Swiss Life : Results and reports (Swiss Life Full year results 2025 Annual Report EN)
SLHN.SW
Published on 04/15/2026 at 01:24 am EDT
25
20
Annual Report 2025
Facts and Figures 4
Shareholders' Letter 6
Strategy and Brand 8
Segment Reporting 17
Switzerland 20
France 22
Germany 24
International 26
Asset Managers 28
Corporate Governance 30
Board of Directors 38
Corporate Executive Board 56
Swiss Life Compensation Report for the Financial Year 2025 62
Report of the Statutory Auditor 85
Risk Management 93
Sustainability Report 98
Foreword 100
General Information 101
Environmental Information 117
Social Information 144
Governance Information 157
Entity-Specific Disclosures 163
Supplementary Sustainability Information 166
Report on Non-Financial Matters 190
Information on Non-Regulatory Reporting Standards and Progress Reports 193
ESG Facts and Figures at a Glance 205
Appendix: Climate Change 209
Report of the Independent Auditor 212
Share Performance and Historical Comparison 215
Consolidated Financial Statements 219
Consolidated Statement of Income 222
Consolidated Statement of Comprehensive Income 223
Consolidated Balance Sheet 224
Consolidated Statement of Cash Flows 226
Consolidated Statement of Changes in Equity 228
Notes to the Consolidated Financial Statements 229
Report of the Statutory Auditor 393
Swiss Life Holding Financial Statements 400
Management Report 402
Statement of Income 403
Balance Sheet 404
Notes to the Financial Statements 405
Profit and Appropriation of Profit 409
Report of the Statutory Auditor 410
List of Abbreviations 414
The Swiss Life Group's 2025 financial year at a glance
Net profit
In CHF million
1 257
1 189
1 261 1 256
1 111
1 500
1 200
900
Profit from operations
In CHF million
1 783 1 742
1 783
1 827
1 497
2 000
1 600
1 200
600 800
300 400
0
2021 1
2022 2
2023
2024
0
2021 1
2022 2
2023
2024
Fee result
In CHF million
875
858
776
699
664
900
720
540
Dividend payout ratio
In %
86
86
81
82
61
100
80
60
360 40
180 20
0
2021 1
2022 3
2023
2024
0
2021 1
2022 4
2023
2024
Return on equity
In %
Cash remittance to Holding
In CHF million
16.6
17.2
13.7
11.0
12.1
1 308
1 150
1 220
1 009
834
20 1 500
16 1 200
12 900
8 600
4 300
0
2021 1, 6
2022 4
2023
2024
0
2021
2022
2023
2024
1 IFRS 4 / IAS 39
2 This corresponds to comparable results under IFRS 17 / IFRS 9 of CHF 1 529 million for profit from operations and CHF 1 029 million for net profit.
3 IFRS 17 / IAS 39
4 IFRS 17 / IFRS 9
5 Based on the distribution per share proposed by the Board of Directors for the financial year
6 Equity excl. net unrealised gains/losses on financial instruments
Business development
In the 2025 financial year, Swiss Life increased its profit from operations by 3% in local currency to CHF 1.8 billion. Despite CHF 35 million higher tax expenses, net profit amounted to CHF 1.3 billion, in line with the previous year. The operating result in insurance business rose by 6% in local currency to CHF 1.1 billion. The fee result amounted to CHF 858 million. Premiums came to CHF 20.9 billion - a rise of 3% in local currency. Swiss Life expanded its income from fee business by 5% in local currency to CHF 2.6 billion. The contractual service margin (CSM), which indicates the level of future, as yet unearned profit contributions from existing insurance business, grew by almost one billion to CHF 15.3 billion as at 31 December 2025. Third-party assets under management came to CHF 146 billion as at the end of 2025, with Swiss Life almost doubling net new assets from third-party business to CHF 17.7 billion. With its 2025 annual result, Swiss Life can look back on a pleasing first year of the "Swiss Life 2027" Group-wide programme and is well on track with the implementation of this programme.
Markets
As a leading European provider of comprehensive life and pensions and financial solutions, the Swiss Life Group enables people to lead a financially self-determined life. In Switzerland, France and Germany, Swiss Life offers individuals and its corporate customers comprehensive and individual advice plus a broad range of proprietary and partner products through its Sales Force and distribution partners such as brokers and banks. Swiss Life Select, Tecis, Horbach, Proventus and Chase de Vere advisors also broker suitable products from partner companies for customers. Swiss Life Asset Managers offers institutional and private investors access to investment and asset management solutions. Swiss Life provides multinational corporations with employee benefits solutions and high-net-worth individuals with structured life and pensions products. A number of subsidiaries are also part of the Swiss Life Group.
Employees
At the end of 2025, the Swiss Life Group had a workforce amounting to around 11 000 full-time equivalents worldwide and a network of around 17 000 advisors.
Rolf Dörig and Matthias Aellig
Dear shareholders,
Swiss Life once again performed very well in 2025: we made further operational progress and successfully expanded both the insurance and the fee businesses.
Thanks to growth across all insurance segments, premiums rose by 3% in local currency to CHF 20.9 billion. In the fee business, income increased by 5% in local currency to CHF 2.6 billion. Swiss Life generated a total profit from operations of CHF 1.8 billion, an increase of 3% compared to the 2024 financial year. Despite higher tax expenses, net profit amounted to CHF 1.3 billion, in line with the previous year.
2025 also marked the first year of the "Swiss Life 2027" Group-wide programme. Swiss Life is well on track with the implementation of its strategy and with regard to its financial targets. This applies both to the fee result and to the return on equity, which at 17.2% is within our target range of 17-19% that we aim to achieve in each of the three programme years. The cash remittance to the holding company amounted to CHF 1.2 billion. Our dividend payout ratio stands at 82%, exceeding our annual target of more than 75%, and the share buyback programme of CHF 750 million, which runs until the end of May 2026, is progressing according to plan. In light of the positive 2025 annual result, we are pleased to propose a dividend of CHF 36.50 per share - up by CHF 1.50 - at the forthcoming Annual General Meeting on 7 May 2026. In doing so, we are delivering on our ambition to increase the dividend per share.
Our ambition also encompasses specific targets to reduce the CO₂ emissions from our own operations and the carbon intensity of our investment properties. In this regard, we deliberately focus our measures on those areas in which we have a direct influence and can achieve an impact. For example, since 2019, we have reduced CO₂ emissions per employee in our business operations by almost 50% and are likewise on course with regard to the carbon intensity of our investment properties. In terms of its offering of sustainable insurance products and investment solutions, Swiss Life is guided by customer demand in the respective markets.
However, Swiss Life's corporate and social responsibility extends well beyond this. Through our core business, we make a significant contribution to the financial self-determination of our customers. In many cases, our advisors support our customers over the course of many years.
As a pensions provider, Swiss Life upholds benefit commitments over decades. To meet these commitments, we invest responsibly and for the long term. This includes in real estate:
in 1893, Swiss Life purchased its first investment property in Bern, and still holds it in its portfolio to this day. Swiss Life regularly
Our customers can trust that
we will deliver the benefits we have promised. To honour
this trust is both an obligation and a source of motivation.
invests in maintaining its properties to ensure that living and working spaces meet the needs and requirements of tenants, as well as to secure returns in line with the market for insured persons.
