Helvetia Baloise Holding Ag · SIX:HBAN
Helvetia Baloise — FY2025 Earnings Presentation
69 slides from Helvetia Baloise's earnings presentation, Apr 15, 2026
Slide 1: Full-Year Results 2025
Full-Year Results 2025 Helvetia Baloise Group 15 April 2026
Slide 2: Disclaimer
Disclaimer Cautionary note This document was prepared by Helvetia Baloise Holding Ltd (“Helvetia Baloise”) with the best of its knowledge based on information available to Helvetia Baloise on the day of this document’s first publication. This document may not be copied, altered, offered, sold or oth
Slide 3: Overview of contents
Overview of contents Click on » to navigate to the respective section Combined group Helvetia stand-alone Baloise stand-alone illustrative Group highlights & strategy » Highlights » Highlights » Underlying earnings (per regional segment) » EBIT breakdown » Capital management » Business volume (per r
Slide 4: Group highlights and strategy update
Group highlights and strategy update 15 April 2026 Full-Year Results 2025 4
Slide 5: Strong FY25 performance confirms quality of the combined group
Strong FY25 performance confirms quality of the combined group 2025 Profitability in CHF million 2025 Balance sheet 2025 Cash & dividend in CHF million 633 (+19.8%) 571 (+19.7% ) 1 ~260% 966 Helvetia Baloise SST ratio Gross cash remittance5 underlying earnings adjusted profit2 (estimate4, pro forma
Slide 6: Group strategy Key Messages
Group strategy Key Messages The new group has made an excellent start and is fully operational It is financially disciplined and fully committed to maximising shareholder value It has a clear focus, prioritising integration, AI-supported efficiency, and technical excellence Longer term, there are su
Slide 7: A leading European insurance group has become reality
Slide 1 A leading European insurance group has become reality Enviable positions in attractive markets Diversified business mix Business volume by segment Business volume by business line as of Full-Year 2025 as of Full-Year 2025 12% Switzerland #1 Spain multi-line insurer 15% CHF 40% Germany 41% CH
Slide 8: Clear priorities for next three years
Slide 4 Clear priorities for next three years A Deliver the merger B Scale AI-supported C Advance technical and realise synergies efficiency excellence Focus on disciplined integration and Drive efficiency and productivity Further strengthen underwriting, early cost synergy realisation through scala
Slide 9: Ambitious new 2026-2028 financial targets to create sustainable shareholder value
Ambitious new 2026-2028 financial targets to create sustainable shareholder value Maximise earnings potential Capital efficiency Attractive payouts Underlying EPS1 Underlying RoaE2 Dividend distribution 10-12% CAGR 16-18% >CHF 2.8 bn 2025-28 2026-28 2026-28 2025: CHF 10.40 pro forma combined UEPS 20
Slide 10: Beyond the integration phase, we strive for sustainable, profitable growth
Slide 9 Beyond the integration phase, we strive for sustainable, profitable growth Close Focused Excellent to customers and partners to grow in pursuing our Global Specialist in our core capabilities to our retail business strategy as second growth engine deliver leading performance Unlocking untapp
Slide 11: Helvetia stand-alone
Helvetia stand-alone Audited accounts of Helvetia Baloise Based on materiality considerations, the income generated by the former Baloise entities between 5 December 2025 and 31 December 2025 is omitted. Consequently, the statement of profit or loss for the year 2025 reflects exclusively the results
Slide 12: Key figures FY 2025: Further margin progress
Key figures FY 2025: Further margin progress On track Underlying RoE1,2 Combined ratio New business margin 16% Target range 95.0% in % of PVNBP 14.6% 13% 5.1% 12.3% 4.7% Guidance range: 93.1% 92%-94% 529 633 Underlying earnings 502 575 IFRS net income (in CHF million) CY loss ratio 68.8% 67.3% excl.
