Swiss Life Holding Ag · SIX:SLHN
Swiss Life — HY 2025 Earnings Presentation
64 slides from Swiss Life's earnings presentation, Sep 3, 2025
Slide 1: Half-year results 2025
Half-year results 2025 Investor presentation 3 September 2025
Slide 2: Agenda
Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO 2 | Investor presentation | Half-year results 2025
Slide 3: HY 2025 with higher profit from operations
HY 2025 with higher profit from operations marks a successful start to Swiss Life 2027 Profit from operations Fee result Net profit CHF m CHF m CHF m +3% 0% -5% 876 903 391 392 632 602 HY 20241) HY 2025 HY 20241) HY 2025 HY 2024 HY 2025 Return on equity Cash to Holding SST ratio CHF bn -8% 201% ~205
Slide 4: Swiss Life 2027 to drive business growth and to step up earnings and cash returns to shareholders
Swiss Life 2027 to drive business growth and to step up earnings and cash returns to shareholders We enable people to lead a financially self-determined life Strategic actions Financial ambitions Financial targets Customer Fee result > CHF 1 bn Expanding customer base and relationships Earnings FY 2
Slide 5: Agenda
Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO 5 | Investor presentation | Half-year results 2025
Slide 6: Selected P&L and other figures
Selected P&L and other figures Selected P&L figures CHF million (IFRS basis) HY 2024 HY 2025 Insurance revenue 4 539 4 451 thereof CSM release 618 589 Insurance service expenses -3 793 -3 794 thereof claims and benefits -2 884 -2 895 Net investment result 491 254 Profit from operations 883 903 Borro
Slide 7: Business review Switzerland
Business review Switzerland CHF million HY 2024 HY 2025 Change GWP incl. PHD 6 086 6 305 +4% • GL: +4% (market -1%), higher premiums in the full insurance business; AuM in semi-autonomous business increased to CHF 8.0 bn (FY 24: CHF 7.8 bn) • IL: 0% (market +3%), stable development compared to stron
Slide 8: Business review France
Business review France EUR million HY 2024 HY 2025 Change GWP incl. PHD 3 784 4 030 +7% • Life: +9% (market +5%); UL share of 65% (market 38%) • Health & protection: +2% (market +4%) • P&C: -3% Fee and commission 295 295 0% • Higher UL fee income based on higher average UL income1) reserves, driven
Slide 9: Business review Germany
Business review Germany EUR million HY 2024 HY 2025 Change GWP incl. PHD 739 758 +3% • Higher premiums with modern, modern-traditional and disability products (market +11%) Fee and commission 400 422 +6% • Higher productivity at owned IFAs with essentially stable income1) number of financial advisor
Slide 10: Business review International
Business review International EUR million HY 2024 HY 2025 Change GWP incl. PHD 1 306 1 402 +7% • Higher premiums with private clients; slightly lower premiums from business with corporate clients Fee and commission 192 189 -2% • Higher income from owned IFAs more than offset by income1) lower contri
Slide 11: Business review Asset Managers (1/2)
Business review Asset Managers (1/2) CHF million HY 2024 HY 2025 Change Commission and 506 496 -2% • PAM: higher recurring income more than offset by lower other net income1) non-recurring income PAM 177 172 -3% • TPAM: higher recurring income and higher real estate 329 325 -1% transaction income of
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) 13.2 137.6 1.1 124.7 111.8 0.5 105.4 6.5 Real estate Infrastructure 1.2 3.5 Multi assets 0.7 Equity 0.2 1.7 Bonds 0.4 0.5 Money market funds -
Slide 13: Operating expense
Operating expense Operating expense (excl. variable expense) CHF million (IFRS basis) +2% +2% LC 1 005 1 022 220 230 CH • Driven by business growth and investments in growth initiatives 193 194 FR • Includes life absolute costs of CHF 356 m (HY 2024: CHF 357 m) 131 135 DE 89 84 IN 298 298 AM UCC1),
Slide 14: Investment income
