Swiss Life Holding AG

In Q1 2026, Swiss Life said fee and commission income increased 6% in local currency to CHF 686 million, gross written premiums/fees/deposits received rose 5% to CHF 8.2 billion, and Swiss Life Asset Managers reported CHF 4.2 billion of net new assets in third-party asset management versus CHF 9.3 billion in the exceptionally strong prior-year period. By division, Switzerland premiums grew 10% to CHF 5 billion; France premiums were down 2% to EUR 2 billion; Germany premiums rose 3% to EUR 425 million; International premiums fell 3% to EUR 1.1 billion; and Asset Managers total income increased 12% to CHF 261 million. The SST ratio was estimated at around 210% at end-March 2026, slightly below 213% at year-end 2025, and holding liquidity was around CHF 0.6 billion; as of 15 May, Swiss Life had repurchased CHF 726 million of its CHF 750 million buyback. For full-year 2026, management expects the nonrecurring-income share in TPAM to be around 25%, similar real-estate fair value gains to 2025, and said the group remains on track for Swiss Life 2027 targets, including fee result above CHF 1 billion in 2027.

Matthias Aellig said the quarter showed “a good start to the year” with both fee and insurance businesses contributing. He emphasized broad-based fee income growth across asset managers, owned IFAs, and own/third-party products, and said Swiss Life is “well on track” with the Swiss Life 2027 program. He framed TELIS as a strategic bolt-on that accelerates profitable growth in the German IFA market rather than a transaction needed to meet targets.

Marco Gerussi highlighted the main financial drivers: Switzerland premiums up 10% to CHF 5 billion, fee income in France up 8% to EUR 166 million, Germany fee income up 5% to EUR 238 million, International fee income up 2% to EUR 94 million, and Asset Managers total income up 12% to CHF 261 million. He said the SST ratio slipped to around 210% mainly because of market movements in equities and credit spreads, partly offset by a hybrid issuance in January 2026, while the asset ratio remained at the same level as year-end and well above the 140% to 190% ambition range. He also noted holding liquidity of around CHF 0.6 billion at quarter-end, share buybacks of CHF 726 million completed by 15 May, and that the EUR 500 million senior bond issued in April will largely help finance TELIS and leave holding cash unaffected.

Analysts focused heavily on TELIS: management said the business generated more than EUR 200 million of fee income in 2025, implying roughly EUR 25 million to EUR 30 million of pre-tax/pre-financing-cost fee result, and said it will contribute from day 1, with a first full run-rate year in 2027. Questions also probed solvency, cash, and whether TELIS or regulatory/political developments in Switzerland could affect capital; management said the acquisition has no relevant impact on holding cash because it is financed largely by the April bond, and described local political proposals on real estate and immigration as unlikely to cause very material impact. On investments, management said the lower direct investment income was partly due to infrastructure asset sales in the prior year and timing effects, while net investment income was stable year-on-year.