Slides
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Half-year results 2026 Investor presentation 1 September 2026
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2 | Investor presentation | Half-year results 2026 Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO
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3 | Investor presentation | Half-year results 2026 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 | Investor presentation | Half-year results 2026 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 | Investor presentation | Half-year results 2026 Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO
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6 | Investor presentation | Half-year results 2026 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 | Investor presentation | Half-year results 2026 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 | Investor presentation | Half-year results 2026 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 | Investor presentation | Half-year results 2026 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 | Investor presentation | Half-year results 2026 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 | Investor presentation | Half-year results 2026 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 | Investor presentation | Half-year results 2026 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 | Investor presentation | Half-year results 2026 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 | Investor presentation | Half-year results 2026 Investment income HY 2025 HY 2026 Direct investment income Direct investment yield 2 179 1.5% 1 999 1.4% Expense -232 -243 Net capital gains and losses1) -317 647 Net investment income Net investment yield 1 631 1.2% 2 403 1.7% Changes in unrealised gains / losses on investments -1 201 104 Total investment income Total investment yield 430 0.3% 2 507 1.8% Average net investments 141 340 138 893 Insurance portfolio for own risk (PAM AuM) CHF million, non-annualised yields in % (IFRS basis) 1) Details on slide 32
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15 | Investor presentation | Half-year results 2026 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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16 | Investor presentation | Half-year results 2026 Insurance reserves per component and division Insurance reserves per division CHF billion (IFRS basis) 1) Thereof non-guaranteed BEL: CHF 25.2 bn in HY 2026 and CHF 25.1 bn in FY 2025 Insurance reserves per component CHF billion (IFRS basis) 16.9 17.0 15.3 15.6 149.5 149.9 0.3 FY 2025 0.3 HY 2026 BEL1) CSM RA Investment contracts without DPF 182.1 182.9 +0% +1% LC 20.8 21.3 16.3 16.9 42.3 43.8 102.8 101.0 FY 2025 HY 2026 182.1 182.9 +0% +1% LC CH (-2% LC) FR (+4% LC) DE (+4% LC) IN (+3% LC)
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17 | Investor presentation | Half-year results 2026 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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18 | Investor presentation | Half-year results 2026 Shareholders’ equity Shareholders’ equity CHF million (IFRS basis) +643 Other -11 Share buyback -212 Dividend -1 014 7 062 6 311 Change in other OCI -121 Change in foreign currency translation -36 Profit attributable to share- holders 30.06.202601.01.2026
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19 | Investor presentation | Half-year results 2026 Capital structure 16%20-30% Reference level 9% 50% 25% HY 2026 Senior & hybrid CSM (post-tax)1) Shareholders’ equity 24.8 Carrying value (CHF m) 2.2 3.9 HY 2026 Senior Hybrid 6.2 Capital structure CHF billion (IFRS basis) Maturities (senior) and next optional call dates (hybrid) (nominal value, CHF million) 70-80% 150 150 646 200 554 200 461 461 461 554 200 150 200 250 225 275 225 175 178 250 2026 125 2027 2028 2029 2030 2031 2032 2033 2034 2035 CHF hybrid EUR hybrid CHF senior EUR senior 1) Net of reinsurance
