Bâloise Holding (BALN) H1 2025 earnings summary

Executive summary

• Profit attributable to shareholders rose 25.5% year-over-year to CHF 275.9 million, driven by strong non-life business performance and improved profitability from the refocusing strategy.

• Combined ratio improved by 2.6 percentage points to 90.6%, and return on equity increased to 15.5%, exceeding the target range.

• The planned merger with Helvetia is progressing as scheduled, with completion expected by late 2025, aiming to create Switzerland's second-largest insurance group.

• The company responded swiftly to the Blatten landslide, incurring CHF 46.5 million in gross claims and supporting affected customers.

Financial highlights

• Net profit increased by 25.5% to CHF 275.9 million, with EBIT up 31.8% to CHF 358.5 million, and business volume at CHF 5,236.5 million (down 1.1% in CHF, up 0.1% in local currency).

• Combined ratio improved to 90.6% (down 2.6 ppt year-over-year), and return on equity reached 15.5%.

• Non-life EBIT surged 85.6% to CHF 228.7 million; life EBIT stable at CHF 143.0 million.

• Investment-type premiums in life increased 41.2%, while life premiums declined 10.1% due to market trends.

• SST ratio estimated at around 215% as of June 30, 2025; S&P A+ rating confirmed.

Outlook and guidance

• Confident in achieving more than CHF 2 billion cash remittance for 2024–2027.

• Merger with Helvetia expected to close in Q4 2025, with CHF 350 million in annual synergies and a 20% dividend uplift; new financial targets to be shared at Capital Market Day 2026.

• No Q3 interim statement will be published due to the ongoing merger process.