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Swiss Life Holding AG (CH:SLHN)
:SLHN
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Swiss Life Holding AG
(OTC:SLHN)
Rating:73Outperform
Price Target:
CHF919.00
▲(5.41% Upside)
Swiss Life Holding AG (SLHN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
$24.87B
Dividend Yield3.99%
Average Volume (3M)43.55K
Price to Earnings (P/E)20.7
Beta (1Y)0.63
Revenue Growth0.44%
EPS Growth14.07%
CountryCH
Employees9,424
SectorFinancial
Sector Strength73
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)22.70
Shares Outstanding28,532,982
10 Day Avg. Volume43,504
30 Day Avg. Volume43,546
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.39
Enterprise Value/Revenue2.26
Enterprise Value/Gross Profit4.34
Enterprise Value/Ebitda16.18
Forecast
1Y Price Target
$836.00Price Target Upside-4.11% Downside
Rating ConsensusHold
Number of Analyst Covering4
Swiss Life Holding AG Business Overview & Revenue Model
Company DescriptionSwiss Life Holding AG (SLHN) is a leading provider of life insurance and pension solutions in Switzerland and across Europe. The company operates primarily in the insurance and financial services sectors, offering a wide range of products including life insurance, occupational pensions, and asset management services. Swiss Life focuses on helping individuals and businesses achieve financial security and stability through tailored insurance and investment solutions.
How the Company Makes MoneySwiss Life Holding AG generates revenue primarily through its insurance premiums, which are collected from policyholders in exchange for life insurance coverage and pension products. Additionally, the company earns income from investment activities, as it manages a substantial portfolio of assets on behalf of its clients and policyholders. Key revenue streams include individual life insurance, group life insurance, and various annuity products. The company also benefits from fees associated with asset management services. Strategic partnerships with financial advisors and brokers enhance its distribution channels, contributing to increased sales and customer acquisition.
Swiss Life Holding AG Earnings Call Summary
Earnings Call Date:Mar 14, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Sep 03, 2025
Earnings Call Sentiment Positive
The earnings call presented a strong overall performance for Swiss Life in 2024, with significant achievements in fee results, profit from operations, and cash remittance. However, there were challenges in certain segments such as revenue decrease and value of new business declines in Switzerland and Germany. Overall, the highlights significantly outweigh the lowlights.Q4-2024 Updates
Positive Updates
Fee Result Achieves Target Range
The fee result increased by 33% to $875 million, hitting the middle of the CHF 850 million to CHF 900 million target range for 2024.
Strong Growth in Profit from Operations
Profit from operations grew by 20% to CHF 1.78 billion, driven by asset managers and the French insurance business.
Increase in Net Profit
Net profit increased by 13% to CHF 1.26 billion.
High Return on Equity
Return on equity increased to 16.6%, up 3 percentage points and well above the target range of 10% to 12%.
Cash Remittance Growth
Cash remittance grew by 14% to CHF 1.3 billion, including positive one-offs and timing effects.
Dividend Increase
A 6% increase in the dividend is proposed, raising it to CHF 35 per share, which corresponds to a payout ratio of 81%.
Successful Swiss Life 2024 Program Completion
The program exceeded all group financial targets and laid the groundwork for the Swiss Life 2027 program.
Asset Managers' Strong Performance
Total income in the asset managers segment increased by 22% to CHF 1.2 billion.
Net New Assets in TPAM Business
Net new assets in the TPAM business amounted to CHF 9.5 billion, driven by strong inflows in equities and real assets.
Negative Updates
Decrease in Revenues
Revenues decreased by 1% to CHF 8.7 billion due to lower CSM release and FX effects.
Increase in Service Expenses
Service expenses rose to CHF 7.6 billion in line with higher PAA revenues and non-viable expenses.
Value of New Business Decline in Switzerland
The value of new business decreased by 19% to CHF 189 million due to lower volumes and business mix effects.
Value of New Business Decline in Germany
The value of new business decreased by 24% to €46 million due to lower unit-linked volumes and acquisition cost efficiency.
Challenges in International Segment
Premiums decreased by 4% to €1.7 billion, more than offset by lower premiums with private clients.
