Swiss Life Holding Ag · SIX:SLHN
Swiss Life — FY2025 Earnings Presentation
26 slides from Swiss Life's earnings presentation, Mar 12, 2026
Slide 1: Extract from investor presentation for media representatives
Extract from investor presentation for media representatives 12 March 2026
Slide 2: Agenda
Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO 2 | Full-year results 2025 | Extract from investor presentation for media representatives
Slide 3: FY 2025: higher profit from operations, RoE and operating result insurance business
FY 2025: higher profit from operations, RoE and operating result insurance business… Profit from operations Net profit, RoE Net profit CHF m CHF m, % RoE +3% 0% 1 774 1 827 1 261 1 256 17-19% 16.6% 17.2% FY 20241) FY 2025 FY 2024 FY 2025 Target 2025-2027 Fee result Operating result insurance busines
Slide 4: …as well as higher SST, payout ratio and DPS
…as well as higher SST, payout ratio and DPS SST Cash to Holding % CHF bn 3.6-3.8 bn ~210% 201% -7% 140-190% 1.31 1.22 0.141) FY 2024 FY 2025 Ambition range FY 2024 FY 2025 Cumulative target 2025-2027 Payout ratio Dividend per share % CHF +4% 81% 82% 36.50 35.00 Ambition to > 75% increase DPS FY 202
Slide 5: 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 6: Agenda
Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO 6 | Full-year results 2025 | Extract from investor presentation for media representatives
Slide 7: Selected P&L and other figures
Selected P&L and other figures Selected P&L figures CHF million (IFRS basis) FY 2024 FY 2025 Insurance revenue 8 678 8 750 thereof CSM release 1 126 1 155 Insurance service expenses -7 608 -7 542 thereof claims and benefits -5 750 -5 668 Net investment result 1 044 805 Profit from operations 1 783 1
Slide 8: Business review Switzerland
Business review Switzerland CHF million FY 2024 FY 2025 Change GWP incl. PHD 9 911 10 214 +3% • GL: +3% (market -2%), higher premiums in the full insurance business; AuM in semi-autonomous business increased to CHF 8.4 bn (FY 24: CHF 7.8 bn) • IL: +5% (market +4%) driven by higher single premiums Fe
Slide 9: Business review France
Business review France EUR million FY 2024 FY 2025 Change GWP incl. PHD 7 774 8 094 +4% • Life: +5% (market +10%); UL share of 69% (market 39%) • Health & protection: +1% (market +3%) • P&C: -1% Fee and commission 541 593 +10% • Higher UL fee income based on higher average UL income1) reserves, driv
Slide 10: Business review Germany
Business review Germany EUR million FY 2024 FY 2025 Change GWP incl. PHD 1 506 1 541 +2% • Higher periodic premiums with modern, modern-traditional and disability products (market +5%) Fee and commission 821 881 +7% • Higher productivity at owned IFAs; slightly increased income1) number of financial
Slide 11: Business review International
Business review International EUR million FY 2024 FY 2025 Change GWP incl. PHD 1 720 1 829 +6% • Higher premiums from private clients; stable premiums from business with corporate clients Fee and commission 381 379 -1% • Higher income from owned IFAs offset by lower income1) contribution from corpor
Slide 12: Business review Asset Managers (1/2)
Business review Asset Managers (1/2) CHF million FY 2024 FY 2025 Change Commission and 1 158 1 148 -1% • PAM: higher recurring income offset by lower non- other net income1) recurring income PAM 356 353 -1% • TPAM: higher recurring income offset by lower net 802 795 -1% income from real estate proje
Slide 13: 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) 17.7 145.7 2.1 124.7 0.5 0.8 111.8 9.5 9.6 1.7 Real estate 0.9 Infrastructure 4.3 Multi assets Equity 0.9 4.2 Bonds 1.8 Money market funds -0.
Slide 14: Investment portfolio
Investment portfolio Insurance portfolio for own risk (PAM AuM) CHF million (fair value basis) 147 635 142 564 Equities & equity funds 9.9% 10.3% Alternative investments 3.5% 3.6% Real estate 27.3% 28.1% Mortgages Loans 7.4% 7.3% 2.5% 2.2% Government & supranational bonds 22.5% 22.3% 47.2% 47.3% Cor
Slide 15: CSM development
CSM development CSM development (pre-tax, gross) CHF billion (IFRS basis) Operating CSM growth +0.5 +0.4 16.5 +0.5 +0.6 15.3 +0.6 -1.2 14.4 CSM Expected New business Experience Economic CSM before Release CSM 31.12.20241) business adjustments and other release to P&L 31.12.20252) contribution and up
Slide 16: Group SST ratio as of 31 December 2025
Group SST ratio as of 31 December 2025 Swiss Life Group Swiss Life Group SST sensitivities SST standard model (as of 31.12.2025) ~210% as of 31.12.2025 Real estate -10% -24 ppts 201% as of 31.12.2024 Capital management actions 190% Credit spreads1) +100 bps -9 ppts Ambition Dividend payout ratio acc
Slide 17: 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 18: Fee and commission income
Enhanced earnings Fee and commission income quality and earnings growth Fee and commission income1) CHF million (IFRS basis) +4% +5% LC Local 2 588 currency 2 492 Swiss Life Asset 959 979 +2% • Higher TPAM commission income Managers 1 159 +5% Owned IFA channels • Higher revenues from DE and IN 1 115
Slide 19: Profit from operations and fee result
Enhanced earnings Profit from operations and fee result quality and earnings growth Adjusted profit from operations Components of fee result CHF million (IFRS basis) CHF million (IFRS basis) +3% 870 858 1 774 1 827 858 Fee result 446 -7% 414 AM 870 -1% 163 +7% 173 Owned IFAs Operating result 1 036 +
Slide 20: Return on equity
Attractive cash returns Return on equity to shareholders Return on equity FY 2025 calculation % (IFRS basis) 17.2% 16.6% Shareholders’ • 01.01.2025: CHF 7.3 bn equity • 31.12.2025: CHF 7.1 bn • FY 2025: CHF 1 234 m Net profit (profit attributable to shareholders, excl. minorities) • FY 2025: 17.2% (
Slide 21: Cash remittance to Holding
Attractive cash returns Cash remittance to Holding to shareholders Cash remittance to Holding Share buyback programme CHF billion One-off effects: CHF 0.14 bn1) -7% • CHF 750 m 1.308 1.220 Amount (Dec 2024 – May 2026) 56% 52% CH Current • Shares repurchased in the amount of status CHF 631 m until 6
Slide 22: Proposed increase of dividend to shareholders by CHF 1.50 per share
Attractive cash returns Proposed increase of dividend to to shareholders shareholders by CHF 1.50 per share Dividend and share buybacks Dividend payment details CHF, per share Share buybacks1) 14.0 6.6 17.5 per share AGM • 7 May 2026 +1.50 35.00 36.50 33.00 Ex date • 11 May 2026 • 13 May 2026 • Divi
Slide 23: 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 24: Abbreviations
Abbreviations AGM Annual general meeting IL Individual life ALM Asset and liability management IN Business division International AM Business division Asset Managers LC Local currency AuM Assets under management m Million BEL Best estimate liabilities NB New business bn Billion NNA Net new assets bp
Slide 25: 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 26: We enable people to lead a financially self-determined life.
We enable people to lead a financially self-determined life.