Helvetia Baloise Holding Ag · SIX:HBAN
Helvetia Baloise — H1 2025 Earnings Presentation
54 slides from Helvetia Baloise's earnings presentation, Sep 3, 2025
Slide 1: Half-year results 2025
Half-year results 2025 Helvetia Group 3 September 2025
Slide 2: Disclaimer
Disclaimer Disclaimer: Analyst presentation NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF IT NOR THE INFORMATION CONTAINED IN IT AND ANY RELATED MATERIALS MAY BE TAKEN OR TRANSMITTED INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR DISTRIBUTED OR REDISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UN
Slide 3: Overview of contents
Overview of contents Click on » to navigate to the respective section CEO key messages CFO Group financial results Appendix • Highlights » • Underlying earnings (per regional segment) » • Non-life » • Key figures » • Business volume (per regional segment) » • Life » • Strategy update » Non-life • In
Slide 4: Key messages
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Slide 5: Highlights: strong profitability; high but disciplined growth
Highlights: strong profitability; high but disciplined growth Profitability Balance sheet Growth ➢ Strong non-life growth of 4.0%3 Underlying earnings ~290% A+ 301 (in CHF million, +5.5%) S&P rating1 thanks to a significant profitability focus, partly compensated by Underlying EPS SST ratio timing e
Slide 6: Key figures HY 2025: significant margin progress
Key figures HY 2025: significant margin progress Improving profit and capital Strong attritional improvement Life new business margin efficiency driving non-life profitability remains at attractive level Underlying RoE1 ✓ On track Combined ratio New business margin (annualised) (in % of PVNBP) 94.5%
Slide 7: Recap CMD: new strategy consistently rolled-out in all segments
Recap CMD: new strategy consistently rolled-out in all segments to achieve long-term profitable growth and margin improvements Local Customer Generate profitable growth in our existing retail markets Champion by leveraging our privileged customer access. Two long-term strategic approaches Expand in
Slide 8: Local Customer Champion: generating profitable growth
Local Customer Champion: generating profitable growth in existing retail markets by leveraging our privileged customer access Key examples • Switzerland: Sophisticated hybrid consulting through advanced tool support, enabling real-time customer adaptability and omnichannel steering. Strong "Direct •
Slide 9: Global Specialist: expanding in selected lines
Global Specialist: expanding in selected lines and unleashing opportunities in our European markets Specialty Lines CH & International • Some pressure on rates so we focus on profitability over growth. • Growth initiatives Aviation & Cyber on track. Active Reinsurance Expand in selected • Overall re
Slide 10: Technical excellence: achievements to date
Technical excellence: achievements to date • Common portfolio management standards across all Market Units and Lines of Business, e.g. • Virtuous Circle and common guidelines implemented in all Market Units Portfolio • Aligned prospective portfolio steering approach (e.g. claims ratio walk) manageme
Slide 11: Efficiency: on track for targeted savings
Efficiency: on track for targeted savings Cost saving • Detailed definition of more than 360 initiatives to achieve savings of more than CHF 200 million per year by the end of 2027. initiatives defined Tool-based • Establishment of a group-wide rigid tool-based tracking process to ensure that goals
Slide 12: Planned Helvetia Baloise merger on track
Planned Helvetia Baloise merger on track Key merger benefits Creating a leading Start of Completed Estimated Capital European insurer with operational strong Swiss roots process steps closing Markets Day integration After completion 22 April – 3 September 4Q 2025 1Q 2026 of formal merger Realising s
Slide 13: Outlook: well-positioned to unleash our potential
Outlook: well-positioned to unleash our potential Strong HY25 results • We are proud of the support we offered to our customers, especially those located in Blatten. • Continuing our track record of sustainable earnings growth. All key metrics improving. • Diversification further enhanced; maintaini
Slide 14: Financial figures
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Slide 15: Strong earnings; improvement driven by non-life