Slide 13: Strong earnings, driven by non-life
Strong earnings, driven by non-life Underlying earnings FY 2025 Underlying earnings FY 2024 FY 2025 in CHF million FY 2024 Non-life 355 444 633 Life 276 287 529 Non-insurance -103 -98 Total 529 633 349 Underlying return on equity2,4 12.3% 14.6% 309 173 140 104 81 Bridge to IFRS net income FY 2024 FY
Slide 14: Strong earnings, driven by non-life: Remarks
Strong earnings, driven by non-life Remarks Group Spain underlying earnings • Underlying earnings improvement driven mainly by non-life technical results. • Non-life: Strong underlying technical improvement based on measures taken to Higher life result also contributed positively. strengthen technic
Slide 15: Business volume: Non-life growth despite cycle management
Business volume: Non-life growth despite cycle management Business volume1 FY 2025 in CHF million FY 2024 11,553 11,550 7,425 7,555 4,588 4,508 4,128 3,995 2,097 2,106 2,362 2,404 1,047 1,056 1,472 1,489 Total Switzerland Spain Germany LIAM2 Specialty Non-life Life Markets ∆ at constant fx +0.9% -1.
Slide 16: Business volume: Non-life growth despite cycle management Remarks
Business volume: Non-life growth despite cycle management Remarks Group business volume Spain • Organic growth driven by non-life and based on disciplined underwriting, • Non-life delivers further growth, albeit lower than extraordinary prior year focusing on profitable and capital-efficient busines
Slide 17: Non-life: Significant improvement thanks to technical excellence
Non-life: Significant improvement thanks to technical excellence Underlying earnings drivers Remarks in CHF million Operating insurance service result +25% • Higher revenues despite FX headwind -19 • Strong improvement in combined ratio, helped -7 -26 444 by technical excellence initiatives, especia
Slide 18: Non-life: Significant improvement in attritional loss ratio
Non-life: Significant improvement in attritional loss ratio Combined ratio Segments FY 2024 FY 2025 Switzerland 95.9% 92.9% -1.8 ppts 95.0% Spain 94.8% 93.4% -1.5% ppts 93.1% -0.2% ppts -0.2% ppts Germany 89.7% 89.3% 7.0% 6.9% LIAM1 97.8% 96.2% 20.5% Specialty Markets 94.9% 94.9% 20.4% GRI / Corpora
Slide 19: Non-life: Significant improvement in attritional loss ratio Remarks
Non-life: Significant improvement in attritional loss ratio Remarks Group combined ratio Spain • Strong improvement in current year loss ratio, excluding discounting and • Strong improvement in current-year loss ratio excluding NatCat and NatCat impacts, benefitting from technical excellence initiat
Slide 20: Non-life operating finance result
Non-life operating finance result Operating finance result drivers Operating investment result breakdown in CHF million in CHF million -10% -4% 181 295 284 -11 162 -8 thereof CHF -22 million FY 2024 FY 2025 impact from change in intracompany interest Current income on payments 290 279 -10.9 group
Slide 21: Life: Benefits from higher CSM release and repeat of positive variances
Life: Benefits from higher CSM release and repeat of positive variances Underlying earnings drivers in CHF million Remarks Operating insurance service result +4% • Higher due to slightly higher CSM and 2 287 276 25 -13 -2 risk adjustment release and non-repeat of drag from onerous contracts Operatin
Slide 22: Life: CSM development
Life: CSM development CSM development FY 2025 in CHF million, life business only, gross of reinsurance Remarks Economic variance 256 -422 • Mainly positive returns on equity like 134 277 -382 investments and real estate gains Operating variance • Many smaller effects including a tariff update, reser
Slide 23: Life: Strong growth at improved margin
Life: Strong growth at improved margin New business margin by segment In % PVNBP 8.9% +0.4% ppts 8.1% 6.9% 5.1% 4.7% FY 2025 5.1% 4.6% 4.8% FY 2024 3.4% 3.2% 2.5% 2.2% in CHF million Total ∆ Switzerland Spain Germany Belgium LIAM1 Specialty Markets PVNBP 2,828 3,386 +19.8% 1,513 1,732 421 396 287 28
