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Swiss Life Holding AG

SLHN.SW
56
Insurance - Diversified · Financial Services
Also trades as: 0QMG.L GBP 8.92 (+0.38%)
Price
CHF 891.40
+7.80 (+0.88%)
Market Cap
CHF 24.91B
Exchange
SIX Swiss Exchange
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
12/30
Growth
Exceptional
17/20
Cash Flow
Strong
8/10
Stability
Mixed
4/10
Valuation
Mixed
4/10
Ownership
Not counted
n/a
Dividends
Not counted
n/a

45 of 80 counted points = Winston Score 56. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−8.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 31.2M (2021) → 28.5M (2025)

§Winston Score History

The full picture

Swiss Life Holding AG is one of Europe's largest life insurance companies, headquartered in Zurich, Switzerland. It sells life insurance, pension plans, and annuities to individuals and businesses, helping people save money and protect their income in retirement. The company also offers financial planning services through a large network of independent advisors across Europe.

Swiss Life earns money by collecting insurance premiums and managing large pools of invested assets, keeping the difference between investment returns and what it pays out in claims. It operates mainly in Switzerland, France, and Germany, with smaller operations in other European countries, and manages roughly CHF 300 billion in assets. Its size and long-standing customer relationships give it a stable base, but the company faces real pressure from persistently low interest rates in Europe, which squeeze the returns it can earn on the bonds and other assets backing its insurance policies.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+169.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+123.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Cash Position

Cash flow positive

CHF 218.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Swiss Life Holding AG grew revenue 169% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
50.6%
Healthy — 50.6% gross margin
Profit after running costs
Operating Margin
11.6%
Modest — 11.6% operating margin
Return on the money invested
ROCE
7.8%
Weak — 7.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+244.6%
Fast-growing sales (+244.6% YoY)
Profit growth
EPS YoY
+46.5%
Earnings growing fast (+46.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
146%
Turns 146% of profit into real cash
Spare cash per sale
FCF Margin
9.0%
Modest free cash flow (9.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
2.55
Heavy debt load (2.55)
Covers its interest
Interest Cover
6.29x
Adequate interest coverage (6.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
19.3x
Fair value — P/E 19.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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