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Annual Report 2025
Annual Report 2025
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Management Report

Swiss Life Holding generated a profit of CHF 1.2 billion in the 2025 financial year (previous year: CHF 1.3 billion).

Swiss Life Holding’s annual profit fell by 9% to CHF 1.2 billion in 2025. This was mainly due to lower dividend income from subsidiaries of CHF 1.1 billion (previous year: CHF 1.2 billion). Interest income on loans granted internally increased to CHF 80 million (previous year: CHF 61 million), while other income from guaranteed benefits and commissions declined slightly to CHF 44 million (previous year: CHF 47 million). Income from investments in bonds and fund units rose to CHF 19 million (previous year: CHF 12 million). By contrast, personnel costs, operating costs and taxes were significantly lower at CHF 35 million (previous year: CHF 50 million), mainly due to higher tax expenses in the previous year. Interest on long-term debt capital totalled CHF 78 million in the year under review (previous year: CHF 54 million).

Capital assets (excluding participations) increased to CHF 4.0 billion (previous year: CHF 3.4 billion). At the end of the year, Swiss Life Holding held current assets, debt securities and investment funds of CHF 771 million (previous year: CHF 1.0 billion). Loans to Group companies increased to CHF 3.4 billion (previous year: CHF 2.5 billion).

Long-term debt capital rose to CHF 3.6 billion (previous year: CHF 2.8 billion). In January 2025, Swiss Life Holding placed a new senior bond in three tranches with a total volume of CHF 575 million. The issue was carried out, amongst other things, to refinance a bond that was repaid in June 2025.

At its Investor Day on 3 December 2024, Swiss Life announced a new share buyback programme in the amount of CHF 750 million. This started on 9 December 2024 and will run until the end of May 2026. In the 2025 financial year, 609 892 shares worth CHF 499 million were repurchased under this programme. Based on the resolution of the Annual General Meeting on 14 May 2025, 194 537 shares that were repurchased under this share buyback programme were cancelled during the year under review. This means that the number of shares issued decreased to 28 532 982, of which Swiss Life Holding held 2.06% at the end of the reporting period.

Swiss Life Holding’s distribution to shareholders in 2025 was made as an ordinary dividend and amounted to CHF 991 million or CHF 35.00 per share. Swiss Life Holding’s nominal share capital remained practically unchanged at CHF 3 million.