Swiss Life: Model update pre 1Q26

研报英文原文证据摘录

Swiss Life: Model update pre 1Q26

Equity Research

European Insurance

15 May 2026

Swiss Life

Model update pre 1Q26

We update our estimates ahead of 1Q26 results to

incorporate any company-specific events and market

movements. SLHN.S/SLHN SW OVERWEIGHT Unchanged

European Insurance NEUTRAL

Swiss Life will report light disclosure in 1Q, with updates on top-line growth and fee income as Unchanged

well as the capital position. Overall, we expect similar trends vs. recent quarters, with Price Target CHF 890.00

Group GWP up by c. 2% YoY and fee and commission income up by c. 3%. In Asset Managers we Unchanged

forecast TPAM net new assets at CHF2bn in the quarter, mainly from index business, although at Price (13-May-26) CHF 837.60

a lower pace compared with last year, and TPAM AuM at CHF147.7bn. We expect the SST ratio to Potential Upside/Downside +6.3%

decrease to 207% from 210% at FY25, with negative MTM (mainly from lower real estate) more Source: Bloomberg, Barclays Research

than offsetting positive capital generation and the impact from the issuance of hybrid bond in

January. Market Cap (CHF mn) 23899

Shares Outstanding (mn) 28.53Overall, our estimates remains broadly unchanged over the forecast period FY26-28, with no

Free Float (%) 99.60change to our PT at CHF890.

52 Wk Avg Daily Volume (mn) 0.1

FIGURE 1. Barclays estimates Dividend Yield (%) 4.36

CHF m, unless stated Return on Equity TTM (%) 17.22

1Q25 2Q25 3Q25 4Q25 1Q26E

otherwise Current BVPS (CHF) 252.78

Total gross written Source: Bloomberg 7,918 4,194 4,154 4,605 8,058

premiums

Switzerland 4,534 1,771 1,894 2,015 4,625 Price Performance Exchange-SWX

France, EUR 2,050 1,980 1,864 2,200 2,132 52 Week range CHF 949.00-791.00

Germany, EUR 412 346 357 426 422

International, EUR 1,130 272 210 217 1,164