Swiss Life 1Q26 Preview: minor changes to estimates

Research evidence excerpt

Swiss Life 1Q26 Preview: minor changes to estimates

J P M O R G A N Europe Equity Research

14 May 2026

Swiss Life Underweight

SLHN.S, SLHN SW

1Q26 Preview: minor changes to estimates Price (13 May 26):CHF837.60

Price Target (Dec-27):CHF735.00

We are updating our forecasts for Swiss Life ahead of its 1Q26 trading update on European Insurance

AC21st May 2026. Swiss Life will report gross written premiums (GWP), fee income, Farooq Hanif

cash and capital, and asset management key metrics, and it does not collect (44 207) 742-8091

consensus for 1Q. We have made minor changes to our estimates, with a lower fee farooq.hanif@jpmorgan.com

result driven by FX headwinds on AuM on the back of CHF appreciation against Bingdi Fan, CFA

EUR, partially offset by higher insurance results owing to a more positive market (44-20) 7742-5336

impact on our CSM (Contractual Service Margin) estimate, since our last update. bingdi.fan@jpmorgan.com

We continue to expect Swiss Life to meet its >CHF 1bn fee result target by 2027. Kamran M Hossain

However, we remain Underweight on Swiss Life given its high relative valuation, (44-20) 3493-3780

kamran.hossain@jpmorgan.com

trading at ~16.7x 2027E P/E. Our net profit estimates are ~1.7% below

Nadia ClaressaBloomberge consensus for 2026E.

(44-20) 7134-7613

nadia.claressa@jpmorgan.com

We summarise our changes to key estimates in Figure 1Changestokeyestimates, with our 1Q26E forecasts J.P. Morgan Securities plc

in Figure 21Q26forecasts. Our views into 1Q26 results are as the follows:

Specialist Sales contact details:

• Expecting ~1% growth in gross written premiums (GWP) and ~3.5% Gigi Sparling - Specialist Sales -

growth in fee and commission income. We expect GWP to grow at a slower European Financials

pace than FY25, due to the CHF/EUR headwind.