a) the management of shares in the company's own portfolio and b) those shares which Elips Life holds for the account and risk of the policyholder(s) within the scope of unit-linked and unit-linked life insurance or pension insurance solutions.

1. Information according to art. 367h PGR – participation policy

   Elips Life does not directly invest in securities and does not provide or engage in regulated investment activities. Elips Life also did not hold any equity investments as at 31 December 2021.

   Elips Life does not hold any shares in its own portfolio, either directly or indirectly, and does not plan to invest in this asset class in the near future.
   
   For the aforementioned reasons, a participation policy within the meaning of Art. 367h para 1 PGR is not adopted and not exercised by Elips Life. Information in this regard in the sense of Art. 367h para 2 PGR is therefore omitted.

    

2. Information pursuant to Art. 367i PGR Investment strategy and agreements with asset managers
   

Elips Life relies on Group Asset Management (“Group AM”) which is a Group Function of the Swiss Re Group (the "Group”) who supports the Business Units (“BUs”) Reinsurance, Corporate Solutions and iptiQ (together "Swiss Re"). As part of its main responsibilities, Group AM establishes the Group's investment strategy and long-term investment views;  manages and oversees the investment assets and related processes; provides investment and operational services to the Group, BUs and legal entities, as well as support and advise on strategic projects, transactions and portfolio management.  The strategic mandate given to Group AM is comprised of the management of the investment assets generated through the activities of the BUs and advising the BUs' business where appropriate.

On an annual basis, Group AM assesses Elips Life's Strategic Asset Allocations (“SAA”) and proposes updates to the SAA which is thereafter approved by the Elips Life’s Board of Directors (“BoD”). The implementation of the SAA is closely coordinated with Elips Life Ltd. Performance evaluation and progress on the SAA implementation is presented quarterly to the BoD and discussed twice a year with the Elips Life Executive Team.

Group AM’s objective is to maximise risk-adjusted performance in line with targets set at Group and BU levels. Group AM also considers other objectives and constraints specific to each BU with respect to investments to define the optimal asset allocation under the defined Group investment strategy.

As such, there is no incentivisation of the asset manager. Group AM provides support and advice regarding changes to the BU SAA. The guidance is given according to the characteristics of the BUs underlying re/insurance liabilities to achieve defined financial and risk objectives which are based predominantly on a long-term market outlook.

Group AM is mandated by the Group Executive Committee as outlined in the Group Corporate Bylaws and individually by the local legal entities based on Investment Management Agreements (“IMA”) and respective approved SAAs where applicable. The operative targets are defined in the Group and BU Investment Plans, which are part of the Group Plan and BU  Plans, respectively.

The Group AM governance framework governs the investment decision process. The Group AM investment processes are governed and steered by four core Group AM committees. Two additional Group AM governing bodies are in place and complement the governance framework to steer operational activities.

The arrangement with the Group AM Function is ongoing for all Group BUs and legal entities.

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