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					Swiss Life Network Newsletter
December 2011
Dear Reader
With change continuing all around us, remaining flexible and able to cope with the
new remains a key success factor. While we must adapt constantly to new chal-
lenges, we also need to ensure a consistently high level of reliability and excellence.
For almost 50 years now, the Swiss Life Network has built reliable and long-lasting
relationships with clients, network partners, brokers and consultants. Let me say a
very sincere ‘thank you’ to all these loyal clients and partners, who have entrusted
us with their global employee benefits during the past 50 years. We are committed
to continuing as your partner of choice, responding to your evolving needs in an
effective way and supporting you for sustainable success in your industry.
No one has a crystal ball for the future. However, this edition offers some insights
into developments in pensions and social security. It’s a positive outlook, since
there are many ways to improve, and we are committed to actively participating
in these developments, and helping to shape a better future.
On a personal note, I’d like to invite you to join us at our 50th anniversary celebra-
tions from 19 to 21 September 2012 in Flims, Switzerland. Please save the date now.
Meanwhile, I wish you and your loved ones a wonderful festive season and an
excellent start to 2012. We look forward to continuing to support your employee
benefit needs around the globe for many years to come.


Yours sincerely
Margrit Schmid
                                                                                                                                    Content   3




Did You Know
Swiss Life Network multi-client pool profitable again                                                                          4


New Partner Profile
UAE: Swiss Life Network welcomes Dubai Insurance Company as new network partner                                                5


Feature Story
Voices from the Swiss Life Network Board                                                                                      7
China: A new era for China’s enterprise annuity market                                                                        8
        Foreign workers now included in Chinese social security system                                                        9
India: Huge potential for pension growth                                                                                     10
Japan: Employees permitted to make self-contributions for DC pension plan                                                    11
        from January 1, 2012
South Africa: Proposal for National Social Security Fund                                                                     12
Middle East: Employee benefit plans important for expatriates                                                                13
Spain: Social security restructuring coming soon                                                                             14
Norway: New social security model radically changes benefits                                                                 15
Netherlands: Dutch pension system changes                                                                                    16
Brazil: State pension challenges – and the need for private plans                                                            17
Chile: New rules encourage voluntary collective pensions                                                                     18


Around the World
Luxembourg: 2011 survey confirms employees are unsure about retirement                                                       19
Netherlands: Zwitserleven wins corporate social responsibility award                                                         20
Singapore: Product innovation and enhanced employee focus in the workplace                                                   21


SLN News Flash
Swiss Life Network Conference 2011 report                                                                                    22
Brazil: Fifteen years of partnership with the Swiss Life Network                                                             24
Zürich: Network Partner training sessions                                                                                    24
Shanghai: Ping An and Swiss Life co-hosted a successful Employee Benefits Conference                                         25
Chile: Save the date – 10 year cooperation celebration with Swiss Life Network                                               25
IEBC 2012 Save the date                                                                                                      26


List of Swiss Life Network Partners
Network Partners and Branch Offices                                                                                          27
Impressum
Publisher Swiss Life Network, General-Guisan-Quai 40, P.O. Box, 8022 Zurich, Switzerland, T +41 43 284 37 97, F +41 43 284 39 97,
network@swisslife.com • Editor Swiss Life Network in cooperation with network partners, clients and Openline • Photos Swiss Life
Network in cooperation with network partners and clients • Photo Front Little girl watches red tram (iStock photo) • Design and
Print Swiss Life Marketing Support • Copyright Swiss Life Network • Reprint authorisation on agreement with the Publisher •
The quarterly Swiss Life Network newsletter is available online: www.swisslife-network.com/newsletter



Swiss Life Network Newsletter | December 2011
4   Did you Know




    Swiss Life Network multi-
    client pool profitable again
    77 % of multi-client pool participants awarded international dividend.

    For clients whose contracts cover insufficient lives or premium to meet
    the criteria for a client-specific pool, Swiss Life offers the option of parti-
    cipating in our multi-client pool.

    Currently, the Swiss Life Network multi-client pool covers over 59,000
    employees in 99 multinational companies, with a total premium of over
    CHF 60 million.

    The Swiss Life Network is pleased to announce that 77 % of the clients
    in our multi-client pool will receive an international dividend based
    on the 2010 results.

                                                  REqUIREMENtS FOR ENtERINg
                                                  tHE MULtI-CLIENt POOL:
                                                  •   Support from multinational headquarters
                                                  •   One new contract concluded with one
                                                      Swiss Life Network partner, covering at least
                                                      10 lives

                                                  tHE ADVANtAgES OF tHE
                                                  MULtI-CLIENt POOL INCLUDE:
                                                  • Potential international dividend
                                                  • Stop-loss accounting system
                                                  • Information to the parent company on

                                                  local contract inclusion
                                                  • Top risks included in the pool

                                                  • Annual summary of contract performance




    For more information
    please contact Mr. Martin Ott, Swiss Life
    E-mail: martin.ott@swisslife.com
    Phone: +41 43 284 31 75
                                                                                                         New Partner Profile    5




UAE: Swiss Life Network welcomes
Dubai Insurance Company
as our new Network Partner in the UAE

We are pleased to announce that             Dubai Insurance is a leading UAE in-       WHy DUBAI INSURANCE?
Dubai Insurance Company                     surer. Established in 1970 as the first    • The oldest and one of the most
(also known as DIC) has joined              fully-fledged national insurer in the        respected multi-line insurance
the Swiss Life Network effective            UAE, the company offers both general         companies in the UAE
September, 2011.                            and life and health insurance to indi-     • One-stop-shop delivering a full

                                            viduals and organizations, providing         range of life and non-life coverages
                                            a true one-stop-shop for its clients’      • Superior customer service offering

                                            insurance needs.                             customised solutions
                                                                                       • Flexible pricing for groups of

                                            With headquarters in Dubai, Dubai            various sizes
                                            Insurance operates across the UAE          • Own local medical network,

                                            and has a branch office in Abu Dhabi.        DubaiCare, providing tailor-made
                                                                                         healthcare options and consisting
                                            A MARkEt LEADER IN DUBAI                     of almost 900 providers.
                                            Dubai Insurance provides life insur-
                                            ance cover to approximately 40,000
                                            individuals, while covering 60,000
                                            people under its medical plans. The
                                            Company’s portfolio consists prima-
                                            rily of clients from the region, but in-
                                            ternational corporate customers are
                                            assuming a growing importance.



                                            Dubai Insurance key figures year-end 2011 (projected)
                                            Gross premiums written:                    AED 275 million
                                            Profit before taxes:                       AED 30 million
                                            Expense ratio:
                                            including net commission expense:          5%
                                            Average number of staff:                   90




For more information
Please contact Ms. Eva Sayegh,
E-mail: Sayegh.e@dubins.ae
Phone: +971 4 269 3030 ext.146
Mobile: +971 50 659 9760



Swiss Life Network Newsletter | December 2011
6   Feature Story




    Pensions in the spotlight –
    views from different regions


    With 60 local insurance companies and business partners covering
    80 countries and territories, Swiss Life Network possesses an abundance
    of knowledge collectively.

    To take advantage of the broad technical know-how, we asked
    Network Partners to share insights on the trends and challenges facing
    the state pension systems and employee benefits in their countries.

    While there are similarities in the challenges encountered, the approaches
    to overcome the challenges differ. Read on to see what is going on and
    what to anticipate in each region of the world.




                            For details on employee benefits in every country, Swiss Life’s Employee Benefit
                            Reference Manual is available free of charge on CD and online, or from your
                            sales executive. For request and download, visit www.swisslife-network.com
                                                                                                                      Feature Story       7




Country       Board members       quote
              2011

China         Ping An of China In the past 10 years, the Chinese government has committed to establish social health care
                               system for employees around the country, which defined the contribution ratios of government,
                               employer and employees.This huge change also inspired the employees’ demand for supple-
                               mentary commercial medical insurance and directly promoted a rapid development of EB
                               business during the period.

Denmark       Danica Pension      Through changes in actuarial mindset, tax and legislation we hope for better possibilities with
                                  regard to creating benefit solutions across borders – for example in the Nordics – in order to enable
                                  employers in these very similar countries to have only one pension solution for all employees.

              PFA Pension         We would like to see the development of more services to international clients!



France        Swiss Life France   Increasing regulation and taxes have made insurers and clients’ life more and more
                                  challenging.




Netherlands Zwitserleven          Pension provisions are less secure as imagined. Employers and employees demand full
                                  disclosure of plan costs and revenues.


Norway        Danica Pensjon      In Norway, all employees have a pension plan at least 2 % of salary between NOK 79 216
                                  to 950 592.

              DNB                 For the past 2 years and next 5 years: No more Defined Benefits plans – only Defined
                                  Contribution plans. All the investment risks are on the shoulders of the employees.



Spain         VidaCaixa           We would like to see more and more employee tax-qualified pension funds investing with
                                  socially responsible criteria.




United        Unum                In the UK, we have observed an increased interest and appetite from the domestic UK broker
Kingdom                           market and the Swiss Life Network has assisted in developing those relationships. The approach
                                  of working together in 2011 has resulted in an improved close rate on target new sales and
                                  successful retention of existing customers. Unum is happy to acknowledge the value and
                                  contribution of our Network colleagues.

Brazil        Icatu Seguros       Under Brazil’s steady economic growth, Brazilian Multinational companies are becoming
                                  more internationalized. As a Swiss Life Network partner, Icatu Seguros stays up to date
                                  on the worldwide employee benefits development and thus able to provide a more complete
                                  value proposition to the multinational clients in both Group Life and Pension. The current
                                  focus is to bring more Brazilian Multinationals to be part of the Swiss Life Network.