Investment income Insurance portfolio for own risk (PAM AuM) CHF million, non-annualised yields in % (IFRS basis) HY 2024 HY 2025 Direct investment income 2 133 2 179 Direct investment yield 1.5% 1.5% Expense -224 -232 Net capital gains and losses1) -46 -317 Net investment income 1 862 1 631 Net inv
Slide 15: Investment portfolio
Investment portfolio Insurance portfolio for own risk (PAM AuM) CHF million (fair value basis) 147 635 144 149 Equities & equity funds 9.9% 9.6% Alternative investments 3.5% 3.4% Real estate 27.3% 27.7% Mortgages Loans 7.4% 7.3% 2.5% 2.4% Government & supranational bonds 22.5% 22.9% 47.2% 48.9% Corp
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) -1% -1% -1% LC -1% LC 181.2 179.4 181.2 179.4 CH (-1% LC) FR (+3% LC) 103.2 DE (-2% LC) 102.0 IN (-4% LC) 148.4 147.5 BEL1) CSM 39.3 40.4 R
Slide 17: CSM development
CSM development CSM development (pre-tax, gross) CHF billion (IFRS basis) Operating CSM growth +0.2 +0.2 15.4 +0.2 +0.3 14.8 +0.3 -0.6 14.4 CSM Expected New business Experience Economic CSM before Release CSM 31.12.20241) business adjustments and other release to P&L 30.06.20252) contribution and up
Slide 18: Shareholders' equity
Shareholders’ equity Shareholders’ equity CHF million (IFRS basis) 7 271 +38 -37 +585 6 580 -991 -254 -32 01.01.2025 Change in Change in Dividend Share buyback Other Profit 30.06.2025 foreign other OCI attributable currency to share- translation holders 18 | Investor presentation | Half-year results
Slide 19: Capital structure
Capital structure Capital structure1) CHF billion (IFRS basis) 23.8 5.6 Senior & 15% Carrying value (CHF m) 20-30% hybrid 9% 3.6 Senior CSM (post-tax)2) 49% 70-80% Shareholders’ 2.0 Hybrid equity 28% Reference level HY 2025 HY 2025 Maturities (senior) and next optional call dates (hybrid) (nominal v
Slide 20: Group SST ratio as of June 2025
Group SST ratio as of 30 June 2025 Swiss Life Group Swiss Life Group SST sensitivities SST standard model (as of 30.06.2025) Real estate -10% -23 ppts ~205% as of 30.06.2025 201% as of 31.12.2024 Capital management actions 190% Credit spreads1) +100 bps -10 ppts Ambition Dividend payout ratio accord
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) +1% +2% LC Local 1 271 currency 1 261 Swiss Life Asset 456 473 +4% • Higher TPAM commission income Managers 561 571 +3% Owned IFA channels • Higher revenues from IN and DE Own
Slide 23: 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% 0% 903 876 391 392 392 Fee result 154 145 AM 391 98 105 Owned IFAs Operating result 550 583 insurance bus
Slide 24: Operating result insurance business
Enhanced earnings Operating result insurance business quality and earnings growth Components of HY 2025 operating result insurance business CHF million (IFRS basis) • RA release of CHF 9 m (HY 2024: CHF 9 m) • FR non-life operating result of CHF 72 m (HY 2024: CHF 57 m) • Further contributions, incl
Slide 25: Return on equity
Attractive cash returns Return on equity to shareholders Return on equity, annualised HY 2025 calculation % (IFRS basis) 17.8% 17.6% Shareholders’ • 01.01.2025: CHF 7.3 bn equity • 30.06.2025: CHF 6.6 bn • HY 2025: CHF 585 m Net profit (profit attributable to shareholders, excl. minorities) • HY 202
Slide 26: 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) -8% • CHF 750 m Amount 1.263 1.166 (Dec 2024 – May 2026) 55% 52% CH Current • Shares repurchased in the amount of status CHF 373 m until 29
Slide 27: Swiss Life 2027 programme successfully started
Swiss Life 2027 programme successfully started 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 Attrac
Slide 28: Supplementary information
Half-year results 2025 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 2025
Slide 30: Adjusted profit from operations
Adjusted profit from operations Profit from operations Adjusted profit from operations CHF million (IFRS basis) CHF million (IFRS basis) FX translation effect: CHF -7 m +2% +3% 883 903 876 903 HY 2024 HY 2025 HY 2024 HY 2025 30 | Investor presentation | Half-year results 2025
Slide 31: Adjusted net profit
