# Swiss Life Holding AG (SLHN.SW)

Canonical: https://gigainvestors.com/s/SLHN.SW

Analysis as of: 2026-10-16T07:34:18.316Z. Financial observations: FY2015–FY2025.

Listing currency: CHF. Reporting currency: CHF.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 918.60 per share; close as of 2026-10-15.

Estimated value: low CHF 144.13 per share, central CHF 158.55 per share, high CHF 176.16 per share. Buy at or below the central value CHF 158.55 per share. Valuation as of 2026-10-16T07:34:18.316Z; scenarios are not confidence intervals.

Expected annual return: 1.7% at the stated quote. About 1.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CH 10-year bond 0.5% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.42×

Chart: Net income; fiscal year observations.

- FY2016: CHF 922M

- FY2017: CHF 1.0B

- FY2018: CHF 1.1B

- FY2019: CHF 1.2B

- FY2020: CHF 1.0B

- FY2021: CHF 1.2B

- FY2022: CHF 1.4B

- FY2023: CHF 1.1B

- FY2024: CHF 1.2B

- FY2025: CHF 1.2B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 7.7%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 6.5%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 6.8%

- FY2017: 6.5%

- FY2018: 7.2%

- FY2019: 7.5%

- FY2020: 6.2%

- FY2021: 7.9%

- FY2022: 15.3%

- FY2023: 14.4%

- FY2024: 16.1%

- FY2025: 17.4%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 2.6%

- Book return interval: 10 years

- Starting book value per share: CHF 355.27

- Ending book value per share: CHF 249.46

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 14.0%

- FY2017: 15.9%

- FY2018: 0.2%

- FY2019: 18.0%

- FY2020: 8.2%

- FY2021: 1.1%

- FY2022: -33.6%

- FY2023: -8.5%

- FY2024: 15.1%

- FY2025: 8.6%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -1.9%

- Diluted shares, 5-year annual growth: -2.4%

- Share growth excluding flagged crisis recapitalisations: -1.9%

- Five-year share growth excluding flagged crisis recapitalisations: -2.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: -3.16×

- Book value created per share: CHF -105.81

- Earnings retained per share after dividends and buybacks: CHF 33.52

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 93

- FY2020: 93

- FY2021: 90

- FY2022: 89

- FY2023: 85

- FY2024: 84

- FY2025: 83

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 1.7 times annual sales · net income +1.4%

Story as of 2026-10-16T10:00:00.038Z; price observation 2026-10-15.

The price is 1.7 times annual sales

### Net income · FY2025

net income +1.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 922M 

- FY2017: CHF 1.0B 

- FY2018: CHF 1.1B 

- FY2019: CHF 1.2B 

- FY2020: CHF 1.0B 

- FY2021: CHF 1.2B 

- FY2022: CHF 1.4B 

- FY2023: CHF 1.1B 

- FY2024: CHF 1.2B 

- FY2025: CHF 1.2B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance diversified; annual sales are CHF 15.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.316Z); FY2025: revenue 15214000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SLHN.SW: Swiss Life Holding AG provides life, pensions, and financial solutions for private and corporate clients. It operates through Switzerland, France, Germany, International, Asset Managers, and Other segments. The company offers a various 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, health, and payment protection insurance products. In addition, the company manages assets and provides advisory services. Further, it engages in the private equity, information technology, real estate, finance, banking, reinsurance, brokering, and investment funds businesses. Additionally, the company distributes its products through its sales force and distribution partners. It provides its products under the Swiss Life Select, Tecis, Horbach, Proventus, and Chase de Vere brands. The company also operates in the United Kingdom and Luxembourg. Swiss Life Holding AG was founded in 1857 and is headquartered in Zurich, Switzerland.

### Why customers stay

It earns 7.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.316Z); 10-year return on tangible equity observations [[2016,0.06751116643479535],[2017,0.06498870603420458],[2018,0.07198768983742557],[2019,0.0753140703517588],[2020,0.06246640788295013],[2021,0.07929039231894194],[2022,0.15270312993993043],[2023,0.14441925590078677],[2024,0.16143617021276596],[2025,0.17431322571509486]]; median 0.07730223133535037. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CHF 525 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.316Z); Dividend observations: [[2016,271000000],[2017,356000000],[2018,460000000],[2019,547000000],[2020,477000000],[2021,654000000],[2022,764000000],[2023,877000000],[2024,945000000],[2025,991000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.316Z); FY2025: cash repurchases 525000000 CHF.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SLHN.SW SharesStats.PercentInsiders = 0.39699999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.316Z); Closing price 918.6 CHF; reporting-to-trading FX 1; FY2025 annual sales per share 537.415439372622; price multiple 1.70929216524254. FY2025 cash earnings/share 86.52904300559847. Closing-price date 2026-10-15.

