Helvetia Baloise Holding Ag · SIX:HBAN
Helvetia Baloise — Investor Day (April 2026)
74 slides from Helvetia Baloise's investor day presentation, Apr 15, 2026
Slide 1: Capital Markets Day 2026
Capital Markets Day 2026 Helvetia Baloise Group London, 15 April 2026
Slide 2: Disclaimer Cautionary note
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: Agenda
Agenda Start (UK time) Topic Speaker 13:30 - 13:35 Opening remarks Fabian Rupprecht, Group CEO 13:35 - 13:55 1. Group strategy Fabian Rupprecht, Group CEO Maximising the value from combining two strong heritages 13:55 - 14:15 2. Financials Matthias Henny, Group CFO Disciplined value creation through
Slide 4: Group strategy
01 Group strategy Maximising the value from combining two strong heritages Fabian Rupprecht, Group CEO Capital Markets Day 2026 4
Slide 5: 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 6: 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 7: Strong start: ahead of plan and fully operational
Slide 2 Strong start: ahead of plan and fully operational On track to deliver all prior key targets New group fully operational Prior targets1 Result 2025 Underlying earnings 9-11% 19.8% YoY per share CAGR Decisive actions with fast Underlying return 13-16% 14.6% execution on equity Dividend distrib
Slide 8: We will leverage our strong foundation and disciplined financial management
Slide 3 We will leverage our strong foundation and disciplined financial management to create sustainable, long-term shareholder value Strong base for value creation Disciplined performance steering Shareholder focused Favourable position in attractive Group-wide steering of Active portfolio steerin
Slide 9: 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 10: Ambitious new 2026-2028 financial targets
Slide 4.5 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 combin
Slide 11: Fully on track to deliver the merger and realise synergies
Slide 5 Fully on track to deliver the merger and realise A synergies & efficiency gains Synergies from merger and cost efficiencies to enhance earnings Proven in Spain Disciplined integration approach Results already visible Integration in Spain is ahead of plan 21% of CHF 650 million benefits Fast
Slide 12: AI is a key lever for efficiency and performance
AI is a key lever for efficiency and performance – B enabled by an early scalable foundation Early adopter with proven AI operating model driving AI focus on business areas Value-driven & scaled scaling track record scaling and compliance with maximum impact AI approach • Early deployment of AI Hub
Slide 13: Further strengthening technical excellence
Slide 7 Further strengthening technical excellence and C leveraging increased size of the group Major levers Delivered in 2025 Next steps to 2028 Portfolio Consistent portfolio management Reduced # of Granular sub-portfolio steering and action planning based on management methodology implemented unp
Slide 14: Disciplined cycle management in Specialty Markets
Slide 8 Disciplined cycle management in Specialty Markets driving C sustainable profitability Proven focus on profitability Active portfolio management across Bespoke technical capabilities to throughout the cycle business lines support cycle management • Sustained profitable growth (~13% CAGR • Act
Slide 15: Beyond the integration phase, 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 16: Group strategy Key take-aways
Group strategy Key take-aways 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
Slide 17: Financials
02 Financials Disciplined value creation through earnings, capital efficiency and cash Matthias Henny, Group CFO Capital Markets Day 2026 17
Slide 18: Financials Key messages
Financials Key messages Strong 2025 financial results provide an excellent launchpad Ambitious new 2026-2028 targets on earnings growth, capital efficiency, and cash Clear levers to achieve these, predominantly based on synergy and efficiency realisation Disciplined capital allocation supports an at
Slide 19: Strong FY25 performance confirms quality of the combined group
Slide 1 -> IR&F 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 (estim
Slide 20: 2026-2028 targets to deliver shareholder value
-> See separate document Slide 2 and discussion in GEC/SGC 2026-2028 targets to deliver shareholder value via earnings growth, capital efficiency and distribution policy Maximise earnings potential Capital efficiency Attractive payouts Underlying EPS1 Underlying RoaE2 Dividend distribution 10-12% CA
Slide 21: Maximise earnings potential: underlying earnings per share
Slide 3 -> Combined Budget Maximise earnings potential: High quality businesses and efficiency progress drive underlying earnings Underlying earnings per share1 in CHF Target CAGR +10-12% ~5% ~4% 10.40 ~2% Deliver the Scale AI- merger supported and realise efficiency synergies + Advance technical ex
Slide 22: Execution on track with 21% of synergies delivered
3 Slide 4 dummy values! -> PMI Maximise earnings potential: Execution on track with 21% of synergies and efficiencies delivered, ~90% expected by 2028 Expected synergies and efficiencies in CHF million, run rate as of year-end (gross1) • Merger synergies and 100% efficiency programmes of Helvetia an
Slide 23: Non-life – Primary driver of earnings
Slide 5 -> Strategy / Combined Budget Maximise earnings potential: Non-life – Primary driver of earnings Combined ratio Priorities Financial ambition 2025 2026-28 2028 Current year loss ratio excl. NatCat 93.1% 92.2% 92.8% and discounting effect • Technical excellence: 62.5% advanced pricing and 65.
