Swiss Life (SLHN) Q3 2025 TU earnings summary

Executive summary

• Fee and commission income rose 3% in local currency to CHF 1.91 billion for the first nine months of 2025, driven by growth in own and third-party products and services.

• Gross written premiums, fees, and deposits received increased 3% in local currency to CHF 16.3 billion, with positive contributions from all insurance segments.

• Direct investment income reached CHF 3.13 billion, with a non-annualized yield of 2.2%.

• Strong net new asset inflows of CHF 15 billion in third-party asset management (TPAM), with assets under management at CHF 142 billion as of September 2025.

• SST ratio estimated at 205% at end of September 2025, well above the ambition range.

Financial highlights

• Premiums in Switzerland increased 2% to CHF 8.2 billion; Group Life premiums up 2% to CHF 6.8 billion despite a declining market.

• France premiums grew 4% to EUR 5.9 billion; unit-linked share in life premiums remained high at 66%.

• Germany premiums up 2% to EUR 1.1 billion; fee and commission income rose 5% to EUR 634 million.

• International premiums increased 8% to EUR 1.6 billion; fee and commission income declined 1% to EUR 282 million.

• Asset managers' commission income rose 3% to CHF 719 million; TPAM commission income up 4%.

Outlook and guidance

• Expectation to achieve a 25% share of non-recurring TPAM income for full year 2025, based on project development pipeline.

• Net new assets in TPAM expected in the upper teens (CHF billions) for full year 2025.

• On track to achieve all group financial targets under the Swiss Life 2027 program, with continued expansion in insurance and fee business.

• Real estate fair value changes expected to remain positive for full year, driven by Swiss portfolio.

• CHF 750 million share buyback programme is proceeding as planned and will run until end of May 2026.