Helvetia Baloise Holding AG Helvetia Baloise delivers strong half-year operating results and fast integration progress while maintaining excellent capitalisation
Ad hoc announcement pursuant to Art. 53 LR
Basel, 17 September 2026
Key highlights – half-year results
- Strong financial performance: Underlying earnings amounted to CHF 631.6 million, with an annualised underlying return on adjusted equity[1] of 18.7%, which is above Helvetia Baloise’s 2026 to 2028 target range. Group IFRS net income amounted to CHF 84.6 million. A combined ratio of 92.0% demonstrates continued underwriting discipline.
- Excellent financial strength maintained: An estimated SST ratio of around 270%[2] as at 30 June 2026 and S&P’s A+ financial strength rating confirm the Group’s robust capitalisation and financial resilience.
- Synergies and efficiencies ahead of plan: Synergies and efficiencies are being locked in faster than anticipated, with close to 50% of the CHF 650 million long-term run-rate target already secured. Helvetia Baloise now expects to exceed its previous guidance of around 50% by the end of 2026 and is raising this guidance to around 60%.
- From integration to value creation: The integration is progressing well, with legal and market integration in Switzerland completed, and the launch of the broker and tied agents channels in Germany marking key milestones. With these key milestones in place, the Group is fully focused on harnessing further synergies and delivering sustainable value creation; the Group Executive Committee is aligned for the next phase of integration.
Helvetia Baloise generated underlying earnings of CHF 631.6 million in the first half of 2026. The high profitability reflects the Group’s operational performance, including continued progress in technical excellence. Helvetia Baloise also realised significant synergies and efficiency gains. The underlying return on adjusted equity stood at 18.7% on an annualised basis, which is above the upper end of the Group’s target range of 16% to 18% for 2026 to 2028.
IFRS net income amounted to CHF 84.6 million. The result was materially impacted by the previously announced acceleration of the amortisation of merger-related intangible assets of CHF 671.7 million, which does not affect the dividend capacity.
Non-life: disciplined underwriting performance
Non-life business volume amounted to CHF 7,127.1 million. Helvetia Baloise focused on profitable growth, being selective in certain lines of business with a clear focus on margins over volume.
The combined ratio stood at 92.0%, reflecting strong underwriting discipline and significant progress in technical excellence. The home market of Switzerland was a key driver of this low Group ratio, but all segments reported a combined ratio below 96.0%. The strong combined ratio can be attributed to a low current-year loss ratio excluding discounting and natural catastrophes. The disciplined current-year underwriting performance that benefited from progress in technical excellence was partly offset by a prior-year reserve development, which was lower than the long-term average.
Underlying earnings in non-life amounted to CHF 399.4 million, while IFRS net income for the business area stood at CHF 351.0 million. Based on current estimates, the large hailstorm in Switzerland in August 2026 is expected to generate claims costs in the range of CHF 120 to 140 million, net of reinsurance and before tax. The costs will be recognised in the second half of 2026 and have no impact on the results for the first half of 2026. The newly achieved synergies will support future earnings.
Life: disciplined and capital-efficient growth
Life business volume amounted to CHF 4,605.9 million, reflecting Helvetia Baloise’s continued focus on capital-efficient products. Volumes were impacted by lower demand for full insurance solutions in Switzerland and do not include the inflows in the semi-autonomous business area. The new business margin amounts to 4.1% and includes positive contributions from all segments.
The life business generated underlying earnings of CHF 273.5 million, with IFRS net income for the life insurance business amounting to CHF 279.0 million. The stock of life CSM remained broadly stable at CHF 8.3 billion.
Non-insurance business is supported by positive contributions from asset management and banking
The non-insurance business area includes positive contributions from banking, asset management and the fee result from Spain. Banking benefitted from strong commission income, reflecting the strategic focus on wealth management, while costs further declined following targeted workforce reductions. The solid earnings contribution from asset management is the result of efficiency measures, as well as continued growth in third-party business at a higher margin.
The non-insurance business also carries the external financing costs and corporate administration expenses. In total, the underlying earnings from this business area thus amounted to CHF −41.3 million. IFRS net income for the period was CHF −545.4 million, driven primarily by the – already mentioned – amortisation of merger-related intangible assets.
Excellent capitalisation
Total equity amounted to CHF 13.0 billion as at 30 June 2026. Helvetia Baloise estimates a Swiss Solvency Test (SST) ratio of around 270%[2] at the half-year mark. Its financial strength was confirmed in August 2026 with an A+ rating with stable outlook awarded by S&P Global Ratings (S&P). The rating confirmation references S&P’s assessment of the Group’s strong market position, excellent capitalisation, and resilient operating performance as key factors which supported the rating.
Synergies and efficiency gains achieved ahead of plan
Helvetia Baloise is making strong progress in realising synergies and efficiency gains. By the end of June 2026, close to 50% of the ultimate CHF 650 million annual run-rate target had already been achieved. Based on the progress made by the end of June, Helvetia Baloise now expects to exceed its previous guidance of around 50% by the end of 2026. The Group is raising its guidance to around 60%, while keeping the ultimate target of CHF 650 million unchanged. Helvetia Baloise continues to expect its integration costs to be in the lower half of the – originally communicated – guidance range of CHF 500 to 600 million. By 30 June 2026, slightly more than CHF 200 million had been incurred in total. This is only a small increase from the amount incurred by year-end 2025, but Helvetia Baloise expects more to come in the second half of 2026.