Slide 24: Life – Increasing capital-efficiency and reliable earnings
Slide 5 -> Strategy / Combined Budget Maximise earnings potential: Life – Increasing capital-efficiency and reliable earnings Business mix Priorities Financial ambition 20251 2026-28 2028 7% New business value (excl. Swiss group life and Active Reinsurance, in CHF million) 15% • Steer to increase ne
Slide 25: Capital efficiency: Return driven by underlying improvements and synergies
Capital efficiency: Return driven by underlying improvements and synergies Underlying return on adjusted equity (URoaE) Underlying earnings2 URoaE = Adjusted average3 ~ +2.5 ppts ~ -2 ppts shareholders’ equity ~ +1.5 ppts In CHF million 2025 ~ +1 ppt Equity 13,757 Preferred securities -475 Unrealise
Slide 26: Capital efficiency: Continued disciplined portfolio steering
-> IR&F / Financial Slide 8 Steering & Controlling Capital efficiency: Continued disciplined portfolio steering Capital efficiency1 Capital synergies • Group solvency models (SST) will be Some equity is The largest part of equity is allocated to areas allocated to areas combined during 2026. Local s
Slide 27: Strong balance sheet and excellent solvency position
-> AM, Slide 9 IR&F Capital efficiency: Strong balance sheet and excellent solvency position Well diversified asset allocation Balanced capital structure Asset management with AuM 2% • Reliable recurring 17% of about CHF 120 billion 3% income 4% 9% • for insurance investment 7% • Optimised risk- 10%
Slide 28: Growing net cash remittance benefiting from synergies
-> Financial Steering & Slide 11 Controlling Attractive payouts: Growing net cash remittance benefiting from synergies and efficiencies Cash impact of cost synergies, efficiencies, and integration costs After tax and policyholder participation, in CHF million, illustrative • Additional cash generati
Slide 29: Committed to strong dividend track record
-> See separate document Slide 12 and discussion in GEC Attractive payouts: We are committed to continuing our strong dividend track record Payout policy Continued commitment to pay Total dividend payout1 3 > +50% in CHF million (illustrative, not to scale) 1 dividends at least equal to prior +20% y
Slide 30: Financials Key take-aways
Financials Key take-aways Strong 2025 financial results provide an excellent launchpad Ambitious new 2026-2028 targets on earnings growth, capital efficiency, and cash Clear levers to achieve these, predominantly based on synergy and efficiency realisation Disciplined capital allocation supports an
Slide 31: Post merger integration
03 Post merger integration Realising savings and reducing complexity Michael Müller, Deputy CEO & Head of Integration Capital Markets Day 2026 31
Slide 32: Post merger integration Key messages
Post merger integration Key messages Synergies and efficiency gains are ambitious, clearly identified and quantified Clear integration decisions, prioritising cost discipline and reduced complexity Key milestones already achieved, clear accountability and disciplined risk management Strong progress
Slide 33: Synergy and efficiency programme with savings of CHF 650 million
Page 1 cf. CFO sl. 4 We commit to a synergy and efficiency programme with combined savings of CHF 650 million Cost synergies and efficiency gains Targeted savings by unit in CHF million, before tax and policyholder participation in CHF million, before tax and PHP 650 Baloise 90% 100 -123 Corporate2
Slide 34: Helvetia Baloise confirms ambitious run rate saving targets
Page 2 Helvetia Baloise confirms its ambitious run rate saving targets Addressable cost base1 – combined synergy and efficiency programmes in CHF million, statutory basis as of year-end 2024 1,519 3,166 1,647 Addressable cost base Non-integration Addressable cost base efficiency programmes countries
Slide 35: Integration costs are under control
Page 3 Integration costs are under control and will mostly be incurred by 2027 Integration cost expense over time before tax and policyholder participation Remarks • We expect integration costs to be in the lower 35-40% half of the previously- announced range of CHF 500 to 600 million 25% • The bul
