Helvetia Baloise (HBAN) H1 2026 earnings summary

Executive summary

• Underlying earnings for H1 2026 reached CHF 632 million (CHF 631.6 million in some reports), with an annualised underlying return on adjusted equity of 18.7%, reflecting strong profitability and exceeding target ranges.

• Integration of Helvetia and Baloise is progressing ahead of plan, with nearly half (close to 49%) of targeted CHF 650 million synergies and efficiencies already secured.

• IFRS net income was CHF 84.6 million, impacted by CHF 672 million amortisation of merger-related intangibles.

• Technical excellence, rapid integration, and robust investment performance underpin confidence in meeting strategic and financial targets.

• All business segments contributed to earnings growth, with non-life showing the largest improvement.

Financial highlights

• Non-life combined ratio improved to 92.0%, reflecting strong underwriting discipline and operational improvements.

• Life new business margin at 4.1%, with a CSM release ratio of 7.8% annualised.

• Business volumes in non-life up 0.4% year-over-year (adjusted), and life segment saw stable normalized CSM growth.

• Pro forma SST ratio estimated at 270%, up from 260%, reflecting strong capitalisation.

• Underlying earnings per share was CHF 6.2; IFRS net income per share CHF 0.7.

Outlook and guidance

• Guidance for underlying earnings per share (UEPS) growth of 10%-12% per year reaffirmed for 2025–2028.

• Dividend payout target of over CHF 2.8 billion for 2026–2028 confirmed, with potential for earlier uplift due to faster synergy realization.

• Synergy and efficiency run-rate target of CHF 650 million gross and CHF 350 million net impact on underlying earnings by 2028 reiterated.

• Full-year 2026 expected to meet UEPS growth targets, barring further significant nat cat events.