We are aware that the current housing shortage is a concern for many people. Swiss Life can contribute to creating additional housing: over the past three years, we have built
around 600 new apartments and aim to build another 1000 in the next three years. More housing is essential to break the cycle of rising rents. But this requires input from all stakeholders - from institutional investors to cooperatives and the public sector. At the same time, it is up to the federal government, cantons and municipalities to ensure planning and legal certainty for investors. This includes establishing swift authorisation procedures, limiting appeals to those actually affected and providing greater flexibility to allow commercial zones to be more easily converted into mixed-use environments where residential and commercial spaces can coexist.
It is the responsibility of developers to plan projects carefully, make the best possible use of existing potential and take into account the needs of the local municipalities and populations. Swiss Life takes this responsibility seriously and ensures a well-balanced portfolio. Accordingly, our housing mix is well diversified, with apartments across all price segments.
It is your loyalty and your trust, valued shareholders, that enable us to continue developing our business over the long term. For this, we would like to express our sincere thanks, and look forward to continuing on Swiss Life's successful path with you.
Chairman of the Board of Directors
Group CEO
Strategy and Brand
Strategy and Brand
The Swiss Life Group is one of Europe's leading comprehensive life and pensions and financial solutions providers. With its products and services, Swiss Life enables people to lead a financially self-determined life.
Swiss Life - Annual Report 2025
8
Swiss Life's success is based on a strong purpose, a clear strategy, the disciplined execution of Group-wide programmes and a charismatic brand. With the consistent and successful implementation of its multi-year Group-wide programmes, Swiss Life ensures that the long-term value propositions made to its customers are guaranteed and that it creates sustainable value for its shareholders and stakeholder groups.
Swiss Life addresses a fundamental human need
With its commitment, advisory services and comprehensive life, pensions and investment solutions, Swiss Life enables people to lead a financially self-determined life. In doing so, the company builds financial confidence and addresses the fundamental human need for self-determination and independence.
Results of market research carried out by Swiss Life confirm this, showing that being able to lead a self-determined life and decide freely leads to greater satisfaction and confidence. The results also show that most people are aware that when it comes to pension provision, they are responsible for their own financial security.
Demographics make pension provision a growth market
The impact of an increasingly ageing population coupled with high levels of debt in many pension systems is underestimated. Consequently, pension and insurance shortfalls are on the rise worldwide. As a result, people have to take more responsibility for their own pension-related provisions.
Pension solutions and advice are therefore a growth market. People depend on support to address pension gaps and risks in a self-determined manner. In this environment, Swiss Life's work, advice and products will continue to grow in importance. Swiss Life therefore sees growth opportunities and differentiation potential in the market for pension solutions and advice. Thanks to its longstanding and proven investment expertise, Swiss Life is able to offer its customers a comprehensive range of products and services.
Unique market position
Swiss Life has a strong foothold as a provider of pension solutions and financial services in attractive European markets. In recent years, Swiss Life has emphatically demonstrated that it can grow profitably even in a challenging environment and adapt to changing market landscapes. In addition, Swiss Life Asset Managers provides Swiss Life with a fast-growing asset management business for institutional investors, with particular strengths in the area of real assets. The result is a broad-based, resilient business model with multiple profit sources.
Swiss Life's business model is oriented to long-term and profitable growth. Its focus is on earnings growth and earnings quality as well as efficiency and financial strength. With the consistent implementation of its multi-year Group-wide programmes, Swiss Life ensures that it can deliver on the long-term value propositions made to its customers and create sustainable value for its shareholders and other stakeholder groups.
Swiss Life offers its customers a wide range of solutions for their financial security and future provisions. Swiss Life's advisory and product strategy and value chain are explained in the "Strategy" section on page 108 and in the "Sustainability in Insurance and Advisory" section on page 166. In view of its varied positioning in the relevant markets, Swiss Life adopts a multi-divisional approach. In its segment reporting, the company provides insights into business performance and describes the strategic focus areas of the individual divisions.
Successful implementation of the Group-wide programmes
Swiss Life has successfully completed its five most recent Group-wide programmes: "Mile-stone" (financial targets for 2009-2012), "Swiss Life 2015" (2013-2015), "Swiss Life 2018"
(2016-2018), "Swiss Life 2021" (2019-2021) and "Swiss Life 2024" (2022-2024).
Swiss Life regularly reports in detail on the current status of its strategic implementation, including during its annual and half-year reporting. The documents are available on the website under "Investors and Shareholders".
"Swiss Life 2027": financial targets for the period until 2027
In December 2024, Swiss Life revealed its latest Group-wide programme, "Swiss Life 2027". With it, Swiss Life is systematically continuing on its successful path of recent years and focusing on three strategic actions: expanding and deepening customer relationships, strengthening its advisory power and operational efficiency.
Under "Swiss Life 2027", the company wants to target existing and new customers and thus expand its customer base. It also aims to deepen customer relationships by broadening its range of products and services. In addition, Swiss Life wants to further strengthen its advisory services, which are a key element of its offering, by expanding its advisory network and increasing investment in digital platforms to provide even better support for advisors. Furthermore, the company would like to improve operational efficiency by utilising technological innovation and automation. Swiss Life also sets itself sustainability goals. It focuses on those areas in which the company can exert a direct influence and achieve an impact. The sustainability strategy is presented in detail on pages 108 to 116 of the Sustainability Report.
We enable people
to lead a financially self-determined life
Customer
Expanding customer base and relationships Earnings
Enhanced quality and growth
Advisor
Growing advisor base and productivity
Operations
Increasing operational efficiency
Capital and cash
Attractive cash returns to shareholders
Sustainability is an integral part of our business
With its "Swiss Life 2027" Group-wide programme, Swiss Life has set itself ambitious financial targets. The focus will be on improving earnings quality and earnings growth, with all divisions expected to make a significant contribution. Swiss Life wants to increase its fee result to over CHF 1 billion in 2027 and to achieve an adjusted return on equity of 17-19% for each year of the Group-wide programme.
In addition, Swiss Life aims to achieve a cumulative cash remittance to the holding company of CHF 3.6-3.8 billion from 2025 to 2027 and a dividend payout ratio of over 75% from 2025. Its ambition is also to increase the dividend per share. In addition, a share buyback programme in the amount of CHF 750 million was launched in December 2024 and will run until the end of May 2026.
Increase in the fee result to over CHF 1 billion in 2027
Return on equity of 17-19% in each year of the Group-wide programme
Cumulative cash remittance to the holding company from 2025 to 2027 of CHF 3.6-3.8 billion
Dividend payout ratio of over 75% from 2025 and ambition to increase the dividend per share
CHF 750 million share buyback programme from December 2024 to May 2026
"Swiss Life 2027": well on track in its first year
Swiss Life has made a pleasing start to its "Swiss Life 2027" Group-wide programme and is well on track. The fee result came to CHF 858 million, with a strong contribution from owned IFAs and own and third-party products. At 17.2%, the return on equity in 2025 was within the target range of 17-19%. The cash remittance to the holding company last year amounted to CHF 1.2 billion (target cumulative cash remittance for 2025 to 2027: CHF 3.6-3.8 billion). With a dividend payout ratio of 82%, Swiss Life has achieved its target of an annual payout ratio of 75%. The CHF 750 million share buyback programme under "Swiss Life 2027" is proceeding as planned and will be completed in May 2026.