Slide 24: Non-insurance business impacted by M&A costs
Non-insurance business impacted by M&A costs Underlying earnings drivers in CHF million Remarks Operating other result -5% • Positive impact due to some intracompany interest income within the same legal entity no longer being payable, particularly from non-life (CHF 22 million) to the benefit of no
Slide 25: Bridge from underlying earnings to IFRS net income
Bridge from underlying earnings to IFRS net income FY 2025 in CHF million 633 101 -158 575 -25 0 -15 87 -48 Underlying Market Restructuring Impairments Non-operating Other one- Interest Tax IFRS net earnings fluctuations1 and integration on PPE and Group charges off effects expense on income after t
Slide 26: Bridge from underlying earnings to IFRS net income Remarks
Bridge from underlying earnings to IFRS net income Remarks Market fluctuations Tax • Another good year for investment funds, benefitting mainly non-life. • Taxes on gains on real estate sales of participating business are offset in non- operating tax expense. The positive tax effect in life non-oper
Slide 27: Baloise illustrative FY 2025
Baloise illustrative FY 2025 Unaudited figures – for illustrative purposes only Selected data shown under accounting choices previously applied by Baloise 15 April 2026 Full-Year Results 2025 27
Slide 28: Baloise strong underlying FY 2025 results across the board
Baloise strong underlying FY 2025 results across the board Unaudited, for illustrative purposes only, in CHF million Volume Profitability & margins 2024 2025 ∆ yoy1 2024 2025 ∆ in % As Illustrative vs. yoy Non-life GWP 4,120 4,089 +0.3%2 Illustrative3 illustrative reported adjusted4 adjusted Life GW
Slide 29: EBIT breakdown
EBIT breakdown Unaudited, for illustrative purposes only By segment FY 2024 FY 2025 In CHF m As reported Illustrative3 Illustrative adjusted4 EBIT non-life 2612 314 382 EBIT life 282 237 272 EBIT asset management & banking 89 100 100 EBIT other -872 -143 -51 EBIT total 545 508 703 Borrowing costs -2
Slide 30: Business volume and growth
Business volume and growth Unaudited, for illustrative purposes only FY2025 gross written premiums in CHF m vs. FY 2024 in CHF (EUR) Switzerland Germany Belgium Luxembourg Group business Total Non-life 1,518 900 1,470 165 36 4,089 +2.2% +3.5% (+5.2%) -5.2% (-3.6%) +2.0% (+3.7%) -31.4% (-30.3%) -0.8%
Slide 31: Baloise illustrative FY 2025 Remarks
Baloise illustrative FY 2025 Remarks Volume • Non-life volume growth negatively impacted by exit from the transport portfolio in Belgium and the sale of Friday portfolio. Solid growth elsewhere primarily reflecting price increases. • Group life premium decline due to the ongoing fall in demand for f
Slide 32: Helvetia Baloise combined data
Helvetia Baloise combined data 15 April 2026 Full-Year Results 2025 32
Slide 33: Capitalisation
Capitalisation SST ratio1 (pro forma) Capital structure Bond maturity profile5 estimate as of 31 December 2025 in CHF million, as of 31 December 2025 in CHF million Financial leverage 900 ~260% 800 27.5% 700 3,039 600 S&P rating 1,821 500 as of 23 June 2025 400 6,195 A+ stable 300 200 6,625 100 AM B
Slide 34: Net operating cash remittance
Net operating cash remittance Net operating cash remittance1 by segment and business area in CHF million, economic view 723 723 Switzerland 412 Non-life3 Spain Life 642 Germany Non-insurance Belgium Holding cost LIAM Specialty Markets 469 87 17 Corporate & other2 69 31 Holding cost 83 36 85 -243 -24
Slide 35: Helvetia Baloise dividend distribution
Helvetia Baloise dividend distribution Total combined dividend distribution1 in CHF million 766 726 687 652 613 561 577 532 502 469 439 7.702 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Helvetia Baloise Combined 1) Dividends paid in the following year 2) 2025 dividend per share subject to
