Swiss Life Holding Ag · SIX:SLHN
Swiss Life — HY 2026 Earnings Presentation
62 slides from Swiss Life's earnings presentation, Sep 1, 2026
Slide 1: Half-year results 2026
Half-year results 2026 Investor presentation 1 September 2026
Slide 2: Agenda
Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO 2 | Investor presentation | Half-year results 2026
Slide 3: Strong HY 2026 results; Swiss Life 2027 programme well on track
Strong HY 2026 results; Swiss Life 2027 programme well on track Profit from operations Net profit, RoE CHF m CHF m, % Net profit RoE +8% +8% 894 967 602 649 17-19% 17.6% 20.2% HY 20251) HY 20262) HY 2025 HY 20262) Target 2025-2027 Fee result Cash to Holding CHF m CHF bn > 1.0 bn 3.6-3.8 bn +5% +11%
Slide 4: Swiss Life 2027 strategic actions to drive business growth
Swiss Life 2027 strategic actions to drive business growth We enable people to lead a financially self-determined life Strategic actions Financial ambitions Customer Expanding customer base and relationships Earnings Enhanced quality and growth Advisor Growing advisor base and productivity Capital a
Slide 5: Agenda
Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO 5 | Investor presentation | Half-year results 2026
Slide 6: Selected P&L and other figures
Selected P&L and other figures P&L figures CHF million (IFRS basis) HY 2025 HY 2026 Insurance revenue 4 451 4 461 thereof CSM release 589 617 Insurance service expenses -3 794 -3 810 thereof claims and benefits -2 895 -2 865 Net investment result 254 290 Gain from network transfer: Profit from opera
Slide 7: Business review Switzerland
Business review Switzerland CHF million HY 2025 HY 2026 Change GWP incl. PHD 6 305 6 750 +7% • GL: +7% (market -2%) higher single premiums in the full insurance business; AuM in semi-autonomous business at CHF 8.6 bn (FY 25: CHF 8.4 bn) • IL: +7% (market +5%) driven by higher single premiums Fee and
Slide 8: Business review France
Business review France EUR million HY 2025 HY 2026 Change GWP incl. PHD 4 030 4 048 0% • Life: +2% (market +10%); UL share of 73% (market 39%) • Health & protection: -5% (market +6%) • P&C: 0% Fee and commission 295 336 +14% • Higher UL fee income based on higher average UL income1) reserves, driven
Slide 9: Business review Germany
Business review Germany EUR million HY 2025 HY 2026 Change GWP incl. PHD 758 777 +3% • Increase driven by higher periodic and single premiums (market -4%) Fee and commission 422 465 +10% • Higher income from owned IFAs; number of financial income1) advisors increased to 6 294 (+5%); growth in insura
Slide 10: Business review International
Business review International EUR million HY 2025 HY 2026 Change GWP incl. PHD 1 402 1 295 -8% • Higher premiums from business with corporate clients; lower premiums from private clients Fee and commission 189 190 0% • Higher income from owned IFAs; lower contribution from income1) corporate clients
Slide 11: Business review Asset Managers (1/2)
Business review Asset Managers (1/2) CHF million HY 2025 HY 2026 Change Commission and 496 519 +5% • PAM: increase driven by higher non-recurring other net income1) commission income from real estate transactions PAM 172 181 +5% • TPAM: strong growth in recurring commission income, 325 339 +4% growt
Slide 12: Business review Asset Managers (2/2)
