European Insurance News & Views "Takeaways from Lex Koller (Swiss Proper..."

Research evidence excerpt

European Insurance News & Views "Takeaways from Lex Koller (Swiss Proper..."

Global Research

14 May 2026ab

European Insurance News & Views Equities

Europe including UKTakeaways from Lex Koller (Swiss Property) call

Financial

Nasib Ahmed, FIA

Headline: Takeaways from Lex Koller (Swiss Property) call Analyst

nasib-za.ahmed@ubs.com

We hosted David Schoch, head of Switzerland research at CBRE, focussing on potential +44-20-7568 8231

implications from Lex Koller and other political changes on the Swiss property market. Will Hardcastle, CFA

See our takeaways in note here and summary below. Analyst

will.hardcastle@ubs.com

+44-20-7567 9763

UBS Summary:

Qian Lu

Analyst

The key debate was on: 1) tightening of rules around foreign ownership of Swiss qian-za.lu@ubs.com

property (Lex Koller); 2) the potential 10 million population cap in Switzerland; and 3) +44-20-7567 4657

housing protection initiative in Zurich Canton.

Chloe Ryan

Associate Analyst

We see the population cap as likely most relevant for Swiss Life, given its chloe.ryan@ubs.com

exposure to Swiss residential property. A potential population cap could reduce +44-20-7567 3505

immigration (by c.50% according CBRE). A potential offset is the low vacancy rates

(c.1%) within Swiss property and lack of new developments. The vote is expected on 14

June and polls are indicating an even split (see here). We also note that within Swiss

Life's insurance business, lower rental income could be shared with policyholders;

however, the asset management business could be negatively impacted by negative

revaluations.

The housing protection initiative in Zurich is also to be voted on 14 June and follows

other initiatives already in place in Geneva and Basel. Housing protection initiatives in