Swiss Life Holding AG

SLHN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 311.00	Zthdr	Zsygpcb

Swiss Life Earnings: Cash Remittances Buoyed by Unit-Linked and Protection Sales

Henry Heathfield

Sep 6, 2023

Swiss Life has reported a net profit of CHF 630 million for the first half of 2023. That is versus our CHF 1.0 billion full-year forecast and the CHF 1.3 billion consensus forecast. With the business holding around CHF 8.5 billion in shareholders' equity, it looks like Swiss Life may earn a return on equity above 12% for the full year, well above the 10% cost of capital that we apply. We maintain our CHF 630 per-share fair value estimate and no moat rating.

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