Business review Asset Managers (2/2) TPAM net new assets, NNA TPAM assets under management, AuM CHF billion (fair value basis) CHF billion (fair value basis) 13.2 1.1 157.6 145.7 0.5 124.7 6.5 7.2 1.3 Real estate 0.2 0.1 Infrastructure 3.5 Multi assets Equity 4.7 Bonds Money market funds 1.7 0.1 0.9
Slide 13: Operating expense
Operating expense Operating expense (excl. variable expense) CHF million (IFRS basis) +1% +2% LC 1 022 1 033 230 239 CH • Business growth, investments in growth initiatives and expenses related to 194 200 FR efficiency measures • Life absolute costs of CHF 355 m 135 134 DE (HY 2025: CHF 357 m) 84 79
Slide 14: Investment income
Investment income Insurance portfolio for own risk (PAM AuM) CHF million, non-annualised yields in % (IFRS basis) HY 2025 HY 2026 Direct investment income 2 179 1 999 Direct investment yield 1.5% 1.4% Expense -232 -243 Net capital gains and losses1) -317 647 Net investment income 1 631 2 403 Net inv
Slide 15: Investment portfolio
Investment portfolio Insurance portfolio for own risk (PAM AuM) CHF million (fair value basis) 142 564 143 203 Equities & equity funds 10.3% 10.7% Alternative investments 3.6% 3.6% Real estate 28.1% 27.3% Mortgages Loans 7.3% 7.2% 2.2% 2.3% Government & supranational bonds 22.3% 21.7% 47.3% 46.5% Co
Slide 16: Insurance reserves per component and division
Insurance reserves per component and division Insurance reserves per component Insurance reserves per division CHF billion (IFRS basis) CHF billion (IFRS basis) +0% +0% +1% LC +1% LC 182.1 182.9 182.1 182.9 CH (-2% LC) FR (+4% LC) DE (+4% LC) 102.8 101.0 IN (+3% LC) 149.5 149.9 BEL1) CSM 42.3 43.8 R
Slide 17: CSM development
CSM development CSM development (pre-tax, gross) CHF billion (IFRS basis) Operating CSM growth +0.2 +0.1 0.0 16.2 +0.4 +0.3 15.6 15.3 -0.6 CSM Expected New business Experience Economic CSM before Release CSM 31.12.20251) business adjustments and other release to P&L 30.06.20261) contribution and upd
Slide 18: Shareholders' equity
Shareholders’ equity Shareholders’ equity CHF million (IFRS basis) 7 062 -36 -121 +643 6 311 -1 014 -212 -11 01.01.2026 Change in Change in Dividend Share buyback Other Profit 30.06.2026 foreign currency other OCI attributable translation to share- holders 18 | Investor presentation | Half-year resu
Slide 19: Capital structure
Capital structure Capital structure CHF billion (IFRS basis) 24.8 6.2 Senior & 16% Carrying value (CHF m) 20-30% hybrid 9% 3.9 Senior CSM (post-tax)1) 50% 70-80% Shareholders’ 2.2 Hybrid equity 25% Reference level HY 2026 HY 2026 Maturities (senior) and next optional call dates (hybrid) (nominal val
Slide 20: Group SST ratio as of 30 June 2026
Group SST ratio as of 30 June 2026 Swiss Life Group Swiss Life Group SST sensitivities SST standard model (as of 30.06.2026) Real estate -10% -23 ppts ~215% as of 30.06.2026 213% as of 31.12.2025 Capital management actions 190% Credit spreads1) +100 bps -9 ppts Ambition Dividend payout ratio accordi
Slide 21: Swiss Life 2027 programme: financial targets
Swiss Life 2027 programme: financial targets Swiss Life 2027 financial ambitions and targets Fee result > CHF 1 bn Enhanced earnings FY 2027 quality and earnings growth RoE 17 - 19% 2025-2027 Cash to Holding CHF 3.6 - 3.8 bn Cumulative 2025-2027 Attractive cash Dividend payout ratio > 75% Ambition t
Slide 22: Fee and commission income
Enhanced earnings Fee and commission income quality and earnings growth Fee and commission income1) CHF million (IFRS basis) +5% +7% LC Local 1 335 currency 1 271 Swiss Life Asset 513 +8% • Higher TPAM and PAM commission income Managers 473 +8% Owned IFA channels • Higher revenues from DE and IN 571
