Swiss Life stock: Berenberg keeps Buy rating, CHF 1,125 target

Published on 11/13/2026 at 17:42 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Swiss Life stock draws a fresh Berenberg assessment after its nine-month update. The bank sees acquisition effects as important to the fee-growth picture.

Berenberg's read on fee growth

Berenberg sees fee growth excluding TELIS consolidation at 6%.
Swiss Life maintains its project-development fee ambition for 2026 and 2027.
The analyst expects stronger cash remittances in 2027.

Swiss Life Holding, CH0014852781, Illustration mit AI erstellt.

Berenberg reaffirmed its Buy rating and CHF 1,125 price target for Swiss Life Holding on November 12, according to Investing.com. The assessment followed Swiss Life's nine-month update published on November 11.

Acquisition effect shapes fee growth

Swiss Life reported 8% fee growth in local currency for the first nine months of 2026. Berenberg estimates that growth at 6% when excluding the first-time consolidation of German independent financial adviser network TELIS Group.

The bank said Swiss Life's third-party asset management business grew fees by 10%. Project development fees accounted for 12% of that business's fee growth, according to the report, making the mix of recurring and transaction-related income a key investor consideration.

Cash returns remain in focus

Swiss Life reaffirmed its ambition for project development fees to contribute 25% in both 2026 and 2027. Berenberg expects higher fee growth and improved cash conversion to lift cash remittances in 2027.

The analyst forecasts three-year cash remittances of CHF 3.9 billion, above Swiss Life's own target range of CHF 3.6 billion to CHF 3.8 billion. That view gives investors a fresh frame for assessing the insurer's capital-return capacity alongside operating growth.