Panama        Mapfre Panama       In the last five years, the Republic Panama has had an important economic growth driven
                                  primarily by foreign investment. We foresee the arrival of more multinational companies
                                  in the next decade and with it an expansion of the employee benefits insurance market.
                                  The challenges are to persuade these companies about the advantages of pooling their em-
                                  ployee benefits programs, and to break in to the Central America market.

USA           Dearborn            Without question, the biggest change in employee benefits in decades is the Patient Protection
              National            and Affordable Care Act signed by President Obama on March 23, 2010. This legislation
                                  will be rolled out over a period of four years. In its current form, it will completely change the
                                  distribution, funding mechanisms and cost structure of not only health care, but ancillary
                                  benefits in the United States.



Swiss Life Network Newsletter | December 2011
8   Feature Story




    China:
    A new era for China’s enterprise
    annuity market

    China has an extensive social         While the EA market has developed           The regulations have brought new op-
    insurance system, but so far, still   dramatically over the past six years, in    portunities to China’s pension market
    has an under-developed second         2011, China’s EAs entered a new era.        and will help to promote the develop-
    pillar. Known as the enterprise       With the twelfth five-year plan clearly     ment of occupational pensions in gen-
    annuity (EA), additional occupa-      stating support for developing EAs          eral.
    tional pension insurance is           further, newly issued Enterprise An-
    offered through employers, and        nuity Fund Management Regulations           PINg AN LEADS tHE ANNUIty
    has been promoted since 2005 by       implemented on May 1, 2011, pave the        MARkEt
    the State Council of China.           way for rapid growth, and should help       According to official statistics issued
                                          to regulate fund investments and en-        this summer, Ping An Annuity was
                                          sure sustainable performance.               China’s leading provider of enterprise
                                                                                      annuities, with over CNY 33 billion in
                                          OCCUPAtIONAL PENSIONS ON                    trustee and 49 billion in investment
                                          tRIAL                                       assets in June 2011. In addition to its
                                          In fact, it was in 2008 that the State      experience and outstanding service
                                          Council of China decided to start pre-      capabilities in the EA field, Ping An is
                                          trials of occupational pension schemes      also the only pension insurer with a
                                          in Shanxi, Shanghai, Zhejiang, Guang-       nationwide network. The company has
                                          dong and Chongqing, in parallel with        ambitious plans to further expand its
                                          the reform of state-owned companies.        leading position and to serve its clients
                                          However, because the retirement pen-        even better as China’s occupational
                                          sion schemes of these companies and         pension sector matures and develops.
                                          private enterprises are quite different,
                                          the reforms have not yet achieved the
                                          expected results.

                                          In 2011, the State Council issued two
                                          documents to push reform further by
                                          drawing on the experiences of the pilot
                                          provinces and cities. State-owned com-
                                          panies are now classified into three cat-
                                          egories, and some public institutions
                                          will be permitted to establish occupa-
                                          tional pensions.




    For more information
    please visit www.pingan.com.cn
    or contact Mr. Yongtao Luo
    E-mail: luoyongtao001@pingan.com.cn
    Phone: +86 21 3863 8706                                                 This article is contributed by Ping An of China.
                                                                                                                      Feature Story      9




Foreign workers now included in
Chinese social security system

Companies in China with foreign               From October 15, 2011, social security        VEStINg
employees will now have to pay                contributions must be paid for for-           On leaving China, foreign employees
first pillar contributions for them           eigners working in China, whether for         can either keep their social insurance
after confirmation from the                   Chinese or overseas companies, unless         individual account to add to during
Ministry of Human Resources and               there is a bilateral social security agree-   future employment in China, or claim
Social Security that the partici-             ment in place between the employees’          a refund of their own contributions.
pation of non-Chinese nationals               home country and China (only South            On death, the employee’s account bal-
in China’s new social security                Korea and Germany so far).                    ance can be inherited. Employer con-
system is mandatory. Since there                                                            tributions can only be paid out as
is a cap on contributions, however,           COVERAgES                                     annuities, not as a lump sum.
this should not lead to greatly               Social security covers old age pension,
increased employment costs.                   medical, occupational injury, unem-           BENEFIt PAyMENtS
                                              ployment and maternity.                       In order to receive a social security pen-
                                                                                            sion outside China, foreigners must
                                              CONtRIBUtIONS                                 have paid contributions for at least 15
                                              Contributions are set by local govern-        years. The pensioner must also provide
                                              ment, and differ accordingly. For exam-       proof of life every year to the local Chi-
                                              ple, in Beijing, employers pay 32.8 %         nese embassy or consulate.
                                              and employees 10.5 %, with a monthly
                                              salary cap of CNY 12,603; while in            Although the increase in costs for
                                              Shanghai, employers pay 37 % and              employers of foreign staff will be fairly
                                              employees 11 % of salary, with monthly        small, there could be tax implications,
                                              salary capped at CNY 11,688.                  and payroll systems will need to be
                                                                                            adjusted. Employers can consult the
                                                                                            Swiss Life Network Partners in China
                                                                                            for assistance.




                                    PINg AN OF CHINA                            CHINA LIFE
                                    Established in 1988, Ping An is one of      A Swiss Life Network member since
                                    the leading insurance providers in P. R.    2011, China Life is the largest public life
                                    China with the credit rating of AAA. The    insurance company in the world in terms
                                    company offers a wide range of life in-     of market capitalisation. The company
                                    surance products for group and indi-        offers a wide range of life insurance
                                    viduals, and has an extensive network       products for group and individuals, and
                                    of branches nationwide. Ping An has         has the most extensive multi-channel
                                    been a Swiss Life Network member since      distribution and customer service net-
                                    2005.                                       work nationwide.




For more information
please contact Swiss Life Network
E-mail: network@swisslife.com



Swiss Life Network Newsletter | December 2011
10   Feature Story




     India:
     Huge potential for pension growth

     India faces enormous challenges             OCCUPAtIONAL PENSION SyStEM                 DEVELOPINg LIFE INSURANCE
     to provide for its rapidly growing          The second pillar comprises manda-          MARkEt
     population. While the first pillar          tory savings programs for employees         There is increasing general realization
     is mainly welfare-oriented, its             in companies of 20 employees or more.       of the importance of life insurance
     second-pillar pension system is             The programs are either privately or        cover to safeguard the family and cover
     relatively new and underdeveloped,          publicly managed, and benefits are          liabilities, thanks to several high-impact
     and there is an urgent need to              based on contributions. The Employ-         public and private awareness progra-
     develop attractive plans, especially        ees Provident Fund, which is India’s        mmes. That said, insurance in India is
     for low-income workers.                     largest defined contribution and pub-       still tax driven. Unit linked plans and
                                                 licly managed plan, is an example of        non-unit linked plans with an invest-
                                                 this. There is also the Employees Pen-      ment component are popular. Pure
                                                 sion Scheme, which is a publicly man-       risk coverages are not as popular due
                                                 aged scheme carved out of the EPF           to the absence of maturity benefits.
     In India, the first pillar pension system   that pays a monthly pension to work-
     covers state employees, and ran origi-      ers after retirement.                       It is notable that around 30 % of life
     nally as a defined benefit scheme. In                                                   insurance business in India used to be
     2004, however, a defined contribution       tHE CHALLENgE OF POPULAtION                 made up of pension products, which
     New Pension System (NPS) was intro-         gROWtH AND tHE INFORMAL                     were mainly unit linked pension prod-
     duced in order to ease the growing          SECtOR                                      ucts. However, due to changes to unit
     pension burden on the state, which          Among the biggest challenges in India       linked products that came into effect
     continues to pay benefits from tax rev-     is the explosive growth of the informal     on September 1, 2010, overall pension
     enues. The NPS was opened to volun-         sector, around 90 % of the workforce,       business has dropped drastically. Non-
     tary private sector subscriptions in        which is fuelled by India’s burgeoning      unit linked products do continue to
     2009.                                       population. Most of the informal sector     sell, but improved, more attractive of-
                                                 is without any funded social security       ferings are needed to wean new cus-
                                                 or pension provision at all. Devising a     tomers.
                                                 workable and meaningful financial
                                                 security intervention for this vast sec-
                                                 tion of the population is a huge policy
                                                 and planning challenge.

