06:59 AM EDT, 10/28/2026 (MT Newswires) -- Berenberg expects Swiss Life (SLHN.SW) to deliver "solid" third-quarter results at its upcoming trading update on Nov. 11, amid expectations that the company will continue to benefit from first-half growth trends. In a Wednesday note, the research firm forecasts a like-for-like group premium growth of 3%, unchanged from the first half. For fee growth, analysts project 6% growth, versus the 7% increase in the first half, with the slight moderation driven by a slowdown in non-recurring project fee contributions. Meanwhile, Berenberg raised its price target for the life insurance group to 1,125 francs from 1,073 francs to reflect a "better" outlook supported by the Telis acquisition. Analysts reiterated their buy rating, citing an "undemanding" valuation. "We believe that the recent share price recovery in Swiss Life is partly related to investors seeking insurers that are potentially less affected by AI and inflation risks. We believe that this fits with the relatively defensive profile of the Swiss insurers, which collectively are up 17% since their 3 June 2026 lows," the note said. "We believe this move to more defensive insurers will likely continue as an offset to concerns about the potential consequences of AI growth, including data centers, and of risk concentration globally."

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