Swiss Life Holding Ag · SIX:SLHN
Swiss Life — FY2025 Earnings Presentation
66 slides from Swiss Life's earnings presentation, Mar 12, 2026
Slide 1: Full-year results 2025 Investor presentation
Full-year results 2025 Investor presentation 12 March 2026
Slide 2: Agenda
Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO 2 | Investor presentation | Full-year results 2025
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 | Investor presentation | Full-year results 2025
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: Operating expense
Operating expense Operating expense (excl. variable expense) CHF million (IFRS basis) +2% +2% LC 2 066 2 100 461 478 CH • Driven by business growth and investments in growth initiatives 385 400 FR • Life absolute costs of CHF 735 m (FY 2024: CHF 733 m) 286 289 DE 173 164 IN 603 620 AM UCC1), Other2)
Slide 15: Investment income
Investment income Insurance portfolio for own risk (PAM AuM) CHF million, yields in % (IFRS basis) FY 2024 FY 2025 Direct investment income 4 133 4 129 Direct investment yield 2.9% 2.9% Expense -477 -483 Net capital gains and losses1) 71 143 Net investment income 3 727 3 788 Net investment yield 2.6
Slide 16: 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 17: 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) +1% +1% +1% LC +1% LC 181.2 182.1 181.2 182.1 CH (0% LC) FR (+8% LC) 103.2 102.8 DE (-3% LC) IN (-4% LC) 148.4 149.5 BEL1) CSM 39.3 42.3 RA
Slide 18: 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 19: Shareholders’ equity
Shareholders’ equity Shareholders’ equity CHF million (IFRS basis) 7 271 +146 +1 234 7 062 -76 -991 -499 -23 01.01.2025 Change in Change in Dividend Share buyback Other Profit 31.12.2025 foreign other OCI attributable currency to share- translation holders 19 | Investor presentation | Full-year resu
Slide 20: Capital structure
Capital structure Capital structure1) CHF billion (IFRS basis) 25.0 5.9 Senior & 14% Carrying value (CHF m) 20-30% hybrid 9% 3.6 Senior CSM (post-tax)2) 48% 70-80% Shareholders’ 2.3 Hybrid equity 28% Reference level FY 2025 FY 2025 Maturities (senior) and next optional call dates (hybrid) (nominal v
Slide 21: 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 22: 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 23: 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 24: 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 25: Operating result insurance business
Enhanced earnings Operating result insurance business quality and earnings growth Components of FY 2025 operating result insurance business CHF million (IFRS basis) • RA release of CHF 18 m (FY 2024: CHF 18 m) • FR non-life operating result of CHF 121 m (FY 2024: CHF 112 m) • Further contributions,
Slide 26: 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 27: 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 28: 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 29: 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 30: Supplementary information
Full-year results 2025 Investor presentation Supplementary information
Slide 31: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 31 | Investor presentation | Full-year results 2025
Slide 32: Adjusted profit from operations and net profit
Adjusted profit from operations and net profit Profit from operations Adjusted profit from operations CHF m (IFRS basis) CHF m (IFRS basis) FX translation effect: +2% CHF -9 m +3% 1 783 1 827 1 774 1 827 FY 2024 FY 2025 FY 2024 FY 2025 Net profit Adjusted net profit CHF m (IFRS basis) CHF m (IFRS ba
Slide 33: 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) +3% +4% +3% LC +5% LC 20 330 20 871 2 588 2 492 359 339 CH CH 516 557 9 911 10 214 FR FR DE DE 783 827 IN IN Eliminations 363 356 AM 7 599 Other & 7 408 eliminations 959 979 1 435 1
Slide 34: Details of net investment income