                                                 LOW AWARENESS OF NEED FOR                   kOtAk LIFE INSURANCE
                                                 REtIREMENt SAVINgS                          As one of the earliest providers of group
                                                 People in India have a mixed attitude       insurance on the Indian market, Kotak
                                                 towards the three pillars. While the        Life has been a member of the Swiss Life
                                                 working class is keen on the benefits       Network since 2003. The company of-
                                                 paid out by the first and second pillars,   fers a wide range of innovative life in-
                                                 many individuals, especially from the       surance products for groups and indi-
                                                 younger generation, tend to ignore the      viduals, and has an extensive network
                                                 need to save or invest for retirement.      of branches in 141 cities across India.
                                                 Attractive packaging and greater aware-
                                                 ness could definitely help here.
     For more information
     please visit insurance.kotak.com
     or contact Mr. Sandeep Shrikhande
     E-mail: sandip.shrikhande@kotak.com
     Phone: +91 22 6605 7405                                                    This article is contributed by Kotak Life Insurance.
                                                                                                                Feature Story      11

Japan:
Employees permitted to make
self-contributions for DC pension plan
from January 1, 2012

A new bill designed to strengthen           Contributions must also meet conditi-      ACtION NEEDED By EMPLOyERS
employee pensions was issued                ons set out in the plan rules, which are   If matching contributions are not
in Japan on August 10, 2011.                subject to labour-management agree-        adopted, no action is necessary on plan
Under the new law, which comes              ment. Examples of such rules are:          rules in principle.
into effect on January 1, 2012,             • Enrolees may decide themselves

employees enrolled in DC plans                freely how much to contribute            If employers decide to adopt match-
are now permitted to make                     within the above restriction             ing contributions, they must apply to
matching contributions.                     • The contribution amount must be          the Bureau of Health and Welfare on
                                              the same as the employer’s contri-       changing the plan rules after the la-
                                              bution                                   bour-management agreement has been
                                                                                       signed. Applications should be made
Japanese employees enrolled in DC           tHE ADVANtAgES AND NOtICES                 three months prior to the implemen-
plans are now allowed to add their own      OF MAtCHINg CONtRIBUtIONS                  tation date (for January 1, 2012, appli-
contribution on top of the employer’s       For enrolees, the advantages of mak-       cations were needed by the end of Oc-
contribution. (Enrolee contributions        ing matching contributions over pur-       tober 2011). Administrative changes
alone are not permitted.)                   chasing financial products privately       such as calculations of each enrolee’s
                                            are that they enjoy tax deductions on      contribution, adjusted forms and com-
The amount of the enrolee’s contribu-       premiums and tax-exemption on in-          puter data must also be scheduled.
tion is restricted, and must meet two       vestment profits. However, it is not
conditions:                                 possible to withdraw the funds before      Final details of the new system will be
• Enrolee’s contribution + employer’s       age 60.                                    revealed following the publication of
                <
  contribution = maximum contribu-                                                     governmental and ministerial ordi-
  tion amount*                              For employers, participating enrolees      nances. Many employers are expected
                         <
• Enrolee’s contribution = employer’s       would gain a deeper appreciation of        to take steps to change their plan rules
  contribution                              the DC plan. In addition to that the       in line with the implementation of the
                                            presence of the plan should grow high-     law, and Swiss Life Network Partner
                                            er. However, employers would have to       Meiji Yasuda Life is available to pro-
                                            make adjustments to the salary pay-        vide assistance and advice on this.
                                            ment system in order to check the con-
                                            tribution limit and manage enrolee
*If enrolled in no other                    contributions.                             MEIJI yASUDA LIFE INSURANCE
 corporate pension plans:                                                              COMPANy
 JPY 51,000 per month
 If enrolled in other corporate                                                        As the number one group life insurance
 pension plans: JPY 25,500                                                             provider in Japan, Meiji Yasuda Life has
 per month                                                                             been a member of the Swiss Life Net-
                                                                                       work since 1980. The company offers
                                                                                       individual life and annuities, group life
                                                                                       and pensions, and investment products,
                                                                                       along with medical, accident, and dis-
                                                                                       aster coverage.



For more information
please visit www.meijiyasuda.co.jp
or contact Mr. Takeshi Misawa
E-mail: ta-misawa@meijiyasuda.co.jp
Phone: +81 3 3283 9226                                             This article is contributed by Meiji Yasuda Life Insurance.


Swiss Life Network Newsletter | December 2011
12   Feature Story




     South Africa:
     Proposal for National Social Security Fund

     The South African government is          Currently, South Africa’s state pension   DEtAILS ExPECtED SOON
     planning to introduce a National         system is very limited. To combat this,   Although plans for the NSSF were first
     Social Security Fund (NSSF), which       the government plans to expand it dra-    announced in 2007, not much detail
     is expected to have far-reaching         matically by ensuring that more people    about exactly how the NSSF will oper-
     effects not only on individuals          start saving for retirement at an early   ate was provided. It is now expected
     and companies, but also on the           age (via compulsory contributions),       that the government will produce a
     financial services industry.             and making sure that savings are pre-     considerably more detailed roadmap
                                              served for retirement when individuals    for the creation of the NSSF towards
                                              change jobs. At the moment, employ-       the end of 2011 or in early 2012.
                                              ees are not compelled to preserve any
                                              accumulated retirement savings that       As a result, it is highly likely that the
                                              they withdraw from their retirement       retirement landscape in South Africa
                                              fund on resigning from an employer.       will change very significantly over the
                                                                                        next few years as preparations are made
                                              MAJOR IMPACt ON tHE PRIVAtE               for the implementation of the NSSF.
                                              MARkEt
                                              The introduction of the NSSF has po-
                                              tentially far-reaching implications for
                                              all players in the retirement market,
                                              since a large proportion of the bene-
                                              fits that are currently provided by the
                                              private sector may be diverted into
                                              the NSSF in future. This would mean
                                              that the remaining market becomes
                                              significantly smaller.




                                    MOMENtUM EMPLOyEE BENEFItS               Momentum Employee Benefits is a di-
                                    Following the 2010 merger of Momen-      vision of MMI Holdings Limited
                                    tum and Metropolitan into a single       (MMI), a South African based finan-
                                    firm, a recent Swiss Re survey has re-   cial services group listed on the South
                                    vealed that Momentum Employee            African stock exchange, the JSE. MMI
                                    Benefits now has a combined market       operates in 12 countries outside of
                                    share of 26 % of the group risk market   South Africa, providing employee ben-
                                    in South Africa, and is ranked No 1 in   efits, healthcare funding and adminis-
                                    terms of annual premium income           tration, as well as long-term insurance
                                    (ZAR 3 billion).                         solutions.




     For more information
     please visit www.momentum.co.za
     or contact Mr. Nico van der Walt
     E-mail: nico.vanderwalt@momentum.co.za
     Phone: +27 21 940 4345                                                         This article is contributed by Momentum.
                                                                                                                   Feature Story       13




Middle East:
Employee benefit plans important
for expatriates

The Gulf Cooperation Council                ExCELLENt PUBLIC PENSIONS FOR               FEW CORPORAtE PLANS
(GCC) consists of Saudi Arabia,             CItIZENS                                    A recent study showed that less than
Kuwait, Bahrain, Qatar, the                 Pension systems for citizens across         25% of all UAE corporations offer en-
United Arab Emirates, and the               the GCC are remarkably generous,            hanced retirement benefits – proba-
Sultanate of Oman. This area is             with 90 % percent of men and all            bly due to lack of expertise, as well as
unique in having a huge expatriate          women retiring by the time they are         a lack of awareness of the benefits that
population: according to interna-           60 years old. State pensions pay out an     accrue to corporations from such pro-
tional consultants Booz & Co.,              average of 80 % of earnings. This is sus-   grams: employee attraction, satisfac-
only about 60 % of the labour               tained by the huge oil and gas wealth       tion and retention. Other studies show
force are non-nationals in Bahrain          of the region, and some of the world’s      a continuing lack of pension planning:
and Qatar; in Oman and the                  largest sovereign wealth funds in the       only 13 % of surveyed people feel well-
Kingdom of Saudi Arabia, expats             UAE and Qatar. In the UAE, contribu-        prepared for retirement, and only 19 %
make up 70 % of employees; and in           tions are made by employees (5 %),          in the region understand their long-
Kuwait and the UAE, around 83 %.            employers (15 %) and the state (6 %).       term finances very well, comparing to
The total GCC labour force of                                                           global averages of around 30 %. Lack
some 17 million includes 5 million          ExPAtRIAtES RECEIVE LUMP SUM                of preparedness for the future is clearly
citizens and 12 million expats.             PAyOUtS                                     linked with insufficient financial edu-
                                            Foreign workers are not included in         cation and guidance.
                                            the state pension systems, and while
                                            there is no mandatory pension scheme
                                            for expats, a lump sum end of service
                                            gratuity is granted to every employee
                                            after at least one year with a company.
                                            Under the labour law, employees re-
                                            ceive three weeks of pay per year for the
                                            first five years of employment, and one
                                            month per year of employment for up
                                            to a maximum of 24 years. Employers
                                            must also provide workers’ compen-          DUBAI INSURANCE
                                            sation and employer liability Insur-        Dubai Insurance became a Swiss Life
                                            ance, which are also paid as lump sums.     Network Partner in September 2011.
                                            In certain countries like Saudi Arabia,     This leading local insurer underwrites
                                            Kuwait and the UAE (Abu Dhabi now           all lines of general, life and health insur-
                                            and the other emirates soon), medical       ance, and has its own medical network
                                            insurance is also mandatory.                covering the UAE. The company is deter-
                                                                                        mined to enhance its tailored employee
                                            Currently, at the suggestion of the         benefit solutions by working with the
                                            World Bank, the Dubai government            Swiss Life Network to bring sophisti-
                                            is evaluating plans to give pensions to     cated insurance advice and corporate
                                            foreign workers, and is discussing          pension plans to companies in the re-
                                            with the ILO the establishment of a         gion.
                                            pension fund for expatriates.
For more information
please visit www.dubins.ae
or contact Mr. David Avasthi
E-mail: avasthi.d@dubins.ae
Phone: +971 4 269 30 30 ext. 104                                    This article is contributed by Dubai Insurance Company.


