Swiss Life continues to grow, increases profit from operations and raises dividend – “Swiss Life 2027” well on track

Zurich, 12 March 2026
Ad hoc announcement pursuant to Art. 53 LR

• Net profit: stable at CHF 1.26 billion
• Profit from operations: CHF 1.83 billion (+3% in local currency)
• Fee result: CHF 858 million (-1% in local currency)
• Return on equity: 17.2% (FY 24: 16.6%) 
• Cash remittance to Holding: CHF 1.22 billion (FY 24: CHF 1.31 billion)
• Fee income: CHF 2.59 billion (+5% in local currency)
• Premiums: CHF 20.9 billion (+3% in local currency)
• TPAM: net new assets CHF 17.7 billion (+88%); AuM CHF 146 billion (+17%)
• SST ratio: around 210% (31 December 2024: 201%)
• The Board of Directors proposes to the Annual General Meeting a dividend of CHF 36.50 per share (previous year: CHF 35.00)

“I am very satisfied with our operational performance in our insurance and fee business in 2025. We grew the business volume, the profit from operations and the return on equity,” says Matthias Aellig, Group CEO of Swiss Life. “I am pleased that we are continuing our successful development and are well on track with our ‘Swiss Life 2027’ programme. I would like to thank all our employees and advisors for their strong commitment and our customers for their continued trust and loyalty.”

Profit from operations increased by 3%
In the 2025 financial year, Swiss Life grew the operating result in insurance business to CHF 1.10 billion, up 6% in local currency. The fee result came to CHF 858 million (FY 24: CHF 870 million), with strong contributions from owned IFAs and own and third-party products. Overall, the Swiss Life Group increased its profit from operations by 3% in local currency to CHF 1.83 billion. Despite CHF 35 million higher tax expenses, net profit amounted to CHF 1.26 billion, in line with the previous year.

Premiums came to CHF 20.9 billion, an increase of 3% in local currency, with all insurance segments contributing to the growth. Swiss Life further expanded its fee business, generating total fee income of CHF 2.59 billion. The growth of 5% in local currency was driven by owned IFAs (+5%), own and third-party products and services (+5%) and Swiss Life Asset Managers (+2%).

The contractual service margin (CSM), the balance sheet item which represents future profit contributions from existing insurance business, grew by almost one billion to CHF 15.3 billion as at the end of 2025 (31 December 2024: CHF 14.4. billion).

Direct investment income was stable at CHF 4.13 billion, which corresponds to a direct investment yield of 2.9% (FY 24: 2.9%). Net investment income amounted to CHF 3.79 billion (FY 24: CHF 3.73 billion) and the net investment yield stood at 2.7% (FY 24: 2.6%).

Growth across all divisions
In Switzerland, Swiss Life increased premiums by 3% to CHF 10.2 billion (FY 24: CHF 9.91 billion). Assets under management in semi-autonomous business amounted to CHF 8.38 billion as at the end of 2025 (31 December 2024: CHF 7.78 billion). The fee result was stable at CHF 55 million. The segment result increased by 4% to CHF 891 million, driven by a higher operating result in insurance business. The cash remittance to the holding company was CHF 0.65 billion, CHF 0.09 billion below the previous year, which included a one-off of CHF 0.12 billion.

In France, Swiss Life posted premiums of EUR 8.09 billion, an increase of 4%. Premiums in the life business grew by 5%. At 69%, the share of unit-linked solutions was well above the market (39%). The fee income was up 10% to EUR 593 million. The fee result rose by 7% to EUR 195 million. The segment result increased by 8% to EUR 361 million, also due to a higher operating result in insurance business. The division achieved a cash remittance to the holding company of EUR 191 million, up 3%.

At Swiss Life in Germany, premiums were up 2% to EUR 1.54 billion. The fee income grew by 7% to EUR 881 million. The fee result increased by 6% to EUR 127 million. The segment result grew by 6% to EUR 205 million. The cash remittance to the holding company amounted to EUR 106 million, up 2%.

In the International market unit, premiums rose by 6% to EUR 1.83 billion. The fee income came to EUR 379 million, down 1%. The fee result rose by 1% to EUR 91 million. The segment result increased by 10% to EUR 130 million mainly driven by a higher operating result in insurance business. At EUR 73 million, the cash remittance to the holding company was 9% higher than in the previous year.

Swiss Life Asset Managers nearly doubled net new assets in TPAM business to CHF 17.7 billion in 2025 (FY 24: CHF 9.5 billion), driven by strong inflows in securities and real estate. Assets under management in TPAM business increased to CHF 146 billion as at the end of 2025 (31 December 2024: CHF 125 billion). Swiss Life Asset Managers’ total income was CHF 1.15 billion (FY 24: CHF 1.16 billion). The TPAM business contributed CHF 795 million (FY 24: CHF 802 million), as higher recurring income was offset by lower non-recurring income. The segment result decreased by 7% to CHF 414 million, as the non-recurring TPAM income was below the very strong prior-year level. The cash remittance to the holding company increased by 3% to CHF 250 million compared to the previous year, which included a one-off of CHF 20 million.

