SWX:SLHN

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

Swiss Life Holding AG provides life insurance, risk, pensions, and financial solutions for private and corporate clients.


Snowflake Analysis

Established dividend payer and good value.


Similar Companies

Share Price & News

How has Swiss Life Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SLHN's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

7.7%

SLHN

5.7%

CH Insurance

2.8%

CH Market


1 Year Return

-20.2%

SLHN

-14.4%

CH Insurance

3.8%

CH Market

Return vs Industry: SLHN underperformed the Swiss Insurance industry which returned -14.4% over the past year.

Return vs Market: SLHN underperformed the Swiss Market which returned 3.8% over the past year.


Shareholder returns

SLHNIndustryMarket
7 Day7.7%5.7%2.8%
30 Day14.3%3.9%5.4%
90 Day-13.8%-20.5%-1.6%
1 Year-16.7%-20.2%-9.0%-14.4%7.2%3.8%
3 Year30.4%16.1%17.5%-0.4%19.9%7.7%
5 Year105.6%71.1%38.9%4.6%31.1%9.2%

Price Volatility Vs. Market

How volatile is Swiss Life Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Swiss Life Holding undervalued compared to its fair value and its price relative to the market?

44.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SLHN (CHF370.5) is trading below our estimate of fair value (CHF672.9)

Significantly Below Fair Value: SLHN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: SLHN is poor value based on its PE Ratio (10.1x) compared to the Insurance industry average (9.9x).

PE vs Market: SLHN is good value based on its PE Ratio (10.1x) compared to the Swiss market (19.8x).


Price to Earnings Growth Ratio

PEG Ratio: SLHN is poor value based on its PEG Ratio (3.6x)


Price to Book Ratio

PB vs Industry: SLHN is good value based on its PB Ratio (0.7x) compared to the CH Insurance industry average (0.8x).


Next Steps

Future Growth

How is Swiss Life Holding forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

2.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SLHN's forecast earnings growth (2.8% per year) is above the savings rate (-0.2%).

Earnings vs Market: SLHN's earnings (2.8% per year) are forecast to grow slower than the Swiss market (8.7% per year).

High Growth Earnings: SLHN's earnings are forecast to grow, but not significantly.

Revenue vs Market: SLHN's revenue is expected to decline over the next 3 years (-7% per year).

High Growth Revenue: SLHN's revenue is forecast to decline over the next 3 years (-7% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SLHN's Return on Equity is forecast to be low in 3 years time (8.9%).


Next Steps

Past Performance

How has Swiss Life Holding performed over the past 5 years?

7.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SLHN has high quality earnings.

Growing Profit Margin: SLHN's current net profit margins (5%) are lower than last year (5.4%).


Past Earnings Growth Analysis

Earnings Trend: SLHN's earnings have grown by 7.8% per year over the past 5 years.

Accelerating Growth: SLHN's earnings growth over the past year (11.4%) exceeds its 5-year average (7.8% per year).

Earnings vs Industry: SLHN earnings growth over the past year (11.4%) underperformed the Insurance industry 18.6%.


Return on Equity

High ROE: SLHN's Return on Equity (7.3%) is considered low.


Next Steps

Financial Health

How is Swiss Life Holding's financial position?


Financial Position Analysis

Short Term Liabilities: SLHN's short term assets (CHF60.0B) exceed its short term liabilities (CHF15.5B).

Long Term Liabilities: SLHN's short term assets (CHF60.0B) do not cover its long term liabilities (CHF196.1B).


Debt to Equity History and Analysis

Debt Level: SLHN's debt to equity ratio (62.2%) is considered high.

Reducing Debt: SLHN's debt to equity ratio has reduced from 75.5% to 62.2% over the past 5 years.

Debt Coverage: SLHN's debt is well covered by operating cash flow (21.2%).

Interest Coverage: SLHN's interest payments on its debt are well covered by EBIT (5.8x coverage).


Balance Sheet


Next Steps

Dividend

What is Swiss Life Holding's current dividend yield, its reliability and sustainability?

5.40%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: SLHN's dividend (5.4%) is higher than the bottom 25% of dividend payers in the Swiss market (1.94%).

High Dividend: SLHN's dividend (5.4%) is in the top 25% of dividend payers in the Swiss market (3.84%)


Stability and Growth of Payments

Stable Dividend: SLHN's dividend payments have been volatile in the past 10 years.