Slide 23: Profit from operations and fee result
Enhanced earnings Profit from operations and fee result quality and earnings growth Profit from operations Components of fee result CHF million (IFRS basis) CHF million (IFRS basis) +8% LC Gain from network +11% LC 967 business transfer: 894 CHF 29 m 430 386 430 Fee result 152 AM 386 145 107 Owned I
Slide 24: Operating result insurance business
Enhanced earnings Operating result insurance business quality and earnings growth Components of HY 2026 operating result insurance business CHF million (IFRS basis) • RA release of CHF 10 m (HY 2025: CHF 9 m) • FR non-life operating result of CHF 90 m (HY 2025: CHF 71 m) • Further contributions, inc
Slide 25: Return on equity
Attractive cash returns Return on equity to shareholders Return on equity, annualised HY 2026 calculation % (IFRS basis) 20.2 Shareholders’ • 01.01.2026: CHF 7.1 bn 17.6 equity • 30.06.2026: CHF 6.3 bn • HY 2026: CHF 643 m Net profit (profit attributable to shareholders, excl. minorities) • HY 2026:
Slide 26: Cash remittance to Holding
Attractive cash returns Cash remittance to Holding to shareholders Cash remittance to Holding Share buyback programmes CHF million Incl. DE special • Amount: CHF 750 m dividend: Completed CHF 55 m • Timing: Dec 2024 – May 2026 +5% 1 166 1 227 • Amount: CHF 250 m • Timing: Oct 2026 – Mar 2027 New • P
Slide 27: Swiss Life 2027 programme well on track
Swiss Life 2027 programme well on track Swiss Life 2027 financial ambitions and targets Current assessment Fee result > CHF 1 bn On track Enhanced earnings FY 2027 quality and earnings growth RoE 17 - 19% On track 2025-2027 Cash to Holding CHF 3.6 - 3.8 bn On track Cumulative 2025-2027 Attractive ca
Slide 28: Supplementary information
Half-year results 2026 Investor presentation Supplementary information
Slide 29: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 29 | Investor presentation | Half-year results 2026
Slide 30: Profit from operations and net profit in local currency
Profit from operations and net profit in local currency Profit from operations Profit from operations in local currency CHF m (IFRS basis) CHF m (IFRS basis) FX translation effect: +7% CHF -10 m +8% 903 9671) 894 9671) HY 2025 HY 2026 HY 2025 HY 2026 Net profit Net profit in local currency CHF m (IF
Slide 31: Premiums and fee and commission income
Premiums and fee and commission income GWP incl. PHD Fee and commission income1) CHF million CHF million (IFRS basis) +2% +5% +3% LC +7% LC 12 112 12 331 1 335 1 271 196 CH 176 CH 309 FR 279 FR 6 305 6 750 DE DE IN 398 427 IN Eliminations AM 178 174 Other & 3 800 3 717 eliminations 473 513 715 714 1
Slide 32: Details of net investment income
Details of net investment income HY 2026 insurance portfolio for own risk (PAM AuM) CHF million (IFRS basis) Direct Net Impairments Gains and losses through investment investment (change in ECL) income statement income income On On Total underlying derivatives Bonds 1 087 -13 -4 1 -3 1 070 Equities
Slide 33: Additional CSM details
Additional CSM details CSM per business division CSM per component CSM sensitivities CHF billion (IFRS basis) CHF billion (IFRS basis) (as of 30.06.2026) +1% +1% +2% LC +2% LC 15.3 15.6 15.3 15.6 Real estate -10% -6% 10.1 10.2 Interest rates -50 bps -1% 12.3 12.4 Equities -30% -9% 3.6 3.8 3.1 3.2 1.