Company Guidance
During the Swiss Life 2024 full-year results conference call, several key financial metrics were highlighted. The fee result increased by 33% to $875 million, aligning with the CHF 850 million to CHF 900 million target range. The operating result from the insurance business rose by 12%, primarily due to a rebound in health and protection in France, leading to a 20% growth in profit from operations, totaling CHF 1.78 billion. Net profit saw a 13% increase, reaching CHF 1.26 billion. Return on equity was 16.6%, surpassing the target range of 10% to 12%. Cash remittance grew by 14% to CHF 1.3 billion, including one-offs and timing effects at asset managers totaling CHF 0.14 billion. A dividend increase of 6% to CHF 35 per share was proposed, resulting in a payout ratio of 81%. The Swiss Life 2024 program exceeded all financial targets, including cumulative cash remittance of CHF 3.5 billion over three years. The Swiss Life 2027 program was introduced with a focus on increasing customers, advisors, and efficiency to drive earnings growth and cash returns to shareholders.Swiss Life Holding AG Financial Statement Overview
Summary
Swiss Life Holding AG demonstrates solid profitability with stable net margins and effective cost management. Despite revenue fluctuations and a declining equity ratio, the company's leverage remains controlled. Cash flow inconsistencies present a potential risk, but recent improvements in free cash flow provide a positive outlook.Income Statement
Swiss Life Holding AG exhibits a robust EBIT and EBITDA margin, indicating strong profitability. However, the revenue has shown fluctuations over the years, with a noticeable decline in the most recent year. The net profit margin remains stable, reflecting effective cost management.70
Positive
Balance Sheet
The company has a moderate debt-to-equity ratio, suggesting a balanced approach to leverage. The equity ratio has decreased over the years, indicating a reliance on liabilities. Return on equity is satisfactory, showing effective utilization of shareholder funds.65
Positive
Cash Flow
Cash flow from operations has been inconsistent, with a significant decline in the latest year. However, free cash flow has shown some recovery, indicating potential for future cash flow improvements. The free cash flow to net income ratio suggests cautious cash management.60
Neutral
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.43B | 15.24B | 20.36B | 21.52B | 22.42B |
| Gross Profit | 14.43B | 15.11B | 20.36B | 21.52B | 22.42B |
| EBITDA | 2.13B | 1.80B | 1.93B | 1.93B | 1.60B |
| Net Income | 1.21B | 1.08B | 1.18B | 1.25B | 1.05B |
Balance Sheet | |||||
| Total Assets | 218.93B | 213.44B | 217.33B | 240.65B | 237.78B |
| Cash, Cash Equivalents and Short-Term Investments | 59.45B | 5.89B | 6.91B | 7.21B | 7.87B |
| Total Debt | 9.41B | 9.49B | 14.83B | 13.02B | 12.86B |
| Total Liabilities | 211.26B | 205.15B | 207.72B | 224.80B | 220.94B |
| Stockholders Equity | 7.52B | 7.50B | 9.49B | 15.73B | 16.75B |
Cash Flow | |||||
| Free Cash Flow | 56.00M | -1.08B | 918.00M | 200.00M | 421.00M |
| Operating Cash Flow | 186.00M | -975.00M | 1.00B | 289.00M | 464.00M |
| Investing Cash Flow | -465.00M | -111.00M | 3.00M | -194.00M | -40.00M |
| Financing Cash Flow | -580.00M | -1.42B | -1.12B | -625.00M | -719.00M |
Swiss Life Holding AG Technical Analysis
Neutral
871.80
Price Trends
843.28
Positive
814.49
Positive
761.79
Positive
Market Momentum
14.00
Positive
51.92
Neutral
15.70
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SLHN, the sentiment is Neutral. The current price of 871.8 is below the 20-day moving average (MA) of 884.58, above the 50-day MA of 843.28, and above the 200-day MA of 761.79, indicating a neutral trend. The MACD of 14.00 indicates Positive momentum. The RSI at 51.92 is Neutral, neither overbought nor oversold. The STOCH value of 15.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:SLHN.
