Swiss Life (SLHN) H1 2025 (Media) earnings summary

Executive summary

• Profit from operations rose 3% year-over-year to CHF 903 million, marking a strong start to the Swiss Life 2027 program.

• Net profit for the first half of 2025 was CHF 602 million, down from CHF 632 million in the prior year period, with return on equity stable at 17.6%.

• Strategic focus remains on expanding the customer and advisor base, operational efficiency, and enhanced cash returns to shareholders.

• Dividend of CHF 991 million was paid in May 2025, and a CHF 750 million share buyback program is ongoing, with CHF 294 million in shares repurchased by June 2025.

• Total comprehensive income reached CHF 603 million, slightly below CHF 620 million in the previous year.

Financial highlights

• Gross written premiums, fees, and deposits received increased to CHF 12,112 million from CHF 11,664 million year-over-year.

• Fee and commission income grew 1% to CHF 1,271 million.

• Net investment income reached CHF 1,862 million.

• Insurance revenue for H1 2025 was CHF 4,451 million, a decrease from CHF 4,539 million year-over-year.

• Net investment result was CHF 254 million, down from CHF 491 million in H1 2024, reflecting lower investment income and higher losses on financial assets.

Outlook and guidance

• On track to achieve 2027 targets: fee result > CHF 1 billion, RoE 17–19%, cumulative cash to holding CHF 3.6–3.8 billion, and dividend payout ratio >75%.

• Ambition to increase dividend per share and ongoing CHF 750 million share buyback program.

• Ongoing share buyback and recent bond issuances indicate continued focus on capital management.