Helvetia (HELN) H2 2025 earnings summary

Executive summary

• Underlying earnings rose 19.8% year-over-year to CHF 633 million, with IFRS net income up 14.5% to CHF 575 million, driven by strong non-life technical results and efficiency gains.

• Both companies achieved all 2025 strategic targets and completed a successful merger, creating a leading European insurance group with a strong new brand and international reach.

• Integration is progressing, with CHF 139 million in synergies realized by end-2025 and a fully operational joint organization prioritizing AI-supported efficiency and technical excellence.

• Board proposes a dividend of CHF 7.70 per share for 2025, up 5.54% year-over-year.

• High employee engagement and minimal customer disruption maintained during the transition.

Financial highlights

• Pro forma combined underlying earnings exceeded CHF 1 billion, with underlying EPS up 21% to CHF 11.40.

• Gross cash remittance (combined) reached CHF 966 million, and business volume was stable at CHF 11,550.4 million.

• Combined SST ratio estimated at 260%, with Helvetia at 320% and Baloise at 215%.

• Combined ratio improved to 93.1% from 95.0% year-over-year.

• Dividend payout for 2025 totals CHF 765.5 million.

Outlook and guidance

• Targets for 2026–2028 include underlying EPS CAGR of 10–12%, URoaE of 16–18%, and cumulative dividend payout over CHF 2.8 billion.

• 90% of targeted CHF 650 million in synergies and efficiencies expected by end-2028.

• Dividend per share in 2029 expected to be at least 50% higher than in 2025.