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

“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 Fina Elf 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 Fina Elf 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 Fina Elf non-recurring income for TPAM of 12% in 9M 2026 and 11% in 9M 2025 4 As at 31 December 2025

Information

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media.relations@swisslife.ch

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Further information
All our media releases can be found at swisslife.com/mediareleases