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1. Company Snapshot

1.a. Company Description

Swiss Life Holding AG provides life insurance, risk, pensions, and financial solutions for private and corporate clients.It operates through Switzerland, France, Germany, International, and Asset Managers segments.The company offers a range of life, pension, health, annuity, and investment-type policies to groups and individuals, as well as disability coverage.


It also provides property and casualty, liability and motor, accident, and health insurance.In addition, the company manages assets and provides advisory services for institutional clients.Further, the company engages in the private equity, information technology, real estate, banking, restaurant, and investment funds businesses.


Swiss Life Holding AG distributes its products through its agents, financial advisors, and distribution partners.The company operates in Switzerland and internationally under the Swiss Life Select, Tecis, Horbach, Proventus, Chase de Vere, and Fincentrum brands.Swiss Life Holding AG was founded in 1857 and is headquartered in Zurich, Switzerland.

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1.b. Last Insights on SLHN

Swiss Life Holding AG's recent performance is positively driven by strategic acquisitions, such as the purchase of ZWEI Wealth, which enhances its high net worth individual (HNWI) services and supports its goal to expand private client investments by 2027. This move demonstrates the company's commitment to growth and diversification.

1.c. Company Highlights

2. SLHN.SW Misses EPS Estimates in Q2 2025

SLHN.SW reported its Q2 2025 earnings on September 3, 2025, with revenues coming in at a level that didn't significantly deviate from expectations, however, the actual EPS of 20.78 fell short of the estimated 21.96. The company's financial performance was discussed in detail during the earnings call, where various speakers, including Matthias Aellig and Marco Gerussi, provided insights into key financial figures. The presentation highlighted the company's financials, though specific revenue figures were not directly mentioned in the details provided.

Publication Date: Sep -03

📋 Highlights
  • Earnings Release Date:: SLHN.SW Q2 2025 earnings presentation was released on September 3, 2025, at 3:00 AM.
  • Number of Executives Present:: 11 executives, including Matthias Aellig, Marco Gerussi, and Michael Huttner, participated in the discussion.
  • Financial Performance Overview:: Key financial figures were analyzed, though specific revenue or profit numbers were not disclosed in the summary.
  • Future Outlook Discussed:: Executives addressed strategic priorities and long-term goals, emphasizing growth in key markets.
  • Analyst Engagement:: The session included a Q&A segment where 12 analysts posed questions on operational metrics and risk factors.

Financial Performance Analysis

Despite the EPS miss, the company's financials showed some resilience. The P/E Ratio stands at 19.46, indicating that the stock might be fairly valued given its current earnings. The ROE of 16.88% is a positive indicator of the company's ability to generate profits from shareholders' equity. The Dividend Yield of 4.19% is attractive for income-seeking investors, suggesting that the stock could be a stable source of returns.

Valuation Metrics and Future Outlook

Looking at the valuation metrics, the P/B Ratio of 3.17 and P/S Ratio of 1.55 provide insights into how the market values the company's book value and sales. The EV/EBITDA ratio of 13.14 is another metric that suggests the company's enterprise value relative to its EBITDA. As analysts estimate next year's revenue growth at 1.7%, it indicates a cautious outlook for the company's expansion. As Michael Huttner or other executives might have hinted during the call, the company's strategy is likely focused on maintaining profitability and potentially improving margins.

Implications for Investors

For investors, the key takeaway is that while SLHN.SW missed EPS estimates, the dividend yield remains attractive. The ROIC of 1.47% and the Net Debt/EBITDA ratio of 2.04 provide additional context on the company's operational efficiency and debt management. As the company navigates the challenges ahead, investors will be watching closely for signs of revenue growth and margin improvement, as indicated by the 1.7% estimated revenue growth for next year.

3. NewsRoom

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FSB adds three Swiss insurers and one Dutch insurer to resolution plan list

Nov -26

Source:

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Swiss Life (SWX:SLHN): Evaluating Valuation After a Strong 20% Year-to-Date Share Price Gain

Oct -03

Source:

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Does Heineken’s Slump Signal Opportunity After Record Low US Alcohol Consumption?

Sep -09

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Enel (BIT:ENEL): Is the Current Valuation Overlooking Subtle Shifts in Performance?

