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Swiss Life Holding AG
(SLHN)
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Rating:66Neutral
Price Target:
CHF985.00
▲(6.95% Upside)
Action:Reiterated
Date:09/15/26
The score is driven primarily by steady underlying profitability but tempered by balance-sheet leverage and volatile cash flows, plus notable 2025 financial-statement inconsistencies that add uncertainty. The earnings call was a clear positive (strong capital position, progress vs. targets, buyback and TELIS integration), while technical indicators point to weaker near-term momentum. Valuation is supported by an attractive ~4% dividend yield with a moderate P/E.
Positive Factors
Diversified fee and premium growth
Growth across asset management, advisory, unit-linked and insurance activities gives Swiss Life multiple recurring revenue engines. This diversification can improve earnings resilience and support reinvestment, while broader fee-based income reduces reliance on capital-intensive guaranteed products.
Negative Factors
Meaningful leverage and declining equity
Meaningful leverage reduces balance-sheet flexibility and can increase sensitivity to changes in financing conditions and investment performance. Lower equity versus earlier years further limits the cushion available to absorb shocks, even though large, stable assets support the insurance platform.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified fee and premium growth
Growth across asset management, advisory, unit-linked and insurance activities gives Swiss Life multiple recurring revenue engines. This diversification can improve earnings resilience and support reinvestment, while broader fee-based income reduces reliance on capital-intensive guaranteed products.
Read all positive factors
Swiss Life Holding AG (SLHN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF26.13B
Dividend Yield3.87%
Average Volume (3M)51.08K
Price to Earnings (P/E)20.4
Beta (1Y)0.61
Revenue Growth-0.45%
EPS Growth10.49%
CountryCH
Employees10,844
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)46.16
Shares Outstanding27,950,840
10 Day Avg. Volume43,119
30 Day Avg. Volume51,078
Financial Highlights & Ratios
PEG Ratio7.56
Price to Book (P/B)3.70
Price to Sales (P/S)1.72
P/FCF Ratio10.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF924.67Price Target Upside0.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)47.62
Revenue Forecast (FY)CHF21.76B
Swiss Life Holding AG Business Overview & Revenue Model
Company Description
Headquartered in Zurich, Switzerland, and established in 1857, Swiss Life Holding AG offers a broad spectrum of financial services, including life insurance, pension provisions, and risk management solutions for both private individuals and corpor...
How the Company Makes Money
Swiss Life makes money mainly through (1) insurance and pension premiums and policy charges, (2) investment income earned on assets backing its insurance liabilities, and (3) fee-based income from asset management and distribution/advisory activit...
Swiss Life Holding AG Earnings Call Summary
Earnings Call Date:Sep 01, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 03, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Swiss Life reported broad-based growth in fee income, operating profit and net profit, strong capital generation, a 20.2% return on equity, progress toward its Swiss Life 2027 targets, the completed TELIS acquisition and a new CHF 250 million share buyback. The main challenges were higher taxes, lower direct investment income, weaker premiums in France and International, lower TPAM new assets, restructuring-related costs and reduced holding-company liquidity after the TELIS financing. Management nevertheless described the strategic program and financial targets as well on track.Positive Updates
Broad-Based Fee and Profit Growth
Fee result reached CHF 430 million, 11% above the prior-year period, with growth across asset managers, IFAs and unit-linked business. Profit from operations increased by 8% in local currency to CHF 967 million, and net profit increased to CHF 649 million; the CFO also described net profit as up 9% in local currency. Return on equity was 20.2%, compared with 17.6% in the prior-year period.
Negative Updates
Higher Tax Expense and Tax Rate
Income tax expense increased to CHF 243 million, mainly due to the step-up in the corporate tax rate for large corporates in France and a higher taxable profit base. Management said the tax rate was above 27% and expected the full-year 2026 rate to be somewhere between 25% and the current rate; the higher French rate might continue into the following year.
Read all updates
Q2-2026 Updates
Positive
Negative
Broad-Based Fee and Profit Growth
Fee result reached CHF 430 million, 11% above the prior-year period, with growth across asset managers, IFAs and unit-linked business. Profit from operations increased by 8% in local currency to CHF 967 million, and net profit increased to CHF 649 million; the CFO also described net profit as up 9% in local currency. Return on equity was 20.2%, compared with 17.6% in the prior-year period.
