22 Equity
Share capital
As at 31 December 2025, the share capital of Swiss Life Holding consisted of 28 532 982 fully-paid shares with a par value of CHF 0.10 each (2024: 28 517 519 fully-paid shares with a par value of CHF 0.10 each). In exercising voting rights, no shareholder can collect more than 10% of the total share capital directly or indirectly in respect of own shares or shares they represent. Conditional share capital was CHF 385 794.80 as at 31 December 2025 (2024: CHF 385 794.80).
Share premium
Share premium comprises additional paid-in capital in excess of the par value (net of transaction costs), gains/losses on own equity instruments and equity compensation benefits.
Share buyback programme
As announced on 3 December 2024, Swiss Life started a CHF 750 million share buyback programme in December 2024. By 31 December 2025, 667 079 shares had been purchased for CHF 539 million at an average price of CHF 807.27 per share, of which 57 187 shares for CHF 39 million were purchased in 2024. The programme will be completed in May 2026.
As announced on 6 September 2023, Swiss Life started a CHF 300 million share buyback programme in October 2023. By 28 March 2024, 502 081 shares had been purchased at an average price of CHF 597.51 per share, of which 240 281 shares for CHF 150 million were purchased in 2024. The programme was completed in March 2024.
194 537 of the repurchased shares were cancelled in June 2025 and 790 368 shares in June 2024.
Number of shares
The following table shows the development of Swiss Life Holding shares issued and treasury shares held by the Swiss Life Group during the period.
| Number of shares | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Shares issued | ||||
| Balance as at 1 January | 28 727 519 | 29 517 887 | ||
| Cancellation of treasury shares | –194 537 | –790 368 | ||
| Balance as at end of period | 28 532 982 | 28 727 519 | ||
| Treasury shares | ||||
| Balance as at 1 January | 198 848 | 699 120 | ||
| Purchases of treasury shares | 35 000 | 37 000 | ||
| Share buyback | 609 892 | 297 468 | ||
| Allocation under equity compensation plans | –61 719 | –44 372 | ||
| Cancellation of treasury shares | –194 537 | –790 368 | ||
| Balance as at end of period | 587 484 | 198 848 | ||
Accumulated other comprehensive income
Accumulated other comprehensive income comprises items of income and expense that are recognised outside of profit or loss, as required or permitted by certain IFRS Accounting Standards.
Items presented in other comprehensive income are grouped on the basis of whether they will be reclassified subsequently to profit or loss when specific conditions are met, and those that will not be reclassified.
The amounts are presented net of deferred income taxes and non-controlling interests.
Items that may be reclassified to profit or loss comprise:
- Foreign currency translation differences arising on the translation of assets, liabilities, income and expenses of Group entities denominated in foreign currencies into Swiss francs.
- Effective portion of gains and losses on hedging instruments of net investments in a foreign operation.
- Gains and losses from fair value changes of debt instruments measured at FVOCI.
- Effective portion of gains and losses on hedging instruments in qualifying cash flow hedges.
- Cost of hedging related to hedges of equity instruments measured at FVOCI.
- Net financial income/expenses from insurance contracts and reinsurance contracts held for which the OCI option has been chosen.
Items that will not be reclassified to profit or loss comprise:
- Revaluation surplus on the transfer of owner-occupied property to investment property following a change in use evidenced by the end of owner-occupation.
- Remeasurements of the net defined benefit liability relating to employee benefit plans.
- Gains and losses from fair value changes of equity instruments measured at FVOCI.
- Gains and losses from fair value hedges of equity instruments measured at FVOCI.
The following table provides information relating to amounts recognised in accumulated other comprehensive income.
