Swiss Life Holding AG

SLHN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 285.00	Snfrl	Gspnwxxy

Swiss Life Reports Top-Line Figures in Line

Henry Heathfield

Nov 9, 2021

Swiss Life has reported indicators for the first nine months of 2021. We increase our fair value estimate to CHF 585 per share to account for the time value of money. We maintain our no-moat rating. The business has reported 15% growth in fee income for the first nine months of 2021, which is clearly a nice result. This has primarily been driven by own and third-party products and advice as opposed to growth in this line item more typically coming from asset management.

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