Swiss Life Reports Strong First-Half 2026 Results, Fee Growth and Cost Cuts Ahead

Swiss Life Holding AG delivered a robust first-half 2026 performance with a net profit of CHF 649 million, up 8% year-over-year, and a fee income of CHF 430 million, rising 11% in local currency. The operating profit for the insurance business segment grew to CHF 967 million, an 8% increase in local terms. The group’s cash transfer to the holding company rose to CHF 1.23 billion, a 5% rise, while the equity return on capital reached 20.2%, up from 17.6% in the same period of 2025. These results reflect disciplined execution of the Swiss Life 2027 strategic program, which aims to grow fee income to over CHF 1 billion by 2027 and achieve an equity return on capital of 17–19% by that year. The company also announced a new share buyback program of CHF 250 million, running from October 2026 to March 2027, in addition to a prior CHF 750 million program completed in May 2026. Premium revenues totaled CHF 12.3 billion, a 3% increase, while total assets under management (AUM) for Swiss Life Asset Managers rose to CHF 158 billion, up from CHF 146 billion at year-end 2025. Net new inflows into the TPAM business were CHF 7.2 billion, though this was down from CHF 13.2 billion in the prior year, reflecting a less favorable prior-period comparison. The Contractual Service Margin (CSM) increased to CHF 15.6 billion, up from CHF 15.3 billion at year-end 2025. In domestic markets, Swiss Life saw premium growth of 7% in Switzerland, 2% in France (driven by life insurance), and 3% in Germany, while international premiums fell 8%. Fee income in international operations surged 56%, partly due to a CHF 29 million contribution from the transfer of Swiss Life International’s network business. The company also completed the acquisition of TELIS Group in July 2026. Swiss Life emphasized continued focus on growth and efficiency, including plans to reduce approximately 600 jobs by the end of 2028, as part of its broader digitalization and operational optimization efforts. The group’s SST (Solvency II) ratio stood at around 215% as of June 30, 2026, exceeding its strategic target range of 140–190%.