Accumulated OCI for the year 2025
| In CHF million | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Items that may be reclassified to the income statement | Items that will not be reclassified to the income statement | Total | ||||||||||||||||||||||||
| Foreign currency translation differences | Gains/ losses of debt instruments at FVOCI | Cash flow hedges | Cost of hedging | Net finance income/ expenses from insurance contracts and investment contracts with DPF issued | Net finance income/ expenses from reinsurance contracts held | Total | Revaluation surplus investment property | Remeasure-ments net defined benefit liability | Gains/ losses equity instruments at FVOCI | Fair value hedges of equity instruments at FVOCI | Total | |||||||||||||||
| Balance as at 1 January | –1 841 | –2 133 | –155 | – | 2 638 | 33 | –1 457 | 18 | –580 | 18 | –20 | –564 | –2 022 | |||||||||||||
| Transfer to retained earnings | – | – | – | – | – | – | – | –3 | – | –22 | 20 | –6 | –6 | |||||||||||||
| Net other comprehensive income | –76 | –1 214 | –158 | – | 1 424 | –47 | –71 | 0 | 137 | 4 | – | 141 | 70 | |||||||||||||
| Non-controlling interests | 0 | 0 | 0 | – | 0 | 0 | 0 | 0 | 0 | 0 | – | 0 | 0 | |||||||||||||
| Net balance as at end of period | –1 917 | –3 346 | –313 | – | 4 062 | –14 | –1 528 | 14 | –443 | –1 | – | –429 | –1 957 | |||||||||||||
|
Net other comprehensive income is composed of the following:
|
||||||||||||||||||||||||||
| Revaluation – gross | –22 | –1 564 | –166 | – | 1 834 | –85 | –3 | – | 174 | 5 | – | 179 | 176 | |||||||||||||
| Reclassification to profit or loss – gross | –54 | –8 | –40 | – | – | – | –102 | – | – | – | – | – | –102 | |||||||||||||
| Effects of | ||||||||||||||||||||||||||
| income tax | 0 | 324 | 44 | – | –390 | 38 | 16 | – | –37 | –1 | – | –38 | –23 | |||||||||||||
| foreign currency translation differences | – | 34 | 4 | – | –20 | 0 | 18 | 0 | 0 | 0 | – | 0 | 18 | |||||||||||||
| Net other compre-hensive income | –76 | –1 214 | –158 | – | 1 424 | –47 | –71 | 0 | 137 | 4 | – | 141 | 70 | |||||||||||||
Accumulated OCI for the year 2024
| In CHF million | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Items that may be reclassified to the income statement | ||||||||||||||||||||||||||
| Foreign currency translation differences | Gains/ losses of debt instruments at FVOCI | Cash flow hedges | Cost of hedging | Net finance income/ expenses from insurance contracts and investment contracts with DPF issued | Net finance income/ expenses from reinsurance contracts held | Total | Revaluation surplus investment property | Remeasure-ments net defined benefit liability | Gains/ losses equity instruments at FVOCI | Fair value hedges of equity instruments at FVOCI | Total | |||||||||||||||
| Balance as at 1 January | –2 074 | –2 202 | 36 | 0 | 3 008 | –3 | –1 235 | 18 | –457 | 38 | 6 | –395 | –1 632 | |||||||||||||
| Transfer to retained earnings | – | – | – | – | – | – | – | – | – | –102 | 15 | –87 | –87 | |||||||||||||
| Net other comprehensive income | 233 | 69 | –191 | 0 | –369 | 36 | –222 | 0 | –121 | 81 | –41 | –80 | –302 | |||||||||||||
| Non-controlling interests | 0 | 0 | 0 | – | 0 | 0 | 0 | 0 | 0 | 0 | – | 0 | 0 | |||||||||||||
| Net balance as at end of period | –1 841 | –2 133 | –155 | 0 | 2 638 | 33 | –1 457 | 18 | –580 | 18 | –20 | –564 | –2 022 | |||||||||||||
|
Net other comprehensive income is composed of the following:
|
||||||||||||||||||||||||||
| Revaluation – gross | 107 | 116 | –156 | 0 | –445 | 44 | –335 | – | –147 | 103 | –51 | –95 | –430 | |||||||||||||
| Reclassification to profit or loss – gross | –31 | 161 | –83 | 1 | – | – | 48 | – | – | – | – | – | 48 | |||||||||||||
| Effects of | ||||||||||||||||||||||||||
| income tax | 157 | –182 | 51 | 0 | 60 | –7 | 78 | – | 27 | –21 | 9 | 15 | 93 | |||||||||||||
| foreign currency translation differences | – | –25 | –3 | – | 16 | 0 | –13 | 0 | –1 | 0 | – | 0 | –13 | |||||||||||||
| Net other compre-hensive income | 233 | 69 | –191 | 0 | –369 | 36 | –222 | 0 | –121 | 81 | –41 | –80 | –302 | |||||||||||||
The reconciliation below shows the movements in accumulated other comprehensive income for the underlying investment assets that relate to the groups of insurance contracts to which the modified retrospective approach was applied on transition.
Accumulated OCI for investments measured at FVOCI related to insurance contracts under the modified retrospective approach
| In CHF million | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Balance as at 1 January | –2 533 | –1 619 | ||
| Net change in fair value | –1 394 | –788 | ||
| Net amount reclassified to profit or loss | –44 | –99 | ||
| Foreign currency translation | 31 | –26 | ||
| Balance as at end of period | –3 940 | –2 533 | ||
Retained earnings
Retained earnings comprise accumulated retained earnings of the Group entities which have not been distributed to the shareholders. The distribution of profit is subject to restrictions in the various jurisdictions where the Group entities are located.
