Swiss Life (SLHN) H1 2026 (Media) earnings summary

Executive summary

• Net profit increased 8% year-over-year to CHF 649m, with profit from operations up 8% to CHF 967m, including a CHF 29m gain from a network business transfer.

• Fee result rose 11% to CHF 430m, reflecting enhanced earnings quality and a network business gain.

• Premiums grew 3% in local currency to CHF 12.3bn, and fee income increased 7% to CHF 1.34bn.

• The "Swiss Life 2027" programme is progressing well, with a focus on growth, efficiency, digitalisation, and a planned reduction of around 600 positions by 2028, mainly through natural attrition.

• Cash remittance to holding increased 5% to CHF 1.23bn.

Financial highlights

• Insurance revenue grew to CHF 4,461m; net investment income rose to CHF 2.40bn from CHF 1,631m year-over-year, with a non-annualised yield of 1.7%.

• Gross written premiums, fees, and deposits received reached CHF 12.331bn.

• Fee and commission income increased 5% to CHF 1,335m.

• Contractual service margin (CSM) grew to CHF 15.6bn as of 30 June 2026.

• Operating expenses (excluding variable expense) rose 1% to CHF 1,033m.

Outlook and guidance

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

• Ambition to increase dividend per share and complete share buyback of CHF 750m by May 2026, with a new CHF 250m buyback planned for Oct 2026–Mar 2027.