Helvetia Baloise Holding AG reported underlying earnings of CHF 631.6 million for the first half of 2026, well above its prior expectations, and raised its synergy capture target while completing key milestones in its merger with Baloise.
The insurer, based in Basel, said non-life underlying earnings contributed CHF 399.4 million and life underlying earnings added CHF 273.5 million, offset partially by a CHF −41.3 million loss in its non-insurance business area. Underlying return on adjusted equity annualised to 18.7%, exceeding the company's target range of 16% to 18% for 2026 to 2028.
Group IFRS net income came in at CHF 84.6 million, weighed by a CHF 671.7 million amortisation charge on merger-related intangible assets. After stripping out that impact, non-life IFRS net income was CHF 351.0 million and life IFRS net income was CHF 279.0 million; the non-insurance segment posted a CHF −545.4 million loss.
Business volumes totalled CHF 7,127.1 million in non-life and CHF 4,605.9 million in life. The non-life combined ratio stood at 92.0%, with all segments reporting ratios below 96.0%. Life new business margin was 4.1%, and the stock of life customer service margin remained broadly stable at CHF 8.3 billion.
Capitalisation remained robust. Total equity reached CHF 13.0 billion as at 30 June 2026, and the estimated Swiss Solvency Test ratio was around 270%. S&P Global Ratings confirmed a Financial Strength Rating of A+ with a stable outlook in August 2026, citing the company's strong resilience despite the August hailstorm in Switzerland.
Synergy progress was a central highlight. The group set a long-term run-rate target of CHF 650 million in efficiency gains and had close to 50% of that achieved by end-June. It raised guidance, now expecting to reach around 60% of the target by year-end, up from the previous expectation of roughly 50%. Integration costs are expected to fall in the lower half of the original CHF 500 million to CHF 600 million range, with slightly more than CHF 200 million incurred so far.
Helvetia Baloise noted estimated claims of CHF 120 million to CHF 140 million (net of reinsurance and before tax) from the August hailstorm, which will be recognised in the second half of 2026.
The company also announced leadership changes. Sandra Hürlimann, currently CTO Switzerland, will become Group Chief Technology & Transformation Officer and join the Group Executive Committee on 1 October 2026. Michael Müller, deputy group CEO and chief integration officer, and Alexander Bockelmann, group CTO, will conclude their Group Executive Committee mandates on 30 September 2026. Both former Baloise companies will harmonise employment contracts in Switzerland from 1 January 2027.
On the growth front, sales launches were conducted in May 2026 in the broker channel in Germany and in July 2026 in the tied agents channel there. The legal merger of Caser and Helvetia Seguros in Spain was completed in December 2025.
