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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
Dated June 23, 2003
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 23, 2003
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Commission File Number 001-15244
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CREDIT SUISSE GROUP
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(Translation of registrant's name into English)
Paradeplatz 8, P.O. Box 1, CH-8070 Zurich, Switzerland
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F
Form 20-F /X/ Form 40-F / /
----- -----
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1):
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Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to
security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7):
------
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws
of the jurisdiction in which the registrant is incorporated, domiciled or
legally organized (the registrant's "home country"), or under the rules of
the home country exchange on which the registrant's securities are traded, as
long as the report or other document is not a press release, is not required
to be and has not been distributed to the registrant's security holders, and,
if discussing a material event, has already been the subject of a Form 6-K
submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes / / No /X/
----- -----
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
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[WINTERTHUR LOGO]
WINTERTHUR LIFE SWITZERLAND - MEDIA RELEASE
THE NEW WINTERTHUR MODEL FOR THE EMPLOYEE BENEFITS BUSINESS
IN SWITZERLAND AS OF 2004
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Winterthur, June 23, 2003 - WINTERTHUR HAS DEVELOPED A NEW MODEL FOR ITS
COLLECTIVE FOUNDATIONS THAT IS MORE CLOSELY ALIGNED WITH THE CURRENT BUSINESS
ENVIRONMENT AND DEVELOPMENTS IN LIFE EXPECTANCY. THIS MODEL PLACES EMPLOYEE
BENEFITS FOR ALL MEMBERS ON A MORE SUSTAINABLE FOOTING. THE KEY ELEMENTS OF THE
WINTERTHUR MODEL COMPRISE A SEPARATION OF THE INSURANCE AND PENSIONS
RELATIONSHIPS - BRINGING ABOUT PARTIAL INDEPENDENCE AND A STRENGTHENING OF
COLLECTIVE FOUNDATIONS - AND A DISTINCTION BETWEEN MANDATORY AND EXTRA-MANDATORY
EMPLOYEE BENEFITS. THE WINTERTHUR MODEL WILL BE INTRODUCED ON JANUARY 1, 2004.
IN ADDITION, WINTERTHUR WILL ADJUST THE RISK PREMIUM AND COST LOADING.
The environment surrounding employee benefits in Switzerland is proving to be
very challenging for pension funds, collective foundations and companies.
Against this background, Winterthur has developed a new model, which has been
approved by the supervisory authorities of the Federal government. The
Winterthur model places employee benefits for all involved parties on a
sustainable footing and thereby helps to secure the Swiss pension system in the
long term. At the same time, introducing the new model brings with it several
unavoidable adjustments to benefits. The changes center on the BVG/LPP minimum
interest rate, which is set by the government and currently cannot be achieved
by means of risk-free investments, and the current annuity conversion rate,
which is no longer realistic in view of increased life expectancy.
The key features of the Winterthur model are the far-reaching separation of the
pensions and insurance relationships, and the resulting partial independence and
strengthening of collective foundations. The model provides these collective
foundations with increased flexibility in financing regulatory benefits and
ensures more transparency in their decision-making. Furthermore, in the future
there will be a distinction between mandatory and extra-mandatory insurance, and
the foundation's board of trustees will be expanded to include employer and
employee representatives in addition to those of Winterthur Life.
Details on how the Winterthur model works:
INSURANCE RELATIONSHIP: WINTERTHUR GUARANTEES THE COLLECTIVE FOUNDATION AN
ADEQUATE INTEREST RATE BASED ON ECONOMIC CRITERIA
Winterthur will continue to offer collective foundations an adequate interest
rate on its insured's retirement assets. However, this interest rate will no
longer necessarily be identical with the BVG/LPP minimum interest rate.
Winterthur will set the corresponding interest rate annually on the basis of
returns from risk-free investments; for 2004 this interest rate will be 2%,
which corresponds to the BVG/LPP rate proposed by the Federal Council. If
Winterthur realizes higher returns on investments, a large part of the
surpluses will, as in the past, be passed on to the collective foundations.
PENSIONS RELATIONSHIP: THE COLLECTIVE FOUNDATION DISTINGUISHES BETWEEN MANDATORY
AND EXTRA-MANDATORY BENEFITS
The collective foundation will continue to grant all the retirement benefits
specified in its regulations. Additionally, mandatory benefits will be
governed by the provisions set forth by the Federal Council in the future.