Strong earnings; improvement driven by non-life HY HY Underlying earnings 2024 2025 Underlying earnings Non-life 185 193 (in CHF million) Life 138 132 301 285 Non-insurance -38 -25 HY 2025 HY 2024 Total 285 301 Underlying return on equity1 13.8% 14.0% 158 152 HY HY Bridge to IFRS net income 2024 202
Slide 16: Strong earnings; improvement driven by non-life
Strong earnings; improvement driven by non-life Remarks Group Spain underlying earnings • Underlying earnings improvement driven mainly by non-life technical • Non-life: Strong underlying technical improvement based on measures result. Lower costs in non-insurance also helpful. taken to strengthen t
Slide 17: Business volume: further non-life growth despite cycle management
Business volume: further non-life growth despite cycle management Business volume1 (in CHF million) 6,927 6,961 HY 2025 HY 2024 4,398 4,509 3,370 3,325 2,529 2,451 1,387 1,410 1,100 1,103 1,077 1,130 Total Switzerland Spain GIAM Specialty Non-life Life Markets ∆ at constant fx +1.6% -1.2% +2.8% +4.1
Slide 18: Business volume: further non-life growth despite cycle management
Business volume: further non-life growth despite cycle management Remarks Group business volume Spain • Organic growth driven by non-life and based on disciplined • Non-life delivers further growth, albeit slowdown from underwriting, focusing on profitable and capital-efficient business. extraordina
Slide 19: Non-life: technical excellence improves underlying earnings
Non-life: technical excellence improves underlying earnings Underlying earnings drivers Remarks (in CHF million) Operating insurance service result +4% • Higher revenues despite FX headwind. -14 • Strong improvement in combined ratio, helped by technical 44 -11 193 185 -11 excellence initiatives, es
Slide 20: Non-life: strong improvement in attritional claims ratio
Non-life: strong improvement in attritional claims ratio Combined ratio Segments HY 2024 HY 2025 Switzerland 96.4% 95.4% -1.1% pts Spain 95.3% 92.3% 94.5% 93.3% -1.0% pts -0.3% pts 0.2% pts GIAM 95.3% 93.7% 6.6% 6.8% Specialty Markets 94.4% 92.0% 20.5% GRI / Corporate & other 89.4% 98.4% Group 94.5%
Slide 21: Non-life: strong improvement in attritional claims ratio
Non-life: strong improvement in attritional claims ratio Remarks Group combined ratio Spain • Strong improvement in current year claims ratio, excluding discounting • Strong improvement in current-year claims ratio excluding NatCat and and NatCat impacts, benefitting from technical excellence initia
Slide 22: Non-life operating finance result: decline mostly due to methodological change
Non-life operating finance result: decline mostly due to methodological change Operating finance result drivers Operating investment result breakdown (in CHF million) (in CHF million) -19% -3% 77 147 142 -5 -9 62 thereof CHF -12 million impact from change in intracompany HY 2024 HY 2025 interest p
Slide 23: Life: stable underlying trends
Life: stable underlying trends Underlying earnings drivers Remarks (in CHF million) Operating insurance service result -4% • Higher due to slightly higher CSM and risk adjustment release and -3 non-repeat of drag from onerous contracts. 138 13 -16 132 0 Operating finance result • Broadly stable resu
Slide 24: Life: CSM development broadly as expected
Life: CSM development broadly as expected CSM development HY 2025 Remarks (in CHF million) Economic variance • Main drivers are (1) realised gains on real estate and on fixed 214 -192 interest assets; and (2) economic assumption changes due to 146 65 -191 interest rates movements at the long and sho
Slide 25: Life: good growth from new business at stable margin
Life: good growth from new business at stable margin New business margin by segment (in % PVNBP) HY 2025 HY 2024 8.7% 8.9% 0.0%-pts. 6.2% 4.9% 4.9% 4.9% 4.7% 3.9% 3.0% 3.0% in CHF milion Total ∆ Switzerland Spain GIAM Specialty Markets PVNBP 1611 1813 +12.5% 939 1033 217 209 348 425 106 147 NBV 80 8
Slide 26: Non-insurance: lower costs helping
Non-insurance: lower costs helping Underlying earnings drivers Remarks (in CHF million) Operating other result -34% • Positive impact due to some intracompany interest income within the same legal entity no longer being payable, particularly from non-life (CHF 12 million) to the benefit of non-insur
Slide 27: Bridge from underlying earnings to IFRS net income
Bridge from underlying earnings to IFRS net income HY 2025 (in CHF million) -38 320 301 47 0 0 0 -21 31 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 tax c
Slide 28: Bridge from underlying earnings to IFRS net income