Slide 36: Integration roadmap in place and first milestones achieved
Integration roadmap in place and first milestones achieved Key decisions taken… … and further milestones ahead People & New purpose & Nomination of Harmonised working Fully integrated organisation values in place 5 levels contracts in Switzer- organisation on Day 1 (700 leadership roles) land as of
Slide 37: IT integration: Key decisions taken to reduce complexity
Page 6 IT integration: Key decisions are taken decisively to reduce complexity IT ambitions Group functions Switzerland Germany Reduction of priority applications in Finance: Target: Target: integrating markets and group functions Reuse Baloise ERP Helvetia systems Baloise systems with with selected
Slide 38: Being aware of the risks and implementing mitigation measures
Being aware of the risks and implementing mitigation measures in advance Risk assessment Mitigation measures Identified and assessed key risks in Mitigation measures implemented advance early “Post merger integration team” in all Synergy and value-creation risks relevant units as expert group to ste
Slide 39: Post merger integration Key take-aways
Post merger integration Key take-aways Synergies and efficiency gains are ambitious, clearly identified and quantified Clear integration decisions, prioritising cost discipline and reduced complexity Key milestones already achieved, clear accountability and disciplined risk management Strong progres
Slide 40: People and culture
04 People and culture Execution speed and certainty Esther Roman, Group CHRO Capital Markets Day 2026 40
Slide 41: People and culture Key messages
People and culture Key messages A resilient organisation and engaged workforce are critical value drivers in a merger Organisational stability established at speed Fast, transparent communication enabled execution and reduced integration risk A culture of performance and accountability fuels executi
Slide 42: A stable organisation and engaged employees
A stable organisation and engaged employees to deliver the merger value Robust organisational Communication and Engaged structure change strategy employees • Quickly designed a solid target • Fast & frequent • Strong cultural alignment: ⅔ of the organisation • Transparent & candid culture attributes
Slide 43: Performance & trust culture
Performance & trust culture: a driver for long-term, scalable value creation Aligned reward system Performance management Directional & role clarity • LTI: based on relative stock • Structured goal setting cascade performance versus peers and URoaE • Disciplined, frequent dialogues, • STI: based on
Slide 44: People and culture Key take-aways
People and culture Key take-aways A resilient organisation and engaged workforce are critical value drivers in a merger Organisational stability established at speed Fast, transparent communication enabled execution and reduced integration risk A culture of performance and accountability fuels execu
Slide 45: Switzerland
05 Switzerland #1 multi-line insurer in Switzerland Martin Jara, CEO Switzerland Capital Markets Day 2026 45
Slide 46: Switzerland Key messages
Switzerland Key messages Leading position in one of Europe’s most profitable markets Integrated life-long value proposition leveraging combined strengths Synergies and efficiencies on track, supported by AI and technical excellence Neutral-to-positive reactions of customers, sales & employees in ear
Slide 47: Seek profit from strong market position
Seek profit from strong market position (#1 multi-line insurer) by leveraging size and competence while staying close to our customers • Strong customer access: 40% Largest contributor Serving >2 m customers to business volume and >200 k SMEs with >150 regional agency locations, strong #1 multi-line
Slide 48: Comprehensive life-long financial advisory for retail customers
The combined assets enable a comprehensive life-long financial advisory and fosters trusted relationships with retail customers Pension planning & financial security Individual Long-term solutions life insurance Real estate brokerage, +6% mortgage & New business1 (yoy) ownership advisory CHF 2 bn (+
Slide 49: Integration milestones fully on track
