EU Taxonomy Information for the Insurance Group
The following section sets out the metrics relating to investments pursuant to Article 8 of the EU Taxonomy Regulation and the Delegated Regulation (EU) 2021/2178. Detailed information relating to underwriting is not provided as there are no taxonomy-eligible or taxonomy-aligned activities from the non-life insurance and reinsurance business.
The EU Taxonomy Regulation of June 2020 is being gradually fleshed out by “delegated acts”. In line with Article 8 of the EU Taxonomy Regulation in conjunction with Delegated Regulation (EU) 2021/2178, Swiss Life published, as at 31 December 2025, metrics on taxonomy-eligible and taxonomy-aligned investments for the six environmental objectives of climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and protection and restoration of biodiversity and ecosystems. As the Swiss parent of EU subsidiaries, Swiss Life voluntarily publishes investment metrics for insurance companies, thereby exempting those subsidiaries from having to disclose these figures themselves.
Under the EU Taxonomy Regulation, investments with governments, central banks and supranational issuers as well as other assets (e.g. receivables from reinsurers or deferred tax assets) are excluded from the analysis. Investments for life insurance contracts for which the investment risk is borne by the policyholders are included in the analysis.
Valuation according to the fair value approach was used to determine the taxonomy-related metrics for investments. Corresponding positions from the look-through of vehicles (such as funds) are taken into account where available. The classification of securities (corporate bonds and equities) was based on the respective revenues and capital expenditure reported by the companies. This information is obtained from external data providers. In the context of companies, Swiss Life focuses on those that fall within the scope of European sustainability reporting.
Current amendments to Article 8 of the EU Taxonomy Regulation in conjunction with Delegated Regulation (EU) 2021/2178 are taken into account as set out in Delegated Regulation (EU) 2026/73. These include simplifications as well as new datapoints. The new datapoints can be included in Swiss Life’s reporting once the data becomes available.
The sustainability strategy, including in the context of product development, is explained in the sections “Sustainability strategy and targets”, “Sustainability as an Asset Manager” and “Sustainability in Insurance and Advisory”. Aspects of climate change mitigation and climate change adaptation are outlined in the “Climate Change” section.
The following metrics apply to the six environmental objectives. The asset classes real estate, corporate bonds and equities were assessed as at the cut-off date of 31 December 2025.
Metrics relating to investments pursuant to Article 8 of the EU Taxonomy Regulation for the insurance group as at 31.12.2025
| Exposures | % | Amount in CHF million | ||||
|---|---|---|---|---|---|---|
| 1 | Total AUM | 100 | 195 208 | |||
| 2 | Assets covered by the KPI | ~57 | 111 105 | |||
| % of covered assets | % Turnover based | % CapEx based | ||||
| 3 | Taxonomy eligible | ~44 | ~45 | |||
| 4 | Nuclear activities (1) | <1 | <1 | |||
| 5 | Fossil gas activities (2) | <1 | <1 | |||
| 6 | Taxonomy aligned | ~2 | ~3 | |||
| 7 | Undertakings subject to Articles 19a and 29a of Directive 2013/34/EU | ~2 | ~2 | |||
| 8 | of which Non-financial undertakings | ~1 | ~2 | |||
| 9 | of which Financial undertakings | <1 | <1 | |||
| 10 | Other covered counterparties and real estate assets | <1 | <1 | |||
| 11 | Investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders | ~1 | ~2 | |||
| 12 | Exposures included on a voluntary basis (3) | |||||
| 13 | Transitional activities | <1 | <1 | |||
| 14 | Enabling activities | ~1 | ~1 | |||
| 15 | Nuclear activities (1) | <1 | <1 | |||
| 16 | Fossil gas activities (2) | <1 | <1 | |||
| Taxonomy aligned per objective | % Turnover based | % CapEx based | ||||
| 17 | Climate Change Mitigation (CCM) | ~2 | ~3 | |||
| 18 | Climate Change Adaptation (CCA) | <1 | <1 | |||
| 19 | Water and marine resources (WTR) | <1 | <1 | |||
| 20 | Circular economy (CE) | <1 | <1 | |||
| 21 | Pollution (PPC) | <1 | <1 | |||
| 22 | Biodiversity and Ecosystems (BIO) | <1 | <1 | |||
| 23 | Non-assessed exposures | |||||
| 24 | Exposures financing non-assessed non-material activities of counterparties (4) | |||||
| 25 | Exposures financing counterparties reporting in accordance with Article 7(9) to this Regulation (5) | |||||
| 26 | Non-assessed exposures considered non-material by the reporting entity (6) | |||||
| Breakdown of covered assets | % | Amount in CHF million | ||||
| 27 | Undertakings subject to Articles 19a and 29a of Directive 2013/34/EU | ~28 | 30 845 | |||
| 28 | of which Non-financial undertakings | ~12 | 13 100 | |||
| 29 | of which Financial undertakings | ~9 | 9 812 | |||
| 30 | Other covered counterparties and real estate assets | ~72 | 80 260 | |||
| 31 | Investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders | ~77 | 85 672 | |||
| 32 | Exposures included on a voluntary basis (3) | |||||
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1 Referred to in Sections 4.26, 4.27 and 4.28 of Annexes I and II to Delegated Regulation (EU) 2021/2139
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2 Referred to in Sections 4.29, 4.30 and 4.31 of Annexes I and II to Delegated Regulation (EU) 2021/2139
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3 In accordance with Article 7(3) of this Regulation
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4 In accordance with Article 7(8)(a) and (b) of this Regulation
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5 Figures should be the same in both columns.
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6 In accordance with Article 6(1b) of this Regulation. These figures should be the same in both columns.
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As at 31 December 2025, the assessed investments in real estate, corporate bonds and equities totalled approximately 71% of the investments to be classified. Green, social and sustainable bonds are included in the same way as bonds without a specific focus on sustainability aspects. For real estate, no assessment of taxonomy-eligibility has been carried out so far in relation to the five environmental objectives of climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and protection and restoration of biodiversity and ecosystems. The taxonomy-eligibility or taxonomy-alignment of the other investments according to the EU Taxonomy Regulation, such as infrastructure, cannot be fully determined due to insufficient data.