As at 31 December 2025, the Swiss Life Group had an SST ratio of around 210%. The solvency ratio was thus above the strategic ambition range of 140-190%.
A charismatic brand
Building on the corporate strategy and positioning as a provider of comprehensive life and pensions and financial solutions, the Swiss Life umbrella brand, complemented by its sub-brands Swiss Life Asset Managers, Swiss Life Banque Privée, Swiss Life Global Solutions, Swiss Life Select and Swiss Life Wealth Managers, provides orientation and instils trust. In all our brand endeavours, we remain guided by our purpose of enabling people to lead a financially self-determined life. The success of the Swiss Life brand is driven by systematic brand strategy and management as well as effective brand protection.
The brands are allocated to various levels in a clear brand hierarchy.
While the umbrella and sub-brands are managed centrally, brand management at levels 3 ("Endorsement") and 4 ("Individual brands") is performed directly in the relevant divisions.
Level 1
Level 2
Level 3
Swiss Life Group Member of Swiss Life Asset Managers
Swiss Life has a strong umbrella brand. As a rule, all products and services are offered under the umbrella brand.
Sub-brands emphasise the expertise of the umbrella brand in specific market segments. Swiss Life maintains a deliberately limited portfolio of sub-brands for individual sales channels.
Independent brands with potential for a positive image transfer are at the third level. The umbrella brand or sub-brand serves as an additional textual identifier at this level.
Level 4
your insurance
Level 4 is for independent brands that are managed separately. These brands have an independent existence without visible relation to the Swiss Life umbrella brand.
Corporate identity and design
A clear corporate identity (CI) defines how Swiss Life wishes to present itself to the public. This includes a brand personality that reflects Swiss Life's value system. In 2024, Swiss Life made its purpose more precise in order to accentuate its contribution to the financially self-determined lives of its customers and even more clearly highlight where its core competencies lie. The refined purpose is supported by the three values of individuality, confidence and reliability, which place customers at the heart of activities: "we enable people to lead a financially self-determined life." This more specific purpose plays a key role in both internal and external communication.
The corporate identity also includes a universal language style and a compulsory corporate design (CD), with a logo, colour palette, fonts, icons and image catalogue, all of which ensure a uniform brand presence.
The corporate design is derived from the brand personality and, in addition to ensuring rec-ognisability and orientation, also contributes to a uniform brand experience. The aim is for stakeholder groups to gain a consistent, high-quality impression of Swiss Life at all contact points.
The binding CI/CD guidelines are available on our online platform and are widely accessible both internally and externally. They contain rules and usage examples for all areas of application plus information on trademark protection. In 2025, new rules for dealing with AI-gener-ated content were introduced, while a more contemporary, mandatory e-mail signature and standardised background images were defined for Microsoft Teams.
Brand identity
In the home market of Switzerland, Swiss Life focuses on sports and cultural sponsorship in addition to classical advertising. Swiss Life has been the main sponsor of the ZSC Lions ice hockey club for some years and, since 2019, has also lent its name to the "Swiss Life Arena" ice hockey stadium in Zurich, where the ZSC Lions have played their home games since October 2022. Since 2024, Swiss Life has also been an official sponsor of Swiss Ice Hockey, the umbrella organisation of the sport. In 2026, Swiss Life is also the national partner of the Ice Hockey World Championship in Switzerland. The Swiss men's national team will play its games in the "Swiss Life Arena". In the cultural arena, film is the cornerstone of its commitment: Swiss Life sponsors events such as the Locarno Film Festival and is the main partner for the Solothurn Film Festival.
Together with its distribution company Swiss Life Select, Swiss Life Germany helps sport at grassroots level by supporting local amateur clubs. In Germany, Swiss Life also supports projects and institutions in the fields of social affairs, culture, science, education and research, and operates several of its own foundations in its various core markets. Information on the foundations can be found in the "Corporate Citizenship" section of the Sustainability Report on page 187.
Building on its long-standing "Home & living" campaign, which established Swiss Life in Switzerland as a comprehensive advisor for people wishing to live a financially self-determined life in their own home, a new campaign has been running since August 2025 with the core message "You live your life. We take care of your finances".
With this predominantly digital umbrella brand campaign, Swiss Life is focusing specifically on investment solutions and the emotionalisation of its purpose. In the divisions of France, Germany, International and Asset Managers, the campaigns also focused on the emotionalisation of the purpose.
Swiss Life's brand identity in the "Swiss Life Arena" in Zurich and in a campaign in Germany
Worldwide brand protection and assessment
To protect its brand, Swiss Life has put processes and tools in place to prevent third parties from using its intellectual property - the Swiss Life brand - without its approval anywhere in the world. A Cyber Threat Intelligence (CTI) service systematically monitors and detects potential cyber threats to the Swiss Life brand and its digital assets. Furthermore, domains are managed and protected via a uniform registration service. Fraudulent registrations and content are identified and reported. Social media, review and rating platforms are continuously monitored. Swiss Life trademarks are also enforced and monitored in relation to possible infringements by newly registered and existing trademarks of third parties.
Independent institutes continuously measure people's awareness and perception of the Swiss Life brand locally. Swiss Life also regularly assesses the anchoring of its purpose among the general public, among customers and internally among its employees. The findings are used to develop and adjust marketing and communication measures on an ongoing basis. This is supplemented by regular internal studies of brand value, which demonstrate the development of the brand's value.
Segment Reporting
Segment Reporting
Swiss Life is well on track with the implementation of its "Swiss Life 2027" Group-wide programme and increased profit from operations by 3% in local currency to CHF 1.8 billion
in the 2025 financial year. Net profit amounted to CHF 1.3 billion, in line with the previous year.
Swiss Life - Annual Report 2025
17
The Swiss Life Group posted profit from operations of CHF 1.8 billion in the 2025 financial year. This corresponds to a 3% increase in local currency compared to the previous year. Net profit amounted to CHF 1.3 billion (previous year: CHF 1.3 billion). The fee result came to CHF 858 million, equivalent to a decrease of 1% in local currency.
In its home market of Switzerland, Swiss Life achieved a segment result of CHF 891 million (previous year: CHF 854 million). In France, Swiss Life posted a segment result of CHF 339 million (previous year: CHF 319 million). In Germany, the segment result came to CHF 192 million (previous year: CHF 184 million). Swiss Life International grew its segment result to CHF 122 million (previous year: CHF 113 million). Swiss Life Asset Managers achieved a segment result of CHF 414 million (previous year: CHF 446 million). The decline of 7% is mainly due to lower non-recurring income in TPAM business compared to a very strong previous year.
Direct investment income remained unchanged at CHF 4.1 billion, with the direct investment yield standing at 2.9%, in line with the previous year. The net investment yield was 2.7% (previous year: 2.6%).
The contractual service margin (CSM), which indicates the level of future, as yet unearned profit contributions from existing insurance business, rose to CHF 15.3 billion as at 31 December 2025 (31 December 2024: CHF 14.4 billion).
Swiss Life expanded its income from fee business by 5% in local currency to CHF 2.6 billion. Swiss Life Asset Managers generated total income of CHF 1.1 billion in 2025. TPAM business contributed CHF 795 million (previous year: CHF 802 million).