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20 | Investor presentation | Half-year results 2026 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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21 | Investor presentation | Half-year results 2026 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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22 | Investor presentation | Half-year results 2026 • 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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23 | Investor presentation | Half-year results 2026 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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24 | Investor presentation | Half-year results 2026 Enhanced earnings quality and earnings growth Operating result insurance business 617 600 CSM release (pre-tax)1) -95 Intragroup elimination2) -49 Non-allocated insurance operating expenses -108 UL fee result in scope of IFRS 17 +235 Additional contributions Operating result insurance business 1) Incl. UL fee result in scope of IFRS 17 2) Elimination of release of intragroup margin from insurance asset management services Components of HY 2026 operating result insurance business CHF million (IFRS basis) +229584 -89 -46 HY 2025 (FX adjusted)579-100 • RA release of CHF 10 m (HY 2025: CHF 9 m) • FR non-life operating result of CHF 90 m (HY 2025: CHF 71 m) • Further contributions, incl. from assets not backing life insurance liabilities of CHF 135 m (HY 2025: CHF 149 m)
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25 | Investor presentation | Half-year results 2026 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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26 | Investor presentation | Half-year results 2026 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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27 | Investor presentation | Half-year results 2026 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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Half-year results 2026 Investor presentation Supplementary information
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29 | Investor presentation | Half-year results 2026 Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar
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30 | Investor presentation | Half-year results 2026 Profit from operations and net profit in local currency Profit from operations CHF m (IFRS basis) Profit from operations in local currency CHF m (IFRS basis)CHF m (IFRS basis) Net profit FX translation effect: CHF -10 m Net profit in local currency CHF m (IFRS basis) FX translation effect: CHF -6 m 894 HY 2025 HY 2026 9671) +8% 596 HY 2025 HY 2026 6491) +9% 903 HY 2025 HY 2026 9671) +7% 602 HY 2025 HY 2026 6491) +8% 1) 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
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31 | Investor presentation | Half-year results 2026 Premiums and fee and commission income 6 305 3 800 715 1 322 -29 HY 2025 6 750 3 717 714 1 189-39 HY 2026 12 112 12 331 +2% +3% LC 473 513 178 174 398 427 279 309 176 196 -233 -283 HY 2025 HY 2026 1 271 1 335 +5% +7% LC GWP incl. PHD CHF million Fee and commission income1) CHF million (IFRS basis) CH FR DE IN Eliminations CH FR DE IN AM Other & eliminations 1) Net earned policy fees and commission income
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32 | Investor presentation | Half-year results 2026 Details of net investment income 1) 1) Incl. FX hedging costs of CHF -600 m (CHF -679 m in HY 2025) HY 2026 insurance portfolio for own risk (PAM AuM) CHF million (IFRS basis) Net capital gains and losses of 647 Direct investment income Impairments (change in ECL) Gains and losses through income statement Net investment income On underlying On derivatives Total Bonds 1 087 -13 -4 1 -3 1 070 Equities 210 1 648 -677 971 1 180 Loans 51 4 1 1 55 Mortgages 78 1 -6 -6 73 Alternative investments 43 139 139 181 Real estate 531 148 148 679 Cash & other 1 -5 -5 -5 Total before FX 1 999 -9 1 919 -676 1 244 3 235 FX hedging costs and gains / losses 169 -757 -588 -588 Total after FX 1 999 -9 2 088 -1 433 656 2 646 Expense -243 Net investment income 2 403 1)
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33 | Investor presentation | Half-year results 2026 Additional CSM details CSM per business division CHF billion (IFRS basis) CSM per component CHF billion (IFRS basis) 1) Incl. CHF 1.2 bn of non-allocated insurance operating expenses in HY 2026 and CHF 1.2 bn in FY 2025 CSM sensitivities (as of 30.06.2026) Real estate -10% -6% Interest rates -50 bps -1% Equities -30% -9% 1.5 1.5 3.6 3.8 10.1 10.2 0.1 FY 2025 0.1 HY 2026 15.3 15.6 +1% +2% LC CH (+1% LC) FR (+5% LC) DE (+2% LC) IN (-4% LC) 3.1 3.2 12.3 12.4 FY 2025 HY 2026 15.3 15.6 +1% +2% LC Insurance1) Intragroup margin from insurance asset management services
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34 | Investor presentation | Half-year results 2026 New business CSM per division PVNBP 2 463 3 418 2 194 2 088 730 590 33 68 5 421 6 164 NB CSM margin 7.0% 6.3% 5.7% 5.8% 6.9% 7.4% 7.2% 4.6% 6.4% 6.2% 171 125 51 2 349 216 120 44 3 383 HY 2025 HY 2026 Switzerland France Germany International Total New business development CHF million (IFRS basis)
