Half Year 2026 Swiss Life Holding AG Earnings Call Transcript
Key Points
- Fee result grew 11% to CHF430 million, with broad-based growth across asset managers, IFAs, and unit-linked business.
- Profit from operations increased 8% in local currency to CHF967 million, and net profit rose 8% to CHF649 million.
- Return on equity reached a high 20.2%, up from 17.6% in the prior year period.
- Cash remittance to the holding company increased 5% to CHF1.2 billion, and a new CHF250 million share buyback was announced.
- The SST ratio is estimated at 250%, well above the ambition range of 140%-190%, indicating strong capital position.
- Swiss Life 2027 program is on track, with fee income up 7% and operating result from insurance up 4% in local currency.
- TPAM cost-income ratio improved to 72% from 82%, driven by higher commission income.
- Real estate vacancy rates decreased to 2.8% from 3.1% at year-end 2025, and fair value changes are expected to double for the full year.
- French premiums were flat at EUR4 billion while the market grew 9%, and health and protection premiums declined 5% due to a focus on profitability over growth.
- Direct investment income decreased to CHF2 billion due to lower income from infrastructure, FX rate movements, and a lower real estate asset base.
- TPAM new assets dropped to CHF7.2 billion in H1 2026 from CHF13.2 billion in the prior year period.
- Operating expenses increased 2% in local currency, reflecting growth investments and efficiency-related costs.
- The company announced a reduction of around 600 positions by end of 2028, with restructuring costs expected to offset cost savings in 2027-2028.
- Income tax expense increased to CHF243 million due to a step-up in the corporate tax rate in France and a higher taxable profit base.
- Cash remittance from France decreased 12% to EUR160 million due to the higher tax rate impacting statutory profit.
- The pre-tax CSM release ratio was slightly lower at 7.6% compared to the prior year period.
Dear analysts and investors, good morning. Thank you for joining us, and welcome to our half year 2026 conference call. I will give you a brief overview before handing over to our CFO, Marco Gerussi. I'm pleased with the operational performance and with what we have achieved in the first half of the year. We grew the fee income and the fee result across all businesses, meaning asset managers, IFAs and the unit-linked business. We grew the insurance business, its operating result and the contractual service margin. Our strong results show the great commitment of our employees and advisers. I would like to thank all of them for their strong engagement and our customers for the continued trust and loyalty.
Let me provide some more color on our performance in the first half of 2026. The fee result amounted to CHF430 million, 11% above the prior year period. The growth is broad-based and includes a gain from the transfer of the international network to a partner earlier this year. Profit
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