Premiums came to CHF 20.9 billion in 2025 - a rise of 3% in local currency. All divisions contributed to this growth.
Third-party assets under management as at the end of 2025 amounted to CHF 146 billion (31 December 2024: CHF 125 billion). Net new assets from third-party business increased by 88% to CHF 17.7 billion in the year under review (previous year: CHF 9.5 billion).
Events after the reporting period
In February 2026, the Generali Group and Swiss Life Global Solutions entered into a longterm distribution partnership and agreed on a binding commitment for the acquisition of the Swiss Life Network by Generali Employee Benefits. The transaction will have no material impact on the Consolidated Financial Statements.
In addition, the Swiss Life Group placed a hybrid bond amounting to CHF 225 million in January 2026. Additional information can be found in Note 30 of the Consolidated Financial Statements.
Key figures for the Swiss Life Group
In CHF million (if not stated otherwise)
SELECTED FIGURES FROM CONSOLIDATED STATEMENT OF INCOME
2025 2024 2023 2022
IFRS 17 / 9 IFRS 17 / 9 IFRS 17 / 9 IFRS 17 / IAS 39
Insurance service result
1 137
1 083
1 209
1 280
Net investment result
805
1 044
103
512
Profit from operations
1 827
1 783
1 497
1 7421
Net profit
1 256
1 261
1 111
1 1891
Net profit attributable to
equity holders of Swiss Life Holding
1 234
1 224
1 094
1 182
non-controlling interests
22
36
18
7
SELECTED FIGURES FROM CONSOLIDATED BALANCE SHEET
Total shareholders' equity
7 062
7 271
7 499
8 414
Contractual service margin - gross
15 342
14 354
15 402
16 385
Total assets
219 125
218 933
213 445
213 440
"SWISS LIFE 2027"
Fee result
858
875
664
776
Return on equity (in %)
17.2
16.6
13.7
12.12
Cash remittance to Holding
1 220
1 308
1 150
1 009
Dividend payout ratio (in %)
823
81
86
862
OTHER FIGURES
Fee and commission income
2 588
2 492
2 397
2 370
Gross written premiums
20 871
20 330
19 841
19 604
Assets under control
356 304
333 986
313 733
308 022
Number of full-time equivalents
10 844
10 850
10 442
10 126
Number of advisors
17 614
17 628
17 318
17 020
Fee result
In CHF million
776
699
664
900
720
540
875
858
Cash remittance to Holding
In CHF million
1 308
1 150
1 220
1 009
834
1 500
1 200
900
360 600
180 300
0
2021 4
2022 4
2023 5
2024
0
2021
2022
2023
2024
1 This corresponds to comparable results under IFRS 17 / IFRS 9 of CHF 1 529 million for profit from operations and CHF 1 029 million for net profit.
2 IFRS 17 / IFRS 9
3 Based on the distribution per share proposed by the Board of Directors for the financial year
4 IFRS 4 / IAS 39
5 IFRS 17 / IAS 39
There may be minor discrepancies in total figures and percentages in this report due to rounding effects.
Switzerland
In 2025, Swiss Life Switzerland posted a segment result of CHF 891 million (previous year: CHF 854 million). The 4% increase is due to higher levels of both investment income and service fees. Fee income increased by 6% to CHF 359 million (previous year: CHF 339 million). The fee result of CHF 55 million was at the same level as the previous year. Investments in developing the business of Swiss Life Wealth Managers and ZWEI Wealth, a wealth advisory firm acquired by Swiss Life in February 2025, were mainly offset by the growth of Swiss Life Select and pension fund management solutions. At CHF 651 million, the cash remittance was 12% below the previous year, which had been exceptionally high due to one-offs.
In the year under review, Swiss Life Switzerland's premiums came to CHF 10.2 billion, equivalent to an increase of 3%. Single premiums in the individual life business were up 13%, while periodic premiums remained unchanged from the previous year. Premiums in group life business rose by 3%. Group life business accounted for 80% of the total premium volume.
According to the Swiss Insurance Association (SIA), life insurance premiums in Switzerland were slightly above the previous year's level at CHF 22.5 billion. In group life business, premiums for the market as a whole were 2% down over the previous year, while premiums for individual life business increased by 4%. Swiss Life expanded its market share in both individual life and group life business.
In insurance business for private clients, Swiss Life Switzerland benefits from a broad base of distribution channels - Sales Force, Swiss Life Select, brokers and partners - to support its client advising and support activities. In the year under review, new single-premium business again saw significant growth. Swiss Life was particularly successful in the area of pension planning and associated products, especially payout plans. By contrast, new business with savings insurance declined in the year under review compared with the previous year.
Thanks to the comprehensive range of products and services, the offer season for group life business was completed successfully despite a challenging market environment. Demand for full insurance solutions once again recorded a marked increase. Assets under management from semi-autonomous solutions also developed positively as planned. The pure risk segment also saw a strong rise in demand.
Swiss Life Switzerland wants to further strengthen its personal pension and financial advisory offering in order to meet customers' demands for comprehensive, personal advice on complex financial issues. Thanks to its advisory organisations - Sales Force, Swiss Life Select, Swiss Life Wealth Managers and ZWEI Wealth - the segment enjoys very broad market access and can serve all customer segments individually and in line with their needs. The number of professionally trained advisors increased in the home market to around 1720 and is set to continue growing in the future.
As at the end of 2025, Swiss Life Wealth Managers was present in nine locations in German-speaking and Western Switzerland. This advisory channel focuses on the growing high-net-worth segment. The number of specialist advisors was increased to 39. Its core offering is holistic wealth advisory with the aim of developing individual solutions focused on the long term. Clients are offered a personal strategic asset allocation based on a holistic advisory process that takes into account their financial objectives, life situation and risk profile. The client base was further expanded in the year under review, underscoring the rising demand for individual, high-quality wealth advisory services. The wealth advisory firm ZWEI Wealth,
acquired in 2025, focuses on the client segment of high-net-worth individuals (HNWIs). With a clearly structured advisory approach, it enhances transparency regarding wealth management services, offerings and costs, and has established itself as an independent entity between investors and banks or wealth managers.
Swiss Life Switzerland has made a good start to the new "Swiss Life 2027" Group-wide programme. Initial progress has been made with respect to all four objectives - growth in private and occupational provisions, establishing private wealth solutions as a core business, strengthening and expanding the personal pension and financial advisory offering, and using digitalisation to drive efficiency and growth.
Key figures for Switzerland
In CHF million
2025 2024 +/-
Segment result
891
854
4%
Fee result
55
55
0%
Cash remittance
651
741
-12%
Fee and commission income
359
339
6%
Gross written premiums
10 214
9 911
3%
Contractual service margin
10 090
9 510
6%
Number of full-time equivalents
2 512
2 497
1%
Fee result Switzerland
In CHF million
53
55
55
55
28
75
60
45
30
Cash remittance Switzerland
In CHF million
651
565
425
451
750
600
450
300
741
15 150
0
2021 1
2022 1
2023 2
2024
0
2021
2022
2023
2024
1 IFRS 4 / IAS 39
2 IFRS 17 / IAS 39
France
In the reporting year, Swiss Life France posted a segment result of CHF 339 million (previous year: CHF 319 million). The fee result rose to CHF 184 million (+7% in local currency) due to higher contributions from unit-linked business. In the health and protection business, the loss ratio improved in 2025 thanks to the implementation of profitability measures, including tariff increases and enhanced claims management, despite rising regulatory pressure on the business. In property and casualty, the loss ratio also improved in 2025 thanks to tariff increases, lower water-damage frequencies, and a reduced incidence of large claims. Fee income rose to CHF 557 million (previous year: CHF 516 million), equivalent to 10% growth in local currency, driven by higher average unit-linked reserves. The cash remittance increased to CHF 180 million (+3% in local currency).