“Swiss Life 2027” well on track

With the full-year 2025 results, Swiss Life concludes a pleasing first year of the “Swiss Life 2027” Group-wide programme. Swiss Life aims to increase its fee result to over CHF 1 billion by 2027 (FY 25: CHF 858 million) and to achieve a return on equity in the range of 17–19% in each year of the programme (FY 25: 17.2%). In addition, Swiss Life strives to increase the cumulative cash remittance to the holding company in the three years of the programme to CHF 3.6–3.8 billion (FY 25: CHF 1.22 billion). Moreover, Swiss Life aims to achieve a dividend payout ratio of over 75% in each of the three years (FY 25: 82%) and to increase the dividend per share (FY 25: CHF 36.50, up 4% compared to the previous year).

The Swiss Life Group estimates its SST ratio to be around 210% as at 31 December 2025 (31 December 2024: 201%). The solvency ratio is thus above the strategic ambition range of 140–190%. The ongoing CHF 750 million share buyback programme is proceeding as planned and will run until the end of May 2026.

Proposals to the Annual General Meeting

The Board of Directors will propose a dividend of CHF 36.50 per share (previous year: CHF 35.00) to the shareholders at the Annual General Meeting on 7 May 2026. The dividend will be distributed on 13 May 2026.

As communicated earlier, long-standing members of the Board of Directors Henry Peter and Adrienne Corboud Fumagalli will not be putting themselves forward for re-election at the 2026 Annual General Meeting. The Board of Directors proposes Luisa Delgado and Patrick Frost for election to the Board of Directors at the 2026 Annual General Meeting. All other members of the Board of Directors will stand for re-election, with Chairman of the Board of Directors Rolf Dörig standing for a final term that will run until the 2027 Annual General Meeting.

Telephone conference call for analysts, investors and media representatives

Matthias Aellig, Group CEO, and Marco Gerussi, Group CFO, will hold a telephone conference in English for financial analysts and investors today at 9 a.m. (CET). It is also possible to participate via audio webcast.

Dial-in number for Europe: +41 (0) 58 310 50 00
Dial-in number for the UK: +44 (0) 207 107 06 13
Dial-in number for the USA: +1 (1) 631 570 56 13

At 11 a.m. (CET), Matthias Aellig, Group CEO, and Marco Gerussi, Group CFO, will also hold a virtual media conference in German for media representatives.

All the documents relating to the financial statements are available online at www.swisslife.com.
 

Information

Media Relations
Phone +41 43 284 77 77
media.relations@swisslife.ch

Investor Relations
Phone +41 43 284 52 76
investor.relations@swisslife.ch

www.swisslife.com 

Follow us on LinkedIn
Swiss Life Group

Further information
All our media releases can be found at swisslife.com/mediareleases

Swiss Life Group
The Swiss Life Group is one of Europe’s leading comprehensive life and pensions and financial solutions providers. In its core markets of Switzerland, France and Germany, Swiss Life offers individuals and corporations comprehensive and individual advice plus a broad range of own and partner products through its sales force and distribution partners such as brokers and banks.

Swiss Life Select, Tecis, Horbach, Proventus and Chase de Vere advisors also broker suitable products from partner companies for customers. Swiss Life Asset Managers offers institutional and private investors access to investment and asset management solutions. Swiss Life provides multinational corporations with employee benefits solutions and high net worth individuals with structured life and pensions products. 

Swiss Life Holding Ltd, registered in Zurich, was founded in 1857 as Schweizerische Rentenanstalt. The shares of Swiss Life Holding Ltd are listed on the SIX Swiss Exchange (SLHN). The Swiss Life Group also includes various subsidiaries. The Group employs a workforce of around 11 000 and has at its disposal a distribution network of around 17 000 advisors.

Swiss Life corporate film

Cautionary statement regarding forward-looking information
This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “assume”, “expect” or similar expressions. Such forward-looking statements, by their nature, are subject to known and unknown risks, uncertainties and other important factors. These may result in a substantial divergence between the actual results, developments and expectations of Swiss Life and those explicitly or implicitly described in these forward-looking statements. Given these uncertainties, the reader is reminded that these statements are merely projections and should not be overvalued. Neither Swiss Life nor its Members of the Board of Directors, executive managers, managers, employees or external advisors nor any other person associated with Swiss Life or with any other relationship to the company makes any express or implied representation or warranty as to the correctness or completeness of the information contained in this publication. Swiss Life and the abovementioned persons shall not be liable under any circumstances for any direct or indirect loss resulting from the use of this information. Furthermore, Swiss Life undertakes no obligation to publicly update or change any of these forward-looking statements, or to adjust them to reflect new information, future events, developments or similar.