Slides
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Extract from investor presentation for media representatives 1 September 2026
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2 | Half-year results 2026 | Extract from investor presentation for media representatives Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO
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3 | Half-year results 2026 | Extract from investor presentation for media representatives Strong HY 2026 results; Swiss Life 2027 programme well on track Profit from operations CHF m Net profit, RoE CHF m, %CHF m Fee result Cash to Holding CHF bn 1) FX adjusted 2) Incl. gain from the transfer of the network business: CHF 29 m in profit from operations and fee result, CHF 23 m in net profit 1.17 1.23 HY 2025 HY 2026 Cumulative target 2025-2027 3.6-3.8 bn +5% 386 430 HY 20251) HY 20262) Target 2027 > 1.0 bn +11% 17.6% HY 2025 20.2% HY 20262) Target 2025-2027 602 649 +8% Net profit RoE 17-19%894 967 HY 20251) HY 20262) +8%
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4 | Half-year results 2026 | Extract from investor presentation for media representatives Strategic actions Earnings Enhanced quality and growth Financial ambitions Swiss Life 2027 strategic actions to drive business growth Capital and cash Attractive cash returns to shareholders Advisor Growing advisor base and productivity Operations Increasing operational efficiency Customer Expanding customer base and relationships We enable people to lead a financially self-determined life Sustainability is an integral part of our business
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5 | Half-year results 2026 | Extract from investor presentation for media representatives Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO
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6 | Half-year results 2026 | Extract from investor presentation for media representatives Selected P&L and other figures HY 2025 HY 2026 Insurance revenue thereof CSM release 4 451 589 4 461 617 Insurance service expenses thereof claims and benefits -3 794 -2 895 -3 810 -2 865 Net investment result 254 290 Profit from operations 903 967 Borrowing costs -82 -75 Income tax expense -220 -243 Net profit 602 649 Other figures (CHF million) Gross written premiums, fees and deposits received 12 112 12 331 Fee and commission income 1 271 1 335 Net investment income 1 631 2 403 Operating expense (excl. variable expense) 1 022 1 033 P&L figures CHF million (IFRS basis) Gain from network transfer: CHF 23 m Gain from network transfer: CHF 29 m
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7 | Half-year results 2026 | Extract from investor presentation for media representatives Business review Switzerland HY 2026HY 2025 Change GWP incl. PHD 6 7506 305 • GL: +7% (market -2%) higher single premiums in the full insurance business; AuM in semi-autonomous business at CHF 8.6 bn (FY 25: CHF 8.4 bn) • IL: +7% (market +5%) driven by higher single premiums +7% 196176Fee and commission income1) • Higher income from UL business; increased contribution from investment solutions for private clients +11% Cash remittance 602609 • Based on FY 2025 statutory profit-1% CHF million Segment result 469458 • Fee result stable as higher income is offset by continued investments in growth initiatives • ORIB development mainly driven by IL +2% Fee result ORIB 27 442 27 431 -1% +3% 1) Net earned policy fees and commission income (IFRS basis)
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8 | Half-year results 2026 | Extract from investor presentation for media representatives Business review France HY 2026HY 2025 Change GWP incl. PHD 4 0484 030 • Life: +2% (market +10%); UL share of 73% (market 39%) • Health & protection: -5% (market +6%) • P&C: 0% 0% 336295Fee and commission income1) • Higher UL fee income based on higher average UL reserves, driven by net inflows and strong market performance; higher contribution from structured products +14% Cash remittance 160182 • Based on lower FY 2025 statutory profit due to a step-up in the corporate tax rate in France -12% EUR million Segment result 228209 • Fee result growth driven by the UL business; margins of structured products reflected in ORIB over time • Higher ORIB supported by higher contribution from health & protection +9% Fee result ORIB 117 111 106 103 +10% +8% 1) Net earned policy fees and commission income (IFRS basis)