Slide 34: New business CSM per division
New business CSM per division New business development CHF million (IFRS basis) Switzerland France Germany International Total 383 349 216 171 125 120 51 44 2 3 PVNBP 2 463 3 418 2 194 2 088 730 590 33 68 5 421 6 164 NB CSM margin 7.0% 6.3% 5.7% 5.8% 6.9% 7.4% 7.2% 4.6% 6.4% 6.2% HY 2025 HY 2026 34
Slide 35: Swiss Life Group reserves subject to BVG minimum interest rates
Swiss Life Group reserves subject to BVG minimum interest rates Breakdown of insurance reserves (incl. unit-linked) CHF billion (statutory basis), as of 30.06.2026 0.8 Non-life 52.8 Unit-linked business Europe Total 38.8 Group 179.1 Individual Traditional 18.5 business Annuitised Guaranteed rates 12
Slide 36: Average technical interest rate
Average technical interest rate Development since 2011 % (statutory basis) 01.01.2011 – 30.06.2026: • FX translation effect -5 bps • Reserve strengthening / release -67 bps 2.55% • Mandatory GL CH -11 bps 01.01.2026 – 30.06.2026: • Non-mandatory GL CH -15 bps • FX translation effect 0 bps • Business
Slide 37: Yield development
Yield development Direct and net investment yield Yields in % (IFRS basis) 4.0 3.0 2.0 1.6% 1.7% 1.7% 1.7% 1.5% 1.4% 1.4% 1.5% 1.5% 1.2% 1.3% 1.5% 1.4% 1.5% 1.4% 1.0 1.3% 1.3% 1.2% 1.1% 1.1% 1.2% 1.2% 0.0 -1.0 30.06.16 30.06.17 30.06.18 30.06.19 30.06.20 30.06.21 30.06.22 30.06.23 30.06.24 30.06.25
Slide 38: Profit from operations
Profit from operations Segment results (reported vs. in LC) CHF million (IFRS basis) HY 2025 HY 2026 Change Segments reported in LC reported reported in LC Switzerland 458 458 469 +2% +2% France 197 192 210 +6% +9% Germany 114 111 115 +1% +4% International 60 59 841) +39% +43% Asset Managers 145 145
Slide 39: Composition of segment results
Composition of segment results Segment results (IFRS basis) Asset Switzerland France Germany International Managers CHF m EUR m EUR m EUR m CHF m 458 469 228 125 92 152 121 145 27 27 209 117 64 Fee result 106 85 81 711) 431 442 46 Operating result 103 111 insurance business 41 40 18 20 HY 2025 HY 20
Slide 40: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 40 | Investor presentation | Half-year results 2026
Slide 41: Assets under management and administration
Assets under management and administration CHF billion (fair value basis), as of 30.06.2026 325.6 300.8 24.8 115.0 Total real estate under 90.2 Real estate management and administration under management (both PAM & TPAM) Share of real estate Share of real estate Share of real estate by managing coun
Slide 42: TPAM: change analysis of AuM
TPAM: change analysis of AuM TPAM TPAM assets under management (AuM) CHF billion (fair value basis), as of 30.06.2026 HY 2025 HY 2026 Change (bn) Total beginning of period 124.7 145.7 +21.0 Net new assets 13.2 7.2 Market performance 0.1 5.0 FX translation effects -0.4 -0.4 Scope change - - Total end
Slide 43: TPAM: AuM and NNA
TPAM: AuM and NNA TPAM TPAM AuM: CHF 157.6 bn as of 30.06.2026 TPAM NNA: CHF 7.2 bn, HY 2026 (fair value basis) (fair value basis) Breakdown by asset class Breakdown by asset class Real estate 18% Real estate 31% Infrastructure 3% 1% Infrastructure 7% Multi assets Multi assets 16% Equity Equity 64%
Slide 44: Bond portfolio: ratings and classification
Bond portfolio: ratings and classification PAM Total bond portfolio (fair value basis) 46.5% of insurance portfolio for own risk (CHF 66.6 bn) Insurance portfolio for own risk CHF 143.2 bn Breakdown by rating Breakdown by classification B BB 4% 8% AAA BBB 36% 18% 47% 53% Bonds 46.5% 17% A 17% Govern
Slide 45: Government & supranational bonds: ratings and currency
Government & supranational bonds: PAM ratings and currency Government and supranational bond portfolio (fair value basis) 21.7% of insurance portfolio for own risk (CHF 31.1 bn) Insurance portfolio for own risk CHF 143.2 bn Breakdown by rating Breakdown by currency BBB BB A 3% 12% 1% 39% CHF 46% Gov
Slide 46: Corporate bond portfolio: ratings and currency
Corporate bond portfolio: ratings and PAM currency Corporate bond portfolio1) (fair value basis) 24.8% of insurance portfolio for own risk (CHF 35.5 bn) Insurance portfolio for own risk CHF 143.2 bn Breakdown by rating Breakdown by currency B 8% AAA BB 21% 14% 27% EUR 37% CHF 4% AA 21% 32% 1% A Corp
Slide 47: Corporate bond portfolio: industry split
