Helvetia (HELN) H2 2025 (Media) earnings summary

Executive summary

• Underlying earnings increased 20% year-over-year to CHF 633 million, with IFRS net income rising to CHF 575 million, driven by robust non-life technical results and improved life performance.

• The merger with Baloise was successfully executed, creating a leading European insurance group with diversified business lines and strong positions in key markets.

• Integration and synergy realization are progressing, with CHF 139 million in synergies achieved by end-2025 and CHF 650 million in targeted run-rate cost savings by 2028.

• Board proposes a 5.4% higher dividend of CHF 7.70 per share, totaling CHF 765.5 million.

• The new “Shared Momentum” strategy focuses on sustainable growth, AI-supported efficiency, and technical excellence through 2028.

Financial highlights

• Underlying EPS increased by 21% to CHF 11.40; cash remittance rose 11% to CHF 574 million.

• Combined pro forma underlying earnings for the merged group exceeded CHF 1 billion, with business volume near CHF 20 billion.

• Combined ratio improved to 93.1% (down 1.8 ppts year-over-year); pro forma combined ratio at 92.8%.

• Dividend per share proposed at CHF 7.70, up 5.4% from the prior year.

• Baloise adjusted profit was CHF 571 million (+19.7% year-over-year).

Outlook and guidance

• Ambitious 2026–2028 targets: underlying EPS CAGR of 10–12%, underlying RoaE of 16–18%, and cumulative dividend payout over CHF 2.8 billion.

• 2029 dividend per share expected to be at least 50% higher than 2025, reflecting synergy uplift.

• Above-market growth targeted in retail and specialty markets, with 5–10% profitable growth CAGR and 1–2% revenue synergies.