Rolf Dörig and Matthias Aellig

Dear shareholders,

Swiss Life once again performed very well in 2025: we made further operational progress and successfully expanded both the insurance and the fee businesses.

Thanks to growth across all insurance segments, premiums rose by 3% in local currency to CHF 20.9 billion. In the fee business, income increased by 5% in local currency to CHF 2.6 billion. Swiss Life generated a total profit from operations of CHF 1.8 billion, an increase of 3% compared to the 2024 financial year. Despite higher tax expenses, net profit amounted to CHF 1.3 billion, in line with the previous year.

2025 also marked the first year of the “Swiss Life 2027” Group-wide programme. Swiss Life is well on track with the implementation of its strategy and with regard to its financial targets. This applies both to the fee result and to the return on equity, which at 17.2% is within our target range of 17–19% that we aim to achieve in each of the three programme years. The cash remittance to the holding company amounted to CHF 1.2 billion. Our dividend payout ratio stands at 82%, exceeding our annual target of more than 75%, and the share buyback programme of CHF 750 million, which runs until the end of May 2026, is progressing according to plan. In light of the positive 2025 annual result, we are pleased to propose a dividend of CHF 36.50 per share – up by CHF 1.50 – at the forthcoming Annual General Meeting on 7 May 2026. In doing so, we are delivering on our ambition to increase the dividend per share.

Our ambition also encompasses specific targets to reduce the CO₂ emissions from our own operations and the carbon intensity of our investment properties. In this regard, we deliberately focus our measures on those areas in which we have a direct influence and can achieve an impact. For example, since 2019, we have reduced CO₂ emissions per employee in our business operations by almost 50% and are likewise on course with regard to the carbon intensity of our investment properties. In terms of its offering of sustainable insurance products and investment solutions, Swiss Life is guided by customer demand in the respective markets.

However, Swiss Life’s corporate and social responsibility extends well beyond this. Through our core business, we make a significant contribution to the financial self-determination of our customers. In many cases, our advisors support our customers over the course of many years.

Our customers can trust that we will deliver the benefits we have promised. To honour this trust is both an obligation and a source of motivation.

As a pensions provider, Swiss Life upholds benefit commitments over decades. To meet these commitments, we invest responsibly and for the long term. This includes in real estate: in 1893, Swiss Life purchased its first investment property in Bern, and still holds it in its portfolio to this day. Swiss Life regularly invests in maintaining its properties to ensure that living and working spaces meet the needs and requirements of tenants, as well as to secure returns in line with the market for insured persons.

We are aware that the current housing shortage is a concern for many people. Swiss Life can contribute to creating additional housing: over the past three years, we have built around 600 new apartments and aim to build another 1000 in the next three years. More housing is essential to break the cycle of rising rents. But this requires input from all stakeholders – from institutional investors to cooperatives and the public sector. At the same time, it is up to the federal government, cantons and municipalities to ensure planning and legal certainty for investors. This includes establishing swift authorisation procedures, limiting appeals to those actually affected and providing greater flexibility to allow commercial zones to be more easily converted into mixed‑use environments where residential and commercial spaces can coexist.

It is the responsibility of developers to plan projects carefully, make the best possible use of existing potential and take into account the needs of the local municipalities and populations. Swiss Life takes this responsibility seriously and ensures a well-balanced portfolio. Accordingly, our housing mix is well diversified, with apartments across all price segments.

It is your loyalty and your trust, valued shareholders, that enable us to continue developing our business over the long term. For this, we would like to express our sincere thanks, and look forward to continuing on Swiss Life’s successful path with you.

Rolf Dörig

Chairman of the Board of Directors

Matthias Aellig

Group CEO