Swiss Life (AO) | Hold | Q1 26 conference call feedback: focus is on fee income

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Swiss Life (AO) | Hold | Q1 26 conference call feedback: focus is on fee income

00% of the business, although the founding family will remain involved in an advisory role. Telis generated

>EUR200m fee income in 2025 and around EUR25m to EUR30m pre-tax fee result contribution before financing costs.

Swiss Life reiterated its bolt-on M&A strategy, focused primarily on fee businesses such as IFAs and Asset Management.

Management highlighted strategic fit, financial attractiveness and cultural alignment as the key acquisition criteria, while also

emphasising Swiss Life Germany’s track record in preserving brands and entrepreneurial culture as an important factor in

attracting the Telis founding family.

Following the Telis acquisition, Swiss Life Germany will have around 8,000 advisors on a pro forma basis, versus around 6,200

previously. Swiss Life also disclosed advisor numbers of around 500 in Switzerland and around 1,700 in International.

We believe the acquisition is a strategic acceleration of Swiss Life Germany’s IFA expansion strategy rather than a requirement to

achieve existing targets.

The transaction is expected to close in 3Q26, implying 2027 will be the first full run rate contribution year. We will see a partial

contribution in 2026.

The transaction will have no meaningful solvency impact and management confirmed the business was acquired fully in cash.

Financing will mainly come from the recently issued EUR500m senior bond in April.

More details

Asset Managers total income increased 12% to CHF261m, with TPM income up 16% to CHF171m, supported by higher recurring

income from increased AuM as well as stronger real estate transaction income. TPM non-recurring income contribution increased