Swiss Life First Half: Good Half; Shares Undervalued
Swiss Life reported net income of CHF 560 million for the first half of 2018. This is slightly ahead of our expectations and a 7% increase on the comparable period. We are maintaining our CHF 385 fair value estimate and no-moat rating.The better result from Swiss Life comes in a typically higher first half compared with the latter part of the year. And while premiums increased just 4% to CHF 10.7 billion, one of the main drivers of the better results was the 10% increase in fee income to CHF 79...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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