The French insurance market grew by 9% in 2025, building on the positive trend from the previous year. Premiums at Swiss Life France rose to CHF 7.6 billion. This increase of 4% in local currency is mainly due to higher revenues from the savings and retirement business. The focus in the year under review remained on profitability and quality of new business. Thanks to the private insurer strategy and the bonus distribution policy specifically for the premium customer segment, the share of premiums from unit-linked life insurance contracts was 69% -significantly higher than the market average (39%). The contribution of unit-linked business to new business production increased to 80% (previous year: 79%). At the end of 2025, the unit-linked part of life insurance contracts accounted for 61% of reserves in the life business. Premiums from the health and protection business increased by 1%, thanks to the robust performance of group contracts in recent years and tariff increases. Swiss Life Banque Privée once again made a positive contribution to the business of Swiss Life France in 2025, with a segment result of CHF 43 million.
Swiss Life France has made a good start to the new "Swiss Life 2027" Group-wide programme. Progress is visible across its key priorities: expanding its target customer segments (HNWIs, affluent clients, corporates and the self-employed), strengthening its multi-distribution model by both increasing the number of tied agents and focusing on preferred advisors in open networks (IFAs and brokers), as well as leveraging digitalisation and AI to improve scalability.
In 2026, Swiss Life France will continue to focus on advising and supporting its premium clients - HNWIs, affluent customers, business owners, the self-employed and corporates - by providing comprehensive insurance and wealth management solutions as well as a broad range of risk and pension solutions. At the same time, the market unit wants to drive forward its multi-distribution strategy, with a special focus on the development of the tied agents' network, and optimise the scalability and efficiency of its business model. To this end, Swiss Life France is focusing on increasing sales efficiency, developing phygital customer experiences using existing portals or APIs and implementing automated processes with its key external partners.
Key figures for France
In CHF million
2025 2024 +/-
Segment result
339
319
6%
Fee result
184
174
6%
Cash remittance
180
177
1%
Fee and commission income
557
516
8%
Gross written premiums
7 599
7 408
3%
Contractual service margin
3 626
3 212
13%
Number of full-time equivalents
2 690
2 690
n/a
Fee result France
In CHF million
174
184
156
136
111
200
160
120
Cash remittance France
In CHF million
177
180
156
136
94
200
160
120
80 80
40 40
0
2021 1
2022 1
2023 2
2024
0
2021
2022
2023
2024
1 IFRS 4 / IAS 39
2 IFRS 17 / IAS 39
Germany
Swiss Life Germany is a leading provider of insurance and pension solutions in the fields of life insurance, occupational pensions and employee insurance. The company also offers comprehensive financial and pension advice independent of product provider under its Swiss Life Select, Tecis, Horbach and Proventus brands. The segment information covers both local insurance activities and the activities of the financial advisory companies headquartered in Germany.
Despite a challenging and volatile market environment, Swiss Life Germany successfully increased its segment result to CHF 192 million (previous year: CHF 184 million). This is mainly due to the fee result, which increased to CHF 120 million (previous year: CHF 115 million). The positive performance of the insurance business also contributed to the overall result, which rose from CHF 69 million in the previous year to CHF 73 million.
Swiss Life Germany further expanded its advisory business in 2025 and increased fee income to CHF 827 million (previous year: CHF 783 million), thanks in particular to productivity increases and growth in the areas of retirement provisions, financing and investment.
The premium volume rose by 2% in local currency to CHF 1.4 billion. Swiss Life Germany's strategic focus was directed almost exclusively towards regular premiums, where the company recorded growth significantly above the market average.
The cash remittance increased slightly to CHF 100 million (previous year: CHF 99 million), supported by higher remittances from the owned IFAs.
Operating expenses rose by 3% in local currency, reflecting the implementation of a range of growth initiatives. In 2025, investment spending included allocations to the "Swiss Life 2027" Group-wide programme. Swiss Life Germany has laid a strong foundation for the new Group-wide programme. Initial milestones have already been achieved in the defined focus areas -developing a modern, customer-centric advisory platform, expanding the personal and digital financial advisory offering, modernising information technology and strengthening product portfolios.
Key figures for Germany
In CHF million
2025 2024 +/-
Segment result
192
184
5%
Fee result
120
115
4%
Cash remittance
100
99
1%
Fee and commission income
827
783
6%
Gross written premiums
1 447
1 435
1%
Contractual service margin
1 491
1 523
-2%
Number of full-time equivalents
1 961
1 969
0%
Fee result Germany
In CHF million
113
105
112
115
120
150
120
90
60
Cash remittance Germany
In CHF million
144
99
100
75
66
150
120
90
60
30 30
0
2021 1
2022 1
2023 2
2024
0
2021
2022
2023
2024
1 IFRS 4 / IAS 39
2 IFRS 17 / IAS 39
International
Swiss Life International is a trusted life insurance provider operating in key European and Asian markets, with a focus on employee benefits solutions and bespoke offerings for affluent and high-net-worth individuals. In addition, Swiss Life International consists of established independent financial services providers in the UK and Central and Eastern Europe that offer comprehensive financial planning and wealth management solutions.
In the reporting year, the International segment posted a result of CHF 122 million (previous year: CHF 113 million). The fee result for Swiss Life International came to CHF 85 million (+1% in local currency). The cash remittance grew by 9% in local currency to CHF 68 million.
The Global Employee Solutions business focuses on risk, pension and health solutions for multinational companies. Positive risk and volume development led to higher profitability in the reporting year. With a presence in Luxembourg, the Netherlands, Switzerland and Italy, the business is committed to strengthening and expanding its offering to address growing protection and pension gaps, with a particular emphasis on the fields of biometric risk and health solutions for select European markets.
Its Global Private Wealth business, with insurance companies in Luxembourg, Liechtenstein and Singapore, had assets under management of CHF 16.5 billion as at the end of 2025 (previous year: CHF 17.7 billion).
The fee result for the independent financial advisors in the UK and Central and Eastern Europe increased by 13% in local currency to CHF 47 million. This increase was mainly driven by the growth of the investment advisory business in the UK.
Swiss Life International made a promising start to the "Swiss Life 2027" Group-wide programme, making advances across all three of its strategic priorities. The division strengthened its solutions and services in attractive insurance and financial advisory segments, expanded its insurance distribution and financial advisory networks, and continued to enhance operational efficiency and scalability.
In 2026, Swiss Life International plans to strengthen and expand its solutions and services as well as grow its distribution and financial advisory networks to increase both the fee and insurance results. With innovative insurance solutions and flexible business platforms, Swiss Life International is well positioned to meet the evolving needs of its existing partners and customers and to expand its business.
