Swiss Life (SLHN) Q1 2026 TU earnings summary

Executive summary

• Achieved 6% growth in fee income and 5% growth in premiums in local currency for Q1 2026, with both fee and insurance businesses contributing across all divisions.

• Fee and commission income rose to CHF 686 million, with all businesses contributing.

• Gross written premiums, fees, and deposits increased to CHF 8.2 billion.

• Announced acquisition of Telis Group in Germany, adding 1,800 advisors and over EUR 200 million in fee income, strengthening advisory leadership.

• Well on track with Swiss Life 2027 program and financial targets.

Financial highlights

• Swiss Life Asset Managers reported CHF 4.2 billion net new assets in third-party asset management, down from CHF 9.3 billion in Q1 2025.

• SST ratio estimated at 210% at end of March 2026, above the ambition range of 140%-190%.

• Asset Managers' total income up 12% to CHF 261 million; TPAM total income up 16% to CHF 171 million.

• Direct investment income decreased to CHF 942 million from CHF 1,084 million, mainly due to lower equity and infrastructure income and FX effects.

• Non-annualized direct investment yield at 0.7% vs. 0.8% prior year; real estate fair value changes positive at 0.3%.

Outlook and guidance

• Expect to achieve all group financial targets for Swiss Life 2027.

• Non-recurring income in TPAM expected to be around 25% for 2026 and 2027.

• Direct investment income yield expected to remain at 2025 levels for full year 2026.

• Real estate fair value gains expected to continue, mainly from Swiss portfolio.

• CHF 750 million share buyback programme scheduled to run until end of May 2026.