In the extra-mandatory domain, the collective foundation will make use of its
flexibility and set terms on an annual basis. For 2004, the rate of interest on
retirement assets will be in line with the economic environment and set at 2%,
plus any surplus income from investments; the conversion rate will be lowered
from 7.2% to 5.454% for women, and to 5.835% for men. Current retirement
pensions will not be affected by these changes.
TEMPORARY COVER SHORTFALL BY THE COLLECTIVE FOUNDATION IS PERMITTED
The collective foundation's goal is to use the guaranteed interest rate
(reinsurance) offered by Winterthur, plus any surplus income earned from
investments, in order to achieve at least the statutory BVG/LPP minimum interest
rate. If this is temporarily not possible, the collective foundation will now be
permitted to operate with a certain cover shortfall without immediately having
to request additional contributions from the company or the insured.
The Winterthur model mainly affects the collective foundations of
Winterthur-Columna and will be introduced as of January 1, 2004. The full scope
of the changes will impact only those customers whose policies are due for
renewal on January 1, 2004.
INCREASE IN DISABILITY CASES LEADS TO HIGHER PREMIUMS
Due to the significant increase in the number of disability cases over the past
few years, Winterthur will, independent of the implementation of the new model,
raise the risk premium by 30% on average and the cost loading by 15% on average
as of January 1, 2004. This will mean an average increase of 8% in total
contributions (savings, risk and cost portions). As a rule, employer and
employee will each pay half of these contributions.
Ruedi Hefti, Head of Winterthur Life Switzerland says, "We are convinced that we
have developed a workable model for employee benefits insurance that reflects
the economic and political environment. The Winterthur model offers companies
and insured a sustainable and comprehensive employee benefits solution that is
reliable and financially viable. With this offer, Winterthur aims to continue to
be an attractive partner in providing Pillar 2 benefits."
NOTE FOR THE EDITORIAL OFFICES
Winterthur Life will disclose information on the "Winterthur model for employee
benefits" at today's press conference. The press conference is scheduled for
11:30 in Winterthur (invitation enclosed).
INQUIRIES
Winterthur, Media Relations Switzerland Tel. +41 52 261 59 47
Tel. +41 52 261 60 10
Credit Suisse Group, Investor Relations Tel. +41 1 333 45 70
INTERNET
The media release and a comprehensive information kit are available at:
WWW.WINTERTHUR-LIFE.CH
WINTERTHUR LIFE SWITZERLAND
Winterthur Life, which belongs to Credit Suisse Group, is the second largest
life insurer in Switzerland with a twenty-five percent market share. Winterthur
Life offers innovative and comprehensive solutions in employee benefits to
individuals, companies and associations. Winterthur Life offers its products and
services through its own sales channels, Credit Suisse Group banks, and
third-party distribution partners. In Switzerland, Winterthur Life employs a
staff of approximately 1,100. A diversified sales network of 48 general agencies
and 380 field staff are responsible for serving the market. Winterthur Life's
direct premium volume in 2002 was CHF 8.9 billion (individual life business CHF
1.9 billion, and group life business CHF 7.0 billion).
WINTERTHUR GROUP
Winterthur Group is a leading Swiss insurance company with its head office in
Winterthur and, as an international company, ranks among the top six providers
of primary insurance in Europe. The Group provides a broad range of property and
liability insurance products, as well as insurance solutions in life and
pensions that are tailored to the individual needs of private and corporate
clients. With approximately 32,000 employees worldwide, Winterthur Group
achieved a premium volume of CHF 37.4 billion in 2002 and reported assets under
management of CHF 142.7 billion as of March 31, 2003.
CREDIT SUISSE GROUP
Credit Suisse Group is a leading global financial services company headquartered
in Zurich, Switzerland. Credit Suisse Financial Services offers comprehensive
financial advice, banking products as well as Winterthur pension and insurance
solutions to private clients and small and medium-sized enterprises. The Credit
Suisse First Boston business unit, an investment bank, acts as a financial
intermediary and provides support to global companies, institutions, state
bodies and private clients. Credit Suisse Group registered shares (CSGN) are
listed in Switzerland and Frankfurt, and in the form of American Depositary
Shares (CSR) in New York. The Group employs approximately 73,000 staff
worldwide. Assets under management as at March 31, 2003 amounted to CHF 1,160.5
billion.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking
statements. In addition, in the future we, and others on our behalf, may make
statements that constitute forward-looking statements. Such forward-looking
statements may include, without limitation, statements relating to our plans,
objectives or goals; our future economic performance or prospects; the potential
effect on our future performance of certain contingencies; and assumptions
underlying any such statements.
