Swiss Life (SLHN) H1 2026 earnings summary

Executive summary

• Net profit rose 8% year-over-year to CHF 649 million, with profit from operations up 8% in local currency to CHF 967 million and return on equity reaching 20.2%.

• Fee result increased 11% to CHF 430 million, supported by a CHF 29 million gain from the transfer of the International network business.

• Cash remittance to holding grew 5% to CHF 1.23 billion.

• Completed acquisition of TELIS Group, to be reflected in H2 2026 results; WSS Vermögensmanagement acquisition in Austria expected to close in Q3 2026.

• Announced new CHF 250 million share buyback from October 2026 to March 2027, following completion of CHF 750 million buyback.

Financial highlights

• Insurance revenue stable at CHF 4.46 billion; insurance service expenses stable at CHF 3.8 billion.

• Net investment income rose to CHF 2.4 billion, with a non-annualised yield of 1.7%.

• Gross written premiums, fees, and deposits up 3% in local currency to CHF 12.3 billion.

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

• Shareholders’ equity decreased to CHF 6.3 billion due to dividend, share buyback, and FX effects.

Outlook and guidance

• On track to deliver all Swiss Life 2027 strategic and financial targets, including fee result over CHF 1 billion, ROE 17–19%, and cumulative cash remittance of CHF 3.6–3.8 billion.

• Dividend payout ratio expected to exceed 75% from 2025, with plans to increase dividend per share.

• Cost savings of CHF 150 million expected from 2029 onward due to a reduction of 600 positions, mainly through natural attrition.

• Guidance for non-recurring income in asset management at around 25% for full year 2026.