Key figures for International
In CHF million
2025 2024 +/-
Segment result
122
113
8%
Fee result
85
86
0%
Cash remittance
68
64
7%
Fee and commission income
356
363
-2%
Gross written premiums
1 717
1 639
5%
Contractual service margin
135
108
25%
Number of full-time equivalents
1 339
1 362
-2%
Fee result International
In CHF million
Cash remittance International
In CHF million
84
86
85
71
69
64
62
64
68
56
100 100
80 80
60 60
40 40
20 20
0
2021 1
2022 1
2023 2
2024
0
2021
2022
2023
2024
1 IFRS 4 / IAS 39
2 IFRS 17 / IAS 39
Asset Managers
The Asset Managers segment comprises Swiss Life's Group-wide asset management, investment and real estate services activities.
In 2025, Swiss Life Asset Managers achieved a segment result of CHF 414 million (previous year: CHF 446 million), which corresponds to a decrease of 7%, as the non-recurring TPAM income was below the strong prior-year level. Of this amount, CHF 229 million was attributable to TPAM business (previous year: CHF 254 million). This 10% decrease over the previous year was largely driven by lower positive market value adjustments in the project development business. Fee income rose by 2% during the year under review to CHF 979 million. Fee income from third-party customers rose by 3%, while it remained flat in the insurance business. Operating expenses rose by 3%, mainly driven by investments in business growth. The cash remittance increased year-on-year by 3% to CHF 250 million due to shifts between realised and distributable income from the project development business.
Swiss Life Asset Managers' assets under management stood at CHF 288 billion at year-end 2025. Assets from the insurance business decreased by CHF 5.1 billion to CHF 143 billion, driven by market movements. Due to the regulatory framework conditions and the long-term nature of its liabilities, Swiss Life invests mainly in fixed-income securities, which made up 47% of its portfolio at the end of 2025. The real estate holdings increased slightly to around 28%. The net equity holdings were unchanged at 5% as at 31 December 2025. Third-party business grew again thanks to net new assets of CHF 17.7 billion, a gain of 88% compared to the previous year. Swiss Life Asset Managers had third-party assets of CHF 146 billion under management at the end of 2025, an increase of 17% compared to the previous year. Third-party assets exceeded insurance assets for the first time.
2025 was marked by the trade dispute fuelled by US tariffs. This resulted in a significant depreciation of the US dollar. The private sector proved resilient, which explains the positive performance of the stock markets. In Europe, the European Central Bank and the Swiss National Bank concluded their cycle of interest rate cuts.
Benefiting from market improvements, three real estate investment groups were successfully opened in Switzerland and were significantly oversubscribed, with a total volume of around CHF 1 billion. In infrastructure, the "Clean Energy Infrastructure Switzerland 3" fund successfully reached its final close with more than CHF 1 billion in capital commitments. "Privado", an open-ended infrastructure fund launched in 2024 for private investors, achieved an investment volume of over EUR 125 million. Furthermore, Swiss Life Asset Managers strengthened its position in the life science sector with an acquisition in Switzerland, established a joint venture in the UK to deliver more than 2250 new homes in underinvested regions throughout England, and expanded in the Nordics to foster its position as a leading European asset manager and lay the foundation for continued growth.
Key figures for Asset Managers
In CHF million
2025 2024 +/-
Segment result
414
446
-7%
Fee result
414
446
-7%
Cash remittance
250
242
3%
Fee and commission income
979
959
2%
Assets under management
288 271
272 324
6%
Number of full-time equivalents
2 342
2 332
0%
Fee result Asset Managers
In CHF million
446
414
377
399
272
500
Cash remittance Asset Managers
In CHF million
285
234
229
242
250
300
400 240
300 180
200 120
100 60
0
2021 1
2022 1
2023 2
2024
0
2021
2022
2023
2024
Assets under management for insurance business -breakdown by asset class
As at 31.12.2025
Assets under management for third-party clients -breakdown by asset class
Real estate 33%
Shares 18%
Multi asset 17%
Fixed income 18%
Money market 7%
As at 31.12.2025
Cash and cash equivalents and other 1%
Corporate bonds 25%
Equity securities and equity funds 10%
Alternative investments 4%
Infrastructure 7%
Real estate 28%
Government
and supranational bonds 22%
Mortgages 7%
Loans 2%
1 IFRS 4 / IAS 39
2 IFRS 17 / IAS 39
Corporate Governance
Corporate Governance
Responsible corporate governance focused on
long-term, profitable growth is of central importance to the Swiss Life Group.
Swiss Life - Annual Report 2025
30
Corporate Governance
Swiss Life structures its corporate governance openly and transparently in the interests of its shareholders, policyholders and employees, taking account of leading national and international standards.
The corporate governance of Swiss Life Holding Ltd (Swiss Life Holding) is based on the relevant provisions issued by the SIX Swiss Exchange and the Swiss Financial Market Supervisory Authority FINMA and is modelled in particular on the Swiss Code of Best Practice for Corporate Governance issued by the Swiss Business Federation "economiesuisse", as well as the Organization for Economic Cooperation and Development's (OECD) principles on corporate governance.
The measures and mechanisms implemented by Swiss Life to ensure good corporate governance work well in practice. Specific adjustments are examined on an ongoing basis, however, in order to adapt the management and control tools and disclosure to current circumstances and to implement further improvements.
This report describes the essential features of corporate governance within the Swiss Life Group. The structure below largely follows the Annex to the Directive on Information Relating to Corporate Governance issued by the SIX Exchange Regulation, which came into force on 2 December 2025 (Corporate Governance Directive). The compensation report on pages 62 to 86 takes into consideration the regulations on transparency set out in the Swiss Code of Obligations (CO) regarding compensation for listed companies and in FINMA circular 2010/1 on minimum standards for remuneration schemes of financial institutions.
Group Structure and Shareholders
Group structure
The public limited company Swiss Life Holding was established in 2002 and is incorporated under Swiss law. Its registered office is located in Zurich. Since 19 November 2002, its stock has been listed on the SIX Swiss Exchange. Swiss Life Holding brings together all the Swiss Life Group companies and activities under a single holding company. The holding company structure makes it easier to effect investments, enter into partnerships or cooperation agreements and execute capital market transactions. Transparency is also improved by separating the interests of shareholders from those of policyholders.
The significant companies falling within the Group's scope of consolidation are presented in the Consolidated Financial Statements (note 31) on pages 391 to 392. Information on the listing on the SIX Swiss Exchange and market capitalisation can be found in the section "Share Performance and Historical Comparison" on pages 215 to 218. The organisational structure of the Group shows the key business markets and areas. The resulting operational responsibilities are reflected in the allocation of responsibilities among the Corporate Executive Board. With regard to insurance operations, one person with responsibility for the market and results is assigned to each specific area.
The operational management structure as at 31 December 2025 is shown on page 56.
Shareholders
The purchase or sale of shares or of acquisition/disposal considerations regarding shares in companies that are domiciled in Switzerland and have their shares listed in Switzerland, must be reported to the company in question and the SIX Swiss Exchange if the shareholdings exceed, fall below or reach certain thresholds. The relevant thresholds are 3, 5, 10, 15, 20, 25, 33⅓, 50 and 66⅔% of the voting rights. The details are set out in the Financial Market Infrastructure Act (FMIA) and in the implementation provisions of the Financial Market Infrastructure Ordinance-FINMA (FMIO-FINMA) and Financial Market Infrastructure Ordinance (FMIO).