Bridge from underlying earnings to IFRS net income Remarks Market fluctuations • As in HY24, investment funds again produced a positive performance, Non-life benefitting mainly the non-life result. • Positive market fluctuations are offset by restructuring costs. • FX-effects were positive after bei
Slide 29: Capitalisation remains at an excellent level
Capitalisation remains at an excellent level SST ratio Capital structure Bond maturity profile4 (estimate as of 30 June 2025) (in CHF million) (in CHF million) Financial leverage 600 ~290% 28% 29% 780 879 400 S&P rating 1,624 1,620 (confirmed on 23 June 2025) 2,596 2,7082 A+ stable 200 3,660 3,487 A
Slide 30: Appendix
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Slide 31: Non-life: business volume in HY 2025
Non-life: business volume in HY 2025 (in CHF million; currency-adjusted Property Engineering Motor Liability Accident / Transport / Art Total Total volume growth against prior-year) Health non-life incl. life 520 697 126 188 2 1,532 3,325 Switzerland 2.7% 4.8% 3.5% 5.3% 12.1% 4.1% -1.2% 496 8 183 54
Slide 32: Non-life: overview of combined ratios
Non-life: overview of combined ratios (in %) CH Spain GIAM Specialty Markets GRI Group Claims ratio 67.3 63.5 63.6 71.6 97.7 66.4 Cost ratio 28.1 28.8 30.2 20.4 0.7 27.0 Combined ratio HY 2025 95.4 92.3 93.7 92.0 98.4 93.3 Combined ratio HY 2024 96.4 95.3 95.3 94.4 89.4 94.5 Change from HY 2024 -1.0
Slide 33: Life: business volume in HY 2025
Life: business volume in HY 2025 (in CHF million; currency- Total investment- thereof thereof deposits Traditional life1 Total Total Total Total volume adjusted growth against linked premiums written individual life Group life life incl. non-life prior- year) investment-linked 205 172 33 199 404 1,3
Slide 34: Life: CSM by segment
Life: CSM by segment CSM split (in CHF million) 4,363 4,404 ARI ARI GIAM 8 GIAM 14 619 613 Spain Spain 509 504 705 631 Switzerland Switzerland 3,227 3,273 31/12/2024 30/06/2025 34
Slide 35: Life: statutory reserves
Life: statutory reserves Statutory life reserves (as of 30 June 2025; in CHF billion; excl. PHP, UPR and deposits) 1.2 Deposits Investment- 7.5 linked business ARI 0.1 GIAM 4.5 Spain 2.6 Individual life Traditional 7.0 savings 28.7 CH Other 21.4 7.2 Group life Extra-mandatory (0.25% interest guarant
Slide 36: Individual life: new business mix
Individual life: new business mix Individual life new business volume (based on PVNBP) Share of capital- 87% 83% light business1 Protection Protection 9% 12% Trad. savings 13% Trad. savings 17% 705 631 Investment- Investment- linked2 linked2 77% 71% HY 2024 HY 2025 1 Incl. investment-linked and prot
Slide 37: Life: interest rate margins
Life: interest rate margins Current investment income yield and guarantees in life business1 (IFRS current investment income2 in % of statutory reserves; Group view in CHF) 2.76 2.69 2.75 2.48 2.48 1.71 1.66 1.71 1.44 1.44 1.04 1.05 1.05 1.03 1.03 HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 Yield Averag
Slide 38: Investments: Group investment performance by asset class
Investments: Group investment performance by asset class Group investment performance (yields annualised) (in CHF million, excl. assets Investment Total after with market risk for PH) Equities2 Bonds2 Mortgages Other3 property hedging4 This table has been Current income / direct yield 44 / 3.5% 280
Slide 39: Investments: Group investment portfolio
Investments: Group investment portfolio Investments by asset class Investments by category (excl. assets with market risk for the PH) (as of 30 June 2025, excl. assets with market risk for the PH) 47,715 47,075 10,399 35,890 Fluctuations of market values 14% in life largely buffered in CSM 21% witho
Slide 40: Group investments: split by currency
Group investments: split by currency Investments by currency Level of currency hedging1 (as of 30 June 2025, excl. assets with market risk for the PH) 12% CHF CHF EUR 97% 47.1 billion 54% 96% 96% USD 94% 95% 95% 34% Other (<1%) Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 (in CHF billion, excl. assets
Slide 41: Group investments: bond portfolio
Group investments: bond portfolio Sector and rating class allocation (as of 30 June 2025, excl. assets with market risk for the PH) Total CHF 47.1 billion by type of issuer by rating 3% 62% Bonds 18% 32% 38% 36% CHF CHF AAA 29.2 billion 29.2 billion AA 19% A Financial BBB Corporates < BBB 29% States
Slide 42: Group investments: financial bonds