Swiss Life Network Newsletter | December 2011
14   Feature Story




     Spain:
     Social security restructuring
     coming soon

     Spanish social security will see
                                                     VIDACAIxA
     fundament changes following the
                                                     VidaCaixa is the Spanish life insurance       risk and savings plans, with particular
     implementation of Act 27/2011,
                                                     market leader in terms of managed             success in gaining new tax-qualified pen-
     which comes into effect on January
                                                     funds. Despite the lack of support from       sion funds. Please contact VidaCaixa to
     1, 2013. There will be important
                                                     government to encourage the second            discuss how the new social security reg-
     adjustments to the age of retire-
                                                     pillar, which has resulted in a local mar-    ulations will affect your local employee
     ment and to the calculation of
                                                     ket that is clearly stagnant, VidaCaixa       benefit plans.
     benefits, although full implemen-
                                                     has captured a growing market share of
     tation will take until 2027. The
     public health system is also under
     urgent review.                                  tHE MAIN CHANgES                              BUILDINg UP tHE SECOND AND
                                                     In response to these challenges, the          tHIRD PILLARS IN SPAIN
     There are two major factors behind              new legislation introduces:                   A document approved by the Con-
     the reform of the first pillar in Spain:        • A rise in the real age of retirement,       gress of Deputies recommends that
     demography, and the growing imbal-                moving gradually from 65 years              social security should be supple-
     ance between the number of workers                to 67 years, or to 65 with 38.5 years       mented on a voluntary basis by other
     making contributions and those receiv-            of contributions                            savings and social protection sys-
     ing pensions.                                   • An increase in the number of years          tems, both individual and group, in
                                                       of contribution needed to obtain            order to enhance the benefits from
     The demographic picture in Spain                  a full retirement pension, rising           the public system.
     is similar to that in other European              gradually from 35 years to 37 years
     countries: a falling birth rate and ris-        • An extension of the computation             Under the recently approved act, with-
     ing life expectancy. Looking at the ra-           period for calculating pensions             in a timescale of six months, the gov-
     tio of active to retired persons, there           (changing gradually from the last           ernment must report to Congress on
     were 8.75 million pensioners in 2010.             15 years to the last 25 years)              the development of supplementary
     This is double the figure for 1980,             • Alterations to the scale for obtaining      social provision, and measures to fur-
     and half of what is expected in 2040.             100 % of the pension                        ther promote this in Spain.
     It means that whereas there were four
     persons of working age for each per-            DEBAtE OVER tHE PUBLIC                        So far, the second and third pillars
     son over 65 years in 2010, the ratio will       HEALtH SERVICE                                continue without the support of gov-
     be two to one in 2060. Spain is also            Spain’s free universal system, financed       ernment incentives, although insur-
     experiencing delays in the age at which         by regional governments, represents           ers are calling for:
     people enter the workforce, and seeing          the second largest government expense         • Clear communication to citizens

     earlier exits from employment.                  after pensions. With the economic cri-          on the limits of the public system
                                                     sis causing a sharp fall in the collection    • Tax incentives for employees and

                                                     of taxes, and the growing difficulty of         businesses
                                                     financing the public deficit, the debate      • Greater flexibility in terms of

                                                     on the sustainability of the health sys-        investments and instruments
                                                     tem has become even louder.                   • Freedom to make higher insurance

                                                                                                     contributions
                                                     Some of the measures under discus-
                                                     sion to improve the situation are: co-        On the subject of health, there is room
     For more information                            payments, fewer public hospitals and          for measures such as the private man-
     please visit www.vidacaixaprevisionsocial.com   primary care centres, reduced benefits        agement of hospitals financed by
     or contact Ms. Ana Delgado
     E-mail: adelgado@vidacaixa.com                  and coverages, and the rationalization        public funds, and tax deductions for
     Phone: +34 93 227 89 57                         of expenses and personnel.                    health insurance policies.


                                                                                                  This article is contributed by VidaCaixa.
                                                                                                                                                                         Feature Story        15




Norway:
New social security model
radically changes benefits

When Norway’s new social security               tHE LONgER yOU WORk, tHE                                           model. Previously, the majority of com-
model came into effect on January 1,            MORE yOU gEt                                                       pany pension plans in Norway were DB
2011, there was little reaction                 While the normal retirement age for                                plans, tailored to supplement social
from the Norwegian people – and                 men and women was previously 67 for                                security benefits. The tax rules on tax
certainly no strikes or riots as                both social security and company pen-                              relief for employers on premiums paid
seen in some European cities when               sion plans, it is now flexible. Employees                          are also still based on the old system.
pension changes are suggested.                  can draw a pension from age 62, in full
Perhaps this was because the new                or in part, or wait until age 75.                                  SHIFt FROM DB tO DC PLANS
model had been on the way with                                                                                     Recent years have seen an accelerating
debates and adjustments since 2001.             Also new from January 1, 2011, is that                             shift from DB to DC solutions, helped
                                                people may earn an income in addition                              by the introduction in 2006 of manda-
                                                to receiving retirement benefits from                              tory DC company pension plans for all
The new model is based on three key
                                                social security and company pension                                companies, covering 2 % of pensiona-
objectives:
                                                plans without any reductions being                                 ble salary. Since 2007, no new DB plans
• People should find it worthwhile
                                                made to their income or benefits.                                  have been started, and transitions from
  to work
                                                                                                                   existing DB plans to DC plans initially
• There is flexibility to draw full
                                                It is noteworthy that the rules for com-                           increased. However, since 2010, there
  or partial retirement pensions
                                                pany pension plans (DB and DC) are                                 has been a real slowdown in switching
  between ages 62 and 75
                                                still based on the old social security                             plans from DB to DC.
• Future pension and benefits costs

  must be kept under control
                                            Number of plans, DB to DC (colums)




                                                                                 900                                          70 %
                                                                                 800
                                                                                                                                     Remaining premium in DB (line)



NEW CALCULAtION MODEL                                                                                                         60 %
                                                                                 700
Under the new model, retirement pen-                                                                                          50 %
                                                                                 600
sion accumulation is no longer based                                             500                                          40 %
on the average of the 20 best career                                             400                                          30 %
years (out of 40), but is now on an “each                                        300
                                                                                                                              20 %                                    Less transitions from
year counts” principle. This means that                                          200
                                                                                                                              10 %
                                                                                                                                                                      DB to DC. Those
in theory, income from age 13 to 75 is                                           100                                                                                  transformed let fewer
included in the calculation.                                                       0                                          0%                                      members remain in
                                                                                       2006   2007   2008   2009      2010                                            closed DB plan.




                                                2012 ExPECtED tO BRINg                                             It is expected that the report will
                                                FURtHER PENSION PLAN CHANgES                                       recommend:
                                                A comprehensive report is expected                                 • New and higher maximum DC

                                                during 2012 on new rules and prod-                                   contribution percentages for
                                                ucts adjusted to the new social security                             existing and new company DC plans
                                                model. The report will be extremely                                • Adjustments to the design and

                                                important for the life insurance indus-                              rules for existing DB plans to
                                                try and company pension plan clients.                                fit the new social security model
For more information
please visit www.dnb.no
or contact Mr. Tor Myrseth
E-mail: tor.myrseth@dnb.no
Phone: +47 934 07 43 4                                                                                      This article is contributed by Livsforsikring.


Swiss Life Network Newsletter | December 2011
16       Feature Story




                                                   Netherlands:
                                                   Dutch pension system
                                                   changes

     • Indexation of running pension               On June 9, 2011, employers,                  system threatens to become unafford-
       benefits, with new rules                    employees and the government of              able, due to the decrease in the number
     • Possible hybrid solutions that mix DB       the Netherlands signed agreements            of employed persons relative to the
       and DC plan solutions in order to take      on a new pension system. These               number of retired persons, combined
       into consideration the “each year counts”   new agreements were necessary                with the increasing life expectancy of
       accumulation of retirement benefits         because the old pension system               the Dutch population.
     • Pricing of administration costs for         had become too expensive and was
       paid-up policies                            increasingly exposing employees,             It will remain possible to stop working
                                                   retirees, employers and the pension          earlier or later and have the start date
     New thinking, new costings, new prod-         funds to risks they cannot bear.             of the state pension adjusted accord-
     uct designs, new rules, new laws, and even                                                 ingly. For each year of early retirement,
     stricter competition between life insur-      The Dutch pension system rests on            the state pension will be decreased by
     ers are all on the menu for 2012.             three pillars, supported by the govern-      6.5 % (but the state pension cannot be
                                                   ment, employers, and individual sav-         paid out before age 65). For each year
     As noted above, in anticipation of the re-    ers. The new agreements relate to the        of post-retirement age work without
     port, there was a reduction in transi-        first two pillars, but will also have con-   claiming pension benefits, the state
     tions from DB to DC plans in 2011, as         sequences for the third pillar (individ-     pension will be increased by 6.5 %.
     well as less switching of insurers and        ual savers).
     amending existing plans. Corporate cli-                                                    CHANgES tO EMPLOyER-
     ents are naturally unsure whether to          Employer (second pillar) pension             PROVIDED PENSIONS
     make changes now (while the rules are         schemes are administered by pension          The pension agreement has major con-
     still clear and products and IT systems       funds or insurance companies. Approx-        sequences for pension schemes provid-
     work well), or to sit tight and wait for      imately two-thirds of pension schemes        ed by employers. Pension funds may no
     the reforms. Norwegian Network Part-          are run by pension funds, with the re-       longer make unconditional pension
     ner Vital Forsikring advises talking to       mainder handled by pension insurers.         commitments. Future pension com-
     your insurance adviser in Norway now –        The current agreements on the second         mitments will not only be related to de-
     and thinking hard about acting soon.          pillar primarily concern pension funds;      velopments in life expectancy, but will
                                                   agreements concerning insurers must          also be affected by investment returns.
                                                   still be worked out.                         Positive returns will benefit employees,
     VItAL FORSIkRINg                                                                           negative returns will be at their ex-
     Norway’s largest life insurance company,      REtIREMENt AgE FOR StAtE                     pense. This means that employees will
     Vital Forsikring is part of the DnB NOR       PENSION INCREASED                            no longer have 100 % certainty on their
     Group, Norway’s biggest financial serv-       The statutory retirement age for a state     pension entitlements, which now be-
     ices group. Vital has changed name as of      pension is currently 65 years. This will     come conditional.
     November 11, 2011 to DNB Livsforsikring       now increase in stages to 66 years in
     ASA. The insurer offers a complete range      2020, and probably 67 in 2025. This          The ink on the pension agreement was
     of group and individual products, com-        has been decided because the pension         still wet when discussions broke out.
     prehensive financial advice, administra-                                                   The changes appear to put solidarity
     tion and management instruments for                                                        under significant pressure, and there
     autonomous funds, as well as health                                                        are fears that the investment freedom
     awareness programmes. DNB Livsforsik-                                                      now granted to pension funds will ope-
     ring (formerly Vital) held 42.4 % of the                                                   rate as a perverse incentive that encour-
     total life insurance market, 43.4 % of all                                                 ages them to take more risks.
     company DB pension plans, and 28.5 %          For more information
                                                   please contact
     of company DC plans in 2010.                  Mr. Poul Gelderloos                          The parties must still decide on the
                                                   E-mail: poul.gelderloos@zwitserleven.nl      consequences of the agreements for
                                                                                                             Feature Story       17




