Helvetia Baloise delivers a strong 2025 performance, increases total dividends and introduces ambitious financial targets for 2028

Key figures of the 2025 financial statements

• Helvetia generated underlying earnings of CHF 633.4 million in the 2025 financial year, representing an increase of 19.8% compared with the previous year (2024: CHF 528.6 million^[1]).
• Baloise achieved a shareholder profit of CHF 570.6 million, adjusted for merger-related one-off impacts. This represents an increase of 19.7% compared to the previous year, after also correcting for the ecosystem write-down in 2024.
• The Board of Directors will propose to the Annual General Meeting a dividend for the 2025 financial year of CHF 7.70 per share. This equates to a payout of CHF 765.5 million, which is a 5.4% increase compared to the combined payout of both companies in the previous year.

Integration on track

• The integration of Helvetia and Baloise is progressing as planned. By the end of 2025, CHF 139 million of synergies and efficiencies had been realised on a run-rate basis.

New financial targets set for 2028

• Underlying earnings per share growth of 10% to 12% per annum driven by cost savings, disciplined growth and margin improvements in the underlying business
• Capital efficiency with an underlying return on adjusted equity^[2] of 16% to 18% during the period 2026 to 2028, achieved through continued disciplined portfolio steering
• Higher dividend payout of more than CHF 2.8 billion cumulative from 2026 to 2028; in addition, a dividend per share that is more than 50% higher in 2029 compared to 2025, founded on well diversified and growing cash generation

Helvetia – Income statement 2025: strong underwriting performance and resilient earnings

As of the completion of the merger between Helvetia and Baloise, accounted for as an acquisition under IFRS, towards the end of 2025, Baloise’s contribution to Helvetia Baloise’s 2025 closing is only reflected in the balance sheet, not in the income statement. The following section therefore reflects the performance of Helvetia.

Helvetia generated underlying earnings of CHF 633.4 million in the 2025 financial year, representing an increase of 19.8% compared with the previous year (2024: CHF 528.6 million^[3]). The result was driven primarily by a strong underwriting performance in the non-life business. All business areas contributed to the improvement in underlying earnings.

IFRS net income amounted to CHF 574.7 million, corresponding to an increase of 14.4% compared with the previous year (2024: CHF 502.4 million). The growth in earnings was supported by the strong development of the underlying business and favourable market effects. At the same time, the non-operating result includes restructuring and integration costs related to the merger as well as the integration of Caser and Helvetia Seguros and other efficiency improvements of approximately CHF 158 million, which are excluded in the underlying earnings.

Helvetia’s underlying return on equity reached 14.6% when adjusted for merger-related distortions in the capital base, thus already placing it within Helvetia’s targeted range in the first year of the new strategic phase (2024: 12.3%). The business volume amounted to CHF 11,550.4 million (2024: CHF 11,552.7 million). Growth was 0.9% at constant exchange rates or else unchanged when measured in Swiss francs.

Continued growth in the non-life business

In line with its strategic focus on profitable, capital-efficient business lines, Helvetia continued to expand its non-life activities in 2025. Business volume in non-life increased by around 2.8% in local currencies to CHF 7,555.2 million (2024: CHF 7,425.0 million), despite targeted measures to improve profitability.

Technical performance improved significantly. The combined ratio declined to 93.1%, representing an improvement of 1.8 percentage points compared with the previous year (2024: 95.0%). The improvement was primarily driven by a lower loss ratio, supported by enhanced underwriting discipline and favourable claims developments. Efficiency gains also contributed to a modest reduction in the expense ratio. In addition, despite the significant cost of the landslide in Blatten (CH), the burden from natural catastrophe events was lower than in the previous year.

Overall, the non-life business generated underlying earnings of CHF 444.3 million (2024: CHF 355.3 million), continuing to demonstrate the strength and diversification of Helvetia’s portfolio across markets and business lines.

Disciplined development in the life business

Helvetia continued to pursue a disciplined approach in the life insurance business, focusing on capital-light products and attractive margins. In life insurance, business volume stood at CHF 3,995.2 million (2024: CHF 4,127.7 million). This represented a decline of 2.7% on a currency-adjusted basis. This development was attributable primarily to the Swiss market. Here demand for full insurance solutions continued to decline. Sales of low margin single premium products were also below the prior year level, in part due to the interest rate environment.

At the same time, new business volumes measured on a present value of new business premiums (PVNBP) basis increased by 19.8%, supported by growth in individual life. Active reinsurance also contributed positively through the conclusion of new long-term contracts with attractive margins.

