Swiss Life Holding Ag · SIX:SLHN
Swiss Life — H1 2026 Earnings Presentation
25 slides from Swiss Life's earnings presentation, Sep 1, 2026
Slide 1: Extract from investor presentation for media representatives
Extract from investor presentation for media representatives 1 September 2026
Slide 2: Agenda
Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO 2 | Half-year results 2026 | Extract from investor presentation for media representatives
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 | Half-year results 2026 | Extract from investor presentation for media representatives
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 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 15: 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 16: Group SST ratio as of 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 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) +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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: We enable people to lead a financially self-determined life.
We enable people to lead a financially self-determined life.