Swiss Life Holding AG

SLHN.SW

Insurance - Diversified · Financial Services

Also trades as: 0QMG.L

Price

CHF 909.20

-2.20 (-0.24%)

Market Cap

CHF 25.41B

Exchange

SIX Swiss Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Strong

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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

For growth stock investors

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

Revenue Growth

+318.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+9.1% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 209.3B 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 318% 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

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

6.8%

Modest — 6.8% operating margin

Return on the money invested

ROCE

6.1%

Weak — 6.1% 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

+39.4%

Fast-growing sales (+39.4% YoY)

Profit growth

EPS YoY

-21.7%

Earnings shrinking (-21.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

205%

Turns 205% of profit into real cash

Spare cash per sale

FCF Margin

12.3%

Converts sales into free cash efficiently (12.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.99

Elevated debt (1.99)

Covers its interest

Interest Cover

4.46x

Adequate interest coverage (4.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

27.2x

Growth-priced — P/E 27.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+9.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.2 → 17.6)

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Dividends

Dividend

Dividend Yield

3.83%

Moderate income — 3.83% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+73.5%

Dividend growing fast (73.5% YoY)

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