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9 | Half-year results 2026 | Extract from investor presentation for media representatives Business review Germany HY 2026HY 2025 Change GWP incl. PHD 758 • Increase driven by higher periodic and single premiums (market -4%) +3%777 465422Fee and commission income1) • Higher income from owned IFAs; number of financial advisors increased to 6 294 (+5%); growth in insurance business +10% Cash remittance 166102 • Based on FY 2025 fee result development and a special dividend of EUR 60 m due to legal structure optimisation +63% EUR million 1) Net earned policy fees and commission income (IFRS basis) Segment result 125121 • Fee result driven by higher income partly offset by an increase of the commission ratio; continued investments in back-office digitalisation • Stable operating result from insurance business +4% Fee result ORIB 85 40 81 41 +6% 0%
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10 | Half-year results 2026 | Extract from investor presentation for media representatives Business review International HY 2026HY 2025 Change GWP incl. PHD 1 2951 402 • Higher premiums from business with corporate clients; lower premiums from private clients -8% 190189Fee and commission income1) • Higher income from owned IFAs; lower contribution from corporate clients; transfer of network business 0% EUR million 1) Net earned policy fees and commission income (IFRS basis) Cash remittance 7061 • Based on FY 2025 statutory profit+16% Segment result 9264 • Fee result includes a gain from the transfer of the network business (EUR 32 m); higher contribution from owned IFAs; lower contribution from corporate clients • Operating result insurance business driven by corporate clients +43% Fee result ORIB 46 18 +56% +11% 71 20
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11 | Half-year results 2026 | Extract from investor presentation for media representatives Business review Asset Managers (1/2) HY 2026HY 2025 Change Commission and other net income1) PAM TPAM 519 181 339 496 172 325 • PAM: increase driven by higher non-recurring commission income from real estate transactions • TPAM: strong growth in recurring commission income, growth in non-recurring commission income partly offset by lower other net income from real estate project development +5% +5% +4% Cash remittance 232239 • Based on FY 2025 statutory profit-3% TPAM CIR 72%82% • Driven by higher commission income CHF million 1) Incl. net income from real estate project development; share of total non-recurring income for TPAM of 11% in HY 2026 and 14% in HY 2025 Segment result 152145 • PAM: driven by topline development • TPAM: higher commission income partly offset by lower net income from real estate project development and expenses related to efficiency measures +4% PAM TPAM 101 51 96 50 +6% +2%
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12 | Half-year results 2026 | Extract from investor presentation for media representatives Business review Asset Managers (2/2) TPAM net new assets, NNA CHF billion (fair value basis) TPAM assets under management, AuM CHF billion (fair value basis) 124.7 145.7 157.6 FY 2024 FY 2025 HY 2026 1.7 0.9 1.1 1.3 -0.1 0.5 6.5 3.5 HY 2025 0.10.2 4.7 0.1 HY 2026 13.2 7.2 Real estate Infrastructure Multi assets Equity Bonds Money market funds
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13 | Half-year results 2026 | Extract from investor presentation for media representatives Operating expense Operating expense (excl. variable expense) CHF million (IFRS basis) 1) Unallocated corporate costs 2) Refers to segment Other 81 73 298 309 84 79 135 134 194 200 230 239 HY 2025 HY 2026 CH FR DE IN AM UCC1), Other2) and eliminations 1 022 1 033 +1% +2% LC • Business growth, investments in growth initiatives and expenses related to efficiency measures • Life absolute costs of CHF 355 m (HY 2025: CHF 357 m)
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14 | Half-year results 2026 | Extract from investor presentation for media representatives Investment portfolio 10.3% 10.7% 3.6% 28.1% 7.3% 2.2% 22.3% 25.0% 1.3% 31.12.2025 5.0% 3.6% 27.3% 7.2% 2.3% 21.7% 24.8% 2.4% 30.06.2026 4.9% 142 564 143 203 Net equity exposure 46.5%47.3% Equities & equity funds Cash and other2) Loans Alternative investments Real estate Mortgages Government & supranational bonds Corporate bonds1) 1) Incl. senior secured loan funds 2) Excl. repo positions of CHF -5 579 m in HY 2026 and CHF -2 897 m in FY 2025 Insurance portfolio for own risk (PAM AuM) CHF million (fair value basis)
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15 | Half-year results 2026 | Extract from investor presentation for media representatives CSM development CSM development (pre-tax, gross) CHF billion (IFRS basis) +0.3 +0.1 0.0 Expected business contribution +0.4 New business Experience adjustments and updates of actuarial assumptions Economic and other non-operating variances -0.615.3 16.2 15.6 CSM before release CSM 30.06.20261) Release to P&L CSM 31.12.20251) Operating CSM growth +0.2 1) CSM net of reinsurance CHF 15.3 bn as of 31.12.2025 and CHF 15.5 bn as of 30.06.2026
