Swiss Life continues growth, increases operating profit and dividend - 'Swiss Life 2027' on track

Operating profit increased by 3% Swiss Life increased the operating result in the insurance business to CHF 1.10 billion in the 2025 financial year, which corresponds to an increase of 6% in local currency. The fee result stood at CHF 858 million (2024: CHF 870 million), to which the in-house advisory channels and both proprietary and third-party products made a strong contribution. Overall, the Swiss Life Group was able to increase operating profit by 3% in local currency to CHF 1.83 billion. Despite CHF 35 million higher tax expenses, net profit remained at the previous year's level with CHF 1.26 billion.

Premium income amounted to CHF 20.9 billion, an increase of 3% in local currency, with all insurance segments contributing to growth. Swiss Life was able to further expand the fee business, generating fee income of CHF 2.59 billion in total. The growth of 5% in local currency is attributable to in-house advisory channels (+5%), proprietary and third-party products and services (+5%) and Swiss Life Asset Managers (+2%).

The Contractual Service Margin (CSM), the balance sheet figure which includes future profit contributions from the existing insurance business, increased by almost one billion to CHF 15.3 billion by the end of 2025 (31 December 2024: CHF 14.4 billion).

Direct investment income remained stable at CHF 4.13 billion, corresponding to a direct investment yield of 2.9% (2024: 2.9%). Net investment income amounted to CHF 3.79 billion (2024: CHF 3.73 billion) with a net investment yield of 2.7% (2024: 2.6%).

Growth in all divisions In Switzerland, Swiss Life increased premium income by 3% to CHF 10.2 billion (2024: CHF 9.91 billion). The assets under management in the semi-autonomous business amounted to CHF 8.38 billion by the end of 2025 (31 December 2024: CHF 7.78 billion). The fee result remained stable at CHF 55 million. The segment result rose by 4% to CHF 891 million, due to a higher operating result in the insurance business. The cash transfer to the holding company amounted to CHF 0.65 billion, CHF 0.09 billion below the previous year, which included a one-off effect of CHF 0.12 billion.

In France, Swiss Life recorded premium income of EUR 8.09 billion, an increase of 4%. In the life business, premiums increased by 5%. The share of unit-linked solutions was significantly above the market at 69% (39%). Fee income increased by 10% to EUR 593 million. The fee result rose by 7% to EUR 195 million. The segment result increased by 8% to EUR 361 million, also due to a higher operating result in the insurance business. The division achieved a cash transfer to the holding of EUR 191 million, an increase of 3%.

In Germany, Swiss Life increased premium income by 2% to EUR 1.54 billion. Fee income increased by 7% to EUR 881 million. The fee result rose by 6% to EUR 127 million. The segment result grew by 6% to EUR 205 million. The cash transfer to the holding amounted to EUR 106 million, an increase of 2%.

In the International market unit, premium income was increased by 6% to EUR 1.83 billion. Fee income amounted to EUR 379 million, a decrease of 1%. The fee result increased by 1% to EUR 91 million. The segment result rose by 10% to EUR 130 million, mainly due to a higher operating result in the insurance business. The cash transfer to the holding was EUR 73 million, 9% above the previous year.

Swiss Life Asset Managers nearly doubled net new money inflows in the TPAM business to CHF 17.7 billion due to strong inflows in securities and real estate (2024: CHF 9.5 billion). The assets under management in the TPAM business increased to CHF 146 billion by the end of 2025 (31 December 2024: CHF 125 billion). The total income of Swiss Life Asset Managers amounted to CHF 1.15 billion (2024: CHF 1.16 billion). The TPAM business contributed CHF 795 million to this (2024: CHF 802 million), with higher recurring income offset by lower non-recurring income. The segment result declined by 7% to CHF 414 million as the non-recurring income from TPAM was below the very strong level of the previous year. The cash transfer to the holding increased by 3% compared to the previous year to CHF 250 million, while the previous year included a one-off effect of CHF 20 million.

'Swiss Life 2027' on track With the 2025 annual result, Swiss Life concludes a successful first year of the 'Swiss Life 2027' corporate programme. Swiss Life aims to expand the fee result to over CHF 1 billion by 2027 (2025: CHF 858 million) and achieve a return on equity of 17 to 19% in each year of the programme (2025: 17.2%). Furthermore, Swiss Life intends to increase the cumulative cash transfer to the holding company to CHF 3.6 to 3.8 billion over the three years of the programme (2025: CHF 1.22 billion). In addition, Swiss Life aims for a dividend payout ratio of over 75% in each of the three years (2025: 82%) and plans to increase the dividend per share (2025 financial year: CHF 36.50, an increase of 4% compared to the previous year).

As of 31 December 2025, the Swiss Life Group anticipates an SST quota of around 210% (31 December 2024: 201%). Thus, the solvency ratio is above the strategic ambition of 140 to 190%. The ongoing share buyback programme of CHF 750 million, which runs until the end of May 2026, is proceeding according to plan.

Proposals to the General Meeting The Board of Directors will propose a dividend of CHF 36.50 per share to shareholders at the General Meeting on 7 May 2026 (previous year: CHF 35.00). The dividend payout will take place on 13 May 2026.

As previously communicated, the long-serving members of the Board of Directors, Henry Peter and Adrienne Corboud Fumagalli, will not stand for re-election at the General Meeting in 2026. The Board of Directors proposes Luisa Delgado and Patrick Frost for election to the Board of Directors at the 2026 General Meeting. All other members of the Board of Directors will stand for re-election, with the Chairman of the Board of Directors, Rolf Dörig, for a final term until the General Meeting in 2027.

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