Swiss Life (SLHN) H2 2025 (Media) earnings summary

Executive summary

• Profit from operations rose 3% in local currency to CHF 1.83 billion, with net profit stable at CHF 1.26 billion.

• Premiums increased 3% in local currency to CHF 20.9 billion, and fee income grew 5% to CHF 2.59 billion.

• Return on equity improved to 17.2% from 16.6% year-over-year.

• Board proposes a dividend of CHF 36.50 per share, up 4% from the previous year.

Financial highlights

• Fee result was CHF 858 million, down 1% in local currency.

• Cash remittance to holding was CHF 1.22 billion, down from CHF 1.31 billion year-over-year.

• Contractual service margin (CSM) increased to CHF 15.3 billion from CHF 14.4 billion.

• Direct investment income stable at CHF 4.13 billion, with a yield of 2.9%.

• Net investment income rose to CHF 3.79 billion, net investment yield at 2.7%.

Outlook and guidance

• Targeting fee result over CHF 1 billion and return on equity of 17–19% annually through 2027.

• Cumulative cash remittance goal of CHF 3.6–3.8 billion for 2025–2027.

• Dividend payout ratio expected to remain above 75% during the programme.

• Ongoing CHF 750 million share buyback to run until May 2026.