SWISS LIFE (-) : Q1 Conference call: TELIS like it is

Research evidence excerpt

SWISS LIFE (-) : Q1 Conference call: TELIS like it is

EQUITIES

INSURANCE

SWISS LIFE UNDERPERFORMPRICE* CHF851.2  TARGET PRICE CHF795 (DOWNSIDE 7%)

FLASH NOTE

Q1 Conference call: TELIS like it is

21 MAY 2026 Securities Research Report Production time: 09:39* (London time)

Research Analyst & Publishing Entities

Iain Pearce BNP Paribas London Branch +44 7435 660 628 iain.pearce@uk.bnpparibas.com

What happened?

Swiss Life hosted a call with analysts following its Q1 results. The focus was not much on the numbers that had been

reported, but on the acquisition of TELIS, a German advisor business, that was announced with the Q1 results. Given

the company had stated that the deal did not have a material impact on solvency or cash at holding and would only add

c€30m to fee income, the focus was extensive. Outside of this, the company gave a bit more of a positive message on

the investment result trend and the outlook for the fee result in Asset Management. Overall, it was a pretty confident

call from Swiss Life.

BNPP View:

TELIS acquisition: The company gave some more details on the acquisition of TELIS, which is expected to close in

Q3 2026. The business has 1,800 certified advisors and this will give the combined Swiss Life Germany entity a certified

advisor base of ~8,000. Swiss Life will acquire 100% of the share capital of TELIS, with existing TELIS management

remaining in an advisory capacity. Swiss Life will retain the TELIS brand going forward. TELIS achieved a fee income

of ~€30m in 2025. The company expects some minor synergies in time, predominantly from integration of the back

office, however, these would likely be small. The deal is not expected to have a material impact on solvency or cash at

holding.