The Group’s insurance subsidiaries are subject to regulatory restrictions on the amount of dividends, cash loans and advances which can be remitted to the Group. Certain foreign jurisdictions have restrictions that allow the payment of dividends but may cause a delay in their remittance. Dividends payable are not accrued until they have been ratified at the General Meeting.
In 2025, a dividend payment of CHF 991 million (CHF 35.00 per registered share) was made to the shareholders of Swiss Life Holding (2024: CHF 945 million or CHF 33.00 per registered share).
Hybrid equity
On 29 March 2021, Swiss Life Ltd placed subordinated perpetual callable bonds in the amount of CHF 250 million, presented in equity. The bonds are guaranteed by Swiss Life Holding and are first callable on 30 September 2026 or at each interest payment date thereafter at the option of the issuer, upon notice and subject to the consent of the Swiss Financial Market Supervisory Authority. The interest has been fixed at 1.75% p.a. until 30 September 2026. If the bonds are not redeemed on 30 September 2031, the interest resets at a rate fixed for the subsequent five years, consisting of the aggregate of the then-prevailing five-year CHF mid-market swap rate vs. SARON and the initial margin of 218.2 bps.
On 22 March 2018, Swiss Life Ltd issued subordinated perpetual callable bonds in the amount of CHF 425 million. The bonds are guaranteed by Swiss Life Holding, have no fixed maturity date and were first callable on 25 September 2024 or at each interest payment date thereafter at the option of the issuer, upon notice and subject to the consent of the Swiss Financial Market Supervisory Authority. The interest has been fixed at 2.00% p.a. until 25 September 2024. The bonds were redeemed on 25 September 2024 on their first call date.
The bonds are classified as equity instruments.
Interest payments for hybrid equity become mandatory depending on other transactions, which are themselves at the discretion of the Swiss Life Group, such as dividend payments. There is no accrual of interest to be recorded for the annual financial statements. The interest net of tax of CHF 4 million in 2025 (2024: CHF 10 million) is accounted for as a deduction from equity.
Non-controlling interests
Summarised financial information for subsidiaries with material non-controlling interests is as follows.
| In CHF million | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Swiss Life Banque Privée Paris | TECHNOPARK Real Estate LTD Zürich | Swiss Life Asset Managers Holding (Nordic) AS Oslo | ||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||
| Principal place of business | France | France | Switzerland | Switzerland | – | Norway | ||||||
| Ownership interests held by non-controlling interests | 40.0% | 40.0% | 33.3% | 33.3% | – | 10.0% | ||||||
| Voting rights held by non-controlling interests | 40.0% | 40.0% | 33.3% | 33.3% | – | 10.0% | ||||||
|
Summarised financial information before intragroup eliminations
|
||||||||||||
| Current assets | 2 694 | 2 337 | 30 | 24 | – | 13 | ||||||
| Non-current assets | 436 | 592 | 237 | 234 | – | 96 | ||||||
| Current liabilities | –2 659 | –2 478 | –69 | –69 | – | –16 | ||||||
| Non-current liabilities | –317 | –298 | –28 | –27 | – | –3 | ||||||
| Net assets | 154 | 153 | 168 | 162 | – | 90 | ||||||
| Accumulated non-controlling interests | 61 | 61 | 56 | 54 | – | 9 | ||||||
| Revenue | 179 | 287 | 14 | 16 | – | 19 | ||||||
| Profit or loss | 30 | 43 | 9 | 10 | – | –4 | ||||||
| Total comprehensive income | 32 | 46 | 9 | 10 | – | –8 | ||||||
| Profit or loss allocated to non-controlling interests | 12 | 17 | 3 | 3 | – | 0 | ||||||
| Net cash flows from operating activities | 120 | –143 | 8 | 8 | – | –3 | ||||||
| Net cash flows from investing activities | 0 | –1 | – | – | – | 0 | ||||||
| Net cash flows from financing activities | –30 | –26 | –2 | –2 | – | 2 | ||||||
| Net change in cash and cash equivalents | 89 | –170 | 6 | 5 | – | –1 | ||||||
| Dividends paid to non-controlling interests | –11 | –14 | –1 | –1 | – | – | ||||||
In 2025, the Swiss Life Group acquired the remaining 10% stake in Swiss Life Asset Managers Holding (Nordic) AS Oslo.