In just under seven months, Helvetia Baloise completed the legal integration of its Swiss insurance businesses following the merger. The two non-life insurance companies and the two life insurance companies were each merged into a single entity, while the asset management companies were combined into Baloise Asset Management Ltd. This was followed by further major integration milestones. In Switzerland, the product and service offering for new business has been consolidated and is now marketed under the Helvetia brand. In Germany, sales launches in the broker channel in May 2026, and in the tied agents channel in July 2026, marked important steps in the integration. The rebranding has been completed in both markets. In Switzerland, the harmonisation of the employment contracts of the two former companies, effective 1 January 2027, marks another significant step towards a fully integrated organisation. In Spain, the legal merger of Caser and Helvetia Seguros was completed in December 2025. The integration is on track, and the focus is now on realising synergies and completing the operational integration process, including the planned unification under the Helvetia brand in the coming months.
Integration enters next phase with strengthened focus on execution and value realisation
Following the successful completion of key first-phase integration milestones and the definition of the future technology architecture and implementation roadmaps, Helvetia Baloise is entering the next phase of the integration. The first phase has progressed smoothly and at pace, establishing the foundations for realising the merger benefits and creating long-term value. The Group will now place a stronger focus on system migration, synergy realisation, and transformation delivery. Technology and AI will play an increasingly important role in this phase, supporting integration delivery, driving efficiency, and enabling the development of innovative services for customers. As accountability increasingly shifts to the business areas and Group functions responsible for delivery, the Group is aligning integration, technology, transformation, and AI under a single leadership structure.
To support this next phase, Helvetia Baloise will create a Chief Technology & Transformation Officer (CTTO) role with end-to-end responsibility for integration delivery, system migration, technology, transformation, and AI across the Group. The new role combines responsibilities previously covered by the Deputy Group CEO & Chief Integration Officer and Group Chief Technology Officer (CTO) mandates. The Group Chief Financial Officer (CFO) will continue to be accountable for synergy realisation and value capture, working closely with the CTTO and the business leaders responsible for execution. Risk oversight will continue to be provided by the Group Chief Risk Officer (CRO) within the Group’s established risk management framework.
Sandra Hürlimann, currently CTO Switzerland, will assume the newly created CTTO role and join the Group Executive Committee, effective 1 October 2026. She brings extensive leadership experience across business, technology, and transformation and currently leads the Group-wide AI agenda. As CTO Switzerland, she has successfully shaped the technology landscape in our largest market and played a pivotal role in building and scaling the Group’s AI capabilities, enabling their adoption from Switzerland across the organisation.
As part of this organisational evolution, Michael Müller, Deputy Group CEO & Chief Integration Officer, and Alexander Bockelmann, Group CTO, will conclude their Group Executive Committee mandates on 30 September 2026. Michael Müller and Alexander Bockelmann have played key roles in bringing together the two organisations and establishing the foundations for the Group’s next phase of integration and transformation. Prior to the merger, Michael Müller led the successful implementation of the “Refocusing Strategy”. Building on this, Michael Müller subsequently established the integration governance, strategic alignment, and value-capture framework that enabled the Group to progress rapidly through the first phase of integration. Alexander Bockelmann led the technology integration of the two organisations, including technology delivery for the sales start in Switzerland and Germany. He defined the target technology architecture, operating model, and governance framework, and built the technology and AI platforms required for the Group’s next phase of integration, transformation, and value creation.
Fabian Rupprecht, Group CEO, says: “Following the successful completion of key first-phase integration milestones, we are adapting our leadership structure for the next phase. These changes support our strategic direction and strengthen our focus on value creation, execution, and transformation. I would like to sincerely thank Michael Müller, who has shaped Baloise for over three decades, and Alexander Bockelmann for their leadership, commitment, and invaluable contributions. Through their work, they have helped establish the operational, technological, and strategic foundations on which Helvetia Baloise will build its future success. I am delighted that Sandra Hürlimann will take on the new CTTO role. With her broad business, technology, and transformation experience, she is well placed to lead this next phase.”
Overview of key figures as at 30 June 2026
Following the merger of Helvetia and Baloise, HY 2026 represents the first reporting period of the combined Helvetia Baloise Group. With the transaction accounted for as an acquisition under IFRS and completed shortly before year-end 2025, all comparative income statement figures for HY 2025 reflect Helvetia only. The HY 2026 results and all balance sheet information reflect the combined Group. Consequently, comparability between the reporting periods is limited.
[1] Underlying earnings for shareholders after interest on preferred securities divided by adjusted average IFRS shareholders’ equity (excl. fair value reserve, insurance finance reserve, intangible assets and goodwill from the Helvetia Baloise merger)
[2] The pro forma combined SST figure shown represents an internal, indicative estimate, provided for capital markets purposes only, and does not constitute a regulatory-relevant SST figure.
Note:
In addition to the figures reported in accordance with International Financial Reporting Standards (IFRS), Helvetia Baloise uses further performance indicators, such as underlying earnings, to provide a clearer illustration of its results. These indicators complement, but do not replace, the figures reported under IFRS. Further information on these performance indicators can be found in the Half-Year Report, in the chapter titled “Alternative performance measures”.
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