Slide 36: Appendix A Helvetia stand-alone
Appendix A Helvetia stand-alone Audited accounts of Helvetia Baloise Based on materiality considerations, the income generated by the former Baloise entities between 5 December 2025 and 31 December 2025 is omitted. Consequently, the statement of profit or loss for the year 2025 reflects exclusively
Slide 37: Non-life: business volume in FY 2025
Non-life: business volume in FY 2025 in CHF million; currency-adjusted Property Engineering Motor Liability Accident / Transport / Total Total volume growth against prior-year health art non-life incl. life Switzerland 679 794 181 213 3 1,870 4,508 5.5% 5.6% 0.1% 3.9% 5.2% 4.8% -1.7% Spain 954 15 35
Slide 38: Non-life: overview of combined ratios
Non-life: overview of combined ratios in % CH ES DE LIAM Specialty Markets GRI Group Loss ratio 67.1 64.9 59.9 65.5 70.3 92.8 65.9 Expense ratio 25.8 28.5 29.5 30.7 24.6 0.8 27.2 Combined ratio FY 2025 92.9 93.4 89.3 96.2 94.9 93.7 93.1 Combined ratio FY 2024 95.9 94.8 89.7 97.8 94.9 99.8 95.0 Chang
Slide 39: Life: business volume in FY 2025
Life: business volume in FY 2025 in CHF million; currency-adjusted growth Investment-linked Investment-linked Traditional Total Total Total Total volume against prior- year premiums deposits life1 individual life group life life incl. non-life Switzerland 373 61 469 902 1,736 2,638 4,508 -6.4% -55.2
Slide 40: Individual life: new business mix
Individual life: new business mix Individual life new business volume based on PVNBP 87% 84% Protection Protection 13% 12% Trad. savings Traditional Share of capital-light 13% savings business1 16% Investment- Investment- linked2 linked2 74% 72% FY 2024 FY 2025 1) Incl. investment-linked and protect
Slide 41: Investments: group investment performance by asset class
Investments: group investment performance by asset class Group investment performance in CHF million, excl. assets Investment Total after FX FX hedging Total before FX with market risk for PH Equities2 Bonds2 property Mortgages Other3 hedging cost cost hedging cost Current income / direct yield 56 /
Slide 42: Appendix B Pro forma combined results
Appendix B Pro forma combined results Illustrative pro forma figures – not indicative of what the financial figures would have been if the merger had occurred on 1 January 2025 15 April 2026 Full-Year Results 2025 42
Slide 43: Main assumptions used in the illustrative pro forma P&L 2025
Main assumptions used in the illustrative pro forma P&L 2025 • Absorption merger treated as an acquisition under IFRS. Baloise assets and liabilities are recognised at fair value in the balance sheet of Helvetia Baloise. A higher materiality level is applied for the • For illustrative purposes Helve
Slide 44: Baloise 2025 net income to underlying earnings (illustrative only)
Baloise 2025 net income to underlying earnings (illustrative only) FY 2025 Adjustments for merger-related effects of CHF 161 million in CHF million include preparation costs, social plan expenses and costs related to the settlement of bonus systems, whereof CHF 65 million fall inside underlying earn
Slide 45: Bridge from underlying earnings to IFRS net income (pro forma)
Bridge from underlying earnings to IFRS net income (pro forma) FY 2025 New definition in CHF million underlying earnings Helvetia Full-Year 2025 1,035 164 -253 -25 806 In CHF million 2025 Baloise 463 -247 147 0 -15 Underlying earnings old 633 definition until 31.12.2025 Helvetia 572 Incl. FX hedging
Slide 46: Business volume (pro forma)
DRAFT Business volume (pro forma) Business volume FY 20251 in CHF million 19,839 11,609 7,891 8,231 2,475 2,930 2,404 2,106 2,046 Total Switzerland Spain Germany Belgium LIAM Specialty Non-life Life Markets 1) Includes the group reinsurance and its elimination as well as the elimination between the
