Swiss Life continues on its growth path: higher fee income and premiums in the first nine months of 2026

Zurich, 11 November 2026
Ad hoc announcement pursuant to Art. 53 LR

Fee income: CHF 2.04 billion (+8% in local currency) Premiums: CHF 17.4 billion (+8% in local currency) Direct investment income: CHF 2.96 billion (prior-year period: CHF 3.13 billion) TPAM: net new assets: CHF 8.5 billion; AuM: CHF 161 billion (30 September 2026) SST ratio as at 30 September 2026: around 205% (31 December 2025: 213%)

“Swiss Life continued the positive development from the first half of the year in the third quarter of 2026,” says Matthias Aellig, Group CEO of Swiss Life. “We further expanded our fee business across all divisions with strong contributions from our owned IFAs, our own and third-party products and services and Asset Managers. Moreover, we saw pleasing growth in our premiums and significantly increased the assets under management in our third-party asset management business. With our ‘Swiss Life 2027’ programme, we are well on track to achieve the financial targets.”
  Swiss Life further expanded its fee business in the first nine months of 2026 and generated fee income totalling CHF 2.04 billion (prior-year period: CHF 1.91 billion). The 8% growth in local currency was driven by owned IFAs (+13%), own and third-party products and services (+9%), as well as Swiss Life Asset Managers (+7%). Premiums increased by 8% in local currency to CHF 17.4 billion (prior-year period: CHF 16.3 billion).
  In its home market of Switzerland, Swiss Life achieved premiums of CHF 9.4 billion. The increase of 15% was driven by particularly high single premiums in the group life business. The assets under management in the semi-autonomous business amounted to CHF 8.7 billion as at the end of September 2026 (31 December 2025: CHF 8.4 billion). Fee income increased by 9% to CHF 289 million. In France, premiums rose by 4% to EUR 6.1 billion. In the life business, premiums increased by 6%, with the high share of unit-linked solutions (72%) reflecting the focus on these products. Fee income increased by 12% to EUR 493 million. In Germany, premiums grew by 2% to EUR 1.1 billion. Fee income rose by 17% to EUR 744 million, including the contribution of TELIS Group for the three-month period from July to September 2026. Excluding TELIS, growth was 10%. In the International market unit, premiums fell by 7% to EUR 1.5 billion. Fee income came to EUR 286 million, an increase of 2%.
  At Swiss Life Asset Managers, third-party assets under management (TPAM) were up 10% to CHF 161 billion at the end of September 2026 (31 December 2025: CHF 146 billion). Net new assets in TPAM business were CHF 8.5 billion in the first nine months of 2026, compared to an exceptionally high prior-year period (CHF 15.0 billion). Swiss Life Asset Managers generated total income of CHF 789 million (prior-year period: CHF 742 million). The TPAM business contributed CHF 526 million (prior-year period: CHF 479 million), with growth driven by both recurring and non-recurring commission income, partly offset by lower net income from real estate project development.
  Swiss Life posted direct investment income of CHF 2.96 billion in the first nine months of 2026 (prior-year period: CHF 3.13 billion). The non-annualised direct investment yield was 2.1% (prior-year period: 2.2%). Swiss Life estimates its SST ratio to be around 205% as at 30 September 2026. The solvency ratio is thus above the strategic ambition range of 140–190%.
  As announced with the half-year results in September 2026, Swiss Life started a new CHF 250 million share buyback programme on 1 October 2026. The programme will run until the end of March 2027.
  Investor Day 2027
Swiss Life will host an Investor Day on 1 December 2027 and present its new Group-wide programme including strategic and financial targets for the next three years.
  Telephone conference for analysts and investors
Matthias Aellig, Group CEO, and Marco Gerussi, Group CFO, will hold a telephone conference in English for financial analysts and investors today at 9 a.m. (CET). There is also an audio webcast on the website. All the documents relating to the financial statements are available online at www.swisslife.com.
  Dial-in number for Europe: +41 (0) 58 310 50 00 Dial-in number for the UK: +44 (0) 203 059 58 63 Dial-in number for the USA: +1 (1) 631 570 56 13

 

Key figures as at 30 September 2026
IFRS basis, unaudited	9M 2026	9M 2025	Change (in percent)	Change (in local currency)
Group1 (CHF m)
Gross written premiums, policy fees and deposits received	17 436	16 266	+7%	+8%
Fee income; of which Asset Managers of which owned IFAs of which own and third-party products and services	2 042 769 938 841	1 910 719 848 779	+7% +7% +11% +8%	+8% +7% +13% +9%
Business units
Switzerland (CHF m)
Gross written premiums, policy fees and deposits received	9 424	8 199	+15%
Fee income	289	265	+9%
France (EUR m)
Gross written premiums, policy fees and deposits received	6 103	5 894	+4%
Fee income	493	439	+12%
Germany (EUR m)
Gross written premiums, policy fees and deposits received	1 136	1 115	+2%
Fee income	744	634	+17%
International (EUR m)
Gross written premiums, policy fees and deposits received	1 494	1 612	-7%
Fee income	286	282	+2%
Asset Managers (CHF m)
Total income2; of which TPAM3	789 526	742 479	+6% +10%
Net new assets TPAM	8 470	15 028	-44%
Assets under management TPAM	160 676	145 7074	+10%
1 Group gross written premiums, policy fees and deposits received include eliminations; Group fee income includes Other segment and eliminations. 2 Commission and other net income (incl. net income from real estate project development) 3 Share of total non-recurring income for TPAM of 12% in 9M 2026 and 11% in 9M 2025 4 As at 31 December 2025

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Swiss Life Group
The Swiss Life Group is one of Europe’s leading comprehensive life and pensions and financial solutions providers. In its core markets of Switzerland, France and Germany, Swiss Life offers individuals and corporations comprehensive and individual advice plus a broad range of own and partner products through its sales force and distribution partners such as brokers and banks.

Swiss Life Select, Tecis, Horbach, Proventus, TELIS and Chase de Vere advisors also broker suitable products from partner companies for customers. Swiss Life Asset Managers offers institutional and private investors access to investment and asset management solutions. Swiss Life provides multinational corporations with employee benefits solutions and high net worth individuals with structured life and pensions products. 

Swiss Life Holding Ltd, registered in Zurich, was founded in 1857 as Schweizerische Rentenanstalt. The shares of Swiss Life Holding Ltd are listed on the SIX Swiss Exchange (SLHN). The Swiss Life Group also includes various subsidiaries. The Group employs a workforce of around 11 000 and has at its disposal a distribution network of more than 20 000 advisors. Swiss Life corporate film Cautionary statement regarding forward-looking information
This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “assume”, “expect” or similar expressions. Such forward-looking statements, by their nature, are subject to known and unknown risks, uncertainties and other important factors. These may result in a substantial divergence between the actual results, developments and expectations of Swiss Life and those explicitly or implicitly described in these forward-looking statements. Given these uncertainties, the reader is reminded that these statements are merely projections and should not be overvalued. Neither Swiss Life nor its Members of the Board of Directors, executive managers, managers, employees or external advisors nor any other person associated with Swiss Life or with any other relationship to the company makes any express or implied representation or warranty as to the correctness or completeness of the information contained in this publication. Swiss Life and the abovementioned persons shall not be liable under any circumstances for any direct or indirect loss resulting from the use of this information. Furthermore, Swiss Life undertakes no obligation to publicly update or change any of these forward-looking statements, or to adjust them to reflect new information, future events, developments or similar.