Swiss Life
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Swiss Life (SLHN) investor relations material

Swiss Life Q3 2026 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 TU earnings summary11 Nov, 2026

Executive summary

  • 9M 2026 fee income was CHF 2.042bn and premiums were CHF 17.436bn, each up 8% in local currency.

  • Growth continued across divisions; the Swiss Life 2027 programme remained on track, and the estimated SST ratio was ~205% at end-September.

Financial highlights

  • Net investment income rose to CHF 3.4bn, supported by gains from equities, infrastructure and FX hedging; net investment yield was 2.5% versus 2.0% in the prior-year period.

  • Direct investment income was CHF 2.96bn versus CHF 3.13bn in 9M 2025; non-annualised direct investment yield was 2.1% versus 2.2%.

  • France’s 2026 net profit faces a 10-percentage-point higher tax rate and a 2% health-premium charge; mitigation measures are underway.

Outlook and guidance

  • Full-year 2026 real estate fair values are expected at prior-year levels, as positive changes in Switzerland are offset by negative changes abroad, particularly France.

  • TPAM non-recurring income is expected to reach ~25% in both 2026 and 2027; project pipeline visibility is strong and milestones are advancing.

  • Year-end SST is expected to be slightly below Q3 if real estate fair value changes reach 0% and the BVG minimum-rate effect is included; markets remain volatile.

  • Group financial targets remain on track; Investor Day is scheduled for 1 December 2027 to present a new group-wide programme and three-year targets.

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Frequently asked questions

Swiss Life Holding AG provides life insurance, pension, and financial advisory services to private and corporate clients. The company’s offerings include individual and group life insurance, asset management, and retirement planning solutions. It operates in several European countries through multiple distribution channels. The company is headquartered in Zurich, Switzerland, and its shares are listed on the SIX.