Notes to the Financial Statements
Accounting Rules
The 2025 Financial Statements were prepared in accordance with the provisions of Swiss accounting law (Title 32 of the Swiss Code of Obligations). Swiss Life Holding’s Financial Statements are presented in millions of Swiss francs (CHF), which is the presentation currency. Figures may not add up exactly due to rounding.
Explanations on the balance sheet and statement of income
Participations
| Currency | Authorised share capital in 1000 | Direct share/ Voting rights | Currency | Authorised share capital in 1000 | Direct share/ Voting rights | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31.12.2025 | 31.12.2024 | |||||||||||
| Swiss Life AG, Zürich | CHF | 587 350 | 100.00% | CHF | 587 350 | 100.00% | ||||||
| Swiss Life Deutschland Holding GmbH, Hannover | EUR | 25 | 100.00% | EUR | 25 | 100.00% | ||||||
| Swiss Life Intellectual Property Management AG, Zug | CHF | 250 | 100.00% | CHF | 250 | 100.00% | ||||||
| Swiss Life International Holding AG, Zürich | CHF | 1 000 | 100.00% | CHF | 1 000 | 100.00% | ||||||
| Swiss Life Investment Management Holding AG, Zürich | CHF | 50 000 | 100.00% | CHF | 50 000 | 100.00% | ||||||
| Swiss Life Schweiz Holding AG, Zürich | CHF | 250 | 100.00% | CHF | 250 | 100.00% | ||||||
| Swiss Life Finance I AG, Ruggell LI | CHF | 100 | 100.00% | CHF | 100 | 100.00% | ||||||
Loans to Group companies
CHF 1512 million (previous year: CHF 818 million) of the loans to Group companies is classified as subordinated.
Major shareholders
UBS Fund Management (Switzerland) AG, P.O. Box, 4002 Basel, Switzerland, reported in a publication of 8 May 2024 that it held 2 163 366 shares of Swiss Life Holding, equivalent to a 7.329% share of the voting rights.
BlackRock Inc., 55 East 52nd Street, New York 10055, USA, reported in a publication of 1 June 2021 that it held through various companies a total of 5.3% of the voting rights for Swiss Life Holding. At the same time, BlackRock Inc. held sales positions in the amount of 0.002% of the voting rights.
Share capital
As at 31 December 2025, the share capital of Swiss Life Holding (SLH) consisted of 28 532 982 fully-paid registered shares (previous year: 28 727 519 registered shares) with a par value of CHF 0.10 each. Conditional share capital remained unchanged at CHF 385 794.80 as at 31 December 2025. In exercising voting rights, no shareholder can collect more than 10% of the total share capital directly or indirectly in respect of his own shares and those he represents.
Statutory capital reserve
The statutory capital reserve consists of the capital contribution reserve. As at 31 December 2025, the capital contribution reserve came to CHF 177 million. Regarding the compliance of this balance sheet item with commercial law, the Federal Tax Administration has not recognised it under tax law in respect of the capital contribution principle.
Statutory retained earnings
Statutory retained earnings comprise the general reserves.
Voluntary retained earnings
This item comprises accumulated retained earnings which have not been distributed to the shareholders. In the year under review, CHF 297 million was allocated to voluntary retained earnings. In addition, voluntary retained earnings were reduced by CHF 143 million due to the cancellation of 194 537 shares, which took place on 25 June 2025.
Issue of senior bonds
| Volume | Year of issue | Maturity | Coupon | |||
|---|---|---|---|---|---|---|
| CHF 150 millions | 2019 | 2029 | 0.350% | |||
| CHF 200 millions | 2023 | 2026 | 2.040% | |||
| CHF 200 millions | 2023 | 2028 | 2.259% | |||
| CHF 200 millions | 2023 | 2032 | 2.610% | |||
| CHF 125 millions | 2024 | 2027 | 1.410% | |||
| CHF 200 millions | 2024 | 2030 | 1.503% | |||
| CHF 275 millions | 2024 | 2033 | 1.658% | |||
| CHF 150 millions | 2025 | 2028 | 0.888% | |||
| CHF 200 millions | 2025 | 2030 | 1.135% | |||
| CHF 225 millions | 2025 | 2035 | 1.425% | |||
On 6 December 2019, Swiss Life Holding placed three senior green bond tranches totalling CHF 600 million: a tranche of CHF 200 million with a tenor of two years and variable coupon (floor at 0.00%, cap at 0.05%) which was repaid on 6 December 2021, a tranche of CHF 250 million with a tenor of 5.5 years which was repaid on 6 June 2025 and a coupon of 0%, and a tranche of CHF 150 million with a tenor of 9.25 years and a coupon of 0.35% p.a.
