Swiss Life (SLHN) H1 2025 (Media) earnings summary

Executive summary

• Operating profit rose 3% to CHF 903 million, marking a strong start to the 2027 program and reflecting growth in insurance, fee business, and third-party asset management.

• Net profit for H1 2025 was CHF 602 million, down 5% year-over-year, with return on equity at 17.6%.

• Strategic focus remains on expanding customer and advisor base, operational efficiency, and enhanced cash returns to shareholders.

• Employee and advisor engagement contributed significantly to progress.

• Dividend of CHF 991 million was paid in May 2025, and a CHF 750 million share buyback program is ongoing, with CHF 373 million repurchased by August 2025.

Financial highlights

• Premium income increased 5% in local currency to CHF 12.1 billion, with positive contributions from all insurance divisions.

• Fee income grew 2% in local currency to CHF 1.3 billion.

• Net investment income reached CHF 1,862 million, but net investment result was CHF 254 million due to market volatility.

• Operating expenses (excluding variable expense) rose to CHF 1,022 million.

• Net cash flows from operating activities improved to CHF 1,298 million from negative CHF 215 million year-over-year.

Outlook and guidance

• Guidance for 2025 net new money inflows in third-party asset management confirmed, expecting continued strong inflows.

• On track to achieve 2027 targets: fee result > CHF 1 billion, RoE 17–19%, cumulative cash to holding CHF 3.6–3.8 billion, and dividend payout ratio >75%.

• Strategic focus remains on growing index business and expanding new customer segments.

• Dividend ambition is to continue increasing payouts as part of the 2027 program.

• Ongoing share buyback and recent bond issuances indicate continued focus on capital management.