Swiss Life: Results roughly in-line but better AM flows

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Swiss Life: Results roughly in-line but better AM flows

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Swiss Life

Results roughly in-line but better AM flows

Maintain Rating: UNDERPERFORM | PO: 760.00 CHF | Price: 851.20 CHF

Results roughly in-line but better AM flows 21 May 2026

Swiss life delivered a steady 1Q update, with topline (both GWP and fee-income) roughly Equity

in-line (+1% vs. of our estimates) but with a better contribution from asset

David Barma >>

management. Flows might also surprise positively though we note the majority of the Research Analyst

gap comes from the index business rather than real assets. Non-recurring income of BofASE (France) +33 1 8770 0756

13% is as expected below the run-rate guidance. Solvency was weaker due to markets. david.barma@bofa.com

Swiss Life announced the acquisition of a network of 1,800 advisors in Germany (the Shanti Kang >>

TELIS Group) with an expected fee income contribution of >€120m. No financial details ResearchMLI (UK) Analyst

have been disclosed at this stage. We have an Underperform rating. shanti.kang@bofa.com

Nimrat Kaur >>

Research AnalystNo surprise on top line figures MLI (UK)

Total GWP of CHF8,198m were 1% above our estimates, driven by Switzerland. This was nimratkaur@bofa.com

offset by a weaker France and International segment. Fee income was also 1% ahead of

us, once again driven by a better performance in France thanks to an increased share of

unit-linked within the mix. Switzerland fee income of CHF93m was roughly in-lien with Stock Data

our estimates.

Price 851.20 CHF

Better TPAM result; no surprise on non-recurring part Price Objective 760.00 CHF

Asset management fee income of CHF261m is up 13% y/y and beat our estimates by Date Established 28-Apr-2026

6%.