Corporate bond portfolio: industry split PAM Corporate bond portfolio1) (fair value basis), as of 30.06.2026 24.8% of insurance portfolio for own risk (CHF 35.5 bn) Breakdown by industry (in % of total corporate bond portfolio) Banks 31% Breakdown by rating Breakdown by structure Other financials 7%
Slide 48: Loan and mortgage portfolio
Loan and mortgage portfolio PAM Loan and mortgage portfolio (fair value basis) 9.5% of insurance portfolio for own risk (CHF 13.6 bn) Insurance portfolio for own risk CHF 143.2 bn Breakdown by country Breakdown by type Germany Purchased loans 20% 19% Mortgages Other 7.2% France 4% 2.3% 5% loans Loan
Slide 49: Real estate portfolio
Real estate portfolio PAM Real estate portfolio (fair value basis) 27.3% of insurance portfolio for own risk (CHF 39.0 bn) Insurance portfolio for own risk CHF 143.2 bn Breakdown by country Breakdown by type Other Germany 2% Residential Real estate 27.3% 10% Office France 10% 34% 37% 78% 13% 16% Swi
Slide 50: Real estate portfolio (additional details)
Real estate portfolio (additional details) PAM Real estate exposure Real estate direct investment income1) Real estate direct investment yield2) CHF bn CHF m %, based on average exposure -11% -11% LC 39.9 40.0 39.0 594 1.48% 531 1.34% HY 2025 FY 2025 HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 Vacancy r
Slide 51: Equities and alternative investments: gross exposure
Equities and alternative investments: PAM gross exposure Equity & equity funds portfolio (fair value basis) Alternative investments portfolio (fair value basis) 10.7% of insurance portfolio for own risk (CHF 15.3 bn) 3.6% of insurance portfolio for own risk (CHF 5.2 bn) Insurance portfolio for own r
Slide 52: Forex and interest rates
Forex and interest rates Foreign currency exchange rates 30.06.2025 31.12.2025 30.06.2026 01.01. – 30.06.2025 01.01. – 30.06.2026 EUR 0.9342 0.9312 0.9230 0.9429 0.9182 GBP 1.0892 1.0674 1.0715 1.1191 1.0587 USD 0.7942 0.7935 0.8087 0.8622 0.7871 Interest rates (10-year government bond) 30.06.2025 3
Slide 53: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 53 | Investor presentation | Half-year results 2026
Slide 54: Swiss Life 2027: sustainability goals are anchored in our business
Swiss Life 2027: sustainability goals are anchored in our business Business behaviour Asset manager & owner Offering On track On track On track Reduce CO₂ emissions Reduce CO2 intensity for directly Seize value-creating opportunities by per FTE by 50% by 20271) owned real estate by 20% by 20301) dev
Slide 55: Swiss Life contributes to transparency and comparability through its reporting
Swiss Life contributes to transparency and comparability through its reporting Sustainability reporting • Swiss Life’s sustainability reporting is based on international standards and local regulatory requirements. This includes the requirements for reporting non- financial matters pursuant to Art.
Slide 56: Swiss Life engages in many sustainability initiatives and networks
Swiss Life engages in many sustainability initiatives and networks Memberships Swiss Life Group (selection) Switzerland Germany Switzerland France UK Nordic International 56 | Investor presentation | Half-year results 2026
Slide 57: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 57 | Investor presentation | Half-year results 2026
Slide 58: Abbreviations
Abbreviations AGM Annual general meeting ISS Institutional Shareholder Services ALM Asset and liability management IL Individual life AM Business division Asset Managers IN Business division International AuM Assets under management LC Local currency BEL Best estimate liabilities m Million bn Billio
Slide 59: Disclaimer and cautionary statement
Disclaimer and cautionary statement This presentation does not constitute or form part of any advertising, offer, recommendation or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities of Swiss Life, nor shall part or all of this presentation or i
Slide 60: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 60 | Investor presentation | Half-year results 2026
Slide 61: Contact details and financial calendar
Contact details and financial calendar Contact Gianni Vitale Phone +41 (43) 284 67 67 Head of Investor Relations E-mail gianni.vitale@swisslife.ch Rolf Winter Phone +41 (43) 284 49 19 Senior Investor Relations Manager E-mail rolf.winter@swisslife.ch Dominik Gänsslen Phone +41 (43) 284 93 77 Investor
Slide 62: We enable people to lead a financially self-determined life.
We enable people to lead a financially self-determined life.