What is a lifetime
Thing is 'sealed for life' is a perfectly reasonable statement to make. Your car is 22 years old and my S80 is 21 with 180,000 miles on the clock. Its never had any transmission fluid changed and the gear change is as smooth as it was 10 years ago when I bought the car with 80,000 miles on it.
Obviously I'm not saying don't change it if you want to but Volvo were quite reasonable in expecting a 20 year old car to have reached end of life. We just know they go on for a lot longer if looked after !
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