Executive Summary

The three Swiss social insurance schemes concluded fiscal year 2025 with mixed results. The Old-Age and Survivors' Insurance (AHV) achieved a positive operating result of CHF 4,445 million, the Loss of Earnings Allowance (EO) of CHF 305 million. The Disability Insurance (IV), however, recorded a negative operating result of CHF 213 million. The main driver of the positive results was the strong performance of financial markets in 2025, particularly through equity gains, gold appreciation, and currency effects. The IV debt to the AHV remained unchanged at CHF 10,284 million.

Persons

  • compenswiss (Administrative organization for equalization funds)

Topics

  • Old-Age and Survivors' Insurance (AHV)
  • Disability Insurance (IV)
  • Loss of Earnings Allowance (EO)
  • Financial market developments

Clarus Lead

The 2025 balance sheet reveals a structural imbalance in the Swiss social insurance system: while AHV and EO benefit from market gains, IV remains in deficit and now owes the AHV more than 10 billion francs. This asymmetry illustrates the dependence of social insurance schemes on capital market developments and underscores the urgency of structural reforms in IV, which is increasingly under political pressure.

Detailed Summary

Fiscal year 2025 was characterized for Swiss social insurance schemes by exceptionally favorable market conditions. The equalization funds managed by compenswiss achieved substantial investment returns that significantly supported the operating result. The AHV benefited with an allocation result of CHF 1,844 million and an operating result of CHF 4,445 million clearly from this development. The EO also closed positively with an allocation result of CHF 179 million and an operating result of CHF 305 million.

The IV, on the other hand, was unable to fully compensate for negative allocation results (CHF 209 million) through investment returns and recorded a negative operating result of CHF 213 million. The outstanding debt of IV to the AHV stagnated at the high level of CHF 10,284 million – an indicator of the persistent structural deficits of disability insurance. The total assets of the three funds amounted to CHF 50,691 million.

Key Findings

  • AHV and EO show positive operating results in 2025; IV remains in deficit
  • Strong financial markets (equities, gold, currencies) were the main drivers of positive results
  • IV debt to AHV unchanged at over 10 billion francs
  • Total assets of equalization funds: CHF 50.7 billion

Critical Questions

  1. Data Quality: How are investment returns (equities, gold, currency effects) calculated and audited in detail? Which valuation methods are used for illiquid assets?

  2. Dependence on Market Development: To what extent is the positive AHV balance sheet in 2025 a structural result or primarily a consequence of exceptional market conditions? How robust are the systems in the face of market volatility?

  3. IV Deficits: What specific factors lead to the persistent IV deficits? Is it demographic trends, increased benefits, or administrative inefficiencies?

  4. Debt Reduction: What concrete measures are planned to reduce the CHF 10.3 billion debt of IV? What timeframe is realistic?

  5. System Stability: How does Switzerland ensure that social insurance schemes remain solvent in negative market years (e.g., stock market crash)?

Source Directory

Primary Source: Operating Results 2025: AHV, IV and EO – https://www.news.admin.ch/de/newnsb/dqjK74SUVpCx0BJ_n52o-

Verification Status: ✓ May 21, 2026

This text was created with the support of an AI model. Editorial responsibility: clarus.news | Fact-checking: May 21, 2026