Swiss Life (SLHN) H1 2025 earnings summary

Executive summary

• Profit from operations rose 3% year-over-year to CHF 903 million, driven by insurance business growth and marking a strong start to the Swiss Life 2027 programme.

• Net profit declined 5% to CHF 602 million, impacted by higher tax expenses, FX effects, and one-off items.

• Return on equity was 17.6%, stable and within the target range.

• The group is on track to meet 2027 financial targets, with strong net new assets in third-party asset management and robust solvency.

• Ongoing CHF 750 million share buyback, with CHF 373 million repurchased by August 2025.

Financial highlights

• Gross written premiums, fees, and deposits increased 5% in local currency to CHF 12.1 billion.

• Insurance revenue for H1 2025 was CHF 4.45 billion, down from CHF 4.54 billion year-over-year.

• Fee and commission income up 2% in local currency to CHF 1.3 billion.

• Net investment result decreased to CHF 254 million; direct investment yield stable at 1.5%.

• Cash remittance decreased by 8% to CHF 1.17 billion, but adjusted for prior year one-offs, grew by 4%.

Outlook and guidance

• On track to achieve all group financial targets under the Swiss Life 2027 program, including fee result >CHF 1 billion, RoE 17–19%, and cumulative cash to holding CHF 3.6–3.8 billion.

• Share buyback of CHF 750 million ongoing through May 2026.

• Fee and commission income growth expected to pick up, targeting mid to high single digits.

• Non-recurring TPAM income share guided at 25% for 2025, supported by a strong pipeline.

• Tax rate expected to be lower in H2 2025, with normalization possible in 2026.