The disclosures of shareholdings that exceed a disclosure threshold on the balance sheet date as of 31 December 2025 are shown below. In accordance with the disclosure requirements, the percentage figures given relate to the share capital and number of outstanding shares pursuant to the Articles of Association applicable at the time of the relevant disclosure.
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.
The full disclosure notifications and any disclosure notifications published during the year under review can be viewed on the publication platform of the SIX Exchange Regulation's Disclosure Office at www.ser-ag.com, via "Menu", "Disclosure of Shareholdings", "Overview of significant shareholders" (www.ser-ag.com/en/resources/notifications-market-participants/ significant-shareholders.html#/).
There are no cross participations between Swiss Life Holding or its subsidiaries with other listed companies that exceed the participation threshold of 3%.
Shareholder structure
On the balance sheet date, about 169 000 shareholders and nominees were listed in the Swiss Life Holding share register, of which about 4800 were institutional shareholders. Taken together, the shareholders entered in the share register held around half of the shares issued. Over 50% of these shares were owned by shareholders domiciled in Switzerland. Around half of the registered shares were in private hands.
A table showing the shareholder structure is provided in the section "Share Performance and Historical Comparison" on page 216.
Capital Structure
Capital and changes in capital
The capital structure of Swiss Life Holding was as follows on the balance sheet date:
Ordinary share capital: CHF 2 853 298.20, divided into 28 532 982 fully paid-up registered shares with a par value of CHF 0.10 each;
Conditional share capital: CHF 385 794.80, divided into 3 857 948 registered shares with a par value of CHF 0.10 each;
Capital band: none.
If the conditional share capital were utilised to the maximum extent possible, the share capital would increase by around 14% (CHF 385 794.80 divided by CHF 2 853 298.20 or 3 857 948
divided by 28 532 982).
The conditional share capital is at the disposal of the holders of conversion or option rights granted by Swiss Life Holding or by companies belonging to the Group in connection with the issuing of new or existing convertible bonds, bonds with option rights, loans or other financing instruments ("equity-linked financing instruments"). The shareholders are excluded from subscription rights. The respective holders of the equity-linked financing instruments are entitled to subscribe to the new shares. The conversion and/or option rights shall be exercised by means of a written declaration addressed to the company on paper or in electronic form, as determined by the Board of Directors. This right to exercise conversion and/or option rights may also be waived or forfeited informally or due to the passage of time. The acquisition of the registered shares by exercising conversion and/or option rights and the subsequent transfer of registered shares are subject to the restrictions laid down in Clause 4.3 of the Articles of Association. The Articles of Association of Swiss Life Holding can be seen at https://www.swisslife.com, "Investors and Shareholders" area, "Sharehold-ers and services" section, "Articles of Association" subsection (https://www.swisslife.com/articles).
The Board of Directors is entitled to limit or exclude the preemptive subscription rights of the existing shareholders in connection with the issuing of equity-linked financing instruments up to a value of 3 000 000 registered shares or up to a maximum amount of CHF 300 000, if the equity-linked financing instruments are placed on national or international capital markets or with selected strategic investors or are used in connection with the financing or refinancing of the acquisition of companies, parts of companies, participations or new investment projects. If the preemptive subscription rights are not granted either directly or indirectly when issuing equity-linked financing instruments, the equity-linked financing instruments must be issued according to the prevailing market conditions and the exercise period may not exceed 7 years for option rights and 15 years for conversion rights from the time of issuance of the relevant equity-linked financing instruments.
Since the establishment of Swiss Life Holding on 17 September 2002, a number of capital market transactions have been conducted. A detailed description of the transactions carried out up to and including the end of 2022 can be found in the Corporate Governance section of the annual reports for the relevant years in the section "Capital Structure". The annual reports can be accessed on the website https://www.swisslife.com, "Investors and Shareholders" area, "Results and reports" section (https://www.swisslife.com/annualreports).
In 2023, the Annual General Meeting of Swiss Life Holding on 28 April 2023 resolved to cancel 1 308 000 registered shares with a par value of CHF 0.10 each, which were acquired for cancellation between 7 March 2022 and 3 March 2023 as part of the 2021-2023 share buyback programme announced on 25 November 2021. The share capital thus fell from CHF 3 082 588.70, divided into 30 825 887 fully paid-up registered shares with a par value
of CHF 0.10 each, by CHF 130 800.00 to CHF 2 951 788.70 divided into 29 517 887 fully paid-up registered shares with a par value of CHF 0.10 each.
In 2024, the Annual General Meeting of Swiss Life Holding on 15 May 2024 resolved to cancel 790 368 registered shares with a par value of CHF 0.10 each, which were acquired for cancellation between 6 March 2023 and 31 May 2023 as part of the 2021-2023 share buyback programme announced on 25 November 2021 and between 2 October 2023 and 28 March 2024 as part of the 2023-2024 share buyback programme launched in October 2023. The share capital thus fell from CHF 2 951 788.70, divided into 29 517 887 fully paid-up registered
shares with a par value of CHF 0.10 each, by CHF 79 036.80 to CHF 2 872 751.90, divided into 28 727 519 fully paid-up registered shares with a par value of CHF 0.10 each.
In the year under review, the Annual General Meeting of Swiss Life Holding on 14 May 2025 decided to cancel 194 537 registered shares with a par value of CHF 0.10 each that were acquired for cancellation between 9 December 2024 and 14 March 2025 as part of the 2024-2026 share buyback programme announced on 3 December 2024. The share capital thus fell from CHF 2 872 751.90, divided into 28 727 519 fully paid-up registered shares with a par
value of CHF 0.10 each, by CHF 19 453.70 to CHF 2 853 298.20, divided into 28 532 982 fully paid-up registered shares with a par value of CHF 0.10 each.
Shares
28 532 982 fully paid-up registered shares of Swiss Life Holding with a par value of CHF 0.10 each were outstanding on the balance sheet date. Subject to the 10% limit on voting rights set out in the Articles of Association (cf. the section on "Shareholders' participation rights" on pages 87 and 88), each share grants the right to one vote at the Annual General Meeting.
There are no outstanding shares with either increased or limited voting rights, privileged or restricted voting rights, privileged dividend entitlements or other preferential rights.
There are no other equity securities apart from the registered shares mentioned above, nor do any participation certificates or dividend-right certificates exist.
Additional information on Swiss Life shares is available in the section "Share Performance and Historical Comparison" on pages 215 to 218.
Trading blackout periods
Regulations are in place to govern transactions in Swiss Life Holding shares carried out by Swiss Life Group employees. Pursuant to the Code of Conduct and the Swiss Life Group's Directive on Insider Information, all purchases and sales of Swiss Life Holding securities made by members of senior management or employees who are privy to confidential information are subject to a reporting requirement. Transactions by persons who, by virtue of their position, have regular access to insider information are also subject to a prior approval requirement. A general blackout period is imposed annually from 1 January until 24 hours after the year-end results have been presented and from 1 July until 24 hours after the half-year results of the year in question have been presented, as well as from 20 days before until 24 hours after publication of the interim statements for the first and third quarters.
