Swiss Life (SLHN) Q3 2026 TU earnings summary

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.