Underlying earnings for the life business amounted to CHF 287.0 million, representing an increase of 4.1% compared with the previous year (2024: CHF 275.8 million). The improvement was supported in particular by a non-repeat of changes in loss component in Spain.

Improvement in the non-insurance business area

The result for the non-insurance business improved slightly compared with the previous year, with underlying earnings of CHF -97.9 million (2024: CHF -102.6 million). A change in methodology regarding intercompany interest expenses, as well as the non-repetition of provisions and project costs, had a positive impact on the result, while the improvement was partly offset by significant M&A-related costs incurred before the merger.

Baloise – Standalone financial results 2025: strong operating performance and solid capital position ahead of the merger (unaudited)

Baloise also delivered strong standalone results for the 2025 financial year. The figures represent unaudited additional information based on Baloise’s previous accounting assumptions and do not reflect the accounting changes arising from the merger. They do, however, include certain merger-related expenses incurred during 2025, such as preparation costs, social plan expenses and costs related to the settlement of bonus systems.

Baloise achieved a standalone shareholder profit of CHF 409.6 million (2024: CHF 384.8 million), representing an increase of 6.4% year on year. Adjusted for merger-related one-off impacts, shareholder profit would have amounted to CHF 570.6 million. On this basis, return on equity reached 15.5%, positioning it slightly above the upper end of the 12% to 15% target range defined as part of Baloise’s refocusing strategy (2024: 13.9%). The result benefited from a benign claims environment, favourable capital market developments and a low effective tax rate.

Strong combined ratio drives non-life EBIT

Non-life business benefited from a favourable underlying performance and an overall favourable claims environment. Non-life EBIT increased despite merger-related expenses by 20.2% to CHF 313.9 million (2024: CHF 261.1 million), supported by a further improvement in the combined ratio to 92.2% (2024: 92.9%).

Resilient earnings in the life business

In the life business, EBIT amounted to CHF 237.2 million (2024: CHF 282.3 million), reflecting a solid performance. This takes into account merger related expenses and the fact that the strong prior-year result benefited from a positive one-off effect.

Robust EBIT in Asset Management & Banking

The Asset Management & Banking segment delivered improved contributions, with EBIT rising by 11.8% to CHF 99.6 million (2024: CHF 89.1 million), mainly driven by higher third-party fee income in Asset Management due to net new assets, with a focus on high-margin business.

Solid cash remittance

Cash remittance for 2025 amounted to CHF 391.9 million (2024: CHF 565.1 million), or CHF 538.3 million excluding merger-related effects.

Pro forma combined profit above CHF 1 billion with business volume of around CHF 20 billion (unaudited)

For illustrative purposes Helvetia Baloise provides unaudited additional pro forma combined information. These results were achieved despite not yet benefiting from the synergies that will be realised in due course. On this basis, the Group achieved underlying earnings^[4] of CHF 1,034.7 million and a pro forma combined business volume of CHF 19,838.9 million, reflecting the increased scale of the combined entity. The pro forma combined results assume that the merger happened one year earlier. These results align the Baloise result to Helvetia’s accounting principles and assumptions, and take into consideration the merger-related accounting effects. Based on the pro forma combined figures, the underlying return on adjusted equity (URoaE^[5]) amounts to 15.4% for the year 2025, while the combined ratio stands at 92.8%, demonstrating the profitability of the new Group.

The Helvetia Baloise Group reports excellent capitalisation and retains an attractive payout policy

Upon initial consolidation of the Helvetia Baloise Group as at 31 December 2025, the Group reports a total equity of CHF 13.8 billion. Goodwill arising from the merger amounts to CHF 3.2 billion, while other intangible assets total CHF 3.5 billion, of which over CHF 1 billion will be amortised in 2026 due to the Group’s previously communicated rebranding decision.

On a pro forma combined basis, Helvetia Baloise estimates a strong SST ratio of around 260%^[6] at the end of 2025, reflecting the strength of the combined balance sheet and the Group’s substantial risk-bearing capacity. On a standalone basis, both companies continued to demonstrate strong capitalisation. Helvetia further strengthened its capital position, with an estimated SST ratio of approximately 320% at the end of 2025 (31 December 2024: 288%). Baloise also maintained a robust capital base, with its SST ratio increasing to approximately 215% (31 December 2024: 204%).

Both ratings agencies affirmed their ratings: S&P Global Ratings assigned an “A+” for the Helvetia Baloise Group, while AM Best assigned an “a+” rating to Helvetia Schweizerische Versicherungsgesellschaft AG.

