Swiss Life Holding AG

Swiss Life said Q1 2026 fee and commission income increased 6% in local currency to CHF 686 million, and gross written premiums, fees and deposits received rose 5% to CHF 8.2 billion. In Switzerland, premiums increased 10% to CHF 5 billion; in France, premiums were down 2% to EUR 2 billion; in Germany, premiums were up 3% to EUR 425 million; and in International, premiums declined 3% to EUR 1.1 billion. Asset Managers total income rose 12% to CHF 261 million, with TPAM total income up 16% to CHF 171 million and PAM total income up 4% to CHF 90 million. Net new assets in TPAM were CHF 4.2 billion, versus CHF 9.3 billion in Q1 2025, which management described as exceptionally strong. The SST ratio was estimated at around 210%, marginally below year-end 2025, and holding liquidity was around CHF 0.6 billion at quarter-end. For guidance, management said the TELIS deal should close in Q3 2026, its full-year run rate will first be visible in 2027, and it does not change the group’s target of fee result larger than CHF 1 billion in 2027. Management also reiterated that 2026 and 2027 nonrecurring income share in asset management is expected at around 25%, and that real estate fair value changes should follow a similar positive trend to 2025.

Matthias Aellig framed the quarter as a good start to the year, emphasizing that both the fee businesses and the insurance businesses contributed to growth. He highlighted Swiss Life’s fee-income strength across divisions and said the group is well on track with Swiss Life 2027. On TELIS, he described the acquisition as a strategic bolt-on that accelerates the company’s German IFA expansion rather than something needed to meet the 2027 targets.

Marco Gerussi pointed to the main financial drivers: premium growth in Switzerland, stronger fee income across France, Germany and International, and higher Asset Managers total income. He noted TPAM net new assets of CHF 4.2 billion, AUM of CHF 148 billion versus CHF 146 billion at year-end 2025, and a nonannualized direct investment yield of 0.7% versus 0.8% last year; he said the yield should be similar to 2025 for full-year 2026. On solvency and liquidity, he said SST was around 210% versus 213% at year-end 2025, holding liquidity was around CHF 0.6 billion, and the CHF 750 million buyback was on track with CHF 726 million repurchased by May 15. He also said the EUR 500 million senior bond issued in April is for general purposes and will help finance TELIS, with no impact on holding cash from the acquisition itself.

Analysts focused on TELIS economics, asking about profit contribution, cost, solvency impact, and whether the deal was needed to hit the fee-result target. Management said TELIS produced more than EUR 200 million of fee income in 2025, implying roughly EUR 25 million to EUR 30 million of pretax pre-financing fee result, and said it is not required to reach the “larger than CHF 1 billion” 2027 fee-result target. They also said the family is staying in an advisory role, Swiss Life buys 100% of TELIS, and the deal should be cash-neutral at holding because it is being financed largely with the April senior bond. Questions also covered French fee growth, investment income, real-estate sensitivities to Swiss political initiatives, and whether higher nonrecurring income means upside to the 25% share target; management said the 25% target remains intact and the Q1 mix should not be read as a structural change.