Read all positive updates
Company Guidance
Swiss Life said it expects TELIS to contribute “somewhere between CHF 25 million and CHF 30 million for an entire year” in operating result, with “more” than half of the CHF 250 million buyback financed from cash at holding and the “remaining part” from repatriations; the buyback will run from October 2026 to March 27, with completion expected “by the end of March 2027.” It expects “around 600 positions” to be reduced by the end of 2028, including “another 100 positions” until the end of 2026, generating “annual cost savings of around CHF 150 million in 2029 and beyond”; life absolute costs are targeted to remain stable by 2027 at CHF 750 million. For TPAM, it expects a share of “around 25%” nonrecurring income for each year 2026 and 2027 and is targeting CHF 170 billion of assets under management; for full-year 2026, it expects overall positive real-estate fair-value changes to double compared to the current level, a tax rate “somewhere between 25% and the current rate,” and the French tax rate “to remain at the level we see this year also in the next year.”Swiss Life Holding AG Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.06B | 15.21B | 14.43B | 15.24B | 20.36B | 21.52B |
| Gross Profit | 16.25B | 15.21B | 14.43B | 15.11B | 20.36B | 21.52B |
| EBITDA | 2.01B | 2.00B | 2.13B | 1.80B | 1.93B | 1.93B |
| Net Income | 1.29B | 1.23B | 1.21B | 1.08B | 1.18B | 1.25B |
Balance Sheet | ||||||
| Total Assets | 226.69B | 226.07B | 218.93B | 213.44B | 217.33B | 240.65B |
| Cash, Cash Equivalents and Short-Term Investments | 5.04B | 5.27B | 59.45B | 5.89B | 6.91B | 7.21B |
| Total Debt | 16.31B | 14.22B | 9.41B | 9.49B | 14.83B | 13.02B |
| Total Liabilities | 220.21B | 217.80B | 211.26B | 205.15B | 207.72B | 224.80B |
| Stockholders Equity | 6.31B | 7.06B | 7.52B | 7.50B | 9.49B | 15.73B |
Cash Flow | ||||||
| Free Cash Flow | 1.80B | 2.49B | 56.00M | -1.08B | 918.00M | 200.00M |
| Operating Cash Flow | 1.89B | 2.58B | 186.00M | -975.00M | 1.00B | 289.00M |
| Investing Cash Flow | -1.01B | -1.02B | -465.00M | -111.00M | 3.00M | -194.00M |
| Financing Cash Flow | -714.00M | -1.24B | -580.00M | -1.42B | -1.12B | -625.00M |
Swiss Life Holding AG Technical Analysis
Positive
921.00
Price Trends
914.78
Positive
916.98
Positive
876.93
Positive
Market Momentum
7.26
Negative
63.54
Neutral
86.32
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SLHN, the sentiment is Positive. The current price of 921 is above the 20-day moving average (MA) of 910.00, above the 50-day MA of 914.78, and above the 200-day MA of 876.93, indicating a bullish trend. The MACD of 7.26 indicates Negative momentum. The RSI at 63.54 is Neutral, neither overbought nor oversold. The STOCH value of 86.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:SLHN.
Swiss Life Holding AG Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | CHF2.16B | 13.90 | 5.71% | 3.65% | 13.54% | 3.12% | |
74 Outperform | CHF90.65B | 15.62 | 36.04% | 4.87% | 19.34% | 11.57% | |
70 Outperform | CHF21.43B | 26.52 | ― | 3.57% | 53.69% | -69.32% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | CHF26.13B | 20.42 | 19.32% | 3.87% | -0.45% | 10.49% | |
63 Neutral | CHF5.06B | 13.37 | 14.87% | 3.30% | 11.49% | 51.27% | |
60 Neutral | CHF118.92B | 15.72 | 10.26% | 2.21% | -9.74% | 42.77% |
* Financial Sector Average
CH:SLHN
Swiss Life Holding AG
952.40
113.91
13.59%
CH:UBSG
UBS Group AG
38.60
8.77
29.40%
CH:HBAN
Helvetia Holding AG
216.00
23.66
12.30%
CH:VONN
Vontobel Holding AG
91.40
33.72
58.47%
CH:ZURN
Zurich Insurance Group
618.40
79.34
14.72%
CH:VAHN
Vaudoise Assurances Holding SA
740.00
144.64
24.29%
Swiss Life Holding AG Corporate Events
Swiss Life taps European market with EUR 600 million hybrid bond
Sep 3, 2026
Swiss Life Holding AG has raised EUR 600 million in the European market through the successful placement of a hybrid bond maturing in 2046, with a first optional call date in September 2036 and a 4.75% coupon until that date. The proceeds will be ...
Swiss Life lifts profit and launches new buyback as it plans 600 job cuts
Sep 1, 2026
Swiss Life reported an 8% rise in net profit to CHF 649 million for the first half of 2026, driven by higher fee income and operating profit across all divisions, as the fee result grew 11% in local currency to CHF 430 million and premium income i...
Swiss Life Deutschland expands German advisory footprint with TELIS acquisition
Jul 1, 2026
Swiss Life Deutschland, the German arm of Swiss Life Group, operates in the pension and financial advisory industry, offering comprehensive financial advice and solutions to private and corporate clients through a large network of certified advise...
Swiss Life study warns historic low Swiss birth rate threatens labour supply and pensions
Jun 25, 2026
Swiss Life has published a new study showing that Switzerland’s birth rate fell to a historic low of 1.28 children per woman in 2025, mirroring a global halving of fertility since 1950 and pointing to future strains on economic growth and th...
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.