Swiss Life continues on its growth path in the first quarter of 2025

“Swiss Life had a good start to the 2025 financial year,” says Matthias Aellig, Group CEO of Swiss Life. “In the first three months of the year, we expanded both our insurance and fee business. And we achieved very strong net new assets in our third-party asset management business. The first quarter marks a pleasing beginning to our ‘Swiss Life 2027’ programme, with which we aim to continue our successful development of recent years.”

The Swiss Life Group further grew its fee business in the first quarter of 2025. Fee income was up by 3% in local currency to CHF 659 million (prior-year period: CHF 639 million), mainly due to own and third-party products and services and to Swiss Life Asset Managers. The Group generated premiums of CHF 7.9 billion in the first quarter, an increase of 6% in local currency (prior-year period: CHF 7.5 billion).

In its home market of Switzerland, Swiss Life achieved premiums of CHF 4.5 billion, an increase of 3% compared to the same period in the previous year. The assets under management in the semi-autonomous business were stable at CHF 7.8 billion as at the end of March 2025. Fee income increased by 11% to CHF 91 million. In France, premiums were up by 11% to EUR 2.1 billion. In the life business, premiums rose by 14%, with the share of unit-linked solutions at 65% (prior-year period: 65%) remaining significantly above the market. Fee income increased by 7% to EUR 154 million. Swiss Life in Germany posted premiums of EUR 412 million, an increase of 3%. Fee income was up 5% to EUR 227 million compared to a strong first quarter in the previous year, which benefited from a specific market opportunity. In the International market unit, premiums were up 7% to EUR 1130 million. In the fee business, income was down 5% and came to EUR 92 million.

At Swiss Life Asset Managers, third-party assets under management (TPAM) at the end of March 2025 amounted to CHF 135 billion (31 December 2024: CHF 125 billion). Net new assets in TPAM business were CHF 9.3 billion in the first quarter of 2025 (prior-year period: CHF 0.7 billion), driven by strong inflows in equities and bonds. Swiss Life Asset Managers generated fee income of CHF 232 million (prior-year period: CHF 220 million). TPAM business contributed CHF 146 million (prior-year period: CHF 137 million) to this.

Swiss Life generated direct investment income of CHF 1084 million in the first quarter of 2025 (prior-year period: CHF 1024 million). The non-annualised direct investment yield was 0.8% (prior-year period: 0.7%). Swiss Life estimates its SST ratio at around 200% as at the end of March 2025 (31 December 2024: 201%) and thus above the strategic ambition range of 140–190%. The ongoing CHF 750 million share buyback programme is proceeding as planned and will run until the end of May 2026.

Telephone conference for analysts and investors

Matthias Aellig, Group CEO, and Marco Gerussi, Group CFO, will hold a telephone conference in English for financial analysts and investors today at 9 a.m. (CET). There is also an audio webcast on the website. All the documents relating to the financial statements are available online at www.swisslife.com.

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