Swiss Life Holding AG Q1 2026 Earnings Recap

Swiss Life’s shares nudged up 1.0% post-earnings, indicating a generally steady reception to a mixed quarter with moderate top-line growth offset by some softness in key markets and diminishing net new asset inflows.

Key Takeaways

• Fee and commission income grew 6% to CHF 686 million, supported by contributions across all business divisions.
• Gross written premiums, fees, and deposits increased by 5% to CHF 8.2 billion in local currency, driven primarily by Switzerland’s strong 10% premium growth.
• French and International premium segments showed weakness, with France down 2% and International down 3%, both trailing their respective market growth rates.
• Net new assets in third-party asset management slowed significantly to CHF 4.2 billion from CHF 9.3 billion in the prior exceptional period, signaling deceleration.
• Direct investment income declined sharply by CHF 142 million to CHF 0.9 million, impacted by lower equity and infrastructure returns and adverse FX movements.