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35 | Investor presentation | Half-year results 2026 Swiss Life Group reserves subject to BVG minimum interest rates Guaranteed rates (from 1 Jan 2026) 0.50% 1.25%16.5 52.8 18.2 Total Group 179.1 0.8 Traditional business 125.4 Europe 38.8 CH 86.5 Individual 18.5 Group 68.0 Annuitised & other 33.4 Non- annui- tised 34.7 Non-life Unit-linked business Non-mandatory Mandatory Breakdown of insurance reserves (incl. unit-linked) CHF billion (statutory basis), as of 30.06.2026
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36 | Investor presentation | Half-year results 2026 Development since 2011 % (statutory basis) 01.01.2014 01.01.2017 01.01.2020 01.01.2023 01.01.2026 30.06.2026 2.55% 2.04% 1.05%1.12% 0.98% 1.05%1) 1.41% 01.01.2011 Average technical interest rate 01.01.2026 – 30.06.2026: • FX translation effect 0 bps • Reserve release +1 bps • Business mix -1 bps Total 0 bps 1) Average technical interest rate of 0.86% in CHF and 1.55% in EUR 01.01.2011 – 30.06.2026: • FX translation effect -5 bps • Reserve strengthening / release -67 bps • Mandatory GL CH -11 bps • Non-mandatory GL CH -15 bps • Business mix -52 bps Total -150 bps
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37 | Investor presentation | Half-year results 2026 10-year German government bond 10-year Swiss government bond Net investment yieldDirect investment yield Yield development Direct and net investment yield Yields in % (IFRS basis) -1.0 0.0 1.0 2.0 3.0 4.0 30.06.16 30.06.17 30.06.18 30.06.19 30.06.20 30.06.21 30.06.22 30.06.23 30.06.24 30.06.25 30.06.26 1.5% 1.5% 1.5% 1.4% 1.2% 1.1% 1.2% 1.4% 1.5% 1.5% 1.4% 1.6% 1.4% 1.7% 1.3% 1.1% 1.3% 1.7% 1.2% 1.3% 1.2% 1.7%
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38 | Investor presentation | Half-year results 2026 Profit from operations HY 2025 HY 2026 Change Segments reported in LC reported reported in LC Switzerland 458 458 469 +2% +2% France 197 192 210 +6% +9% Germany 114 111 115 +1% +4% International 60 59 841) +39% +43% Asset Managers 145 145 152 +4% +4% Other -10 -10 3 n.m. n.m. Unallocated corporate costs -62 -62 -66 +6% +6% Profit from operations 903 894 9671) +7% +8% 1) Incl. gain from the transfer of the network business of CHF 29 m Segment results (reported vs. in LC) CHF million (IFRS basis)
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39 | Investor presentation | Half-year results 2026 Composition of segment results Operating result insurance business Fee result Switzerland CHF m 431 442 27 HY 2025 27 HY 2026 458 469 France EUR m 103 111 106 117 HY 2025 HY 2026 209 228 Germany EUR m 41 40 81 85 HY 2025 HY 2026 121 125 International EUR m 18 20 46 HY 2025 HY 2026 64 92 711) Asset Managers CHF m 145 152 HY 2025 HY 2026 Segment results (IFRS basis) 1) Incl. gain from the transfer of the network business of EUR 32 m
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40 | Investor presentation | Half-year results 2026 Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar
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41 | Investor presentation | Half-year results 2026 Assets under management and administration CHF billion (fair value basis), as of 30.06.2026 90.2 24.8 115.0 Total assets under management Real estate under administration1) Total assets under management and administration 300.8 325.6 Total real estate under management and administration 1) Not included in Swiss Life AuM definition Share of real estate by managing country CH: 52% FR: 22% DE: 21% UK: 3% NO: 2% Share of real estate by managing country CH: 82% DE: 7% NO: 11% Share of real estate by managing country CH: 59% FR: 17% DE: 18% UK: 2% NO: 4% Real estate under management (both PAM & TPAM)
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42 | Investor presentation | Half-year results 2026 TPAM: change analysis of AuM HY 2025 HY 2026 Change (bn) Total beginning of period 124.7 145.7 +21.0 Net new assets 13.2 7.2 Market performance 0.1 5.0 FX translation effects -0.4 -0.4 Scope change - - Total end of period 137.6 157.6 +20.0 – Collective investments 113.1 126.0 – Institutional mandates 24.5 31.6 Double counts 40.4 44.9 TPAM assets under management (AuM) CHF billion (fair value basis), as of 30.06.2026 TPAM
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43 | Investor presentation | Half-year results 2026 TPAM: AuM and NNA Breakdown by asset class Breakdown by managing country Breakdown by asset class Breakdown by managing country 13% 64% 18% 1%3% 1% Real estate Infrastructure Multi assets Equity Bonds Money market funds TPAM TPAM AuM: CHF 157.6 bn as of 30.06.2026 (fair value basis) TPAM NNA: CHF 7.2 bn, HY 2026 (fair value basis) 17% 22% 16% 31% 7% 7% Real estate Infrastructure Multi assets Equity Bonds Money market funds 9% 23% 65% 2%1% Switzerland France Germany UK Norway 1% 1% 99% 3%-4% Switzerland France Germany UK Norway
