Swiss Life 1H26 Preview: minor estimate changes; expecting mid-single-digit profit growth

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Swiss Life 1H26 Preview: minor estimate changes; expecting mid-single-digit profit growth

J P M O R G A N Europe Equity Research

02 July 2026

Swiss Life Underweight

SLHN.S, SLHN SW

1H26 Preview: minor estimate changes; expecting mid- Price (01 Jul 26):CHF888.20

single-digit profit growth Price Target (Dec-27):CHF745.00

We update our forecasts for Swiss Life ahead of its 1H26 reporting on 1st European Insurance

ACSeptember, with small changes to net profit. Our changes reflect market and macro Farooq Hanif

movements since we last published – higher equity markets, FX moves and interest (44 207) 742-8091

rate changes – alongside the potential for some pressure on non-life results in light farooq.hanif@jpmorgan.com

of a French premium tax. We also factor in a slightly higher tax rate, to better reflect Bingdi Fan, CFA

an additional French corporate tax in 2026 and to be more in line with historical (44-20) 7742-5336

trends. Overall, we reduce our net profit estimates by ~0.5% over 2026-27E and bingdi.fan@jpmorgan.com

by ~0.1% in 2028E, with adjusted EPS lower by a similar magnitude (Figure 1Changestokeyestimates). Kamran M Hossain

(44-20) 3493-3780

We cut our 2026 SST ratio estimate to ~208% (from ~219%), mainly reflecting a kamran.hossain@jpmorgan.com

reduction in Swiss long-term bond yields since we last published. Nadia Claressa

(44-20) 7134-7613

We reiterate our Underweight rating and CHF745 price target. Our cautious stance nadia.claressa@jpmorgan.com

J.P. Morgan Securities plc

rests on Swiss Life's elevated relative valuation – trading on a 2027E P/E of ~17.5x

vs the sector average of ~11.5x. Specialist Sales contact details:

Gigi Sparling - Specialist Sales -

We set out our key forecasts for 1H26 below (Figure 21H26Forecasts): European Financials

(44-20) 7134-0355