Half Year 2025 Swiss Life Holding AG Earnings Call Transcript
Key Points
- Swiss Life Holding AG (SWSDF) reported a 3% increase in profit from operations in local currency, reaching CHF903 million, driven by a 6% growth in the insurance business.
- The company achieved strong net new asset inflows in its third-party asset management (TPAM) business, with assets under management increasing to CHF138 billion.
- The ongoing CHF750 million share buyback program is proceeding as planned and is expected to run until May 2026.
- The SST ratio is estimated to be around 205%, which is above the ambitioned range of 140% to 190%, indicating strong solvency.
- Swiss Life Holding AG (SWSDF) has successfully started its Swiss Life 2027 program, aiming for higher earnings and cash returns to shareholders.
- Net profit declined by 5% to CHF602 million, primarily due to higher tax expenses, including an increased corporate tax rate in France.
- Cash remittance decreased by 8% to CHF1.17 billion, although adjusted for one-off effects, it showed a 4% growth.
- Insurance revenue decreased to CHF4.5 billion, impacted by negative FX effects and lower CSM release.
- The net investment result decreased to CHF254 million, with net capital losses amounting to minus CHF317 million.
- Fee and commission income growth was modest at 2% in local currency, with some divisions experiencing flat or declining income due to lower structured product contributions.
Ladies and gentlemen, welcome to the Swiss Life presentation of the half year results 2025 conference call and live webcast. I am Moira, the Chorus Call operator. (Operator Instructions) At this time. It's my pleasure to hand over to Mr. Matthias Aellig, Group CEO of Swiss Life. Please go ahead, sir.
Dear analysts and investors, good morning. Thank you for joining us and welcome to our conference call. Today, we report our results for the half year 2025. I will provide you with a brief overview before handing over to our CFO, Marco Gerussi, for more details. Swiss Life delivered a pleasing operational performance in the first six months of the year.
We grew the insurance business, meaning premiums, operating results and contractual service margin. We also grew the fee business and achieved strong net new assets in our third-party asset management. In a nutshell, I am pleased with the business activity and the progress we have achieved.
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