The strong results of both entities and the combined Group support attractive shareholder remuneration. The Board of Directors will propose a dividend for the 2025 financial year of CHF 7.70 per share to the Annual General Meeting. This equates to a payout of CHF 765.5 million which is a 5.4% increase compared to the combined payout of both companies in the previous year.

Integration on track: key milestones defined through 2028

Following the completion of the merger of the two holding companies on 5 December 2025, the integration of Helvetia and Baloise is progressing according to plan. The Post-Merger Integration (PMI) programme is fully underway, and the implementation of the new market and Group structures has begun.

As announced in April 2025, the merger is expected to generate annual run-rate synergies of approximately CHF 350 million before tax and before policyholder participation. Together with the cost and efficiency programmes already in place at the two companies prior to the merger, the Group is targeting total synergy and efficiency gains of around CHF 650 million. In total, 21% of these synergies and efficiencies have already been achieved by the end of 2025, based on the run-rate reached at year end, while around 90% of the total benefits is expected to materialise by the end of 2028.

The Group is currently implementing its planned workforce reduction programmes. Based on the defined synergy targets and existing efficiency initiatives, we expect a reduction of approximately 2,000 to 2,600 FTE by 2028. By the end of the first quarter of 2026, the cases in which employees have left the organisation or notice has been received or given correspond to slightly more than 1,100 FTE. These reductions have been achieved through a combination of measures, including early retirement programmes, natural attrition and, where unavoidable, dismissals. Wherever possible, we have actively redeployed employees into other roles, using natural fluctuation to place people into positions that are not being reduced. We are very mindful of the impact such measures have on individuals. Overall, workforce reductions are being managed responsibly and with care, balancing the achievement of our synergy and efficiency targets with fairness, transparency and support for our employees.

In 2026, the focus will be on visible market integration and the consolidation of selected legal entities and functions, accompanied by the harmonisation of working contracts as well as internal policies and governance structures. As announced in February, the rollout of the new brand has already begun. Switzerland and Germany are leading the transition, with the introduction already underway, while other Market Units will follow progressively over the coming years. The transition across all markets is expected to be completed by 2030.

The integration of product offerings in Switzerland is progressing as planned, with the first joint products expected to launch in July 2026. The combined business comprises the country’s largest multi-line insurer, with more than two million customers benefiting from the merger thanks to a denser distribution network of around 150 locations and over 1,700 advisers across all regions. Subject to the approval of FINMA and the relevant competent bodies, Helvetia Baloise intends to complete the mergers of the insurance companies in Switzerland by 1 July 2026.

In Germany, the sales launch will commence in May 2026 in the broker channel and in July 2026 in the tied agents channel. From this launch onwards, the Market Unit will jointly serve around three million customers, thus positioning it among the top three broker insurers in the non-life retail segment. In the life business, the Market Unit will be a leading market participant, ranking among the top two broker insurers in biometric risk products.

From 2027 onwards, the integration programme will focus on deeper operational alignment, including unified access to core systems and further legal entity consolidation. By the end of 2028, the Group aims to have connected its core IT systems and implemented standardised processes across the organisation.

Helvetia Baloise unveils its new strategy and sets new financial targets for 2028

At today’s Capital Markets Day, Helvetia Baloise presents its new Group strategy, “Shared Momentum”, marking the next phase following the merger and setting the course for sustainable long-term value creation. The combined Group enters this phase from a position of strength, with a scaled geographical footprint, strong market positions and resilient balance sheets. Built on closely aligned foundations – including technical excellence, long-term customer relationships and leading positions in Switzerland with selective expansion across Europe – Helvetia Baloise is well positioned for the future. The merger gives us greater scale and resilience, strengthening our ability to compete and invest for the long term. At the same time, we aim to stay close to customers and partners, translating our increased scale into tangible value through focused solutions and local expertise. This is driven by the commitment, expertise and engagement of our employees. The strategy defines how we will achieve this and provides a clear framework for disciplined execution.

The strategy is structured along three pillars: Close, Focused and Excellent.

Close: profitable growth through strong customer and broker relationships

Helvetia Baloise aims to achieve profitable growth by further strengthening its close relationships with customers and partners, leveraging its sales networks and expanding cross‑selling efforts. The focus is on tailored, customer‑centric, data‑driven and digital offerings that are closely aligned with customer needs across key segments and life situations. At the same time, the Group will increase its share-of-wallet with key brokers through clear segmentation, differentiated collaboration models and stronger digital integration.