Details of net investment income FY 2025 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 2 241 -33 93 35 127 2 335 Equitie
Slide 35: 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 31.12.2025) +7% +7% +7% LC +7% LC 15.3 15.3 14.4 14.4 Real estate -10% -6% 10.1 9.5 12.3 Interest rates -50 bps -1% 11.4 Equities -30% -8% 3.2 3.6 2.9 3.1 1.5
Slide 36: New business CSM per division
New business CSM per division New business development CHF million (IFRS basis) Switzerland France Germany International Total 693 635 316 265 270 268 96 96 10 7 PVNBP 4 025 4 026 4 680 4 616 1 394 1 320 183 121 10 282 10 083 NB CSM margin 7.9% 6.6% 5.8% 5.8% 6.9% 7.3% 5.7% 5.4% 6.7% 6.3% FY 2024 FY
Slide 37: 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 31.12.2025 0.8 Non-life 50.3 Unit-linked business Europe 38.9 Total Group 179.3 Individual Traditional 18.8 business Annuitised Guaranteed rates 12
Slide 38: Average technical interest rate
Average technical interest rate Development since 2010 % (statutory basis) 01.01.2010 – 01.01.2026: • FX translation effect -6 bps • Reserve strengthening / release -68 bps 2.60% • Mandatory GL CH -11 bps 01.01.2025 – 01.01.2026: • Non-mandatory GL CH -15 bps • FX translation effect 0 bps 2.12% • Bu
Slide 39: Yield development
Yield development Direct and net investment yield Yields in % (IFRS basis) 4.0 3.7% 3.3% 3.0% 2.9% 2.9% 2.8% 2.9% 2.9% 3.0 2.8% 2.7% 3.0% 3.0% 2.9% 2.4% 2.8% 2.5% 2.6% 2.7% 2.0 2.3% 2.2% 2.5% 1.8% 1.0 0.0 -1.0 31.12.15 31.12.16 31.12.17 31.12.18 31.12.19 31.12.20 31.12.21 31.12.22 31.12.23 31.12.24
Slide 40: Switzerland: statutory group business (BVG)
Switzerland: statutory group business (BVG) BVG operating income total group business CHF million (statutory basis) FY 2024 FY 2025 Gross revenue 1 928 100% 1 780 100% Total insurance benefits 1 835 95.2% 1 704 95.7% paid (incl. bonuses) Operating income 93 76 group business (legal quote) Operating
Slide 41: Profit from operations
Profit from operations Segment results (reported vs. adjusted) CHF million (IFRS basis) FY 2024 FY 2025 Change Segments reported adjusted1) reported reported adjusted Switzerland 854 854 891 +4% +4% France 319 314 339 +6% +8% Germany 184 181 192 +5% +6% International 113 111 122 +8% +10% Asset Manag
Slide 42: 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 891 361 205 130 446 854 193 55 335 118 414 55 195 Fee result 182 127 120 91 90 799 836 Operating result 152 165 72 77 insurance business 39 28 FY 2024 FY
Slide 43: Additional information on Swiss Life AG
Additional information on Swiss Life AG Swiss Life AG: net profit Swiss Life AG: dividend remitted to Holding CHF million (statutory basis) CHF million -1% -1% 924 915 924 915 FY 2024 FY 2025 FY 2024 FY 2025 (paid in 2025) (proposed for payment in 2026) 43 | Investor presentation | Full-year results
Slide 44: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 44 | Investor presentation | Full-year results 2025
Slide 45: Assets under management and administration
Assets under management and administration CHF billion (fair value basis), as of 31.12.2025 312.8 288.3 24.5 114.0 Total real estate under 89.5 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 46: TPAM: change analysis of AuM
TPAM: change analysis of AuM TPAM TPAM assets under management (AuM) CHF billion (fair value basis), as of 31.12.2025 FY 2024 FY 2025 Change (bn) Total beginning of period 111.8 124.7 +12.9 Net new assets 9.5 17.7 Market performance 3.4 3.6 FX translation effects 0.6 -0.6 Scope change -0.6 0.2 Total
Slide 47: TPAM: AuM and NNA
TPAM: AuM and NNA TPAM TPAM AuM: CHF 145.7 bn as of 31.12.2025 TPAM NNA: CHF 17.7 bn, FY 2025 (fair value basis) (fair value basis) Breakdown by asset class Breakdown by asset class 12% Real estate 3% Real estate 33% 4% Infrastructure Infrastructure 7% Multi assets Multi assets 17% 54% Equity Equity
