Swiss Life Holding AG

Swiss Life reported Q1 2026 fee and commission income of CHF 686 million, up 6% in local currency, and gross written premiums, fees and deposits received of CHF 8.2 billion, up 5%. Asset Managers total income rose 12% to CHF 261 million; TPAM total income grew 16% to CHF 171 million; PAM total income increased 4% to CHF 90 million. The SST ratio was estimated at around 210% at end-March 2026, down from 213% at year-end 2025, and holding liquidity was around CHF 0.6 billion. For TELIS, management said 2025 fee income of more than EUR 200 million translates to an indication of EUR 25 million to EUR 30 million of pretax/pre-financing-cost fee result, with the first full run-rate year expected in 2027 and closing expected in Q3 2026.

Matthias Aellig described the quarter as a good start to the year with pleasing top-line growth in both the fee and insurance businesses. He emphasized that fee income grew across all divisions and that Swiss Life is well on track with Swiss Life 2027. On TELIS, he framed the deal as a strategically, financially and culturally fitting bolt-on that accelerates the German IFA strategy rather than changes the group’s organic targets. His tone was confident and constructive, while stressing disciplined, opportunistic M&A.

Marco Gerussi focused on the underlying mix and balance-sheet metrics. He highlighted Switzerland premiums up 10% to CHF 5 billion, Germany premiums up 3% to EUR 425 million, France fee income up 8% to EUR 166 million, Germany fee income up 5% to EUR 238 million, and International fee income up 2% to EUR 94 million. He said direct investment income fell by CHF 142 million to CHF 0.9 million because of prior-year infrastructure asset sales, timing effects and some U.S. dollar-related movements, while net investment income was stable year over year. He also said the SST ratio moved mainly because of equities and credit spreads, cash at holding was around CHF 0.6 billion at quarter-end, and the CHF 750 million buyback remained on track with CHF 726 million repurchased as of 15 May 2026.

Analysts pressed on TELIS economics, financing, and whether the deal is needed to reach the fee-result target. Management said TELIS is not required to reach the target, gave an indicative 2025 pretax/pre-financing-cost contribution of EUR 25 million to EUR 30 million, said the family remains in an advisory role, and noted there should be no material impact on holding cash because a EUR 500 million senior bond issued in April helps finance the deal. Questions also focused on solvency, direct investment income, French growth, and German/Swiss political risks around real estate; management said SST weakness was mainly market-driven, direct investment income should normalize to around prior-year levels on a yield basis, France is prioritizing profitability over growth, and the real-estate-related political initiatives do not look like they would create a very material company impact.