On 26 January 2023, Swiss Life Holding placed three senior bond tranches totalling CHF 600 million: a tranche of CHF 200 million with a tenor of three years and a coupon of 2.04% p.a., a tranche of CHF 200 million with a tenor of 5.5 years and a coupon of 2.2588% and a tranche of CHF 200 million with a tenor of nine years and a coupon of 2.61% p.a.
On 26 April 2024, Swiss Life Holding placed three senior bond tranches totalling CHF 600 million: a tranche of CHF 125 million with a tenor of three years and a coupon of 1.41% p.a., a tranche of CHF 200 million with a tenor of six years and a coupon of 1.5025% and a tranche of CHF 275 million with a tenor of nine years and a coupon of 1.6575% p.a.
On 31 January 2025, Swiss Life Holding placed three senior bond tranches totalling CHF 575 million: a tranche of CHF 150 million with a tenor of three years and a coupon of 0.8875% p.a., a tranche of CHF 200 million with a tenor of 5.5 years and a coupon of 1.135% and a tranche of CHF 225 million with a tenor of ten years and a coupon of 1.425% p.a.
Treasury shares
As part of the 2024–2026 share buyback programme, Swiss Life Holding purchased a total of 609 892 treasury shares in the year under review at an average price of CHF 818.45. In the same period, 194 537 shares were cancelled.
Outside the share buyback programme, the companies in the Swiss Life Group purchased 35 000 treasury shares at an average price of CHF 741.88 in the year under review. As at 31 December 2025, the Swiss Life Group held 114 942 treasury shares that are not part of the share buyback programme.
As at 31 December 2025, the Swiss Life Group held a total of 587 484 treasury shares.
Contingent liabilities
As at the balance sheet date, Swiss Life Holding acts as warrantor for all liabilities of Swiss Life Ltd and Swiss Life Finance II in the amount of CHF 2.8 billion, which relates to the various tranches of the subordinated bonds (hybrid debt). The guarantees are classified as subordinated at Swiss Life Holding.
Swiss Life Holding further provides capital guarantees for a maximum net asset value of CHF 1.1 billion to Swiss Life Ltd, CHF 1.7 billion to Swiss Life Finance I, CHF 82 million to ElipsLife Ltd and CHF 5 million to Swiss Life Liechtenstein.
In addition, under an undrawn credit line Swiss Life Holding held liabilities totalling CHF 5 million for a real estate company.
Financial assets pledged as collateral
For internal Group projects, debt securities of EUR 200 million were pledged on the balance sheet date as part of a repurchase agreement (repo transactions).
Number of full-time equivalents
As in the previous year, the number of full-time equivalents is not above 50 employees on average over the year.
Statement of changes in equity for the years ended 31 December
| In CHF million | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Share capital | ||||
| Balance as at 1 January | 3 | 3 | ||
| Cancellation of treasury shares | 0 | 0 | ||
| Total share capital | 3 | 3 | ||
| Statutory capital reserve | ||||
| Balance as at 1 January | 177 | 177 | ||
| Capital contribution reserve reduction due to treasury share cancellation | – | – | ||
| Total statutory capital reserve | 177 | 177 | ||
| Statutory retained earnings | ||||
| General reserves | ||||
| Balance as at 1 January | 33 | 33 | ||
| Change | – | – | ||
| Total general reserves | 33 | 33 | ||
| Total statutory retained earnings | 33 | 33 | ||
| Voluntary retained earnings and profit shown in the balance sheet | ||||
| Voluntary retained earnings | ||||
| Balance as at 1 January | 2 322 | 2 590 | ||
| Allocation to / Withdrawal from voluntary retained earnings | 297 | 194 | ||
| Distribution of profit from voluntary retained earnings | – | – | ||
| Cancellation of treasury shares | –143 | –462 | ||
| Total voluntary retained earnings | 2 476 | 2 322 | ||
| Profit shown in the balance sheet | ||||
| Balance as at 1 January | 1 302 | 1 168 | ||
| Allocation to / Withdrawal from voluntary retained earnings | –297 | –194 | ||
| Dividend | –991 | –945 | ||
| Annual profit | 1 154 | 1 273 | ||
| Total profit shown in the balance sheet | 1 168 | 1 302 | ||
| Total voluntary retained earnings and profit shown in the balance sheet | 3 644 | 3 624 | ||
| Own capital shares | ||||
| Balance as at 1 January | –112 | –380 | ||
| Change in own capital shares | –349 | 268 | ||
| Total own capital shares | –461 | –112 | ||
| Total equity | 3 396 | 3 725 | ||
Events after the Reporting Period
In January 2026, Swiss Life placed a CHF 225 million dated hybrid bond with final maturity in 2042, first callable in January 2032 (coupon until first call date: 1.875%). The bonds were placed with investors in the Swiss franc market. The net proceeds of the bonds will be used for general corporate purposes, including potential future debt refinancing.