Helvetia Baloise reported underlying earnings of CHF 631.6 million in the first half of 2026, with the annualized return on adjusted equity capital coming in at 18.7 percent, above its target range of 16 to 18 percent set for 2026 through 2028. The non-life combined ratio stood at 92.0 percent, according to results published Thursday.
IFRS profit was significantly lower at CHF 84.6 million, weighed down by a previously announced accelerated write-down of CHF 671.7 million on intangible assets arising from the merger. The insurer said the charge would not affect its dividend capacity.
On integration, Helvetia Baloise said it is ahead of schedule. By the end of June, nearly 50 percent of the group's CHF 650 million long-term synergy and efficiency target had been secured on an annual run-rate basis. The group now expects around 60 percent of the target to be reached by end of 2026, up from its prior expectation of roughly 50 percent. The long-term goal remains unchanged.
Integration costs incurred to date total just over CHF 200 million. The group maintains a full cost estimate of between CHF 500 million and CHF 600 million.
Shareholders' equity stood at CHF 13.0 billion at end of June. The estimated combined SST ratio was around 270 percent, though the company described this as an internal, indicative pro-forma estimate rather than a regulatory SST figure.
Leadership changes accompanied the next integration phase. Sandra Hürlimann, previously CTO Switzerland, will take up the newly created role of Chief Technology & Transformation Officer and join the group board effective October 1, 2026, overseeing integration, system migration, technology, transformation and artificial intelligence group-wide. Group Deputy CEO and Chief Integration Officer Michael Müller, along with Group CTO Alexander Bockelmann, will step down from the board by end of September.
In Switzerland, the legal integration of the insurance business is complete and new business is marketed under the Helvetia brand. Meanwhile, heavy damage from a severe hailstorm in Switzerland in August is expected to cost the group between CHF 120 million and CHF 140 million after reinsurance and before taxes, a figure not yet reflected in the H1 results.