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44 | Investor presentation | Half-year results 2026 Total bond portfolio (fair value basis) 46.5% of insurance portfolio for own risk (CHF 66.6 bn) Bond portfolio: ratings and classification Insurance portfolio for own risk Breakdown by classification 1) Including senior secured loan funds PAM Breakdown by rating 36% 17% 17% 18% 8% AAA AA A BBB BB 4% B 53% 47% Corporate bonds1) Governments & supranationals 46.5% 30.06.2026 Bonds CHF 143.2 bn
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45 | Investor presentation | Half-year results 2026 Government & supranational bonds: ratings and currency Insurance portfolio for own risk PAM Breakdown by rating 52% 32% 12% AAA AA A 3% BBB 1% BB 46% 39% 11% CHF EUR USD 3% CAD 1% GBP 21.7% 30.06.2026 Government & supranational bonds CHF 143.2 bn Government and supranational bond portfolio (fair value basis) 21.7% of insurance portfolio for own risk (CHF 31.1 bn) Breakdown by currency
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46 | Investor presentation | Half-year results 2026 Corporate bond portfolio: ratings and currency Insurance portfolio for own risk Breakdown by currency PAM Breakdown by rating 21% 4% 21%32% 14% 8% AAA AA A BBB BB B 37% 27% 35% EUR CHF USD 1% GBP 24.8% 30.06.2026 Corporate bonds CHF 143.2 bn Corporate bond portfolio1) (fair value basis) 24.8% of insurance portfolio for own risk (CHF 35.5 bn) 1) Including senior secured loan funds
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47 | Investor presentation | Half-year results 2026 Corporate bond portfolio1) (fair value basis), as of 30.06.2026 24.8% of insurance portfolio for own risk (CHF 35.5 bn) Corporate bond portfolio: industry split Breakdown by industry (in % of total corporate bond portfolio) Breakdown by structure PAM Breakdown by rating 57% 20% 21% AAA 1% AA A BBB 1% BB 56% 27% 17% Covered bonds Senior bonds Banks 31% Other financials 7% Utilities 7% Industrial 7% Consumer non-cyclical 9% Energy 5% Communication 5% Consumer discretionary 8% Health 5% Information / Technology 3% Other 13% Total 100% Thereof in % of total banks: • Tier 2: 17% // Tier 1: 0% 1) Including senior secured loan funds Subordinated bonds
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48 | Investor presentation | Half-year results 2026 Loan and mortgage portfolio (fair value basis) 9.5% of insurance portfolio for own risk (CHF 13.6 bn) Loan and mortgage portfolio Insurance portfolio for own risk PAM Breakdown by country 76% 4% 20% Switzerland France Germany 76% 19% 5% Mortgages Purchased loans Other loans7.2% 2.3% 30.06.2026 Mortgages Loans CHF 143.2 bn Average loan to value ratio < 60% Breakdown by type
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49 | Investor presentation | Half-year results 2026 Real estate portfolio (fair value basis) 27.3% of insurance portfolio for own risk (CHF 39.0 bn) Real estate portfolio Insurance portfolio for own risk Breakdown by type PAM Breakdown by country 78% 10% 10% Switzerland France Germany 2% Other 37% 34% 13% 16% Residential Office Retail Other 27.3% 30.06.2026 Real estate CHF 143.2 bn
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50 | Investor presentation | Half-year results 2026 Real estate portfolio (additional details) Real estate exposure CHF bn 0.3 0.1 HY 2025 HY 2026 V acancy rate % Real estate direct investment income1) CHF m HY 2025 HY 2026 1.48% 1.34% Real estate direct investment yield2) %, based on average exposure -0.6 -1.2 HY 2025 HY 2026 Fair value changes CHF bn Net additions CHF bn PAM 594 531 HY 2025 HY 2026 -11% -11% LC 1) Real estate direct investment income net of maintenance expenses of CHF -132 m in HY 2026 and CHF -130 m in HY 2025 2) Yields not annualised 39.9 40.0 39.0 HY 2025 FY 2025 HY 2026 HY 2025 FY 2025 HY 2026 3.0% 3.1% 2.8%
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51 | Investor presentation | Half-year results 2026 Equities and alternative investments: gross exposure Insurance portfolio for own risk Breakdown by investment type PAM Breakdown by currency 10.7% 30.06.2026 Equity & equity funds CHF 143.2 bn Equity & equity funds portfolio (fair value basis) 10.7% of insurance portfolio for own risk (CHF 15.3 bn) 3.6% 30.06.2026 Alternative investments CHF 143.2 bn 30% 41% 18% EUR USD CHF 6% GBP 5% Other 98% Infrastructure 2% Private equity Alternative investments portfolio (fair value basis) 3.6% of insurance portfolio for own risk (CHF 5.2 bn) Insurance portfolio for own risk
