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Swiss Life Holding AG
(SLHN)
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Rating:69Neutral
Price Target:
CHF990.00
▲(7.49% Upside)
Action:Downgraded
Date:07/06/26
The score is driven primarily by solid but not flawless fundamentals: steady profitability is offset by leverage, cash-flow volatility, and data inconsistencies in the latest period. The latest earnings call was a clear positive with reiterated 2027 targets, strong solvency, and shareholder-friendly capital returns. Technically, the trend is strong, but overbought readings and a less-cheap valuation (high P/E despite a good dividend yield) temper the overall rating.
Positive Factors
Recurring operating profitability
Growth in insurance operating profit, stable net income of CHF 1.26 billion and ROE of 17.2% indicate a resilient earnings base. This supports Swiss Life’s ability to fund investments, maintain competitiveness and pursue its 2027 operating targets.
Negative Factors
Leverage and unpredictable cash generation
Meaningful leverage reduces financial flexibility, while large year-to-year swings in operating and free cash flow make internal funding less predictable. Although 2025 cash generation rebounded strongly, the prior volatility remains a risk for capital planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring operating profitability
Growth in insurance operating profit, stable net income of CHF 1.26 billion and ROE of 17.2% indicate a resilient earnings base. This supports Swiss Life’s ability to fund investments, maintain competitiveness and pursue its 2027 operating targets.
Read all positive factors
Swiss Life Holding AG (SLHN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF25.85B
Dividend Yield3.89%
Average Volume (3M)44.87K
Price to Earnings (P/E)20.3
Beta (1Y)0.55
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. Volume52,013
30 Day Avg. Volume44,871
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
CHF1,004.50Price Target Upside9.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)47.38
Revenue Forecast (FY)CHF21.78B
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:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Mar 03, 2027
Earnings Call Sentiment Positive
The call conveyed solid operational progress: growth in insurance operating results (6%), fee income (+5%), strong TPAM net new assets (CHF 17.7bn) and a robust solvency position (SST ~210%), alongside shareholder-friendly actions (dividend +4% and active buyback). Challenges highlighted include a softer Asset Managers result versus a very strong prior year, higher taxes in France and lower cash remittances, plus unrealized bond losses that reduced insurance AUM. On balance, the positives — recurring operating growth, improved ROE, strong TPAM inflows, stable life costs, and elevated solvency — materially outweigh the headwinds, although some items (French tax changes, asset management volatility) require ongoing management.Positive Updates
Profit from Operations Growth
Profit from operations increased by 3% in local currency to CHF 1.83 billion (CHF 1.8 billion cited), driven by a 6% rise in the operating result from the insurance business to CHF 1.1 billion.
Negative Updates
Asset Managers Income and Result Decline vs Prior Year
Asset Managers' total income declined 1% to CHF 1.1 billion; segment result decreased 7% to CHF 414 million (PAM -3% to CHF 186 million; TPAM -10% to CHF 229 million) vs a very strong prior year with elevated non-recurring items.
Read all updates
Q4-2025 Updates
Positive
Negative
Profit from Operations Growth
Profit from operations increased by 3% in local currency to CHF 1.83 billion (CHF 1.8 billion cited), driven by a 6% rise in the operating result from the insurance business to CHF 1.1 billion.
Read all positive updates
Company Guidance
Management said it is well on track to deliver the Swiss Life 2027 program, reiterating aggregated targets of CHF 3.6–3.8 billion and Asset Managers remittances of CHF 750–800 million by 2027; other concrete targets include growing TPAM AUM to CHF 170 billion, keeping life absolute costs broadly stable at CHF 0.75 billion (2025: CHF 735 million), and sustaining a return on equity in the 17–19% range (2025: 17.2%). They expect TPAM non‑recurring income to average ~25% in 2026–27 (2025: 27%, 2024: 32%) with an improving TPAM cost/income ratio (2025: 81%); the SST ambition remains 140–190% while estimated SST was ~210% at year‑end 2025. Capital allocation guidance includes a proposed dividend of CHF 36.5 per share (+4%, payout ratio 82%, target >75%), an ongoing CHF 750 million share buyback (CHF 631 million repurchased as of 6 Mar 2026, program runs to May 2026), and cash/remittance dynamics consistent with meeting the 2027 goals (2025 cash remittance CHF 1.2 billion; holding cash ~CHF 750 million).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
930.99
Positive
899.01
Positive
864.95
Positive
Market Momentum
-2.03
Negative
58.26
Neutral
75.54
Neutral
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 below the 20-day moving average (MA) of 925.59, below the 50-day MA of 930.99, and above the 200-day MA of 864.95, indicating a bullish trend. The MACD of -2.03 indicates Negative momentum. The RSI at 58.26 is Neutral, neither overbought nor oversold. The STOCH value of 75.54 is Neutral, 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 | CHF2.27B | 14.37 | 5.71% | 3.53% | 13.54% | 3.12% | |
76 Outperform | CHF88.94B | 9.98 | 36.04% | 4.99% | 19.34% | 11.57% | |
74 Outperform | CHF5.19B | 13.31 | 14.87% | 3.32% | 11.49% | 51.27% | |
69 Neutral | CHF25.85B | 20.33 | 19.32% | 3.89% | -0.45% | 10.49% | |
68 Neutral | CHF21.53B | 20.74 | ― | 3.60% | -2.89% | -9.14% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | CHF134.95B | 18.56 | 10.26% | 1.91% | -9.74% | 42.77% |
* Financial Sector Average
CH:SLHN
Swiss Life Holding AG
938.40
141.51
17.76%
CH:UBSG
UBS Group AG
44.81
13.36
42.48%
CH:HBAN
Helvetia Holding AG
214.00
25.04
13.25%
CH:VONN
Vontobel Holding AG
90.40
31.19
52.68%
CH:ZURN
Zurich Insurance Group
601.60
58.56
10.78%
CH:VAHN
Vaudoise Assurances Holding SA
765.00
157.07
25.84%
Swiss Life Holding AG Corporate Events
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...
Swiss Life Completes CHF 750 Million Share Buyback for Capital Reduction
Jun 1, 2026
Swiss Life Holding AG has completed a share buyback programme initiated in December 2024 for the purpose of capital reduction, repurchasing 910,273 shares at an average price of CHF 823.93 and reaching a total volume of CHF 750 million. The comple...
Swiss Life publishes 2025 operating statement for Swiss occupational benefits business
May 27, 2026
Swiss Life Schweiz, the Swiss arm of Swiss Life Group, is a major player in the domestic pension and financial solutions market, offering retirement, investment and occupational benefits products to both private individuals and corporate clients. ...
Swiss Life lifts Q1 2026 business volume and expands German advisory reach with TELIS deal
May 21, 2026
Swiss Life reported a solid start to 2026, lifting fee income by 6% to CHF 686 million and premium income by 5% to CHF 8.2 billion in the first quarter, while maintaining a strong SST solvency ratio of around 210% despite lower direct investment i...
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.