This article first appeared on GuruFocus .
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Profit from Operations:Increased by 3% in local currency to CHF1.83 billion.
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Net Profit:Stable at CHF1.26 billion despite higher tax expenses.
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Return on Equity:17.2%.
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Insurance Revenue:Up to CHF8.8 billion.
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Insurance Service Expenses:Lower at CHF7.5 billion.
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Net Investment Result:Decreased to CHF805 million.
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Gross Written Premiums, Fees and Deposits:Increased by 3% in local currency to CHF20.9 billion.
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Fee and Commission Income:Up by 5% in local currency to CHF2.6 billion.
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Net Investment Income:Increased from CHF3.7 billion to CHF3.8 billion.
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Operating Expenses:Increased by 2% in local currency to CHF2.1 billion.
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Dividend per Share:Proposed increase by 4% to CHF36.5.
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Share Buyback Program:CHF750 million program proceeding as planned.
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SST Ratio:Estimated around 210% at year-end.
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Assets Under Management (TPAM):Increased to CHF146 billion.
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Net New Assets (TPAM):Increased to CHF17.7 billion.
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Cash Remittance:CHF1.2 billion.
Release Date: March 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Swiss Life Holding AG ( SWSDF ) reported a 3% increase in profit from operations in local currency, reaching CHF1.83 billion.
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The company achieved a strong solvency level with an SST ratio of around 210% at year-end 2025.
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A 4% increase in dividend per share to CHF36.5 was proposed, reflecting a payout ratio of 82%.
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Net new assets in the third-party asset management business increased significantly to CHF17.7 billion.
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The return on equity improved to 17.2%, within the target range of 17% to 19%.
Negative Points
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Net profit remained stable at CHF1.26 billion despite higher tax expenses.
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The fee result was slightly below the prior year, with a decrease in the Asset Managers' contribution.
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Asset Managers' total income decreased by 1%, with a notable drop in non-recurring income.
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Borrowing costs increased to CHF160 million due to refinancing effects.
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Cash remittance to the holding company decreased by 7% to CHF1.2 billion, partly due to one-off effects in the prior year.
Q & A Highlights
Q: Can you provide an outlook for remittances in 2026, particularly from Swiss Life AG and Asset Management, considering the non-cash items? A: Marco Gerussi, CFO: We are on track to achieve our Swiss Life 2027 targets, with aggregated remittances expected to be between CHF3.6 billion and CHF3.8 billion. Asset Managers are targeting CHF750 million to CHF800 million by 2027. We expect the share of real estate revaluations to remain around 25% of non-recurring income in Asset Management for 2026 and 2027.
Q: How do you plan to address the health premium tax in France? Will it be passed on to consumers? A: Marco Gerussi, CFO: It's too early to detail all measures, but we are working on mitigating the impacts. We are confident in navigating the environment and minimizing the effects on our business.
Q: Can you elaborate on the impact of changes to mortgage payment deductibility in Switzerland on your business and real estate prices? A: Matthias Aellig, CEO: We do not expect significant impacts from these changes. There may be minor pluses and minuses, but overall, it's not a major topic for us.
Q: With the current high valuation, how are you considering share buybacks versus inorganic growth opportunities? A: Matthias Aellig, CEO: Our capital allocation framework remains unchanged. We are aware of potential growth opportunities and may support business divisions with non-remitted cash or holding support if needed.
Q: What are the main drivers for the increase in the operating result from the insurance business, particularly the additional contributions? A: Marco Gerussi, CFO: The main drivers include a rebound in the French non-life business, particularly health and protection, and positive value changes in assets not backing insurance liabilities, such as real estate.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
