France

In the reporting year, Swiss Life France posted a segment result of CHF 339 million (previous year: CHF 319 million). The fee result rose to CHF 184 million (+7% in local currency) due to higher contributions from unit-linked business. In the health and protection business, the loss ratio improved in 2025 thanks to the implementation of profitability measures, including tariff increases and enhanced claims management, despite rising regulatory pressure on the business. In property and casualty, the loss ratio also improved in 2025 thanks to tariff increases, lower water-damage frequencies, and a reduced incidence of large claims. Fee income rose to CHF 557 million (previous year: CHF 516 million), equivalent to 10% growth in local currency, driven by higher average unit-linked reserves. The cash remittance increased to CHF 180 million (+3% in local currency).

The French insurance market grew by 9% in 2025, building on the positive trend from the previous year. Premiums at Swiss Life France rose to CHF 7.6 billion. This increase of 4% in local currency is mainly due to higher revenues from the savings and retirement business. The focus in the year under review remained on profitability and quality of new business. Thanks to the private insurer strategy and the bonus distribution policy specifically for the premium customer segment, the share of premiums from unit-linked life insurance contracts was 69% –significantly higher than the market average (39%). The contribution of unit-linked business to new business production increased to 80% (previous year: 79%). At the end of 2025, the unit-linked part of life insurance contracts accounted for 61% of reserves in the life business. Premiums from the health and protection business increased by 1%, thanks to the robust performance of group contracts in recent years and tariff increases. Swiss Life Banque Privée once again made a positive contribution to the business of Swiss Life France in 2025, with a segment result of CHF 43 million.

Swiss Life France has made a good start to the new “Swiss Life 2027” Group-wide programme. Progress is visible across its key priorities: expanding its target customer segments (HNWIs, affluent clients, corporates and the self-employed), strengthening its multi-distribution model by both increasing the number of tied agents and focusing on preferred advisors in open networks (IFAs and brokers), as well as leveraging digitalisation and AI to improve scalability.

In 2026, Swiss Life France will continue to focus on advising and supporting its premium clients – HNWIs, affluent customers, business owners, the self-employed and corporates – by providing comprehensive insurance and wealth management solutions as well as a broad range of risk and pension solutions. At the same time, the market unit wants to drive forward its multi-distribution strategy, with a special focus on the development of the tied agents’ network, and optimise the scalability and efficiency of its business model. To this end, Swiss Life France is focusing on increasing sales efficiency, developing phygital customer experiences using existing portals or APIs and implementing automated processes with its key external partners.

Key figures for France