Swiss Insurance Stocks with high domestic exposure
This article screens Swiss insurance stocks for the highest sales exposure to the Swiss domestic market within the non-life insurance business.
Here’s a long list of all publicly listed Swiss insurance companies.
| Name | Market Cap (CHF bn) - Jan'22 |
| Zurich Insurance Group | 63.5 |
| Swiss Re | 30.1 |
| Swiss Life Holding | 18.7 |
| Baloise Holding | 7.3 |
| Helvetia Holding | 6.1 |
| Vaudoise Assurances Holding | 1.4 |
Swiss Re is a reinsurance provider and does not provide general insurance services and will be excluded from this peer group.
Swiss Sales Exposure
The next table shows the revenue exposure of the stocks to the Swiss domestic market.
| Name | Switzerland Sales 2020 in % of Total Revenues |
| Zurich Insurance Group | 8% |
| Swiss Life Holding | 61% |
| Baloise Holding | 58% |
| Helvetia Holding | 49% |
| Vaudoise Assurances Holding | 99% |
Zurich Insurance Group’s exposure to the Swiss market is only 8% and will be further excluded from this peer group.
Non-Life Insurance Business Exposure
The next table shows the revenue share of the non-life insurance segment.
| Name | Non-Life Insurance Sales 2020 in % of Total Revenues |
| Swiss Life Holding | 3% |
| Baloise Holding | 44% |
| Helvetia Holding | 47% |
| Vaudoise Assurances Holding | 71% |
With only 3% of sales within the non-life segment, Swiss Life Holding behaves as a pure play life insurance stock and will be further excluded from this peer group.
Peer Group
In conclusion, we define our Peer Group for Swiss non-life insurance stocks with high Swiss domestic market exposure as follows: Baloise Holding, Helvetia Holding, Vaudoise Assurances. Vaudoise Assurances stands out having the highest exposure to the Swiss market and to the non-life insurance business segment.
Peer Group Multiples Valuation Analysis
| Name | Price per share in CHF (Jan'22) | 7 year average EPS | 7 year average P/E | Current Price over last 7 year average EPS | Current EV over last 7 year average Earnings | Current Dividend Yield |
| Baloise Holding | 160 | 12.1 | 12.1 | 13.1 | 10.2 | 4.0% |
| Helvetia Holding | 114 | 7.6 | 15.1 | 15.0 | 18.4 | 4.4% |
| Vaudoise Assurances Holding | 441 | 44.3 | 11.4 | 9.9 | 9.0 | 3.6% |