Slide 47: Non-life: business volume in FY 2025 (pro forma)
Non-life: business volume in FY 2025 (pro forma) Accident / Transport / Total Total volume in CHF million Property Engineering Motor Liability health art non-life incl. life Switzerland 1,141 0 1,292 354 556 45 3,388 7,891 Spain 954 15 352 94 252 41 1,707 2,106 Germany 822 27 337 182 131 132 1,630 2
Slide 48: Life: business volume in FY 2025 (pro forma)
Life: business volume in FY 2025 (pro forma) Investment- Investment- in CHF million; currency-adjusted linked linked Traditional Total Total Total Total volume growth against prior- year premiums deposits life1 individual life group life life incl. non-life Switzerland 444 109 816 1,369 3,134 4,504
Slide 49: Risk sensitivities for Helvetia Baloise (for illustrative purposes)
Risk sensitivities1 for Helvetia Baloise (for illustrative purposes) Risk-bearing capital (SST) Target capital (SST) as of 31 December 2025 (in CHF million) (in CHF million) SST ratio Equities -10% -453 -184 0.4% Interest rates -50 bp -548 277 -17.1% Credit spreads2 +50 bp -1,534 -38 -20.0% Credit s
Slide 50: Appendix C Combined balance sheet
Appendix C Combined balance sheet Audited combined balance sheet as of 31 December 2025 15 April 2026 Full-Year Results 2025 50
Slide 51: Equity / comprehensive income
Equity / comprehensive income Total equity walk Preferred securities Non-controlling interest in CHF million Shareholders’ equity ∆ OCI from investments and 13,757 insurance contracts: CHF 167 million 475 278 4,444 4,607 475 330 -158 475 9,149 -163 -64 277 309 552 -357 55 13,004 Comprehensive income
Slide 52: Purchase price allocation leading to a goodwill of CHF 3.2 billion
Purchase price allocation leading to a goodwill of CHF 3.2 billion Total equity Remarks in CHF million, as of 31 December 2025 Combined total IFRS equity of CHF 13.8 bn Capital increase resulting from Helvetia's equity and the +9,149 purchase price of CHF 9.1 bn allocated to… 13,757 3,162 1 Baloise'
Slide 53: Illustrative pattern of amortisation of merger-related intangible assets
Illustrative pattern of amortisation of merger-related intangible assets Expected amortisation of Baloise brand and customer relationships Accelerated in CHF million amortisation charge 1,300 Please refer to the media release as of 2 February 2026 • Amortisation of Baloise brand and customer relatio
Slide 54: Contractual service margin by segment
Contractual service margin by segment Total Contractual service margin Life CSM split by segment as of 31 December 2025, in CHF million as of 31 December 2025 8,631 Non-life CSM 214 5% 6% 0% Life CSM Baloise 4,190 12% Switzerland Belgium CHF 8,417 Spain LIAM million 7% Germany SpM 69% Life CSM Helve
Slide 55: Life reserves
Life reserves Life reserves as of 31 December 2025, in CHF billion Deposits 14.8 Investment- linked ARI 12.7 0.1 LIAM Belgium 2.9 Germany 7.0 5.9 Spain 2.5 Individual life 17.1 Traditional savings 68.4 CH Other 50.2 17.7 Group life 33.1 Extra-mandatory Retirement assets 7.4 15.3 7.9 Mandatory 15 Apr
Slide 56: Life: interest rate margins
Life: interest rate margins Current investment income yield and guarantees in life business1 Statutory current investment income in % of statutory reserves, group view in CHF 2.44 2.45 2.40 2.41 2.38 2.36 1.42 1.32 1.40 1.40 1.41 1.40 Yield Average guarantee Interest rate margin2 1.02 1.04 1.04 0.99
Slide 57: Investments: total asset overview
Investments: total asset overview Split of assets in CHF million FY 2025 Investment portfolio from insurance contracts 93,385 thereof non-life 19,877 thereof life 73,514 Other & elimination 892 Banking assets 8,916 Group financial assets and investment property 103,193 Investment-linked life insuran
Slide 58: Investments: group investment portfolio from insurance contracts