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16 | Half-year results 2026 | Extract from investor presentation for media representatives Capital management actions Dividend payout ratio according to plan Comprehensive ALM measures before level reached Capital management actions Group SST ratio as of 30 June 2026 Ambition range 140% 120% 190% Swiss Life Group SST standard model Swiss Life Group SST sensitivities (as of 30.06.2026) Real estate -10% -23 ppts Credit spreads1) +100 bps -9 ppts Interest rates -50 bps -7 ppts Equities -30% -11 ppts Insurance 1-in-10-year event -11 ppts 1) Corporate bonds, loans and lower rated government bonds (BBB and lower); excluding covered / guaranteed bonds ~215% as of 30.06.2026 213% as of 31.12.2025
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17 | Half-year results 2026 | Extract from investor presentation for media representatives Swiss Life 2027 programme: financial targets Swiss Life 2027 financial ambitions and targets Enhanced earnings quality and earnings growth Fee result > CHF 1 bn FY 2027 RoE 17 - 19% 2025-2027 Attractive cash returns to shareholders Cash to Holding CHF 3.6 - 3.8 bn Cumulative 2025-2027 Dividend payout ratio > 75% 2025-2027 Share buyback CHF 750 m Dec 2024 to May 2026 Ambition to increase DPS
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18 | Half-year results 2026 | Extract from investor presentation for media representatives • Higher TPAM and PAM commission income Enhanced earnings quality and earnings growth Fee and commission income Swiss Life Asset Managers Owned IFA channels Own and third-party products and services Eliminations2) 1) Net earned policy fees and commission income 2) Eliminations attributable to AM and owned IFAs Fee and commission income1) CHF million (IFRS basis) Local currency 521 555 571 600 473 513 -293 -333 HY 2025 HY 2026 1 271 1 335 +5% +7% LC +8% +8% +9% • Higher revenues from DE and IN • Higher contributions from FR, CH and DE
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19 | Half-year results 2026 | Extract from investor presentation for media representatives Profit from operations and fee result Profit from operations CHF million (IFRS basis) Enhanced earnings quality and earnings growth Components of fee result CHF million (IFRS basis) 579 600 386 430 -72 -63 HY 20251) HY 2026 UCC & other3) Fee result Operating result insurance business2) 894 967 +8% LC 138 171 103 107 145 152 HY 20251) HY 2026 AM Owned IFAs Own and third-party products and services4) 386 430 +11% LC 1) FX adjusted 2) Excl. UL fee result in scope of IFRS 17 3) Refers to segment Other 4) Incl. gain from the transfer of the network business of CHF 29 m Gain from network business transfer: CHF 29 m
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20 | Half-year results 2026 | Extract from investor presentation for media representatives Attractive cash returns to shareholders Return on equity Shareholders’ equity • 01.01.2026: CHF 7.1 bn • 30.06.2026: CHF 6.3 bn Net profit • HY 2026: CHF 643 m (profit attributable to shareholders, excl. minorities) RoE • HY 2026: 20.2% (based on average shareholders’ equity) Return on equity, annualised % (IFRS basis) HY 2026 calculation 17.6 20.2 HY 2025 HY 2026
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21 | Half-year results 2026 | Extract from investor presentation for media representatives Cash remittance to Holding Attractive cash returns to shareholders 1) Shares not yet cancelled under the completed CHF 750 m share buyback programme will be cancelled after AGM approval Cash remittance to Holding CHF million Share buyback programmes Completed • Amount: CHF 750 m • Timing: Dec 2024 – May 2026 New • Amount: CHF 250 m • Timing: Oct 2026 – Mar 2027 • Purpose: Cancellation of repurchased shares • Execution: Delegated to partner bank; purchases on 2nd trading line Shares issued • Shares issued 27 950 840, thereof – Shares repurchased1) but not yet cancelled: 133 594 – Treasury shares: 93 734 52% 15% 8% 5% 20% HY 2025 50% 12% 13% 5% 19% HY 2026 CH FR DE IN AM 1 166 1 227 +5% Incl. DE special dividend: CHF 55 m
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22 | Half-year results 2026 | Extract from investor presentation for media representatives Swiss Life 2027 programme well on track Swiss Life 2027 financial ambitions and targets Enhanced earnings quality and earnings growth Fee result > CHF 1 bn FY 2027 RoE 17 - 19% 2025-2027 Attractive cash returns to shareholders Cash to Holding CHF 3.6 - 3.8 bn Cumulative 2025-2027 Dividend payout ratio > 75% 2025-2027 Share buyback CHF 750 m Dec 2024 to May 2026 On track On track On track On track Completed Current assessment Ambition to increase DPS
