13 Intangible Assets
Intangible assets for the year 2025
| In CHF million | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notes | Goodwill | Customer relationships | Computer software | Brands and other | Total | |||||||
| Balance as at 1 January | 1 588 | 69 | 67 | 7 | 1 731 | |||||||
| Additions | – | 1 | 20 | – | 21 | |||||||
| Additions from internal development | – | – | 31 | – | 31 | |||||||
| Additions from business combinations | 24 | 20 | – | 2 | 1 | 23 | ||||||
| Disposals | – | – | –10 | – | –10 | |||||||
| Amortisation | – | –13 | –17 | –1 | –32 | |||||||
| Reversal of impairment losses | – | – | 1 | – | 1 | |||||||
| Foreign currency translation differences | –14 | –2 | 0 | 0 | –17 | |||||||
| Balance as at end of period | 1 594 | 55 | 94 | 7 | 1 749 | |||||||
| Cost | 1 894 | 274 | 307 | 27 | 2 501 | |||||||
| Accumulated amortisation and impairment | –300 | –219 | –213 | –20 | –753 | |||||||
| Total intangible assets as at end of period | 1 594 | 55 | 94 | 7 | 1 749 | |||||||
Intangible assets for the year 2024
| In CHF million | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notes | Goodwill | Customer relationships | Computer software | Brands and other | Total | |||||||
| Balance as at 1 January | 1 560 | 80 | 54 | 7 | 1 701 | |||||||
| Additions | – | – | 20 | 0 | 20 | |||||||
| Additions from internal development | – | – | 7 | – | 7 | |||||||
| Additions from business combinations | 24 | 16 | – | – | 0 | 16 | ||||||
| Disposals | 0 | – | –1 | 0 | –1 | |||||||
| Amortisation | – | –15 | –13 | –1 | –29 | |||||||
| Reversal of impairment losses | – | 3 | – | – | 3 | |||||||
| Foreign currency translation differences | 12 | 2 | 0 | 0 | 14 | |||||||
| Balance as at end of period | 1 588 | 69 | 67 | 7 | 1 731 | |||||||
| Cost | 1 891 | 277 | 266 | 26 | 2 460 | |||||||
| Accumulated amortisation and impairment | –303 | –208 | –199 | –19 | –730 | |||||||
| Total intangible assets as at end of period | 1 588 | 69 | 67 | 7 | 1 731 | |||||||
Goodwill
Goodwill represents the excess of the fair value of the consideration transferred and the amount of any non-controlling interest recognised, if applicable, over the fair value of the assets and liabilities recognised at the date of acquisition. Goodwill includes amounts relating to both the Swiss Life Group’s interest and the non-controlling interest in the business acquired in the case where non-controlling interest is measured at fair value. Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill on associates is included in the carrying amount of the investment.
In September 2025, goodwill of CHF 3 million was recognised in the “International” segment in relation to the acquisition of a financial advisory business in Slovakia. In August 2025, the Swiss Life Group acquired a financial advisory business in Switzerland, which led to the recognition of goodwill of CHF 8 million in the “Switzerland” segment. In March 2025, goodwill of CHF 9 million relating to the acquisition of ZWEI Wealth Experts AG, Zurich, a wealth management operation, was recognised in the “Switzerland” segment.
In 2024, goodwill of CHF 14 million relating to acquisitions of financial advisory businesses was recognised in the “International” segment. Furthermore, goodwill of CHF 2 million relating to the acquisition of a project development business was recognised in the “Asset Managers” segment.
The calculations relating to the recoverable amounts, which have been determined on a value-in-use basis, use cash flow projections based on financial budgets approved by management. The projection covers a three-year period. The calculations are based on present values that use a single set of estimated cash flows and a single discount rate.
Goodwill
| In CHF million | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Switzerland | France | Germany | International | Asset Managers | ||||||||||||||||
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | |||||||||||
| Net carrying amount of goodwill | 169 | 152 | 294 | 294 | 414 | 418 | 398 | 401 | 319 | 323 | ||||||||||
| Impairment | – | – | – | – | – | – | – | – | – | – | ||||||||||
|
Key assumptions used for impairment tests
|
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| Eternal growth rate | 0.7% | 1.2% | 1.9% | 1.7% | 2.2% | 2.0% | 2.0% | 2.1% | 2.0% | 1.9% | ||||||||||
| Discount rate | 6.3% | 6.7% | 10.0% | 10.3% | 10.1% | 10.1% | 9.5% | 9.9% | 6.6% | 6.9% | ||||||||||
The discount rates used for the value-in-use calculations are based on weighted average cost of capital (WACC) derived from the Capital Asset Pricing Model. Peer group comparisons and the beta of the Swiss Life Group are used for determining the beta used in the calculation. Capital structure reflected in the WACC calculation is in line with the target capital structure of the Swiss Life Group.
The growth rates reflect the long-term inflation expectations of the International Monetary Fund.
Customer relationships
As at 31 December 2025, the “France” segment comprises customer relationships of CHF 1 million (2024: CHF 1 million), the “Germany” segment CHF 4 million (2024: CHF 5 million) and the “International” segment CHF 29 million (2024: CHF 31 million). The “Asset Managers” segment comprises customer relationships of CHF 21 million (2024: CHF 32 million).
Brands and other
As at 31 December 2025, “Brands and other” comprises the brands ZWEI Wealth, Beos and fb research. Brands are amortised over their useful lives.