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Switzerland's largest life insurer, providing pension, life-insurance and asset-management/advisory services across Europe.
Switzerland's largest life insurer, providing pension, life-insurance and asset-management/advisory services across Europe.
Earns from three sources: the investment return above what it must credit policyholders, charges for risk cover such as death and disability, and fees from advice and asset management, which it has been expanding. Switzerland, France and Germany are its main markets. In Swiss occupational pensions, rules require most of each year's surplus to go to policyholders.
In one line: Switzerland's version of a large life-insurance/pension group like Principal Financial.
Moat: narrow (scale, distribution, brand). Large in-force book and broker/advisor network across DACH/France give scale in a low-growth market.
Headquarters: Zurich, Switzerland · Founded: 1857 · Employees: 10,844
Size Swiss Life (SLHN.SW) is a Switzerland Financials company (Life/Health Insurance) with a market value of $33.0B, the 19th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 971.20 on 6 Nov 2026.
Performance Over six months the shares gained 14.2%, against +21.5% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 0.5% over the last twelve months (peer median +11.5%); the operating margin is 18.1% (peer median 9.3%).
Valuation It trades at 4.25× book value against a peer median of 1.40× (4th most expensive of 20).
Price implies The share price implies a return on equity of about 15.4%; Swiss Life delivers 20.0%, so the price asks less than the business earns today.
Credit Swiss Life has 10 bonds outstanding ($4.88B), rated A- by the agencies and trading like BBB+ at a weighted spread of 105 bp.
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 15.1B | CHF 15.2B | CHF 15.3B | CHF 15.2B | CHF 14.4B |
| Revenue growth | — | 0% | 0% | +6% | — |
| Net income | CHF 1.29B | CHF 1.23B | CHF 1.22B | CHF 1.08B | CHF 1.17B |
| Free cash flow | CHF 1.80B | CHF 2.49B | -CHF 22.0M | -CHF 1.06B | CHF 2.43B |
| Capital expenditure | CHF 105M | CHF 107M | CHF 130M | CHF 109M | CHF 83.0M |
| Total debt | n/a | CHF 14.6B | CHF 14.4B | CHF 13.3B | CHF 14.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Swiss Life SLHN.SW | $33.0B | +14% | 0% | 20% | 4.25× | 15.4% |
| Zurich Insurance ZURN.SW | $114B | +16% | +19% | 26% | 3.67× | 11.2% |
| Helvetia Baloise HBAN.SW | $27.0B | +5% | +54% | 4% | 1.80× | 4.8% |
| Allianz ALV.DE | $192B | +19% | +21% | 21% | 2.98× | 16.0% |
| Axa CS.PA | $103B | +13% | +11% | 19% | 2.24× | 17.8% |
| Assicurazioni Generali G.MI | $73.8B | +12% | -8% | 15% | 2.06× | 16.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SLHN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.2% | +2.4% | 3rd highest of 21 |
| 6-month return | +14.2% | +21.5% | 8th lowest of 21 |
| Return on equity | 20.0% | 12.8% | 4th highest of 21 |
| Price / book | 4.25× | 1.40× | 4th most expensive of 20 |
| Trailing P/E | 21.1× | 11.7× | 4th most expensive of 20 |
| ROE the price implies | 15.4% | 8.7% | 5th most demanding of 19 |
| ROE delivered | 20.0% | 13.1% | 4th highest of 19 |
| Bond spread | 105 bp | 95 bp | 3rd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Swiss Life SLHN.SW | Switzerland | $33.0B | +14% | 0% | 20% | 4.25× | 15.4% | 20.0% |
| Bajaj Finserv BAJAJFINSV.NS | India | $31.6B | +2% | +17% | 13% | 3.55× | 54.3% | 13.3% |
| Samsung Life 032830.KS | South Korea | $31.0B | -6% | +13% | 3% | 0.29× | 4.5% | 3.2% |
| Talanx TLX.DE | Germany | $37.6B | +24% | +2% | 20% | 2.33× | 10.2% | 19.8% |
| Daiichi Life 8750.T | Japan | $39.0B | +18% | +17% | 14% | 1.34× | 8.1% | 13.6% |
| Japan Post Hldgs 6178.T | Japan | $39.0B | +24% | 0% | 5% | 0.62× | 4.4% | 4.5% |
| Hannover Rueck HNR1.DE | Germany | $39.6B | +24% | -2% | 22% | 2.66× | 8.3% | 22.4% |
| Prudential Financial PRU | United States | $41.1B | +20% | +4% | 13% | 1.39× | 11.4% | 12.6% |
| Cathay Financial Hldg 2882.TW | Taiwan | $47.0B | +42% | -16% | 15% | 1.40× | 7.0% | 14.6% |
| NN Group N.V. NN.AS | Netherlands | $22.4B | +4% | +39% | 9% | 1.08× | 6.9% | 9.2% |
| Life Insurance Corp. of India LICI.NS | India | $53.0B | -3% | +11% | 7% | 0.68× | 11.8% | n/a |
| SBI Life Insurance SBILIFE.NS | India | $18.9B | -5% | +18% | 14% | 8.72× | 105.4% | 13.7% |
| Kgi Financial 2883.TW | Taiwan | $17.3B | +60% | +32% | 14% | 1.33× | 7.1% | 14.4% |
| Reinsurance Group of America RGA | United States | $17.1B | +24% | +20% | 12% | 1.25× | 8.0% | 11.7% |
| Manulife Financial MFC.TO | Canada | $72.2B | +13% | +18% | 13% | 2.22× | 13.0% | 12.9% |
| Corebridge Financial CRBG | United States | $14.9B | +25% | +10% | 22% | 2.41× | 19.3% | 21.7% |
| Equitable EQH | United States | $14.1B | +24% | +6% | -183% | n/a | n/a | n/a |
| T&d 8795.T | Japan | $14.0B | +21% | +6% | 9% | 1.32× | 5.6% | 9.3% |
| Munchener Ruckversicherungs-Gesellschaft MUV2.DE | Germany | $80.3B | +22% | 0% | 21% | 2.13× | 9.0% | 21.4% |
| HDFC Life Insurance HDFCLIFE.NS | India | $13.0B | -10% | +19% | 11% | 6.31× | 72.0% | 11.2% |
| Standard Life SDLF.L | United Kingdom | $12.5B | +25% | +135% | -179% | 38.09× | n/a | -179.3% |
Swiss Life has 10 bonds outstanding with $4.88B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 4.10%, a spread of 105 bp over government bonds.