Swiss Life (SLHN) H2 2025 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 and return on equity improving to 17.2%.

• Premiums increased 3% in local currency to CHF 20.9 billion, with strong growth in fee income and net new assets in third-party asset management.

• Dividend per share proposed at CHF 36.50, up 4%, with a payout ratio of 82%.

• Strategic focus on expanding customer and advisor base, operational efficiency, digitalization, and sustainability.

• Ongoing CHF 750 million share buyback program, with CHF 631 million repurchased by March 2026.

Financial highlights

• Gross written premiums, fees, and deposits up 3% to CHF 20.9 billion; fee and commission income up 5% to CHF 2.59 billion.

• Net investment income increased to CHF 3.79 billion, with a net investment yield of 2.7%.

• Operating expenses (excluding variable) up 2% to CHF 2.1 billion, mainly in fee businesses.

• Contractual service margin (CSM) after release grew from CHF 14.4 billion to CHF 15.3 billion.

• Cash remittance to holding was CHF 1.22 billion.

Outlook and guidance

• On track to achieve 2027 program targets, including cumulative cash remittance of CHF 3.6–3.8 billion and fee result above CHF 1 billion.

• Return on equity target of 17–19% and dividend payout ratio expected to remain above 75%.

• Continued growth in net new assets, especially in index and real assets, and stable or improving cost efficiency through digitalization and AI initiatives.

• Anticipate stable or flattish real estate valuations outside Switzerland and positive developments in Swiss real estate.

• No material impact expected from the sale of Swiss Life Network announced in February 2026.