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FINANCIALS: Swiss Life: Results 3-Sep - Focus on CRE

FINANCIALS

Swiss Life (SLHNVX: A-) results are due 3-Sep with the likely focus to be around CRE performance (especially France & Germany) within the investment books, alongside any signs of improved sales momentum.

  • Results last time (14-Mar for FY24) disappointed the market, missing at the pre-tax level and sounding warnings about both Germany and French CRE markets. The equity was 5% lower on the day. The 1Q24 trading stmt (22-May) sounded more positive but lacked profit figures and the equity dropped again.
  • Spreads are broadly unchanged since the March results but have tightened 3bp more than €IG insurers over the last month. The equity has been a marginal underperformer.
  • Profit estimates have been cut 8% for FY24 since results but most of that move was in Mar/Apr with better stability since.

Results are due at 0600 (London time) with conf call at 0800 at: https://media.choruscall.eu/mediaframe/webcast.html?webcastid=DIsxroSS

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