Adjusted net profit Net profit Adjusted net profit CHF million (IFRS basis) CHF million (IFRS basis) FX translation effect: CHF -4 m -5% -4% 632 627 602 602 HY 2024 HY 2025 HY 2024 HY 2025 31 | Investor presentation | Half-year results 2025
Slide 32: 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) +4% +1% +5% LC +2% LC 12 112 1 261 1 271 11 664 167 176 CH CH 284 279 6 305 FR FR 6 086 DE DE 385 398 IN IN Eliminations 185 178 AM Other & 3 640 3 800 eliminations 456 473 711 715 1
Slide 33: Details of net investment income
Details of net investment income HY 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 1 116 -67 84 26 110 1 159 Equitie
Slide 34: 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 30.06.2025) +3% +3% +3% LC +3% LC 14.4 14.8 14.4 14.8 Real estate -10% -6% 9.5 9.9 11.4 11.8 Interest rates -50 bps -1% Equities -30% -9% 3.2 3.3 2.9 2.9 1.5
Slide 35: New business CSM per division
New business CSM per division New business development CHF million (IFRS basis) Switzerland France Germany International Total 389 349 196 171 136 125 51 51 5 2 PVNBP 2 467 2 463 1 967 2 194 687 730 112 33 5 233 5 421 NB CSM margin 8.0% 7.0% 6.9% 5.7% 7.4% 6.9% 4.2% 7.2% 7.4% 6.4% HY 2024 HY 2025 35
Slide 36: 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 30.06.2025 0.9 Non-life 47.2 Unit-linked business Europe 39.4 Total Group Individual 177.1 Traditional 19.0 business Annuitised 129.0 Guaranteed ra
Slide 37: Average technical interest rate
Average technical interest rate Development since 2010 % (statutory basis) 01.01.2010 – 30.06.2025: • FX translation effect -6 bps • Reserve strengthening / release -69 bps 2.60% • Mandatory GL CH -11 bps 01.01.2025 – 30.06.2025: • Non-mandatory GL CH -15 bps • FX translation effect 0 bps 2.12% • Bu
Slide 38: Yield development
Yield development Direct and net investment yield Non-annualised yields in % (IFRS basis) 3.0 2.0% 2.0 1.6% 1.7% 1.7% 1.5% 1.4% 1.4% 1.5% 1.5% 1.2% 1.3% 1.5% 1.5% 1.4% 1.5% 1.0 1.3% 1.3% 1.2% 1.1% 1.1% 1.2% 1.2% 0.0 -1.0 30.06.15 30.06.16 30.06.17 30.06.18 30.06.19 30.06.20 30.06.21 30.06.22 30.06.2
Slide 39: Profit from operations
Profit from operations Segment results (reported vs. adjusted) CHF million (IFRS basis) HY 2024 HY 2025 Change Segments reported adjusted1) reported reported adjusted Switzerland 439 439 458 +4% +4% France 185 181 197 +6% +9% Germany 108 106 114 +5% +8% International 61 60 60 -1% +1% Asset Managers
Slide 40: 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 458 209 121 63 64 154 439 145 27 192 113 26 106 Fee result 102 81 44 46 77 413 431 Operating result 103 90 insurance business 36 41 20 18 HY 2024 HY 2025
Slide 41: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 41 | Investor presentation | Half-year results 2025
Slide 42: Assets under management and administration
Assets under management and administration CHF billion (fair value basis), as of 30.06.2025 306.0 281.8 24.2 112.9 Total real estate under 88.7 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 43: TPAM: change analysis of AuM
TPAM: change analysis of AuM TPAM TPAM assets under management (AuM) CHF billion (fair value basis), as of 30.06.2025 HY 2024 HY 2025 Change (bn) Total beginning of period 111.8 124.7 +12.9 Net new assets 1.2 13.2 Market performance 2.1 0.1 FX translation effects 2.2 -0.4 Scope change -0.6 - Total e
Slide 44: TPAM: AuM and NNA
TPAM: AuM and NNA TPAM TPAM AuM: CHF 137.6 bn as of 30.06.2025 TPAM NNA: CHF 13.2 bn, HY 2025 (fair value basis) (fair value basis) Breakdown by asset class Breakdown by asset class 0% 8% Real estate 4% Real estate 34% Infrastructure Infrastructure 7% Multi assets 49% Multi assets 17% Equity Equity
Slide 45: Bond portfolio: ratings and classification
Bond portfolio: ratings and classification PAM Total bond portfolio (fair value basis) 48.9% of insurance portfolio for own risk (CHF 70.4 bn) Insurance portfolio for own risk CHF 144.1 bn Breakdown by rating Breakdown by classification B BB 4% 8% AAA 35% BBB 19% 47% 53% Bonds 48.9% 14% A 20% Govern