## Monthly share-price history (CHF per share)

- 2016-10: CHF 262.00 per share

- 2016-11: CHF 279.60 per share

- 2016-12: CHF 288.20 per share

- 2017-01: CHF 299.10 per share

- 2017-02: CHF 316.00 per share

- 2017-03: CHF 323.20 per share

- 2017-04: CHF 323.80 per share

- 2017-05: CHF 323.10 per share

- 2017-06: CHF 323.60 per share

- 2017-07: CHF 353.00 per share

- 2017-08: CHF 343.20 per share

- 2017-09: CHF 341.10 per share

- 2017-10: CHF 346.80 per share

- 2017-11: CHF 330.20 per share

- 2017-12: CHF 345.00 per share

- 2018-01: CHF 349.50 per share

- 2018-02: CHF 343.00 per share

- 2018-03: CHF 340.30 per share

- 2018-04: CHF 348.50 per share

- 2018-05: CHF 336.00 per share

- 2018-06: CHF 345.00 per share

- 2018-07: CHF 355.70 per share

- 2018-08: CHF 351.20 per share

- 2018-09: CHF 372.00 per share

- 2018-10: CHF 380.20 per share

- 2018-11: CHF 391.90 per share

- 2018-12: CHF 378.60 per share

- 2019-01: CHF 409.30 per share

- 2019-02: CHF 435.00 per share

- 2019-03: CHF 438.50 per share

- 2019-04: CHF 479.10 per share

- 2019-05: CHF 455.70 per share

- 2019-06: CHF 483.80 per share

- 2019-07: CHF 481.50 per share

- 2019-08: CHF 469.30 per share

- 2019-09: CHF 477.10 per share

- 2019-10: CHF 493.20 per share

- 2019-11: CHF 495.80 per share

- 2019-12: CHF 485.80 per share

- 2020-01: CHF 485.40 per share

- 2020-02: CHF 438.60 per share

- 2020-03: CHF 329.40 per share

- 2020-04: CHF 341.90 per share

- 2020-05: CHF 337.40 per share

- 2020-06: CHF 351.00 per share

- 2020-07: CHF 332.90 per share

- 2020-08: CHF 364.80 per share

- 2020-09: CHF 348.50 per share

- 2020-10: CHF 308.20 per share

- 2020-11: CHF 405.80 per share

- 2020-12: CHF 412.40 per share

- 2021-01: CHF 406.90 per share

- 2021-02: CHF 452.30 per share

- 2021-03: CHF 464.60 per share

- 2021-04: CHF 444.90 per share

- 2021-05: CHF 466.40 per share

- 2021-06: CHF 449.60 per share

- 2021-07: CHF 468.00 per share

- 2021-08: CHF 477.60 per share

- 2021-09: CHF 473.50 per share

- 2021-10: CHF 502.60 per share

- 2021-11: CHF 529.80 per share

- 2021-12: CHF 559.00 per share

- 2022-01: CHF 592.00 per share

- 2022-02: CHF 560.40 per share

- 2022-03: CHF 594.20 per share

- 2022-04: CHF 573.00 per share

- 2022-05: CHF 543.00 per share

- 2022-06: CHF 465.00 per share

- 2022-07: CHF 502.80 per share

- 2022-08: CHF 512.40 per share

- 2022-09: CHF 438.50 per share

- 2022-10: CHF 484.90 per share

- 2022-11: CHF 501.60 per share

- 2022-12: CHF 476.80 per share

- 2023-01: CHF 540.00 per share

- 2023-02: CHF 566.20 per share

- 2023-03: CHF 563.20 per share

- 2023-04: CHF 586.80 per share

- 2023-05: CHF 526.00 per share

- 2023-06: CHF 523.00 per share

- 2023-07: CHF 552.80 per share

- 2023-08: CHF 554.60 per share

- 2023-09: CHF 571.60 per share

- 2023-10: CHF 581.80 per share

- 2023-11: CHF 560.60 per share

- 2023-12: CHF 584.00 per share

- 2024-01: CHF 621.40 per share

- 2024-02: CHF 641.60 per share

- 2024-03: CHF 632.20 per share

- 2024-04: CHF 621.00 per share

- 2024-05: CHF 627.80 per share

- 2024-06: CHF 660.60 per share

- 2024-07: CHF 673.80 per share

- 2024-08: CHF 686.00 per share

- 2024-09: CHF 706.00 per share

- 2024-10: CHF 704.40 per share

- 2024-11: CHF 721.80 per share

- 2024-12: CHF 699.60 per share

- 2025-01: CHF 747.00 per share

- 2025-02: CHF 784.80 per share

- 2025-03: CHF 803.00 per share

- 2025-04: CHF 822.00 per share

- 2025-05: CHF 821.40 per share

- 2025-06: CHF 802.60 per share

- 2025-07: CHF 845.80 per share

- 2025-08: CHF 864.00 per share

- 2025-09: CHF 855.60 per share

- 2025-10: CHF 872.40 per share

- 2025-11: CHF 880.80 per share

- 2025-12: CHF 916.80 per share

- 2026-01: CHF 846.40 per share

- 2026-02: CHF 881.40 per share

- 2026-03: CHF 864.80 per share

- 2026-04: CHF 916.80 per share

- 2026-05: CHF 850.80 per share

- 2026-06: CHF 889.60 per share

- 2026-07: CHF 954.80 per share

- 2026-08: CHF 919.00 per share

- 2026-09: CHF 893.60 per share

- 2026-10: CHF 900.00 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 309.47 per share, central CHF 386.84 per share, high CHF 515.79 per share

- FY2017: low CHF 329.53 per share, central CHF 362.49 per share, high CHF 402.76 per share

- FY2018: low CHF 289.79 per share, central CHF 318.77 per share, high CHF 354.19 per share

- FY2019: low CHF 256.85 per share, central CHF 321.06 per share, high CHF 428.08 per share

- FY2020: low CHF 258.61 per share, central CHF 314.02 per share, high CHF 399.66 per share

- FY2021: low CHF 241.82 per share, central CHF 293.63 per share, high CHF 373.72 per share

- FY2022: low CHF 171.14 per share, central CHF 188.25 per share, high CHF 209.17 per share

- FY2023: low CHF 165.75 per share, central CHF 182.32 per share, high CHF 202.58 per share

- FY2024: low CHF 171.25 per share, central CHF 188.38 per share, high CHF 209.31 per share

- FY2025: low CHF 165.70 per share, central CHF 182.27 per share, high CHF 202.52 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:05.375Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations