Life insurer Swiss Life managed to improve its insurance premium income last year, however net profit remained flat. Shareholders will nevertheless benefit from a dividend increase of CHF 1.5 to CHF 36.50 per share, the Zurich-based group announced on Thursday. In 2025, the company recorded gross premiums growth of 3% to CHF 20.87 billion. Income from fees and commissions grew by 4% to CHF 2.59 billion, the company detailed in a press release. Net profit stood at CHF 1.26 billion, virtually unchanged from 2024. While premiums were in line with analysts' forecasts, net profit slightly exceeded market expectations. The dividend was expected to average CHF 36.93. Looking ahead, CEO Matthias Aellig said the group was “on track with the ‘Swiss Life 2027’ program.”

In line with other European stock markets, the Swiss stock market closed lower on Wednesday. The SMI lost 0.8 percent to 12,959 points. Declines in the leading index were widespread, with Logitech bucking the trend and rising 0.5 percent after strong Oracle figures. Berenberg analysts spoke of a mixed picture for Roche (-1.6%) in light of the latest headlines on its immunology and oncology pipeline. Novartis shares fell by 0.6 percent. Nestlé (-0.1%), another heavyweight, also posted losses. Only small caps saw hard facts. The share price of travel retailer Avolta climbed 3.7 percent after the presentation of its figures. “Although the risk of prolonged travel disruptions in the Middle East creates uncertainty for the outlook, Avolta's geographic diversification and improving performance in North America underscore its resilience,” said analyst Manuel Lang of Vontobel. RBC highlighted the share buyback as a key positive point. Curatis jumped more than 46 percent after the biotechnology company announced an exclusive licensing and development agreement with Neupharma for the Japanese market. BKW (+0.3%), Vetropack (-1%) and Fundamenta Real Estate (-0.3%) also presented their financial results. After being downgraded to “neutral” by UBS, Also dropped 4.5 percent.

Europe
European stock markets resumed their downward trend on Wednesday as the conflict in the Middle East continues and oil prices rise, sparking concerns about the negative consequences for the global economy. The Stoxx Europe 600 index lost 0.6% to 602.5 points. In Paris, the CAC 40 and SBF 120 fell 0.2% and 0.3% respectively. In Frankfurt, the DAX 40 slipped 1.4% and the FTSE 100 dipped 0.6% in London. EURAZEO (-11.6%): The investment company reported record fundraising in 2025 on Wednesday and unveiled plans to distribute €400 million to its shareholders this year. “While the progress made in asset management is undeniable, it is not yet enough to offset the continued decline in gross asset value (GAV), which we believe remains the most decisive criterion for valuing the company at this stage,” comments AlphaValue. EXAIL TECHNOLOGIES (+3.9%): The civil and military robotics specialist could find itself on the front line in the event of mine clearance operations in the Strait of Hormuz. ELIS (+3.2%): The industrial laundry group confirmed a new €500 million share buyback program in the wake of 2025 results that were in line with its forecasts and those of analysts.

United States
The Dow Jones Industrial Average ended Wednesday at its lowest close of the year, dragged down by a new climb in oil prices that threatened to hold fuel costs at painful levels for many U.S. companies and consumers. The Dow Jones Industrial Average fell 0.6% to 47417 points, its lowest closing price since Dec. 1. The S&P 500 fell 0.1%, and the Nasdaq composite rose 0.1%. Futures for Brent crude, the global benchmark, rose 4.8% to trade at around $92 a barrel, unbowed by an announcement from the International Energy Agency that its member countries will release a record 400 million barrels of oil from strategic reserves. The quantity of 400 million barrels, the largest reserves distribution in history, represents roughly 20 days of supply coming out of the strait. Goldman Sachs was among the worst decliners in the Dow, losing 1.2%. Investors have backed away from financial stocks as their risk tolerance falls and fears mount that stalled oil trade will touch off a global energy crisis. Consumer staples stocks were also hard hit. The declines came after February inflation held steady, in line with economists’ expectations. Meanwhile, Oracle stock rallied 9.2% after the company reported strong demand for cloud computing to train and run artificial intelligence. Financial results and outlook were stronger than expected—a sign that the cloud company's enormous investments in artificial intelligence (AI) are paying off, noted analyst Ipek Ozkardeskaya of Swissquote.

Asia
Rising oil prices are weighing on stock markets in East Asia and Australia on Thursday. Attacks on several ships in the Strait of Hormuz are currently driving up Brent crude oil prices by 8.5 percent to $99.78 per barrel. At times, it exceeded the $100 mark. On the Tokyo Stock Exchange, the Topix is down 1.7 percent. The Kospi in Seoul slipped 0.9 percent. In Shanghai, the Composite Index lost 0.7 percent. The Hang Seng Index in Hong Kong dropped 1.7 percent.

Bonds
U.S. government debt yields edged higher on Wednesday, reflecting a soft auction and worries that price pressures could make it harder for the Federal Reserve to cut interest rates. The 10-year Treasury note yield increased by 8 basis points to 4.22%, fuelled by higher oil prices. February inflation landed in line with investors’ expectations. Interest-rate futures show investors Wednesday saw less than a 40% chance of two or more cuts in 2026, down from 51% Tuesday, according to CME data.

Analysis
Target price for Partners Group: Goldman Sachs cuts to CHF 1120 (1220) – Neutral
Target price for Cicor: UBS reduces to CHF 172 (173) – Buy
Target price for Galenica: UBS downgrades to CHF 85 (86) – Sell

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