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 reached 15.5%, exceeding the target range.

• The planned merger with Helvetia is on track for completion by late 2025, aiming to create Switzerland's second-largest insurance group, with integration costs and synergy targets outlined.

• Support was provided to customers affected by the Blatten landslide, with CHF 46.5 million in gross claims incurred.

Financial highlights

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

• Combined ratio improved to 90.6% (down 2.6 ppt year-over-year); return on equity rose to 15.5% (H1 2024: 13.0%).

• Non-life EBIT surged 85.6% to CHF 228.7 million; asset management and banking EBIT up 18.4% to CHF 49.5 million.

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

• SST ratio estimated at ~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 generate CHF 350 million in annual synergies and increase dividend capacity.

• Financial targets for the merged entity will be shared at Capital Market Day with FY2025 results.

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