ZWItSERLEVEN                                Brazil:
Established in Amsterdam in 1901, Zwits-
erleven is part of the SNS Reaal Group.     State pension challenges –
                                            and the need for private plans
A Swiss life Network Partner since 1962,
the company provides a full range of so-
lutions and services for group pension
plans and pension asset management.



pensions administered by insurers.          The Brazilian state pension system     Despite the fact that around 65 % of
Insurers differ from pension funds in       has two fundamental problems:          the working population in the coun-
that they are in the business of provid-    a funding mechanism that is deeply     try’s private sector is protected to some
ing certainty. It thus remains to be        dependent on payroll contri-           degree by the first pillar, Brazil’s lower-
seen to what extent some agreements,        butions, which exposes it to the       income population has immense dif-
such as that on the conditional nature      performance of the private sector;     ficulties maintaining or proving for-
of pension commitments, can be ap-          plus its role in helping to perpe-     mal working relationships for 30 or
plied to pension schemes administered       tuate inequality. There is a clear     35 years. Key recent changes and dis-
by pension insurers.                        need for the second and third          cussions on the state pension system
                                            pillars to develop.                    are addressing the problem of ine-
CHANgE OF REtIREMENt                                                               quality. However funding, due to its
tARgEt AgE                                                                         political sensitivity and relevance to
In line with the increase in the retire-                                           the public deficit issue, is unlikely to be
ment age for the state pension, from                                               properly dealt with in the near future.
2013 pension accruals will be based on                                             The long-term sustainability of the
a retirement target age of 66 years in                                             system is a major headache.
2020. From 2015, the retirement target
age will be 67 years in 2025. Thereafter,                                          INSUFFICIENt BENEFItS FROM
the new retirement target age in ten                                               tHE FIRSt PILLAR
years will be determined every five                                                A further problem of the state system
years, based on the average life expect-                                           is the monthly benefit cap, currently at
ancy on the change date.                                                           around BRL 3000, which together with
                                                                                   benefit reduction mechanisms seri-
PREMIUM StABILISAtION                                                              ously jeopardizes its effectiveness. A
Under the new agreement, premiums                                                  significant portion of the private sec-
payable by employers and employees                                                 tor workforce needs to finance its reti-
are stabilised. This means that the cur-                                           rement from additional sources.
rent level of the total premium burden
is set as a guide. Increases in the pen-                                           OCCUPAtIONAL PENSION MAR-
sion premium in connection with in-                                                kEt NOt yEt FULLy DEVELOPED
creased life expectancy are excluded.                                              The occupational pension system in
Decreases in the pension burden must                                               Brazil is neither sufficient nor mature,
be credited to the pension scheme.                                                 mainly because the majority of private
                                                                                   sector employers are small and mid-
WHAt NExt?                                                                         size companies that do not offer basic
On September 12, the majority of trade                                             coverages to employees. Life insurance
unions agreed to the proposals. The                                                companies are working to develop suit-
aim is now to convert the agreements                                               able products for this market. Large na-
as soon as possible into legislation, so                                           tional and multinational companies,
that the measures can take effect on                                               on the other hand, generally provide
January 1, 2013.                                                                   comprehensive additional employee
                                                                                   benefits, although they also suffer the
                                            For more information                   challenges of extremely high taxes and
                                            please visit www.icatuseguros.com.br   payroll contributions.
                                            or contact Ms. Vanessa Donke
             This article is contributed    E-mail: vdonkecatuseguros.com.br
                        by Zwitserleven.    Phone: +55 11 347 23 916



Swiss Life Network Newsletter | December 2011
18   Feature Story




                                                     Chile:
                                                     New rules encourage
                                                     voluntary collective pensions

     NO CONFIDENCE IN PUBLIC                         New regulations designed to         Several important changes to the
     PENSIONS, LOW RISk AWARENESS                    encourage saving through volun-     rules have been introduced:
     Brazilians do not trust the state pen-          tary collective pensions (VCPs)
     sion system, and most private sector            came into effect on June 1, 2011.   MINIMUM MEMBERSHIP
     workers cannot rely on it to cover              The government hopes that these     Under the new rules, a VCP can now be
     their needs during retirement. (As is           will encourage more employers       established with a minimum member-
     so often the case, the pension scheme           to set up second pillar plans for   ship of 15 % of the workforce (at least
     for public servants and the military            their employees.                    100 employees). Previously, a mini-
     provides more generous benefits.)                                                   mum of 30 % of the workforce, and
                                                                                         300 employees, had to sign up.
     According to a survey conducted in
     April 2011 by the Brazilian Human                                                   VEStINg
     Resources Association, 70 % of indi-                                                In the past, employers’ contributions
     viduals who have already thought                                                    vested in full immediately. There is
     about retirement intend to continue                                                 now a rolling 24-month period, with
     working after retirement age, to com-                                               an upper limit of over 60 months of
     plement their public pension income.                                                employment for full vesting.

     Research conducted in the Brazilian                                                 CONtRIBUtIONS
     metropolitan areas revealed that only                                               Employers can now offer different con-
     22 % of the population have a death or                                              tribution rates to employees based on
     disability policy. Of these, only 14 %                                              service periods, provided that all em-
     bought the coverage themselves, with                                                ployees who meet the requirements
     the rest acquiring it through their em-                                             are eligible when the service period is
     ployer (44 %), or as a feature of other prod-                                       reached.
     ucts or services. Currently, however, the
     most important risk needing additional
     protection is health, due to Brazil’s ex-
     tremely precarious public health system.

                   This article is contributed
                            by Icatu Seguros.


     ICAtU SEgUROS                                                                       CRUZ DEL SUR
     As the first and largest independent life                                           Ranked among top 10 insurers in Chile,
     and pension company in Brazil, Icatu                                                Seguros de Vida Cruz del Sur was es-
     Seguros is striving to become the carri-                                            tablished in 1992. The company offers
     er of choice for employee benefits in                                               a wide range of insurance products
     Brazil, and is expanding its reach to                                               for group and individual through the
     small and mid-size companies. Other                                                 extensive network of branch offices
     important challenges are to enhance                                                 nationwide. Cruz del Sur has been a
     customers’ financial education and                                                  Swiss Life Network Partner since 2002.
     awareness, and to expand its product            For more information
     portfolio – particularly in the underde-        please visit www.cruzdelsur.cl
                                                     or contact Ms. Bernardita Montt
     veloped annuities area.                         E-mail: bmontt@cruzdelsur.cl
                                                     Phone: +56 2 461 83 52
                                                                                                           Around the World         19




Luxembourg:
2011 survey confirms employees
are unsure about retirement

Swiss Life’s third annual survey            • Over 40 % of young workers are ap-        Commenting on the survey results,
in Luxembourg asked members of                prehensive about how much money           Pierre Dubru, Head of Corporate Cli-
the public what they think about              they will have on retirement – and are    ents at Swiss Life Luxembourg, says:
retirement and how confident they             saving for a more secure future           “The bright spot is that we find that
are when it comes to their financial        • Only 1 in 10 people think that they       people who have coverage through
future. The results are clear: young          can rely on the public pension system     their employers have a higher confi-
and old, men and women, are all               after retirement                          dence level than those who don’t.
concerned.                                                                              Better communication with employ-
                                            gENERAL kNOWLEDgE ABOUt                     ees about their options should make
                                            EMPLOyEE BENEFItS                           employees less stressed and thus cre-
Almost 10,000 people visited the            On the topic of employee benefit solu-      ate a better working environment.”
www.trust-in-future.lu website, which       tions, the survey revealed:
ran this year’s survey from September       • Young workers feel confused and           The full survey report is available
29 to October 21. While not all visitors      uninformed about what is available        on request at the dedicated website:
completed the questionnaire, Swiss Life     • 2 young workers in 3 admit that they      www.trust-in-future.lu, or through
was pleased to note a 50 % rise in re-        don’t know much about retirement          survey@swisslife.com.
sponses over the 2010 poll.                   savings solutions
                                            • 1 young worker in 4 don’t know if he

