ZURICH (dpa-AFX) - Swiss Life Holding AG (SLW1.F, SZLMY, SLHN.SW), a major Swiss life insurance company, on Tuesday posted a rise in net income for the first half, helped by the gain from the transfer of the network business amounting to CHF 23 million.
Matthias Aellig, CEO of Swiss Life, said: 'We want to sustainably expand our business beyond 2027. This entails strengthening our position and our efficiency-also by leveraging the advancing digitalization- to enable us to quickly capture further market opportunities in a focused manner. In this context, we will see a reduction of around 600 positions by the end of 2028.'
For the six-month period to June 30, the company reported net profit of CHF 649 million, higher than CHF 602 million in the same period last year. Profit from operations was CHF 967 million, compared with CHF 903 million a year ago. Net investment result moved up to CHF 290 million from CHF 254 million in the previous year.
Gross written premiums, fees, and deposits received stood at CHF 12.331 billion as against the prior year's CHF 12.112 billion. Fee and commission income rose to CHF 1.335 billion from last year's CHF 1.271 billion. Net investment income was CHF 2.403 billion, higher than CHF 1.631 billion in the previous year. Insurance revenue was CHF 4.461 billion, up from CHF 4.451 billion in the previous year.
Swiss Life has decided to axe around 600 positions by the end of 2028, largely through natural attrition. Roughly half of the 600 jobs are at Swiss Life in Switzerland and half at Swiss Life Asset Managers mainly abroad.
In addition, the company has decided to repurchase CHF 250 million of shares. The share repurchase drive will be completed during the period between October 1, 2026, and the end of March 2027.
Further, Swiss Life noted that it is on track to increase its fee result to over CHF 1 billion by 2027 and achieve a return on equity in the range of 17% to 19%. The company is also on track to achieve a dividend payout ratio of over 75% from 2025 and to increase dividend per share.
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