Slide 48: Bond portfolio: ratings and classification
Bond portfolio: ratings and classification PAM Total bond portfolio (fair value basis) 47.3% of insurance portfolio for own risk (CHF 67.4 bn) Insurance portfolio for own risk CHF 142.6 bn Breakdown by rating Breakdown by classification B BB 4% 8% AAA BBB 36% 18% 47% 53% Bonds 47.3% 17% A 17% Govern
Slide 49: Government & supranational bonds: ratings and currency
Government & supranational bonds: PAM ratings and currency Government and supranational bond portfolio (fair value basis) 22.3% of insurance portfolio for own risk (CHF 31.8 bn) Insurance portfolio for own risk CHF 142.6 bn Breakdown by rating Breakdown by currency BBB BB A 3% 12% 1% 39% CHF 46% Gov
Slide 50: Corporate bond portfolio: ratings and currency
Corporate bond portfolio: PAM ratings and currency Corporate bond portfolio1) (fair value basis) 25.0% of insurance portfolio for own risk (CHF 35.6 bn) Insurance portfolio for own risk CHF 142.6 bn Breakdown by rating Breakdown by currency B AAA 7% BB 20% 15% 26% EUR 37% CHF 4% AA 22% 1% 32% 1% A O
Slide 51: Corporate bond portfolio: industry split
Corporate bond portfolio: industry split PAM Corporate bond portfolio1) (fair value basis), as of 31.12.2025 25.0% of insurance portfolio for own risk (CHF 35.6 bn) Breakdown by industry (in % of total corporate bond portfolio) Banks 31% Breakdown by rating Breakdown by structure Other financials 7%
Slide 52: 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 13.5 bn) Insurance portfolio for own risk CHF 142.6 bn Breakdown by country Breakdown by type Purchased loans Germany 20% 18% Other Mortgages 7.3% 5% loans France 4% Loans 2.2
Slide 53: Real estate portfolio
Real estate portfolio PAM Real estate portfolio (fair value basis) 28.1% of insurance portfolio for own risk (CHF 40.0 bn) Insurance portfolio for own risk CHF 142.6 bn Breakdown by country Breakdown by type Other Germany 2% Residential Real estate 28.1% 10% Office France 10% 36% 34% 78% 14% 16% Swi
Slide 54: Real estate portfolio (additional details)
Real estate portfolio (additional details) PAM Real estate exposure Real estate direct investment income1) Real estate direct investment yield1) CHF bn CHF m %, based on average exposure +4% +4% LC 40.2 40.0 1 071 1 111 2.67% 2.77% FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Vacancy rate Fair va
Slide 55: 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) 10.3% of insurance portfolio for own risk (CHF 14.7 bn) 3.6% of insurance portfolio for own risk (CHF 5.1 bn) Insurance portfolio for own r
Slide 56: Forex and interest rates
Forex and interest rates Foreign currency exchange rates 31.12.2024 30.06.2025 31.12.2025 01.01. – 31.12.2024 01.01. – 31.12.2025 EUR 0.9394 0.9342 0.9312 0.9529 0.9389 GBP 1.1364 1.0892 1.0674 1.1258 1.0954 USD 0.9078 0.7942 0.7935 0.8809 0.8305 Interest rates (10-year government bond) 31.12.2024 3
Slide 57: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 57 | Investor presentation | Full-year results 2025
Slide 58: 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 59: 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 60: 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 60 | Investor presentation | Full-year results 2025
Slide 61: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 61 | Investor presentation | Full-year results 2025
Slide 62: 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 63: 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 64: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 64 | Investor presentation | Full-year results 2025
Slide 65: 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 66: We enable people to lead a financially self-determined life.
We enable people to lead a financially self-determined life.