WORkERS ARE WORRIED                           or she has a pension plan
According to the survey results, many in    • 1 in 5 has no idea if they have risk

the working population are anxious ab-        coverage from their employer              SWISS LIFE LUxEMBOURg WINS
out the future. Strikingly, young people    • 1 young person in 2 doesn’t know if       tOP HR AWARD
in Generation Y, born in the mid-             they and their family would be pro-       Swiss Life received the award for ‘Best
1980s and now fresh in the workforce,         tected if anything happened to them       Compensation & Reward Solution 2011’
are as troubled as older employees.                                                     at the HR One event held in Luxembourg
                                            RESPONSES FROM                              in November. This is the eighth time that
REtIREMENt AND PUBLIC                       WELL-INFORMED EMPLOyEES                     Swiss Life has won the award. A jury of
PENSIONS                                    When it comes to employees who do           50 Luxembourg and international com-
Here are some of the most striking          know that they have risk and pension        panies selected Swiss Life from ten com-
survey results when it comes to retire-     coverage from their employer:               peting firms, once again acknowledging
ment and public pensions:                   • Almost 60 % see themselves and their      Swiss Life’s leading position in the com-
• Only 1 young person in 10 (under age        families as well-protected thanks to      plementary life and pension market in
  30) is not concerned about retirement       coverage from their employer              Luxembourg.
                                            • Over 3 in 4 young workers view train-

                                              ing on how to use their plan, 7/24        Swiss Life’s competitive services, inno-
                                              access, and the ability to manage their   vative solutions, and valuable annual
                                              pension investments as important          benefit surveys (reported here) are key
                                                                                        contributors to its excellent reputation
                                            FOOD FOR tHOUgHt                            in Luxembourg.
                                            The survey results underline the im-
                                            portance not only of providing em-
                                            ployee benefits for employees, but also
For more information                        the need to communicate about these,
please visit www.swisslife.lu               and educate employees on their cover-
or contact Ms. Laurence Nicolet
E-mail: Laurence.nicolet@swisslife.com      ages and options.
Phone: +352 42 39 59 242



Swiss Life Network Newsletter | December 2011
20   Around the World




     Netherlands:
     Zwitserleven wins corporate
     social responsibility award

     Netherlands Network Partner           According to the awards jury, Zwitser-      Zwitserleven also encourages compa-
     Zwitserleven recently won a pres-     leven distinguishes itself from other       nies to exercise corporate social re-
     tigious Gouden Schilden 2011          pension providers by the attention it       sponsibility through active dialogue
     award for corporate social respon-    pays to CSR in both its products and        and using its vote at shareholder meet-
     sibility (CSR). The Gouden Schilden   operations. Zwitserleven has a distinct     ings to foster ethical policies.
     (Golden Shields) are presented        profile thanks to its investment policy,
     to companies that have performed      as well as initiatives such as Zorgen met   PROVEN By INDEPENDENt
     exceptionally well in the Dutch       Gevoel, which lets employees work for       RESEARCH
     financial services industry.          social institutions and organisations       The Dutch Association of Investors for
                                           one day a year during working hours.        Sustainable Development (VBDO) has
                                           Every year, hundreds of employees take      assessed the sustainability of the in-
                                           part in the scheme.                         vestment policy of the biggest Dutch
                                                                                       insurance providers. Zwitserleven
                                           SOCIALLy RESPONSIBLE                        and our parent company SNS REAAL
                                           INVEStMENt                                  achieved the highest overall score in
                                           Zwitserleven’s assets are managed by        2009 and 2010.
                                           SNS Asset Management (SNS AM),
                                           the asset investment division of SNS        According to the United Nations Prin-
                                           REAAL, a pioneer in socially respon-        ciples for Responsible Investment
                                           sible investment management. This           (UN PRI), SNS AM, Zwitserleven’s in-
                                           means that pension capital is not in-       vestment manager, is among the top
                                           vested in companies whose activities        socially responsible investment man-
                                           are detrimental to people or the envi-      agement companies. This year, UN
                                           ronment. Zwitserleven also refuses to       PRI compared SNS AM with 345 in-
                                           purchase government bonds from              vestment managers worldwide, and
                                           countries that do not meet its social       found that SNS AM scores well in all
                                           responsibility criteria.                    areas (in the top quartile) and far sur-
                                                                                       passes its competitors for individual
                                           Investments must meet ESG (environ-         scores. In a number of areas, such as
                                           mental, social and governance) criteria,    integrating aspects of ESG into invest-
                                           and Zwitserleven and SNS AM set spe-        ment management, collaborating with
                                           cific requirements for investments:         other signatories, being an active share-
                                           • Avoidance of (involvement in)             holder, and reporting, SNS AM even
                                             human rights violations,                  received a perfect score of 100 %.
                                             child labour and forced labour
                                           • Avoidance of serious forms of             EUROSIF qUALIty MARk
                                             corruption                                Eurosif (the European Sustainable In-
                                           • Avoidance of serious environmental        vestment Forum) is a pan-European net-
                                             pollution                                 work and think-tank whose mission is
                                           • No involvement in the production,         to develop sustainability through Euro-
                                             development, use, or trade of             pean financial markets. Zwitserleven
                                             controversial weapon systems              is the first pension provider in the Neth-
     For more information                  • Respect for the generally accepted        erlands to meet the strict requirements
     please visit www.Zwitserleven.nl        ethical fundamentals that apply           of Eurosif and to be allowed to carry
     or contact Robert Snep
     E-mail: Robert.snep@zwitserleven.nl     to a humanitarian society                 Eurosif’s quality mark for all its funds.
     Phone: +31 205 783 982
                                                                                                                 Around the World        21




Singapore:
Product innovation and enhanced
employee focus in the workplace

In response to its research showing            most people can take some form of less         employees. Apart from providing cus-
a gap in the disability coverage in            physically-demanding work (e.g. cleri-         tomary company-sponsored health in-
Singapore, Prudential has launched             cal or simple administration) and earn         surance, more companies are recogniz-
Group Early Stage Disability (ESD)             an income. In addition to TPD, disabil-        ing the value of offering other health-
protection. This pioneering product            ity provider and disability income cov-        related and financial planning services,
is the first available on the local            erages are available, however both ben-        so that employees are well-informed
employee benefit market to cover               efits have similar definitions to TPD.         about their financial risks and adequa-
partial and temporary disability as                                                           tely protected even beyond their em-
a result of illness or injury. Pruden-         NEW PARtIAL AND tEMPORARy                      ployment term with the organization.
tial is also offering a new portable           COVER CLOSES tHE PROtECtION
supplementary protection product               gAP                                            To support this, Prudential has devel-
for employees.                                 To meet what is effectively a disability       oped the PruGroup Nurture program-
                                               protection gap, Prudential has launched        me, which provides special privileges
Total and permanent disability (TPD)           a new product: Group Early Stage Dis-          to group clients and their employees:
coverage is the main group disability in-      ability (ESD) protection. Group ESD is         • Wellness education and programmes

surance in Singapore. It pays a lump           the first insurance offered in Singapore       • Financial/retirement planning

sum to the life insured in the event of        to cover partial and temporary disability        seminars
total and permanent disability, mean-          resulting from illness or injury. Benefits     • On-site health screening and

ing inability to engage in any gainful         are paid based on the insured member’s           corporate health report cards
occupation. TPD benefit is usually in-         inability to carry out daily tasks affecting   • Promotions on portable products

cluded in the main group life plan at no       their quality of life, specifically the fol-
additional charge. However, due to the         lowing quality of life conditions (QLC):       PORtABLE SUPPLEMENtARy
industry’s stringent criteria for TPD          • Seeing clearly                               PROtECtION FOR EMPLOyEES
claims, it is often perceived by custom-       • Sitting or rising from a chair               In October, Prudential launched a new
ers as add-on coverage with little add-        • Removing pills from a pack                   product named PRUtermplus Advan-
on value.                                      • Walking on a level surface for 200 m         tage, designed exclusively for the work-
                                               • Carrying weights of 2 kg                     ing population. PRUtermplus Advan-
Prudential’s claims statistics showed          • Speaking and hearing clearly                 tage provides comprehensive yet affor-
that some 20 % of insured members                                                             dable protection to supplement and
who filed a TPD claim were declined,           gROUP ESD BENEFItS SHOULD                      enhance the benefits of company-spon-
mainly because they failed to meet the         PROMOtE FAStER REtURN tO                       sored programmes. Just ten years of aff-
TPD condition: “not able to engage in          WORk                                           ordable premium payments ensure that
any gainful occupation”. This condi-           According to Prudential, it is in every        employees have continuous coverage
tion is not easy to fulfil, since even after   employer’s interest to provide such            even after they leave their current em-
recovering from an injury or illness,          protection benefits to employees, who          ployment.
                                               will receive payments during the early
                                               stages of disability. These payments           The PruGroup Nurture programme
                                               will help disabled employees to cover          brings this innovative product to em-
                                               medical costs during their recovery,           ployees in their workplace with an easy
                                               and should assist them to resume em-           application process. More crucially, it
                                               ployment sooner rather than later.             provides employees with peace of mind
                                                                                              as they progress in their careers, and
For more information                           SUPPLEMENtARy EMPLOyEE                         supports employers’ efforts to be re-
please visit www.prudential.com.sg
                                               BENEFItS LOOk tO tHE FUtURE                    sponsible corporate citizens, promot-
or contact Ms. Lena Tsia
E-mail: Lena.tsia@prudential.com.sg            Prudential understands that organiza-          ing additional protection and provi-
Phone: +65 6572 2510                           tions need to focus on the well-being of       sion for their employees.


