Swiss insurance group Helvetia Baloise Holding AG reported lower first-half profit on Thursday, weighed down by merger-related charges, but said underlying earnings, business volume and insurance revenue all climbed from a year earlier.
IFRS net income came in at 84.6 million Swiss francs, compared with 320.1 million in the same period last year. Earnings per share were 0.70 francs versus 5.80 francs. The results reflect the combined Helvetia Baloise Group, while the prior-year figures cover Helvetia alone.
The company said the result was materially impacted by the accelerated amortisation of merger-related intangible assets totalling 671.7 million francs.
Excluding that charge, underlying earnings rose to 631.6 million francs from 271.8 million, driven by operational performance and continued progress in technical excellence. Underlying EPS was 6.20 francs, up from 4.80 francs.
Business volume reached 11.73 billion francs, up from 6.96 billion, while insurance revenue climbed to 8.17 billion from 4.62 billion, with growth in both life and non-life segments.
Helvetia Baloise said the merger of Helvetia Holding Ltd. and Baloise Holding Ltd. has completed key first-phase integration milestones and is entering the next stage. The firm created a chief technology and transformation officer (CTTO) role to support the effort. Sandra Hürlimann, currently CTO Switzerland, will assume the post and join the Group Executive Committee effective Oct. 1. Michael Müller, deputy group CEO and chief integration officer, and Alexander Bockelmann, group CTO, will conclude their Group Executive Committee mandates on Sept. 30.
The company added that integration remains on track, with focus now shifting to realising synergies and completing the operational integration process, including a planned unification under the Helvetia brand in the coming months.
