Two Headwinds Persist for Swiss Life Holding: Insurance and Swiss Life
We are initiating coverage on Swiss Life with a CHF 385 fair value estimate, no-moat and stable trend ratings. Swiss Life has been stuck in the doldrums, and the life insurance environment in Switzerland has made it increasingly difficult for the business to turn a meaningful profit. While Swiss Life is the largest life insurer in Switzerland, having taken market share lead from AXA Leben when the latter decided to stick to risk, we think there are essentially two elements within this market tha...Swiss Life is a holding company, engaged in providing life insurance and pension solutions and services. Co.'s segments include: Switzerland, France, Germany, International, Asset Managers, and Other. Co.'s Switzerland, France, Germany and International segments primarily consist of life insurance operations and distribution units. The life insurance operations provides a range of life, pension, health, annuity and investment-type policies to both groups and individuals, including disability coverage. Co. focuses primarily on life and pensions in Switzerland, France and Germany and on cross-border business from Liechtenstein, Luxembourg and Singapore.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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