Swiss Life Holding AG Q3 2026 Earnings Recap

Swiss Life shares slipped 0.6%, a roughly flat reaction to a mixed nine-month update. Fee income grew, but third-party asset-management net new assets fell from an unusually high prior-year level, and the estimated SST ratio was about 10 percentage points below June.

Key Takeaways

• Group fee and commission income rose 8% in local currency to more than CHF 2 billion; gross written premiums increased 8% to CHF 17.4 billion.
• Switzerland premiums grew 15% to CHF 9.4 billion, while France premiums rose 4%, below the market’s 6% growth.
• Third-party asset-management net new assets were CHF 8.5 billion versus CHF 15 billion in the prior-year period; assets under management rose to CHF 161 billion from CHF 146 billion at year-end 2025.
• Net investment income increased to CHF 3.4 billion, supported by net capital gains, while direct investment income was CHF 0.17 billion lower year over year.
• The estimated SST ratio was around 205% at September-end, approximately 10 percentage points below June.