Swiss Life Network Newsletter | December 2011
22   SLN News Flash




     Swiss Life Network
     Conference 2011 report


     This year’s Swiss Life Network
     Conference held in September in
     St Gallen, Switzerland, provided an
     excellent opportunity for Network
     Partners to focus on the hot topics
     facing the employee benefits in-
     dustry, and to hear about future
     enhancements to our services for
     clients.

     Under the motto: ‹Our Journey into
     the Next Decade›, the two-day confer-
     ence was attended by 35 Network
     Partners from 31 countries. The goal:
     to strengthen knowledge-exchange
     and cooperation among Swiss Life
     Network Partners, with the aim of
     increasing business volume, profita-
     bility and efficiency.

     Guest speakers at the conference included top executives
     from international intermediaries Marsh and Willis, and
     from Swiss Life Network clients Veolia and Rexel, who
     shared their insights into the latest developments in glo-
     bal employee benefit solutions and mobile employee ben-
     efits. New Network Partners China Life of China, Pruden-
     tial of Singapore, Apollo Munich of India, and Dubai
     Insurance of the UAE, took the opportunity to introduce
     themselves to the wider network.




                                                                  ExCELLENt gROWtH – MANy FUtURE PLANS
                                                                  Opening the conference, Margrit Schmid, Head of the
                                                                  Swiss Life Network, gave an overview of recent successes:
                                                                  over 22 new global clients in 2010, regular premium up by
                                                                  over 10 % by August 2011, and the introduction of impor-
                                                                  tant innovations including SL Expat, a better CRM system,
                                                                  more transparency in the Profit and Loss Accounts, new
                                                                  specialist staff, and a more consultative sales approach. She
                                                                  also outlined several new value-added services and solutions
                                                                  for clients that will be rolled out in the near future.

     For more information
     please visit www.swisslife-network.com/events
                                                                                                         SLN News Flash        23




tHE NEED tO MANAgE COStS
According to Chris Burns, CEO of Willis insurance brokers,
a major focus in the global employee benefits industry is on
finding new strategies to manage the rising costs of retire-
ment and health plans. Another key area is active global fi-
nancing strategies, by which insurers help their clients to
reduce costs throughout pooling. When it comes to global
benefit governance, the trend is towards reducing risks and
costs by offering more long-term strategies.

tHE MOBILE EMPLOyEE CHALLENgE
Representing Veolia, William Seemuller, International HR
Director, focused on the challenge of finding a globally
consistent approach for the very diverse mobile employee
group. Veolia creates a career path for each employee that
encourages a versatile skill-set, spreads best practices, and
promotes the company’s values. Ensuring equity between
the packages offered to local and international teams at the
same level of responsibility and experience, and the creation
of worldwide values are key, because Veolia sees diversity as
an advantage, and its people as its main asset.

EMPLOyEE BENEFItS UPDAtE                                        gLOBAL EMPLOyEE BENEFItS StRAtEgy
Greg Arm, Global Head of Employee Benefits at Marsh,            Gurvan Le Guern, Benefits Manager of Rexel, highlighted
observed that employee benefits need to be tailored closely     the issues of employee motivation in a post-crisis environ-
to local market conditions, cultures, and work practices in     ment and the ageing workforce. Delegates heard that in
order to maximize benefits spend, minimize administra-          this tough environment, employees are looking for more
tive burdens, improve employee productivity, and be com-        customized solutions, greater employer social responsibil-
pliant in the local legal environment. Combining market         ity, adequate pensions, and greater focus on a good work/
power for lower premiums and optimizing healthcare man-         life balance (which also helps to prevent absenteeism).
agement solutions are important trends.                         Rexel’s Group Pension Committee ensures that the com-
                                                                pany’s pension plans are correctly funded, and Rexel is also
                                                                widening pooling access for its subsidiaries around the
                                                                globe.



Swiss Life Network Newsletter | December 2011
24   SLN News Flash




     Brazil: Fifteen years                                        Zürich:
     of partnership with the                                      Network Partner training
     Swiss Life Network                                           sessions


     Icatu Seguros celebrated the 15 th anniversary of            Swiss Life holds regular Network Partner training
     its joining the Swiss Life Network at an event held in       sessions at our headquarter in Zurich. These intensive
     São Paulo in October, attended by over 80 guests.            two-day courses provide valuable insights into our
                                                                  sales, actuarial, marketing processes and the new CRM
     Luciano Snel, Vice President and Managing Director of        system. Naturally, we also ensure that participants have
     Icatu Seguros, and Margrit Schmid, Head of the Swiss Life    a chance to enjoy the delights of Zurich, meet our teams,
     Network, used their welcome speeches to describe the im-     and taste our excellent local food.
     portance of the relationship, which began in 1996 and to-
     day serves 100 multinational companies in Brazil.            The courses are designed for sales, sales administration,
                                                                  and actuarial employees newly involved in working with
     Other speakers included the Swiss consul to Brazil, Mar-     the Swiss Life Network, or anyone at a Network Partner
     tin Matter, who outlined the two nations’ strong and         wishing to brush up or deepen their knowledge.
     growing mutual trade and investment, and guest speaker
     Betania Tanure, the well-known Brazilian HR and leader-      We would be pleased to welcome Network Partners
     ship consultant.                                             at one of our upcoming sessions:
                                                                  • Training I:   March 1–2, 2012
     Icatu Seguros and Swiss Life reconfirmed their commit-                       (Thursday, Friday)
     ment to providing world-class employee benefit solutions     • Training II:  May 31 to June 1, 2012
     and services to clients, and took the opportunity to spot-                   (Thursday, Friday)
     light their Swiss Life Network managers: Daniel Dubach,      • Training III: November 8–9, 2012

     Regional Sales Director Latin America for the Swiss Life                     (Thursday, Friday)
     Network, and Vanessa Donke Ferrari, Swiss Life Manager
     at Icatu Seguros.                                            There is no charge for the training courses, however,
                                                                  Network Partners are responsible for their own travel and
                                                                  accommodation costs.




                                                                  Participants from training session November 3–4, 2011




     For more information
     please visit www.icatuseguros.com.br                         For more information
     or contact Vanessa Donke Ferrari                             please visit www.swisslife-network.com/events
     E-mail: vdonke@icatuseguros.com.br                           or contact Christian Scherff
     Phone: +55 11 3472 3916                                      Email: christian.scherff@swisslife.com
     Fax: +55 11 3472 3910                                        Phone: +41 43 284 47 64
                                                                                                        SLN News Flash       25




Shanghai:
Ping An and Swiss Life co-hosted a
successful Employee Benefits Conference

Over 100 representatives from multinational corpora-
tions attended the conference. The theme of the con-
ference was Trends, Impact and Experience of Global
Employee Benefits Development. The Swiss Consul
General, Heinrich Schellenberg, gave an insight on the
dynamic development of the bilateral political and eco-
nomic cooperation between China and Switzerland.



During the conference, Ping An and Swiss Life presented
the latest trends and outlook for employee benefits solutions
and a representative from the Social Security Authority pro-
vided first hand information on the reform of the Chinese
Social Security policy. Elaine Lin from Baxter China shared     ants (Shenzhen) Limited outlined the impact of employee
her experience engaging with employees through benefits.        benefits on a balance sheet. To view some of the presenta-
Wendy W Zheng from PricewaterhouseCoopers Consult-              tions, please visit ww.swisslife-network.com/events




Save the date!
10 Year Cooperation Celebration:
Swiss Life and Cruz del Sur, Chile
                                            Date: Wednesday, 21st March, 2012 (evening)
                                            Location: Sheraton Santiago San Cristobal
                                            Ave Santa Maria 1742
                                            Santiago, Chile

                                            Special guest speaker:
                                            Mr. José Piñera

                                            This event is open for clients and brokers.
                                            For more information, please visit www.swisslife-network.com/events,
                                            or email network@swisslife.com.


Swiss Life Network Newsletter | December 2011
                                                Life
                                          Swiss o r k
                                           Net w

                                            50
Save the Date:
September 19 – 21, 2012
International Employee Benefits Conference 2012
Employee Benefits –
Unlocking the Power of Life
                Join us in Flims Switzerland and celebrate 50 years
                of Swiss Life Network over the International Employee
                Benefits Conference 2012.

