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 basic EPS up to CHF 43.59.

• Premiums increased 3% in local currency to CHF 20.9 billion, with strong net new assets in third-party asset management and higher profit from operations and return on equity.

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

• Dividend per share increased by 4% to CHF 36.50, with a payout ratio of 82% and continued CHF 750 million share buyback program.

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

Financial highlights

• Gross written premiums, fees, and deposits up 3% to CHF 20.9 billion; fee and commission income up 5% to CHF 2.6 billion.

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

• Insurance revenue increased to CHF 8.8 billion, insurance service expenses fell to CHF 7.5 billion, and net investment income rose to CHF 3.8 billion, driven by real estate gains.

• Operating expenses (excluding variable expense) increased 2% to CHF 2,100 million.

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

Outlook and guidance

• On track to achieve all 2027 financial targets, including fee result over CHF 1 billion, CSM growth, and RoE of 17–19%.

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

• Dividend payout ratio expected to remain above 75% each year.

• French corporate tax rate increase and new health premium charge to impact 2026 results, with mitigation measures underway.

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