Limitations on transferability and nominee registrations
Swiss Life Holding shares are not subject to any limitations on transferability. According to the Articles of Association, resolutions for the introduction, amendment or repeal of limitations on transferability must be put before the Annual General Meeting and must be approved by two thirds of the voting shares represented and by an absolute majority of the share par value represented.
The Board of Directors may refuse to recognise an acquirer as a shareholder with voting rights if, upon request, the acquirer does not expressly declare that he has acquired the registered shares in his own name and for his own account, that there is no agreement on the redemption or return of the corresponding shares and that he bears the economic risk associated with the shares.
Swiss and foreign banks, securities brokers and companies acting on their behalf may be entered in the share register as nominees if they are holding shares of Swiss Life Holding in their custody for the account of the beneficial owners. Professional asset managers may also be registered as nominees if, in a fiduciary capacity, they have deposited Swiss Life Holding shares for the account of third parties with Swiss or foreign banks or securities brokers in their own name. Nominees must be subject to banking or financial market supervision. A request must be filed to register as a nominee. The voting right representation of a nominee is restricted to 10% of the share capital overall, whereby nominees who are connected with regard to capital or voting rights under uniform management, contractual agreement or in any other way will be counted as a single shareholder. The Board of Directors may approve exceptions to this restriction on registration, observing the principle of dutiful discretion. No such exemptions were granted during the period under review.
Convertible bonds and options
Swiss Life Holding has no convertible bonds outstanding on the balance sheet date.
As at 31 December 2025 Swiss Life Holding and its Group companies had not granted any options on rights to participate in Swiss Life Holding.
Board of Directors
Function
The Board of Directors is responsible for all matters that are not reserved for the consideration of the Annual General Meeting (formally the supreme decision-making body of a public limited company) under the terms of the law (Art. 698 CO) or by the company's Articles of Association. In line with its non-transferable duties prescribed by law, the Board of Directors is responsible, in particular, for the ultimate direction of the Group, as well as the supervision of the Corporate Executive Board.
Elections and terms of office
The Board of Directors consists of no fewer than 5 and no more than 14 Members in accordance with the Articles of Association. The Chairman, other Members of the Board of Directors and Members of the Compensation Committee of the Board of Directors are elected by the Annual General Meeting on an individual basis for a one-year period. The term of one year is deemed to signify the period from one Annual General Meeting up to and including the next. Members whose terms of office are expiring are eligible to stand for immediate re-election.
The Organisational Regulations stipulate that a Member of the Board of Directors shall automatically resign from the Board at the Annual General Meeting in the year in which the Member reaches the age of 70.
Composition
When nominating Members of the Board of Directors for consideration at the Annual General Meeting, the Board of Directors ensures a balanced distribution of professional and personal skillsets as well as an appropriate level of diversity, including of genders and terms of office. In addition to all the professional competencies required for directing the Swiss Life Group as a leading European provider of comprehensive life and pensions and financial solutions (expertise in the areas of insurance and pensions, asset management, real estate/infrastructure, risk management, IT etc.), the Board of Directors must also be in a position to ensure a suitable focus on environmental, social and governance (ESG) criteria. The professional and personal qualifications of each Member of the Board of Directors are set out in their respective CVs, which can be found on pages 41 to 49 or at https://www.swisslife.com, "About us" area, "Corporate Governance" section, "Board of Directors" sub-section (https://www.swisslife.com/bod).
In the year under review and during the three financial years preceding the reporting period, no Member of Swiss Life Holding's Board of Directors exercised any duties relating to operational management within the Swiss Life Group.
No Member of the Board of Directors has any significant business relationship with Swiss Life Holding or any other Group companies. The Members of the Board of Directors of Swiss Life Holding Ltd also make up the Board of Directors of Swiss Life Ltd.
The number of external mandates for Members of the Board of Directors and the Corporate Executive Board is limited in the Articles of Association as follows: Members of the Board of Directors may hold no more than 15 additional mandates, a maximum of four of which in other listed companies; Members of the Corporate Executive Board may hold no more than five additional mandates, a maximum of one of which in another listed company. Mandates in different legal entities that are under joint control or the same beneficial ownership are deemed one mandate. This restriction does not apply to mandates that a Member of the Board of Directors or the Corporate Executive Board assumes at the request of the company or to mandates in associations, charitable foundations, family foundations and occupational benefits institutions and other legal entities with a non-profit or charitable purpose.
The acceptance of appointments to the Board of Directors of other companies by Members of the Board of Directors of Swiss Life Holding requires the consent of the Board of Directors; the Chairman of the Board of Directors is to be informed of any intention to accept an additional board mandate. Information on additional board mandates held by individual Members of the Board of Directors is presented in the following section.
The Articles of Association and Organisational Regulations of Swiss Life Holding can be seen at https://www.swisslife.com, "Investors and Shareholders" area, "Shareholders and services" section, "Articles of Association" subsection (https://www.swisslife.com/articles).
The following information on the Members of the Board of Directors is based on the situation on the balance sheet date. The CVs of former Members of the Board of Directors and information on previous external mandates of current Members of the Board of Directors can be found in the Corporate Governance section of the relevant previous annual reports, available at https://www.swisslife.com, "Investors and Shareholders" area, "Results and reports" section (https://www.swisslife.com/annualreports).
Members of the Board of Directors
On 31 December 2025, the Board of Directors of Swiss Life Holding was composed of the following Members:
Name
Main function
Additional functions
Year of admission1
Rolf Dörig
Chairman
Chairman's and Corporate Governance Committee, Chairman
2008
Klaus Tschütscher
Vice Chairman
Chairman's and Corporate Governance Committee Compensation Committee
2013
Thomas Buess
Member
Chairman's and Corporate Governance Committee Investment and Risk Committee, Chairman
2019
Monika Bütler
Member
Compensation Committee Audit Committee
2022
Philomena Colatrella
Member
Audit Committee
2023
Adrienne Corboud Fumagalli
Member
Audit Committee
2014
Damir Filipovic
Member
Investment and Risk Committee Audit Committee
2011
Stefan Loacker
Member
Chairman's and Corporate Governance Committee Audit Committee, Chairman
Investment and Risk Committee
2017
Severin Moser
Member
Investment and Risk Committee
2023
Henry Peter
Member
Investment and Risk Committee
2006
Martin Schmid
Member
Chairman's and Corporate Governance Committee Compensation Committee, Chairman
Investment and Risk Committee
2018
Franziska Tschudi Sauber
Member
Audit Committee
2003
1 In accordance with Art. 710 and 712 CO, the General Meeting of Shareholders shall elect the Members and the Chairman of the Board of Directors individually every year for a term of office of one year each. Furthermore, in accordance with Art. 733 CO, the Members of the Compensation Committee are also to be elected individually for a term of office of one year each.
Displayed below is the composition by nationality, gender and term of office:
Nationality
Swiss nationals 7
Foreign nationals 5
(incl. dual citizens)
Gender
Female Male
4 (33%)
8 (67%)
Term of o ce
≤ 5 years 3
6-10 years 3
> 10 years 6
Disclaimer
Swiss Life Holding AG published this content on April 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 15, 2026 at 05:23 UTC.