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52 | Investor presentation | Half-year results 2026 Foreign currency exchange rates Interest rates (10-year government bond) Forex and interest rates 30.06.2025 31.12.2025 30.06.2026 EUR 0.9342 0.9312 0.9230 GBP 1.0892 1.0674 1.0715 USD 0.7942 0.7935 0.8087 01.01. – 30.06.2025 01.01. – 30.06.2026 0.9429 0.9182 1.1191 1.0587 0.8622 0.7871 30.06.2025 31.12.2025 30.06.2026 CHF 0.440 0.321 0.290 EUR 2.607 2.855 2.860 GBP 4.489 4.479 4.757 USD 4.228 4.167 4.465
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53 | Investor presentation | Half-year results 2026 Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar
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54 | Investor presentation | Half-year results 2026 Swiss Life 2027: sustainability goals are anchored in our business Business behaviour Asset manager & owner Offering Reduce CO₂ emissions per FTE by 50% by 20271) Reduce CO2 intensity for directly owned real estate by 20% by 20301) Seize value-creating opportunities by developing sustainability offerings • Adjust business travel and further improve energy efficiency • Continue to invest in climate change mitigation projects in core markets to offset unavoidable emissions from operating activities • Securities: manage corporate bond portfolio to keep carbon footprint below relevant benchmark • Maintain strong ESG risk management while seizing business opportunities • Meet customer demand for sustainable products and solutions • Ensure that sustainability competencies and advisory processes meet customer sustainability expectations 1) Compared to 2019 On track On track On track
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55 | Investor presentation | Half-year results 2026 Swiss Life contributes to transparency and comparability through its reporting Sustainability reporting • Swiss Life’s sustainability reporting is based on international standards and local regulatory requirements. This includes the requirements for reporting non- financial matters pursuant to Art. 964a-c of the Swiss Code of Obligations. • Swiss Life’s climate-related disclosures are based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). • Swiss Life’s sustainability reporting is prepared in accordance with the GRI standards and based on the provisions of the SASB standard for the insurance industry. Sustainability ratings (latest available figures) Rating agency Rating Scale MSCI ESG Rating AAA CCC to AAA Sustainalytics ESG Risk Rating 14.7 severe [100] to negligible [0] risk S&P Global Corporate Sustainability Assessment 54 0 to 100 CDP Climate Change Score C D- to A ISS ESG Rating C+ D- to A+
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56 | Investor presentation | Half-year results 2026 Swiss Life engages in many sustainability initiatives and networks Switzerland Germany International France UKSwitzerland Nordic Memberships Swiss Life Group (selection)
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57 | Investor presentation | Half-year results 2026 Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar
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58 | Investor presentation | Half-year results 2026 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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59 | Investor presentation | Half-year results 2026 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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60 | Investor presentation | Half-year results 2026 Supplementary information Profit & loss and balance sheet Investments Sustainability Abbreviations and disclaimer Contact details and financial calendar
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61 | Investor presentation | Half-year results 2026 Contact details and financial calendar Contact Gianni Vitale Phone +41 (43) 284 67 67 Head of Investor Relations E-mail gianni.vitale@swisslife.ch Rolf Winter Phone +41 (43) 284 49 19 Senior Investor Relations Manager E-mail rolf.winter@swisslife.ch Dominik Gänsslen Phone +41 (43) 284 93 77 Investor Relations Manager E-mail dominik.gaensslen@swisslife.ch Financial calendar Q3 2026 trading update 11 November 2026 Full-year results 2026 3 March 2027 Annual General Meeting 2027 11 May 2027 Q1 2027 trading update 13 May 2027 Half-year results 2027 26 August 2027 Q3 2027 trading update 11 November 2027 Visit our website for additional information www.swisslife.com
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We enable people to lead a financially self-determined life.