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Edge12 Dec 2025
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Bâloise Holding (BALN) investor relations material
Bâloise Holding Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status Update summary8 Dec, 2025
Merger completion and market position
The merger between Helvetia and Baloise was completed on 5 December 2025, forming Switzerland's largest multiline insurer with a strong European presence and about 20% market share in Switzerland.
Newly issued shares of Helvetia Baloise Holding Ltd (HBAN) began trading on SIX Swiss Exchange on 8 December 2025.
The combined group serves around 13 million customers in eight European markets and globally, with over 22,000 employees.
Operational integration is well advanced, with top management appointed and strong cultural alignment among teams.
All merger process steps, including shareholder approvals and new share listing, have been completed.
Pro forma financial information and accounting impacts
Pro forma financials for FY2024 and HY2025 illustrate the main accounting effects of the merger under IFRS, with Helvetia as the acquirer.
Goodwill from the merger is CHF 4.7 billion, other intangible assets CHF 3.4 billion, total assets CHF 146.5 billion, and equity CHF 13.9 billion as of 30 June 2025.
The merger is accounted for as an acquisition under IFRS, with Baloise's assets and liabilities recognized at fair value, resulting in significant goodwill and intangible assets.
Recognition of all identifiable intangible assets, goodwill, and alignment of actuarial assumptions, especially discount rates, are key accounting changes.
Amortisation of intangible assets is the most significant negative impact on the combined income statement, but underlying earnings and KPIs will be used to adjust for acquisition effects.
Key financial effects and synergies
Cost synergies of CHF 350 million run rate are targeted, with an additional CHF 220 million in cash generation and a 20% dividend uplift by 2029.
Integration costs are expected at CHF 500–600 million, mostly incurred by end of 2028.
The alignment of accounting policies led to a CHF 1.4 billion increase in insurance contract liabilities.
Pro forma combined contractual service margin (CSM) is CHF 8.9 billion, with life at CHF 8.5 billion and non-life at CHF 0.4 billion.
Strong capital position maintained, with SST ratio above 240%.
Quantify negative income statement impact
Clarify underlying earnings exclusions
What is the tangible equity post-merger?
Clarify underlying earnings adjustments
Economic relevance of non-life CSM
Impact of discount rate alignment on P&L?
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Next Bâloise Holding earnings date
H2 202524 Mar, 2026
Next Bâloise Holding earnings date
H2 202524 Mar, 2026
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Frequently asked questions
Bâloise Holding AG is a Swiss financial services company specializing in insurance and pension solutions. The company provides a wide range of insurance products, including life, health, property, and casualty insurance, as well as asset management and pension services. Bâloise serves individual customers, businesses, and institutional clients, primarily operating in Switzerland, Germany, Belgium, and Luxembourg. The company is headquartered in Basel, Switzerland, and its shares are listed on the SIX.
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