Swiss Life's Decent 2018 Fee Result Drives Our FVE Upgrade
Swiss Life reported 2018 results that included net income of CHF 1,080 million, a little bit above our full-year estimate. Gross premiums on insurance contracts rose 360 basis points, and gross premiums on investment contracts with discretionary participation features declined 640 basis points. Full-year numbers were CHF 12.54 billion and CHF 0.795 billion, respectively. We are raising our fair value estimate to CHF 445 per share from CHF 385, having rolled our valuation model and accounted for ...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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