Asset Managers

The Asset Managers segment comprises Swiss Life’s Group-wide asset management, investment and real estate services activities.

In 2025, Swiss Life Asset Managers achieved a segment result of CHF 414 million (previous year: CHF 446 million), which corresponds to a decrease of 7%, as the non-recurring TPAM income was below the strong prior-year level. Of this amount, CHF 229 million was attributable to TPAM business (previous year: CHF 254 million). This 10% decrease over the previous year was largely driven by lower positive market value adjustments in the project development business. Fee income rose by 2% during the year under review to CHF 979 million. Fee income from third-party customers rose by 3%, while it remained flat in the insurance business. Operating expenses rose by 3%, mainly driven by investments in business growth. The cash remittance increased year-on-year by 3% to CHF 250 million due to shifts between realised and distributable income from the project development business.

Swiss Life Asset Managers’ assets under management stood at CHF 288 billion at year-end 2025. Assets from the insurance business decreased by CHF 5.1 billion to CHF 143 billion, driven by market movements. Due to the regulatory framework conditions and the long-term nature of its liabilities, Swiss Life invests mainly in fixed-income securities, which made up 47% of its portfolio at the end of 2025. The real estate holdings increased slightly to around 28%. The net equity holdings were unchanged at 5% as at 31 December 2025. Third-party business grew again thanks to net new assets of CHF 17.7 billion, a gain of 88% compared to the previous year. Swiss Life Asset Managers had third-party assets of CHF 146 billion under management at the end of 2025, an increase of 17% compared to the previous year. Third-party assets exceeded insurance assets for the first time.

2025 was marked by the trade dispute fuelled by US tariffs. This resulted in a significant depreciation of the US dollar. The private sector proved resilient, which explains the positive performance of the stock markets. In Europe, the European Central Bank and the Swiss National Bank concluded their cycle of interest rate cuts.

Benefiting from market improvements, three real estate investment groups were successfully opened in Switzerland and were significantly oversubscribed, with a total volume of around CHF 1 billion. In infrastructure, the “Clean Energy Infrastructure Switzerland 3” fund successfully reached its final close with more than CHF 1 billion in capital commitments. “Privado”, an open-ended infrastructure fund launched in 2024 for private investors, achieved an investment volume of over EUR 125 million. Furthermore, Swiss Life Asset Managers strengthened its position in the life science sector with an acquisition in Switzerland, established a joint venture in the UK to deliver more than 2250 new homes in underinvested regions throughout England, and expanded in the Nordics to foster its position as a leading European asset manager and lay the foundation for continued growth.

Key figures for Asset Managers