Full 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 CHF1.83 billion.
- The company achieved a strong solvency level with an SST ratio of around 210% at year-end 2025.
- A 4% increase in dividend per share to CHF36.5 was proposed, reflecting a payout ratio of 82%.
- Net new assets in the third-party asset management business increased significantly to CHF17.7 billion.
- The return on equity improved to 17.2%, within the target range of 17% to 19%.
- Net profit remained stable at CHF1.26 billion despite higher tax expenses.
- The fee result was slightly below the prior year, with a decrease in the Asset Managers' contribution.
- Asset Managers' total income decreased by 1%, with a notable drop in non-recurring income.
- Borrowing costs increased to CHF160 million due to refinancing effects.
- Cash remittance to the holding company decreased by 7% to CHF1.2 billion, partly due to one-off effects in the prior year.
Dear analysts and investors, good morning. Thank you for joining us, and welcome to our conference call. Today, we report our results for the financial year 2025. I will give you a brief overview before handing over to our CFO, Marco Gerussi, for more details. I'm proud of the operational performance and of what we have achieved in 2025.
We grew the insurance business, meaning premiums, operating results and the contractual service margin. We also grew the fee business at owned IFAs and with own and third-party products and services, and we achieved strong net new assets in our third-party asset management. Altogether, we achieved growth in profit from operations and in the return on equity as well as a strong solvency level.
On top of that, we propose a higher dividend to shareholders. Our results show the great commitment of our employees and advisers. I would like to thank all of them for their strong engagement and our customers for their continued trust and loyalty.
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