Helvetia (HELN) investor relations material

Merger completion and market position

• Merger between Helvetia and Baloise completed on 5 December 2025, forming Switzerland's largest multi-line 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.

• Operational integration is well advanced, with top management layers appointed and collaborating effectively.

• Integration is proceeding smoothly due to similar corporate cultures and strong team motivation.

• Helvetia Baloise serves around 13 million customers across eight European markets and global specialty markets, with over 22,000 employees.

Pro forma financial information and accounting impacts

• Pro forma financials for FY2024 and H1 2025 highlight main accounting impacts under IFRS 17, with Helvetia as the acquirer.

• Goodwill recognized at CHF 4.7 billion and intangible assets at CHF 3.4 billion, both comfortably absorbed due to business quality and synergies.

• Pro forma combined equity as of 30 June 2025 is CHF 13.9 billion, with total assets of CHF 146.5 billion.

• IFRS adjustments include recognition and amortisation of intangible assets, fair value alignment, and effects from new discount rates.

• Net income for HY25 materially impacted by one-off accounting effects, including CSM release, discounting, and amortization of intangibles.

Synergies, cost savings, and financial targets

• Merger expected to deliver CHF 350 million run-rate pre-tax cost synergies and an additional CHF 220 million in cash generation, leading to a 20% dividend uplift by 2029.

• 80% of synergies targeted to be realized by 2028.

• Integration costs estimated at CHF 500–600 million, mostly incurred by end of 2028, excluded from underlying earnings.

• Dividend policy to pay at least equal to prior year maintained.

• Commitments on cash and dividend capacity uplift, synergies, and operational integration remain valid.