Growing Dividend: SLHN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (54.7%), SLHN's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SLHN's dividends in 3 years are forecast to be covered by earnings (60.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.8yrs

Average management tenure


CEO

Patrick Frost (51yo)

5.92yrs

Tenure

CHF4,255,337

Compensation

Dr. Patrick Frost serves as the Group Chief Executive Officer at Swiss Life (Singapore) Pte. Ltd. Dr. Frost serves as Independent Non Executive Director at Roche Holding AG since March 2020. Dr. Frost has  ...


CEO Compensation Analysis

Compensation vs Market: Patrick's total compensation ($USD4.42M) is below average for companies of similar size in the Swiss market ($USD6.61M).

Compensation vs Earnings: Patrick's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Patrick Frost
Group CEO & Chairman of the Corporate Executive Board5.92yrsCHF4.26m0.069% CHF8.2m
Matthias Aellig
Group CFO & Member of Executive Board1.25yrsno data0.0082% CHF971.9k
Charles Relecom
CEO of France & Member of the Corporate Executive Board11.92yrsno data0.0052% CHF609.3k
Markus Leibundgut
CEO of Switzerland & Member of the Corporate Executive Board6.17yrsno data0.018% CHF2.2m
Nils Frowein
CEO of International & Member of the Corporate Executive Board5.42yrsno data0.0063% CHF744.0k
Stefan Mächler
Group Chief Investment Officer & Member of the Corporate Executive Board5.75yrsno data0.015% CHF1.8m
Jörg Arnold
CEO of Germany & Member of the Corporate Executive Board2.92yrsno data0.00078% CHF92.1k
Rudolf Keller
Head of Corporate Finance and M&A10.42yrsno datano data
Heidi Hinterhuber
Head of Investor Relationsno datano datano data
Robert Moser
Head of Group Controlling5.42yrsno datano data

5.8yrs

Average Tenure

55yo

Average Age

Experienced Management: SLHN's management team is seasoned and experienced (5.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Rolf Dörig
Chairman of the Board11.08yrsCHF1.20m0.098% CHF11.5m
Ueli Dietiker
Director7.17yrsCHF230.38k0.0036% CHF428.7k
Thomas Buess
Director1.17yrsCHF105.21k0.076% CHF9.0m
Frank Keuper
Director7.17yrsCHF140.21k0.0032% CHF375.5k
Frank Schnewlin
Independent Vice Chairman of the Board11.08yrsCHF350.29k0.018% CHF2.1m
Henry Peter
Independent Director14.08yrsCHF197.26k0.039% CHF4.6m
Franziska A. Sauber
Independent Director17.08yrsCHF140.21k0.010% CHF1.2m
Stefan Loacker
Director3.17yrsCHF193.63k0.0027% CHF314.1k
Klaus Tschütscher
Independent Director7.17yrsCHF160.51k0.0032% CHF383.8k
Damir Filipovic
Director9.08yrsCHF140.21k0.0056% CHF658.9k

8.1yrs

Average Tenure

62yo

Average Age

Experienced Board: SLHN's board of directors are considered experienced (8.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Swiss Life Holding AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Swiss Life Holding AG
  • Ticker: SLHN
  • Exchange: SWX
  • Founded: 1857
  • Industry: Life and Health Insurance
  • Sector: Insurance
  • Market Cap: CHF11.809b
  • Shares outstanding: 31.87m
  • Website: https://www.swisslife.com

Number of Employees


Location

  • Swiss Life Holding AG
  • General-Guisan-Quai 40
  • PO Box 2831
  • Zurich
  • Zurich
  • 8022
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SWSD.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDJul 1997
SLHNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFJul 1997
0QMGLSE (London Stock Exchange)YesRegistered SharesGBCHFJul 1997
SLWDB (Deutsche Boerse AG)YesRegistered SharesDEEURJul 1997
SZLM.YOTCPK (Pink Sheets LLC)ADRUSUSDOct 2008
SLHNESWX (SIX Swiss Exchange)CHF5.1 (REPUR 2ND TRADE LINE)CHCHFDec 2018

Biography

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, and payment protection insurance. In addition, the company manages assets and provides advisory services for institutional clients, as well as undertakes reinsurance business. Further, the company engages in the private equity, information technology, real estate, banking, restaurant, and investment funds business. 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, and Chase de Vere advisors brands. Swiss Life Holding AG was founded in 1857 and is headquartered in Zurich, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/04 09:12
End of Day Share Price2020/06/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.