Slide 46: Government & supranational bonds: ratings and currency
Government & supranational bonds: PAM ratings and currency Government and supranational bond portfolio (fair value basis) 22.9% of insurance portfolio for own risk (CHF 33.1 bn) Insurance portfolio for own risk CHF 144.1 bn Breakdown by rating Breakdown by currency BBB BB A 3% 7% 1% 38% CHF 46% Gove
Slide 47: Corporate bond portfolio: ratings and currency
Corporate bond portfolio: PAM ratings and currency Corporate bond portfolio1) (fair value basis) 26.0% of insurance portfolio for own risk (CHF 37.3 bn) Insurance portfolio for own risk CHF 144.1 bn Breakdown by rating Breakdown by currency B AAA 7% BB 20% 15% 26% EUR 37% CHF 4% AA 21% 1% 33% A 1% O
Slide 48: Corporate bond portfolio: industry split
Corporate bond portfolio: industry split PAM Corporate bond portfolio1) (fair value basis), as of 30.06.2025 26.0% of insurance portfolio for own risk (CHF 37.3 bn) Breakdown by industry (in % of total corporate bond portfolio) Banks 31% Breakdown by rating Breakdown by structure Other financials 6%
Slide 49: Loan and mortgage portfolio
Loan and mortgage portfolio PAM Loan and mortgage portfolio (fair value basis) 9.7% of insurance portfolio for own risk (CHF 14.1 bn) Insurance portfolio for own risk CHF144.1 bn Breakdown by country Breakdown by type Germany Purchased loans 21% 20% Mortgages 7.3% Other Loans 2.4% France 4% 5% loans
Slide 50: Real estate portfolio
Real estate portfolio PAM Real estate portfolio (fair value basis) 27.7% of insurance portfolio for own risk (CHF 39.9 bn) Insurance portfolio for own risk CHF 144.1 bn Breakdown by country Breakdown by type Other Germany 2% Residential Real estate 27.7% 10% Office France 10% 36% 34% 78% 14% 16% Swi
Slide 51: 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 +10% +10% LC 39.7 40.2 39.9 594 1.48% 540 1.36% HY 2024 FY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 Vacancy r
Slide 52: 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) 9.6% of insurance portfolio for own risk (CHF 13.8 bn) 3.4% of insurance portfolio for own risk (CHF 4.9 bn) Insurance portfolio for own ri
Slide 53: Forex and interest rates
Forex and interest rates Foreign currency exchange rates 30.06.2024 31.12.2024 30.06.2025 01.01. – 30.06.2024 01.01. – 30.06.2025 EUR 0.9629 0.9394 0.9342 0.9620 0.9429 GBP 1.1360 1.1364 1.0892 1.1257 1.1191 USD 0.8986 0.9078 0.7942 0.8899 0.8622 Interest rates (10-year government bond) 30.06.2024 3
Slide 54: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 54 | Investor presentation | Half-year results 2025
Slide 55: 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 56: 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 57: 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 in accordance with the major standards and regulations such as: − standards of the Global Reporting Initiative (GRI) − standards for the insurance indust
Slide 58: Swiss Life engages in many sustainability initiatives and networks
Swiss Life engages in many sustainability initiatives and networks 58 | Investor presentation | Half-year results 2025
Slide 59: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 59 | Investor presentation | Half-year results 2025
Slide 60: 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 n.m. Not meaningful b
Slide 61: 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 62: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar 62 | Investor presentation | Half-year results 2025
Slide 63: Contact details and financial calendar
Contact details and financial calendar Contact Olga Schmidtberger Phone +41 (43) 284 67 67 Head of Investor Relations E-mail olga.schmidtberger@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 7
Slide 64: We enable people to lead a financially self-determined life.
We enable people to lead a financially self-determined life.