Helvetia (HELN) CMD 2026 summary

Strategic Priorities and Integration Progress

• Integration of Helvetia and Baloise is advancing rapidly, targeting CHF 650 million in run-rate savings by 2028, with 21% achieved by end-2025 and ~90% expected by 2028.

• Three main priorities for 2026–2028: delivering merger synergies, scaling AI for efficiency, and advancing technical excellence to maximize shareholder value.

• Integration milestones include unified management, harmonized IT and HR systems, and a strong new brand, with joint sales starting in Switzerland and Germany in 2026.

• Workforce reductions of 2,000–2,600 FTEs by 2028 are underway, managed through voluntary programs and natural attrition.

• Integration risks are actively managed through clear governance, transparent communication, and early mitigation measures for IT, people, and synergies.

Financial Targets and Shareholder Returns

• Underlying earnings per share are targeted to grow at a 10–12% CAGR through 2028, with a return on adjusted equity of 16–18% annually.

• More than CHF 2.8 billion in cumulative dividends are planned for 2026–2028, with a 2029 dividend per share at least 50% higher than 2025.

• CHF 650 million run-rate cost savings expected by 2028, with ~90% realized by then; cost synergies from the merger are expected to deliver CHF 350 million in annual recurring benefits.

• The combined group maintains a strong capital base, with a pro forma SST ratio of around 260% and A+ credit ratings confirmed.

• Dividend policy emphasizes reliability and growth, with share buybacks considered only in case of strategic events releasing excess capital.

Market Positions and Business Development

• Switzerland remains the core market, as the #1 multi-line insurer with strong brand awareness and a combined ratio target of around 90% by 2028.

• Germany is a top 10 broker insurer, targeting CHF 70 million in synergies and a combined ratio of 90% by 2028, with joint sales starting in 2026.

• Specialty Markets and international activities contribute over half of profits and 60% of business volume, with a focus on margin over growth during soft market cycles.

• AI capabilities are scaled across all business areas, driving productivity, customer engagement, and operational improvements in claims, underwriting, and service.

• Sustainability is embedded in group strategy, with net-zero investment targets by 2050 and interim climate goals.