Group investments: financial bonds Risk profile and country allocation (as of 30 June 2025, excl. assets with market risk for the PH) Total CHF 47.1 billion by rating by type by region 20% Financial bonds 1% 6% 17% 1% 22% 6% CHF CHF 47% CHF 9.4 billion 9.4 billion 6% 9.4 billion 55% 22% 60% 7% 31% 9
Slide 43: Group investments: government bonds
Group investments: government bonds Entity and country allocation (as of 30 June 2025, excl. assets with market risk for the PH) Total CHF 47.1 billion by type of issuer by region Switzerland (AAA) Government & 24% supranational 6% Spain (A) 9% Italy (BBB) bonds 26% 7% Belgium (AA) 6% US (AA) CHF Fr
Slide 44: Group investments: corporate bonds
Group investments: corporate bonds Rating class, country and sector allocation (as of 30 June 2025, excl. assets with market risk for the PH) Total CHF 47.1 billion by rating by industry by region 8% 9% 9% 20% 9% 38% 42% 9% CHF CHF 5% CHF 33% 8.5 billion 8.5 billion 8.5 billion 7% 10% 3% 4% Corporat
Slide 45: Group investments: investment property
Group investments: investment property Allocation by use and country (as of 30 June 2025, excl. assets with market risk for the PH) Total CHF 47.1 billion by type by region 29% CHF CHF Switzerland 7.7 billion 7.7 billion Austria (3%) Spain (3%) 16% 71% Residential Germany (3%) Italy (<1%) Commercial
Slide 46: Group investments: equities
Group investments: equities Equity exposure1 (as of 30 June 2025, excl. assets with market risk for the PH) Total CHF 47.1 billion Equity exposure 2,3 by type (based on fair values) 5.4% 5.6% 5.0% 5.0% 5.1% 3.6% 6% 34% 8% CHF 4.8% 4.9% 5.2% 4.7% 4.4% 5% 2.6 billion 36% Jun 2024 Sep 2024 Dec 2024 Mar
Slide 47: Group investments: alternatives / investment funds / derivatives
Group investments: alternatives / investment funds / derivatives Allocation by asset class (as of 30 June 2025, excl. assets with market risk for the PH) Total CHF 47.1 billion 3.6% 19% 41% thereof 50% real estate funds CHF 3.1 billion 40% thereof >90% private and infrastructure debt Investment fun
Slide 48: Equity / comprehensive income
Equity / comprehensive income Total equity walk (in CHF million) ∆ OCI from investments and insurance contracts: CHF 56 million 4,444 4'273 475 -143 475 309 307 -166 221 -34 -357 311 -2 Comprehensive income: CHF 186 million 3,660 3,487 Preferred securities Non-controlling interest Shareholders’ equi
Slide 49: Duration gap
Duration gap Remarks 31/12/20241 30/06/2025 Asset duration 6.5 6.4 Asset duration • Including bonds and other interest rate instruments and loans. Non-life 3.8 3.6 • Excluding real estate as additionally matching asset class which Life 7.2 7.1 covers the volume gap of interest rate instruments and l
Slide 50: Risk sensitivities
Risk sensitivities Risk-bearing capital (SST) Target capital (SST) (as of 31 December 2024) (in CHF million) (in CHF million) SST ratio Equities -10% -217 -108 +3% pts Interest rates -50 bp -204 +173 -21% pts Credit spreads1 +50 bp -719 -8 -22% pts Credit spreads (only corporates) +50 bp -388 -5 -12
Slide 51: Executive Management as of September 2025
Executive Management as of September 2025 Group Corporate Office Group CEO Internal Audit Fabian Rupprecht CEO Office M&A & Corporate Affairs Group functions Transformation Office Group Asset Group Risk Group Finance Group HR Group Technology Management Management André Keller Annelis Lüscher Hämmer
Slide 52: Group structure as of September 2025
Group structure as of September 20251 Helvetia Head Office Switzerland, St.Gallen ▪ Legal subsidiaries ▪ Helvetia Holding AG Helvetia Insurance St.Gallen, 100% St.Gallen, 100% Helvetia Reinsurance Branches St.Gallen Smile Insurance Helvetic Warranty GmbH Helvetia Life Dübendorf Dietlikon, 100% Helve
Slide 53: Abbreviations and glossary
Abbreviations and glossary ARI Active reinsurance nm Not material bp Basis point(s) NatCat Natural catastrophe CH Segment Switzerland NB nota bene CHF Swiss franc NIB Non-insurance business CoR Combined ratio NEDC Net economic dividend capacity CSM Contractual service margin NL Non-life Excl. Exclud
Slide 54: Contact details
Contact details Investor Relations Peter Eliot Horst Becker Alessandra Albisetti Szalay Head of Investor Relations Investor Relations Manager Investor Relations Coordinator Helvetia Group Helvetia Group Helvetia Group Dufourstrasse 40 Dufourstrasse 40 Dufourstrasse 40 9001 St.Gallen (Switzerland) 90
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