Swiss Life Holding Ltd

Latest Results (31.08.2026):

Swiss Life Holding Ltd — first quarter of 2026: The group reported pleasing top-line growth in Q1 2026, with fee income rising to CHF 686 million (+6% in local currency) and gross written premiums to CHF 8.2 billion (+5% in local currency). Direct investment income fell to CHF 942 million (prior-year CHF 1,084 million) and the non-annualised direct investment yield was 0.7% (prior 0.8%). Swiss Life Asset Managers’ TPAM AuM stood at CHF 148 billion with net new assets of CHF 4.2 billion. The SST solvency ratio was estimated at ~210%. Swiss Life Germany agreed to acquire TELIS Group; a CHF 750 million share buyback is ongoing.

Headline numbers

Group fee income CHF 686m (+6% lc); gross written premiums CHF 8.2bn (+5% lc); direct investment income CHF 942m (down vs CHF 1,084m in Q1 2025); non-annualised direct investment yield 0.7% (Q1 2025: 0.8%).

Drivers of fee growth

Fee income growth was broad-based—higher contributions from Asset Managers, owned IFAs and both own and third‑party products/services supported the increase to CHF 686m.

Asset Managers & TPAM

TPAM third‑party AuM CHF 148bn (31 Mar 2026 vs CHF 146bn at year-end 2025); net new assets CHF 4.2bn in Q1 (vs CHF 9.3bn a year earlier, -55%); Swiss Life Asset Managers total income CHF 261m (+12%), with TPAM contributing CHF 171m (+16%).

Market-by-market snapshot

Switzerland: premiums CHF 5.0bn (+10%), fee income CHF 93m (+2%). France: premiums EUR 2.0bn (-2%), fee income EUR 166m (+8%), unit‑linked share 73% (prior 65%). Germany: premiums EUR 425m (+3%), fee income EUR 238m (+5%). International: premiums EUR 1.1bn (-3%), fee income EUR 94m (+2%).

Investment income detail

Direct investment income declined to CHF 942m, driven by lower returns from infrastructure and equities and by foreign‑exchange movements; direct investment yield fell slightly to 0.7% (non‑annualised).

Capital position & shareholder returns

SST ratio estimated at ~210% (31 Dec 2025: 213%), remaining above the strategic ambition range of 140–190%. The CHF 750m share buyback programme is proceeding as planned and runs until end‑May 2026.

Acquisition — TELIS Group

Swiss Life Germany agreed to acquire TELIS Group (≈1,800 certified advisors), expanding its advisory force to about 8,000 certified advisors and projected annual fee income > EUR 1bn (2025, incl. TELIS). Transaction expected to close in Q3 2026 after regulatory approvals; purchase price undisclosed.