                Date: September 19th–21st, 2012
                Location: Flims/Laax, Switzerland
                Venue: Hotel Waldhaus, Flims

                Visit www.swisslife-network.com/events
                for more information
                                                                                                                           Network Partner and Branch Offices                              27




Network partners and branch offices

Country        Network Partner                   Website                            Contact                         E-mail                                    telephone
Argentina      Galicia Seguros S.A.              www.galiciaseguros.com.ar          Ms. Lucía ARMANDO               larmando@galiciaseguros.com.ar            +54 11 411 48 12 9
Australia      Hannover Life Re of Australasia   www.hannoverlifere.com             Ms. Kristine NUGENT             knugent@hlra.com.au                       +61 2 925 16 91 1
Austria        Wiener Städtische                 www.wienerstaedtische.at           Ms. Monika ARNOLD               m.arnold@staedtische.co.at                +43 50 350 22 08 7
Belgium        Delta Lloyd Life                  www.deltalloydlife.be              Mr. Michel MOREAU               michel.moreau@deltalloydlife.be           +32 2 238 89 11
Brazil         Icatu Seguros                     www.icatuseguros.com.br            Ms. Vanessa DONKE               vdonke@icatuseguros.com.br                +55 11 347 23 91 6
Canada         Great-West Life                   www.greatwestlife.com              Mr. David HENRY                 david.henry@gwl.ca                        +1 416 552 58 02
Chile          Cruz del Sur                      www.cruzdelsur.cl                  Ms. Bernardita MONTT FARAGGI    bmontt@cruzdelsur.cl                      +56 2 461 83 52
China          China Life                        www.chinalife.com.cn               Mr. Yifei YAO                   yaoyifei@e-chinalife.com                  +86 10 6363 18 92
               LZ Assist                         www.lzassist.com                   Mr. Ben SONG                    song.haoming@lzassist.com                 +86 10 5925 5188
               Ping An of China                  www.pingan.com.cn                  Mr. Jian Yong WU                wujianyong002@pingan.com                  +86 21 386 35 80 1
Colombia       Seguros Bolívar                   www.segurosbolivar.com             Ms. Lina Quijano                lina.quijano@segurosbolivar.com           +57 1 312 2600 ext. 7031
Costa Rica     Mapfre Costa Rica                 www.mapfrecr.com                   Ms. Zuleika TELLO               zuleika.tello@mapfre.com.pa               +507 378 89 00
Czech Republic Kooperativa                       www.koop.cz                        Mr. Tomáš JAKUBEC               tjakubec@koop.cz                          +420 727 743 368
Denmark        Danica Pension                    www.danicapension.dk               Mr. Peter MØRCH                 peter.moerch@danicapension.dk             +45 45 13 59 35
               PFA Pension                       www.pfa.dk                         Ms. Lotte ELSBORG               sl@pfa.dk                                 +45 391 75 00 0
El Salvador    Mapfre La Centro Americana        www.lacentro.com                   Ms. Zuleika TELLO               zuleika.tello@mapfre.com.pa               +507 378 89 00
Finland        Ilmarinen                         www.ilmarinen.fi                   Ms. Riitta RÄSÄNEN-RUGEMALIRA   riitta.rasanen-rugemalira@ilmarinen.fi    +358 10 284 26 28
               Mandatum Life                     www.mandatumlife.fi                Ms. Riitta JOKELAINEN           riitta.jokelainen@mandatumlife.fi         +358 10 516 7492
France         Swiss Life (France)               www.swisslife.fr                   Ms. Anne-Gaëlle COLIN           annegaelle.colin@swisslife.fr             +33 1 408 22 24 7
germany        Swiss Life (Germany)              www.swisslife.de                   Ms. Marion VINTZ                marion.vintz@swisslife.de                 +49 89 381 09 18 72
greece         Groupama Phoenix                  www.groupama-phoenix.com           Mr. Dimitris KALOUDIS           kaloudisd@groupama-phoenix.com            +30 210 937 62 44
guatemala      Mapfre Guatemala                  www.mapfre.com.gt                  Ms. Zuleika TELLO               zuleika.tello@mapfre.com.pa               +507 378 89 00
               Seguros de Occidente              www.occidente.com.gt               Mr. Wilber BARRIOS              wbarrios@occidente.com.gt                 +502 22 79 70 00 ext. 9373
Honduras       Mapfre Honduras                   www.mapfre.com.hn                  Ms. Zuleika TELLO               zuleika.tello@mapfre.com.pa               +507 378 89 00
Hong kong      Sun Life Hong Kong Limited        www.sunlife.com.hk                 Ms. Vivian LEUNG                vivian.sy.leung@sunlife.com               +852 31 83 21 72
Hungary        UNION Biztositó                   www.unionbiztosito.hu              Ms. Judit SÖRÖS                 soros.judit@unionbiztosito.hu             +36 1 486 42 48
India          Kotak Mahindra Old Mutual Life    www.kotaklifeinsurance.com         Mr. Sandeep SHRIKHANDE          sandip.shrikhande@kotak.com               +91 22 666 21 59 99
               Apollo Munich Health Insurance    www.apollomunichinsurance.com      Dr. Ali NANDINI                 Dr.nandini@apollomunichinsurance.com      +91 40 4433 0301
Ireland        Irish Life                        www.irishlife.ie                   Mr. Damian FADDEN               damian.fadden@irishlife.ie                +353 1 704 12 72
Italy          Apulia previdenza                 www.apuliaprevidenza.it            Ms. Giulia POLI                 gestcollett@apulialife.it                 +39 02 725 66 73 6
Japan          Meiji Yasuda Life                 www.meijiyasuda.co.jp              Mr. Takeshi MISAWA              ta-misawa@meijiyasuda.co.jp               +81 3 32 83 92 26
korea          Korea Life                        www.korealife.com                  Mr. Chang-Mo KIM                lost98@Korealife.com                      +82 2 789 79 66
Luxembourg     Swiss Life (Luxembourg)           www.swisslife.lu                   Mr. Steve GOEDERT               steve.goedert@swisslife.lu                +352 423 95 92 33
Malaysia       Hong Leong Assurance              www.hla.com.my                     Mr. Chee Kwan FOONG             ckfoong@hla.hongleong.com.my              +60 3 765 01 35 8
Mexico         Seguros Inbursa                   www.inbursa.com                    Mr. Jorge NAVARRO               jnavarrop@inbursa.com                     +52 55 532 50 42 3
Netherlands    Zwitserleven                      www.zwitserleven.nl                Mr. Charles ALBERS              charles.albers@zwitserleven.nl            +31 6 134 48 63 4
New Zealand    Hannover Life Re of Australasia   www.hannoverlifere.com             Ms. Kristine NUGENT             knugent@hlra.com.au                       +61 2 925 16 91 1
Nicaragua      Mapfre Nicaragua                  www.mapfre.com.ni                  Ms. Zuleika TELLO               zuleika.tello@mapfre.com.pa               +507 378 89 00
Norway         Danica Pensjon                    www.danica.no                      Ms. Nina FRIVOLD                friv@danica.no                            +47 85 40 53 98
               DNB Livsforsikring ASA            www.dnb.no                         Mr. Tor MYRSETH                 tor.myrseth@dnb.no                        +47 934 07 43 4
Panama         Mapfre Panama                     www.mapfre.com.pa                  Ms. Zuleika TELLO               zuleika.tello@mapfre.com.pa               +507 378 89 00
Philippines    First Life                        www.firstlife.com.ph               Ms. Ninian CEDO                 ncedo@firstlife.com.ph                    +63 2 893 30 24
Poland         Compensa Life                     www.compensa.pl                    Mr. Sebastian BOROWSKI          sebastian.borowski@compensazycie.com.pl   +48 22 501 63 43
Portugal       Groupama Seguros                  www.groupama.pt                    Mr. Rui ROSA                    rui.rosa@groupama.pt                      +351 21 792 32 27
Russia         Rosgosstrakh                      www.rgs.ru                         Ms. Olga TRUBACH                olga_trubach@rgs.ru                       +7 495 783 24 24
Singapore      NTUC Income                       www.income.com.sg                  Ms. Sharon LOH                  sharon.loh@income.com.sg                  +65 686 67 25 1
               Prudential Assurance              www.prudential.com.sg              Ms. Lena TSIA                   lena.tsia@prudential.com.sg               +65 65 72 2510
Slovakia       Kooperativa                       www.koop.sk                        Mr. Štefan PAL’OV               palov@koop.sk                             +421 2 572 995 95
South Africa   Momentum                          www.momentum.co.za                 Mr. Nazeem KHAN                 nazeem.khan@momentum.co.za                +27 11 485 75 58
Spain          VidaCaixa                         www.vidacaixaprevisionsocial.com   Ms. Ana DELGADO                 adelgado@vidacaixa.com                    +34 93 227 89 57
Sweden         Danica Pension                    www.danica.se                      Mr. Tomas OLOFSSON              kundservice@danica.se                     +46 752 48 04 06
Switzerland    Helsana                           www.helsana.ch                     Mr. Frédéric URIO               frederic.urio@helsana.ch                  +41 43 340 11 11
               Swiss Life (Head Office)          www.swisslife.ch                   Mr. Martin DAENIKER             martin.daeniker@swisslife.ch              +41 43 284 61 49
               Sanitas                           www.scpc.ch                        Ms. Pascale SCHAUFELBERGER      pascale.schaufelberger@sanitas.com        +41 44 751 8104
               Swiss Life Pension Services       www.slps.ch                        Mr. Patricio SCOTONI            pension.services@swisslife.ch             +41 800 00 2525
taiwan         Kuo Hua Life                      www.khltw.com                      Mr. Wen Hsiang HSU              whhsu@khltw.com                           +886 2 2176 5166
thailand       Bangkok Life Assurance            www.bla.co.th                      Mr. Taweesak DEJPRASIT          group@bla.co.th                           +662 777 8888 ext. 8441
UAE            Dubai Insurance Company           www.dubins.ae                      Ms. Eva SAYEGH                  sayegh.e@dubins.ae                        +971 4 269 30 30
United kingdom Unum                              www.unum.co.uk                     Mr. Colin FITZGERALD            colin.fitzgerald@unum.co.uk               +44 1306 873 04 7
USA            Dearborn National                 www.dearbornnational.com           Mr. Matthew REDDY               matthew_reddy@dearbornnational.com        +1 630 824 60 96
Venezuela      Seguros Comerciales Bolívar       www.segurosbolivar.com             Mr. Guillermo NARIñO Tellez     guillermo.narino@sbolivar.com             +58 212 905 99 33




Swiss Life Network Newsletter | December 2011

				
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