Helvetia Baloise Group presented its first‑half 2026 results on 17 September 2026. Underlying earnings climbed to CHF 632 million, up 25.7% from the CHF 502 million benchmark for H1 2025. The share price gained 4.4% to $223.2, trading near the top of its 52‑week range of $183.4‑$225.
Segment‑level earnings were led by Switzerland with CHF 370 million (22.4% growth), followed by Germany at CHF 64 million (32.8% growth) and Spain at CHF 100 million (6.9% growth). The non‑life combined ratio improved to 92.0% (loss ratio 63.9%, expense ratio 28.0%), a 0.4‑point year‑over‑year gain. The current‑year loss ratio, excluding natural catastrophes, stood at 64.9%.
Cost‑saving synergies amounting to CHF 319 million are locked in by mid‑2026, representing 49% of the CHF 650 million target. Integration costs recognised through H1 2026 totalled CHF 208 million, with CHF 43 million incurred before pension‑plan curtailments of CHF 24 million. The company expects total integration expenses to remain in the lower half of the CHF 500‑600 million range.
Life insurance metrics showed a contractual service margin of CHF 8,337 million as of 30 June 2026, up from CHF 8,318 million at year‑end 2025. The CSM release was CHF 337 million, a 7.8% annualised release ratio, plus CHF 51 million from economic variances. New‑business margin improved to 4.1% group‑wide (Spain 11.2%, Belgium 5.8%). Investment‑linked and protection products now represent 86% of individual‑life new business by present value, up from 83%.
Financial leverage rose to 28.1% from 26.8% at year‑end 2025, underpinned by senior debt of CHF 3,338 million and hybrid debt of CHF 1,813 million. Adjusted shareholders’ equity stood at CHF 6,509 million. The investment portfolio totals CHF 92.3 billion, with 58% in bonds (84% rated A or better, 36% AAA), 17% in investment property and 7% in mortgages; 95% of foreign‑currency exposure is hedged against the Swiss franc.
The Clara chatbot, an AI‑driven claims assistant, achieved a 95% automation rate across more than 250,000 annual interactions. During the August hailstorm in Switzerland, it processed over 4,000 claims in three days at a peak of 2‑3 messages per second, handling roughly nine times faster than manual processing and correctly registering about 80% of claims without human input.
Helvetia Baloise raised its 2026 guidance, targeting a 60% run‑rate cost‑saving level (up from 50%) and an additional CHF 170 million impact on underlying earnings (up from CHF 150 million). Net underlying‑earnings impact reached CHF 116 million on an annualised basis for H1 2026. Expected H2 2026 underlying earnings are slightly above CHF 500 million, after accounting for the hailstorm loss estimate of CHF 120‑140 million.
CEO Fabian Rupprecht highlighted AI as a core efficiency driver, noting that the Clara chatbot demonstrates how AI can make large catastrophes manageable while improving customer experience. CFO Matthias Henny cautioned that one‑off items and timing effects inflated the headline figure; without them, normalized underlying earnings would be closer to CHF 600 million.
