Helvetia Baloise Holding AG reported underlying earnings of CHF 631.6 million for the first half of 2026, with annualized underlying return on tangible equity of 18.7%—above the group’s target band of 16% to 18% set for 2026–2028.
The IFRS period result came in at CHF 84.6 million, heavily impacted by a pre-announced CHF 671.7 million impairment on intangible assets stemming from the merger with Baloise. The company stressed the write-down has no effect on dividend capacity.
The group’s Combined Ratio stood at 92.0%, reflecting disciplined underwriting and advances in technical excellence. The Swiss home market was a key contributor, with all segments posting ratios below 96.0%. The low ratio was driven largely by a favorable claim ratio for the current year, excluding discounting and natural catastrophe impacts. However, prior-year reserve developments, which fell below the long-term average, partially offset these gains.
In non-life business, gross written premiums totaled CHF 7,127.1 million. Underlying earnings came in at CHF 399.4 million, with the IFRS result at CHF 351.0 million. The group estimates that costs from a severe hailstorm that struck Switzerland in August 2026 will amount to approximately CHF 120–140 million after reinsurance and before tax, with those charges recognized in H2 2026 and no impact on the first-half result.
Life business generated gross premiums of CHF 4,605.9 million, reflecting a continued focus on capital-light products. New business margin was 4.1%, with positive contributions from all segments. Underlying earnings in life were CHF 273.5 million, and the IFRS result was CHF 279.0 million. The contract service margin (CSM) remained broadly stable at CHF 8.3 billion.
The non-insurance segment reported underlying earnings of CHF -41.3 million. The IFRS result in this area was a loss of CHF 545.4 million, primarily due to the merger-related impairment. Bank operations benefited from strong commission income aligned with its wealth management strategy, and asset management contributed solid earnings driven by efficiency measures and growing third-party business at higher margins.
Synergies and efficiency gains are progressing faster than expected. By end-June, nearly 50% of the CHF 650 million long-term annual run-rate target had been secured. The group now expects to reach approximately 60% by end-2026, up from its previous guidance of around 50%. Integration costs remain within the lower end of the previously communicated range of CHF 500–600 million.
On the solvency front, Helvetia Baloise reported equity of CHF 13.0 billion as of June 30, 2026. The Swiss Solvency Taxonomy (SST) ratio was estimated at roughly 270%. In August, S&P Global Ratings reaffirmed an A+ rating with a stable outlook, citing the group's strong market position, excellent capitalization, and robust operational development.
Integration milestones include completion of legal and market integration in Switzerland and the launch of broker and tied-agent sales channels in Germany.