Swiss Life Holding AG Peers Comparison
Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $24.87B | 20.71 | 16.43% | 3.99% | 0.44% | 14.07% | |
68 Neutral | $17.84B | 12.03 | 10.32% | 3.73% | 9.70% | 0.76% | |
66 Neutral | CHF11.05B | 23.19 | 3.22% | 11.93% | 70.26% | ||
65 Neutral | CHF9.52B | 25.24 | 3.84% | -4.03% | 60.24% | ||
| ― | $102.55B | 17.97 | 23.97% | 4.56% | ― | ― | |
| ― | $49.11B | 14.31 | 17.22% | 4.07% | ― | ― | |
| ― | €2.01B | 13.11 | 6.06% | ― | ― | ― |
* Financial Sector Average
Performance Comparison
CH:SLHN
Swiss Life Holding AG
871.80
217.50
33.24%
CH:BALN
Baloise Holding AG
210.40
54.68
35.11%
CH:HELN
Helvetia Holding AG
206.40
77.04
59.55%
ZFSVF
Zurich Insurance Group
737.70
191.40
35.04%
SSREF
Swiss Re AG
181.70
50.33
38.31%
DE:VAHB
Vaudoise Assurances Holding SA
684.00
257.08
60.22%
Swiss Life Holding AG Corporate Events
Swiss Retirees Among the Happiest in Europe, Swiss Life Study Finds
Jun 26, 2025
A recent Swiss Life study reveals that 80% of Swiss retirees aged 65 to 80 are satisfied with their lives, highlighting their positive outlook on leisure activities, social contacts, and health. Despite some experiencing loneliness and chronic health issues, the majority lead active lives, engaging in mental and physical activities and maintaining social networks. This satisfaction reflects positively on Swiss Life’s positioning as a provider of pension and financial solutions, emphasizing the importance of non-monetary aspects in retirement. The study underscores the active lifestyle and mobility of retirees, with many traveling within Europe and maintaining a high level of satisfaction with their mobility and leisure activities.
The most recent analyst rating on (CH:SLHN) stock is a Hold with a CHF707.00 price target. To see the full list of analyst forecasts on Swiss Life Holding AG stock, see the CH:SLHN Stock Forecast page.
Swiss Life Releases 2024 Operating Statement for Swiss Occupational Benefits
May 28, 2025
Swiss Life has released its 2024 operating statement for its occupational benefits business in Switzerland, detailing the income statement, balance sheet, surplus fund, and investment portfolio. This release underscores Swiss Life’s commitment to transparency and compliance, potentially strengthening its position in the Swiss financial services market and providing stakeholders with valuable insights into its financial health.
The most recent analyst rating on (CH:SLHN) stock is a Hold with a CHF707.00 price target. To see the full list of analyst forecasts on Swiss Life Holding AG stock, see the CH:SLHN Stock Forecast page.
Swiss Life Reports Strong Start to 2025 with Growth Across Key Segments
May 20, 2025
Swiss Life Holding AG reported a strong start to 2025, with significant growth in both its insurance and fee business. The company saw a 6% increase in premium income and a 3% rise in fee income, driven by its own and third-party products. Swiss Life Asset Managers also experienced robust net new money inflows, contributing to an increase in assets under management. The company’s strategic ‘Swiss Life 2027’ program aims to continue this positive trajectory, enhancing its market position and stakeholder value.
The most recent analyst rating on (CH:SLHN) stock is a Hold with a CHF707.00 price target. To see the full list of analyst forecasts on Swiss Life Holding AG stock, see the CH:SLHN Stock Forecast page.
Swiss Life Shareholders Approve Board Proposals and Dividend
May 14, 2025
Swiss Life Holding AG’s shareholders have approved all proposals from the Board of Directors at the company’s General Meeting, including a dividend distribution of CHF 35.00 per registered share. The meeting, attended by around 1270 shareholders, also confirmed Rolf Dörig as Chairman and re-elected the board members for another year. This approval reflects strong shareholder support and may enhance Swiss Life’s market positioning by reinforcing investor confidence and ensuring continuity in leadership.
The most recent analyst rating on (CH:SLHN) stock is a Hold with a CHF707.00 price target. To see the full list of analyst forecasts on Swiss Life Holding AG stock, see the CH:SLHN Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.