Investments: group investment portfolio from insurance contracts Investments by asset class Investments by category as of 31 December 2025 as of 31 December 2025 19,877 73,514 10% 2% 18% 9% 3% 4% Bonds 7% Investment property 71% CHF 93.4 billion 61% Mortgages 58% Equities Loans 17% Alternative inves
Slide 59: Group investment portfolio: split by currency
Group investment portfolio from insurance contracts: split by currency Investments by currency Level of currency hedging1 as of 31 December 2025 Hedging quota FX vs CHF as of December 2025 8% 2% CHF CHF 35% 93.4 EUR billion 57% USD Other (<1%) 98% (in CHF billion, excl. assets with market risk for t
Slide 60: Group investment portfolio: bond portfolio
Group investment portfolio from insurance contracts: bond portfolio Sector and rating class allocation as of 31 December 2025 By type of issuer By rating Total CHF 93.4 billion 3% 13% 32% 35% 41% 58% Bonds CHF CHF 54.0 billion 54.0 billion 26% 28% 22% Financial AAA BBB Corporates AA < BBB States & s
Slide 61: Group investment portfolio: financial bonds
Group investment portfolio from insurance contracts: financial bonds Risk profile and country allocation as of 31 December 2025 By rating By type By region Total CHF 93.4 billion 5% 8% Financial 22% 18% 17% bonds 5% CHF CHF 48% 7% CHF 17.1 billion 17.1 billion 17.1 billion 55% 19% 60% 7% 30% 9% AAA
Slide 62: Group investment portfolio: government bonds
Group investment portfolio from insurance contracts: government bonds Entity and country allocation as of 31 December 2025 By region By type of issuer Total CHF 93.4 billion 11% 8% 22% Switzerland (AAA) 6% Spain (A) Belgium (AA-) Italy (BBB) Government & CHF France (AA) 24% 22% CHF supranational 14.
Slide 63: Group investment portfolio: corporate bonds
Group investment portfolio from insurance contracts: corporate bonds Rating class, sector allocation and country as of 31 December 2025 By rating By industry By region Total CHF 93.4 billion 11% 8% 10% 13% 17% 8% 31% 6% CHF CHF 5% CHF 29% 15 billion 15 billion 5% 15 billion 5% 42% 11% 16% Corporate
Slide 64: Group investment portfolio: investment property
Group investment portfolio from insurance contracts: investment property Allocation by use and country as of 31 December 2025 By type By region Total CHF 93.4 billion 31% CHF CHF 15.5 billion 15.5 billion 69% 87% 17% Investment property Residential Switzerland Austria (2%) Commercial BeNeLux (5%) Sp
Slide 65: Group investment portfolio: equities
Group investment portfolio from insurance contracts: equities Equity exposure as of 31 December 2025 By country (based on fair values) Total CHF 93.4 billion 5% 5% Switzerland Netherlands (3%) 6% USA Italy (3%) CHF Germany Ireland (<1%) 50% 3.3 billion Spain Finland (<1%) France Others (1%) 27% 4% E
Slide 66: Group investment portfolio: alternatives / investment funds / derivatives
Group investment portfolio from insurance contracts: alternatives / investment funds / derivatives Allocation by asset class as of 31 December 2025 Total CHF 93.4 billion 9% 29% thereof 55% CHF real estate funds 8.8 billion thereof 79% private and infrastructure debt 63% Alternative investments /
Slide 67: Appendix D Other
Appendix D Other 15 April 2026 Full-Year Results 2025 67
Slide 68: Executive Management
Executive Management Members of the Group Executive Management Group Corporate Group CEO Internal Audit Secretary Reports to the Chairman of the Board of Directors Fabian Rupprecht Staff function CEO-Office General Counsel Group Asset Group Risk Group Finance Group Integration Group HR Group Technol
Slide 69: Contact details
Contact details Investor Relations Peter Eliot Markus Holtz Head of Investor Relations Deputy Head of Investor Relations +41 58 280 89 91 investor.relations@helvetia-baloise.com T: +41 58 280 59 19 T: +41 58 285 82 85 peter.eliot@helvetia.com markus.holtz@baloise.com Horst Becker Alexandra Engesser
Helvetia Baloise Holding — FY2025 Earnings Presentation on 6ix