Bâloise Holding (BALN) investor relations material

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%.