Sep -09

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Telecom Italia (BIT:TIT): Fresh Valuation Perspectives After Strong Share Price Momentum

Sep -09

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Alfa Laval (OM:ALFA): Evaluating the Company’s Valuation as Investors Weigh Recent Modest Share Price Movements

Sep -09

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Porsche SE (XTRA:PAH3): Assessing Value Potential Following Recent Share Price Stability

Sep -09

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GL Events Valuation in Focus After Strong 61.7% Year-to-Date Rally

Sep -09

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.30%)

6. Segments

Switzerland

Expected Growth: 3.0%

The Swiss life insurance market is expected to grow steadily due to an aging population and increasing demand for retirement products. Swiss Life's strong brand presence and diversified product portfolio will support growth.

France

Expected Growth: 4.0%

The French insurance market is expected to grow due to regulatory changes and increasing demand for savings products. Swiss Life's strong presence in France and its diversified product offerings will drive growth.

Germany

Expected Growth: 2.0%

The German insurance market is expected to grow steadily due to an aging population and increasing demand for retirement products. Swiss Life's strong brand presence and diversified product portfolio will support growth.

International

Expected Growth: 6.0%

The international business is expected to grow rapidly due to increasing demand for insurance products in emerging markets. Swiss Life's strategic expansion into new markets will drive growth.

Asset Managers

Expected Growth: 5.0%

The asset management business is expected to grow due to increasing demand for investment products and services. Swiss Life's experienced asset management team and diversified product offerings will drive growth.

Other

Expected Growth: 1.0%

The other business activities are expected to grow slowly due to limited market opportunities. Swiss Life's focus on core business segments will lead to stable growth.

Eliminations

Expected Growth: None%

None

7. Detailed Products

Life Insurance

Provides financial protection to beneficiaries in the event of death, with options for term life, whole life, and universal life insurance.

Pensions and Retirement Savings

Offers a range of pension and retirement savings solutions, including individual and group pension plans, to help individuals and companies plan for retirement.

Health Insurance

Provides comprehensive health insurance coverage, including hospital, outpatient, and supplementary insurance options.

Investment and Asset Management

Offers a range of investment and asset management solutions, including mutual funds, investment funds, and portfolio management services.

Risk Management

Provides risk management solutions, including risk assessment, risk mitigation, and risk transfer strategies.

Employee Benefits

Offers a range of employee benefits solutions, including group life, disability, and accident insurance, as well as pension and retirement savings plans.

8. Swiss Life Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Swiss Life Holding AG is moderate, as there are alternative investment options available to customers, but the company's strong brand and diversified product offerings mitigate this threat to some extent.

Bargaining Power Of Customers

The bargaining power of customers is relatively low, as Swiss Life Holding AG operates in a niche market with a loyal customer base, and customers have limited bargaining power due to the company's strong market position.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Swiss Life Holding AG relies on a network of suppliers for its operations, but the company's scale and market position give it some negotiating power.

Threat Of New Entrants

The threat of new entrants is relatively low, as the life insurance industry is heavily regulated and requires significant capital investment, making it difficult for new entrants to establish themselves.

Intensity Of Rivalry

The intensity of rivalry in the life insurance industry is high, as Swiss Life Holding AG operates in a competitive market with several established players, and the company must continually innovate and differentiate itself to maintain its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 63.63%
Debt Cost 3.95%
Equity Weight 36.37%
Equity Cost 9.32%
WACC 5.90%
Leverage 174.98%

11. Quality Control: Swiss Life Holding AG passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Growth: 4.9

Quality: 7.5

Yield: 8.1

Momentum: 7.5

Volatility: 9.3

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Zurich Insurance

A-Score: 6.7/10

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Growth: 4.6

Quality: 7.6

Yield: 8.1

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Quality: 7.0

Yield: 5.6

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Quality: 5.5

Yield: 9.4

Momentum: 6.5

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Swiss Life Holding

A-Score: 5.8/10

Value: 2.2

Growth: 2.2

Quality: 5.9

Yield: 7.5

Momentum: 7.0

Volatility: 10.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

874.8$

Current Price

874.8$

Potential

-0.00%

Expected Cash-Flows