Words such as "believes," "anticipates," "expects," "intends" and "plans" and
similar expressions are intended to identify forward-looking statements but are
not the exclusive means of identifying such statements. We do not intend to
update these forward-looking statements except as may be required by applicable
laws.
By their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that predictions,
forecasts, projections and other outcomes described or implied in
forward-looking statements will not be achieved. We caution you that a number of
important factors could cause results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in such
forward-looking statements. These factors include (i) market and interest rate
fluctuations; (ii) the strength of the global economy in general and the
strength of the economies of the countries in which we conduct our operations in
particular; (iii) the ability of counterparties to meet their obligations to us;
(iv) the effects of, and changes in, fiscal, monetary, trade and tax policies,
and currency fluctuations; (v) political and social developments, including war,
civil unrest or terrorist activity; (vi) the possibility of foreign exchange
controls, expropriation, nationalization or confiscation of assets in countries
in which we conduct our operations; (vii) the ability to maintain sufficient
liquidity and access capital markets; (viii) operational factors such as systems
failure, human error, or the failure to properly implement procedures; (ix)
actions taken by regulators with respect to our business and practices in one or
more of the countries in which we conduct our operations; (x) the effects of
changes in laws, regulations or accounting policies or practices; (xi)
competition in geographic and business areas in which we conduct our operations;
(xii) the ability to retain and recruit qualified personnel; (xiii) the ability
to maintain our reputation and promote our brands; (xiv) the ability to increase
market share and control expenses; (xv) technological changes; (xvi) the timely
development and acceptance of our new products and services and the perceived
overall value of these products and services by users; (xvii) acquisitions,
including the ability to integrate successfully acquired businesses; (xviii) the
adverse resolution of litigation and other contingencies; and (xix) our success
at managing the risks involved in the foregoing.
We caution you that the foregoing list of important factors is not exclusive;
when evaluating forward-looking statements, you should carefully consider the
foregoing factors and other uncertainties and events, as well as the risks
identified in Credit Suisse Group's most recently filed Form 20-F and reports on
Form 6-K furnished to the US Securities and Exchange Commission.
CAUTIONARY STATEMENT REGARDING NON-GAAP FINANCIAL INFORMATION
This press release may contain non-GAAP financial information. A reconciliation
of such non-GAAP financial information to the most directly comparable measures
under generally accepted accounting principles, is posted on Credit Suisse
Group's website at WWW.CREDIT-SUISSE.COM/SEC.HTML.
WINTERTHUR LOGO]
INVITATION
WINTERTHUR LIFE SWITZERLAND PRESS CONFERENCE
THE WINTERTHUR MODEL FOR THE EMPLOYEE BENEFITS BUSINESS
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DATE: Monday, June 23, 2003
PLACE: Winterthur Building R, Romerstrasse 17, Winterthur
(building next to the Winterthur Head Office - see enclosed map;
parking spaces are available in front of the building)
TIME: 11:30 - approx. 12:30
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PROGRAM: 11:30 - 11:35 WELCOME/INTRODUCTION
Ruedi Hefti, Head of Winterthur Life Switzerland
11:35 - 12:00 PRESENTATION: THE WINTERTHUR MODEL
Ruedi Hefti, Head of Winterthur Life Switzerland
Stephan Hegner, Head of Group Life Business
Switzerland
12:00 - 12:30 Q&A
There will be opportunities for interviews after the press
conference. Please indicate on your registration if you are
interested in an interview.
REGISTRATION: Elisabeth Ryffel, tel. +41 52 261 20 33,
ELISABETH.RYFFEL@WINTERTHUR.CH
LIST OF WINTERTHUR BUILDINGS: Building R - see enclosure
[MAP OF BUILDING ACCESS OBJECT OMITTED]
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CREDIT SUISSE GROUP
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(Registrant)
Date June 23, 2003 By: /s/ David Frick
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(Signature)*
Member of the Executive Board
*Print the name and title of the signing
officer under his signature. /s/ Karin Rhomberg Hug
Managing Director