Focused: attractive returns through targeted growth and disciplined portfolio steering

The Group aims to expand selectively across specialty lines, reinsurance, international life and embedded insurance. It will apply strict underwriting discipline, active cycle management and consistent capital allocation and portfolio steering to generate attractive returns and exceed the cost of capital on a sustainable basis.

Excellent: value through integration and scalable capabilities

“Excellent” focuses on accelerating efficiency by simplifying structures, standardising processes and reducing complexity to deliver lasting improvements and synergies, while strengthening technical excellence across underwriting, pricing and claims. Specifically, the Group aims to improve the underlying loss ratio^[7] in its non-life business by 1 percentage point by 2028, while achieving annual growth of over 8% of the new business value in life^[8]. Supported by the targeted, scalable use of AI, both customer interactions and core insurance processes will be enhanced. This underpins profitability and sustainable growth, while Asset Management contributes through optimised investment and fee income.

The strategy is supported by a strong commitment to the Group's Performance & Trust Culture, which shapes how decisions are made, how leadership is exercised and how results are delivered. By fostering shared purpose, clear expectations and an environment of mutual trust, the Group is establishing the conditions for strong execution and long-term value creation.

Based on these three pillars, Helvetia Baloise is introducing a disciplined value‑creation framework focused on three financial dimensions, with defined targets for 2026 to 2028:

• Underlying earnings per share growth of 10% to 12% per annum driven by cost savings, disciplined growth and margin improvements in the underlying business
• Capital efficiency with an underlying return on adjusted equity^[9] of 16% to 18% during the period 2026 to 2028, achieved through continued disciplined portfolio steering
• Higher dividend payout of more than CHF 2.8 billion cumulative from 2026 to 2028; in addition, a dividend per share that is more than 50% higher in 2029 compared to 2025, founded on well diversified and growing cash generation

The Group also confirms its commitment to maintaining a strong balance sheet and a high credit rating of at least “A+” for its core entities.

The merger provides the foundation, while the “Shared Momentum” strategy defines how Helvetia Baloise will raise the bar for performance and translate its scale into sustainable value creation.

Important dates

Below are important details and information about participating in the events taking place on Wednesday, 15 April 2026.

Conferences to present the financial results for 2025
 

• From 09:00 (CEST): Analyst’s Q&A call (in English)
  • Audio webcast (Important: to actively participate in the Q&A session, you must also dial in by telephone.)
  • Telephone dial-in:
    • Switzerland/Europe: +41 (0) 58 310 50 00
    • United Kingdom: +44 (0) 207 107 06 13
    • United States: +1 (1) 631 570 56 13

• From 10:00 (CEST): Annual results media conference (in German)
  • Audio webcast (Important: to actively participate in the Q&A session, you must also dial in by telephone.)
  • Telephone dial-in (audio only):
    • Switzerland/Europe: +41 (0) 58 310 50 00
    • United Kingdom: +44 (0) 207 107 06 13
    • United States: +1 (1) 631 570 56 13

Capital Markets Day 2026
 

• From 14:30 (CEST): At today’s Capital Markets Day, Helvetia Baloise will outline the strategic rationale behind the “Shared Momentum” strategy.
  • Helvetia Baloise Capital Markets Day livestream

Further information

• This ad hoc announcement can also be found at helvetia-baloise.com/media
• Ad hoc announcement (PDF)
• All documents related to the full-year results are available at helvetia-baloise.com/annual-results
• Key figures – Annual Report Helvetia Baloise
• Helvetia Baloise published its 2025 Annual Report today, 15 April 2026, which also contains the report on non-financial matters pursuant to Art. 964a et seq. of the Swiss Code of Obligations (OR) and can be viewed at helvetia-baloise.com/annual-report
• The presentation for the Helvetia Baloise Capital Markets Day will be available from 14:30 (CEST) on 15 April 2026 at helvetia-baloise.com/capital-markets-day

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^[1] Restated figure for the prior-year period

^[2] Adjusted for preferred securities, unrealised gains and losses, intangible assets and goodwill from the merger between Baloise and Helvetia

^[3] Restated figure for the prior-year period

^[4] Revised definition excluding FX hedging costs, external financing costs and amortisation of intangibles from M&A

^[5] Adjusted for preferred securities, unrealised gains and losses, intangible assets and goodwill from the merger between Baloise and Helvetia

^[6] 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.

^[7] Current year excluding NatCat and discounting

^[8] Excluding Swiss group life and active reinsurance

^[9] Adjusted for preferred securities, unrealised gains and losses, intangible assets and goodwill from the merger between Baloise and Helvetia