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23 | Half-year results 2026 | Extract from investor presentation for media representatives Segment Other: includes Swiss Life Holding and finance / service companies Owned IFAs: includes Swiss Life Select, TELIS, Tecis, Horbach, Proventus and Chase de Vere Abbreviations AGM Annual general meeting ISS Institutional Shareholder Services ALM Asset and liability management IL Individual life AM Business division Asset Managers IN Business division International AuM Assets under management LC Local currency BEL Best estimate liabilities m Million bn Billion NB New business bps Basis points n.m. Not meaningful BVG Swiss federal law on occupational retirement, survivors’ and disability pension plans NNA Net new assets CDP Carbon Disclosure Project NO Nordics CH Business division Switzerland OCI Other comprehensive income CIR Cost income ratio ORIB Operating result insurance business CSM Contractual service margin PAM Proprietary insurance asset management DE Business division Germany P&C Property and casualty DPF Discretionary participation features P&L Profit and loss DPS Dividend per share PHD Policyholder deposits ECL Expected credit loss ppts Percentage points ESG Environmental, Social and Governance PVNBP Present value of new business premiums FR Business division France RA Risk adjustment FTE Full time equivalent RoE Return on equity FX Foreign exchange SASB Sustainability Accounting Standards Board FY Full-year SST Swiss Solvency Test GL Group life TCFD Task Force on Climate-related Financial Disclosures GRI Global Reporting Initiative TPAM Third-party asset management GWP Gross written premiums UCC Unallocated corporate costs HY Half-year UK United Kingdom IFA Independent financial advisor UL Unit-linked IFRS International Financial Reporting Standards
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24 | Half-year results 2026 | Extract from investor presentation for media representatives Disclaimer and cautionary statement This presentation does not constitute or form part of any advertising, offer, recommendation or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities of Swiss Life, nor shall part or all of this presentation or its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities of Swiss Life in any jurisdiction. This presentation is not a prospectus within the meaning of Article 35 et seqq. of the Swiss Federal Act on Financial Services or under the applicable laws of any other jurisdiction. This presentation is made by Swiss Life and may not be copied, altered, offered, sold or otherwise distributed to any other person, in whole or in part, by any recipient without the consent of Swiss Life. Although all reasonable effort has been made to ensure the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this presentation is selective in nature and is intended to provide an introduction to, and overview of, the business of Swiss Life. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by Swiss Life as being accurate. The facts and information contained herein are as up to date as is reasonably possible and may be subject to revision in the future. Neither Swiss Life nor any of its directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation. Neither Swiss Life nor any of its directors, officers, employees and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this presentation or the information contained herein. This presentation may contain projections or other forward-looking statements related to Swiss Life that involve risks and uncertainties, including but not limited to future global economic conditions, market conditions, activities by competitors, changes in laws and regulations, and factors beyond the control of Swiss Life. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. All forward-looking statements are based on information available to Swiss Life on the date of its posting. Swiss Life and its directors, officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in this presentation and any change in Swiss Life’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation. Please note: sums in this presentation are based on unrounded figures and may not add up due to rounding differences. Furthermore, year-on-year changes are calculated on the basis of unrounded figures.
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We enable people to lead a financially self-determined life.