Integration milestones fully on track – joint sales start in summer 2026 as next major step 1/7/2026 Joint sales start CH incl. joint market presence with Seamless start Integration Targets new brand • New brand unveiled Geographical 83% People & integration of facilities • New working contracts Eng
Slide 50: Realisation of cost reduction & synergies well underway
Realisation of cost reduction & synergies well underway Cost synergies and efficiencies 100% corresponds in CHF million, run rate (gross1) ~90% Proportion of to CHF 250 m synergies ~80% 33% ~40% 67% 12% 2025 2026 2027 2028 FTE Non-FTE Net impact2 14 ~45 ~85 ~115 • FTE cost reductions / • Shoring d
Slide 51: Fostering efficiency by scaling proven AI capabilities
Fostering efficiency by scaling proven AI capabilities of both companies Group-wide AI capabilities enable impactful use cases in all business areas in Switzerland, for example: Sales, marketing & Underwriting Claims & IT customer fronted customer service AI concierge AI for UWR Voice-/chatbot Clar
Slide 52: Solid foundation in technical excellence
Slide 7 Solid foundation in technical excellence enables further progress in the future Major levers Delivered in 2025 Next steps to 2028 Portfolio Disciplined, profitability-driven portfolio Profitability-driven portfolio steering to secure enhanced management steering & reinsurance management ~ 3%
Slide 53: Switzerland will fully deliver on the group targets
Switzerland will fully deliver on the group targets by accelerating synergy realisation, technical excellence and earnings growth Synergies & efficiencies Combined ratio Underlying earnings In CHF million In CHF million 250 ~90% >700 ~90% will be realised by by 2028 by 2028 the end of 2028 Capital M
Slide 54: Switzerland Key take-aways
Switzerland Key take-aways Leading position in one of Europe’s most profitable markets Integrated life-long value proposition leveraging combined strengths Synergies and efficiencies on track, supported by AI and technical excellence Neutral-to-positive reactions of customers, sales & employees in e
Slide 55: Germany
06 Germany Creating value through strategic focus and synergy realisation Jürg Schiltknecht, CEO Germany Capital Markets Day 2026 55
Slide 56: Germany Key messages
Germany Key messages Strong strategic position: top 10 broker insurer Significant performance improvement in recent years thanks to technical excellence Synergy and efficiency realisation fully on track Helvetia Germany – a key value contributor to the group Capital Markets Day 2026 56
Slide 57: Strong foundation with significant merger related potential
Strong foundation with significant merger related potential Both companies have… • a similar size Meaningful market position contribution of more than CHF 1 bn GWP CHF 2.5 bn GWP • attractive combined ratios 12% three-year average combined ratios ~93% Broad customer base • a clearly defined focus st
Slide 58: Merger is a lever for a top broker position
Merger is a lever for a top 10 broker position in target segments… Helvetia Germany Baloise Helvetia GWP FY 2025 Position broker Target segment Portfolio ratio (CHF m) channel Property 451 Retail Accident 131 #3 Liability 59 Non-life Property 291 Liability 110 Commer- cial #9 Marine 133 Engineering
Slide 59: Maintaining high profitability via technical excellence
Slide 7 …and for maintaining high profitability via technical excellence Major levers Delivered in 2025 Next steps to 2028 Portfolio Disciplined, profitability-driven #28 “virtuous circle” Portfolio steering and action planning based on capital management portfolio steering meetings returns Underwri
Slide 60: Integration process on track and advancing at full speed
Integration process on track and advancing at full speed... Integration targets • Target operating model Ongoing cultural integration People & • Employee voluntary program organisation • Relocation • Harmonised sales start Products & • New brand unveiled services Non-life portfolio transfer Legal en
Slide 61: Significant cost synergies and efficiencies
Slide 3 dummy values! -> PMI ...leading to significant cost synergies and efficiencies Cost synergies and efficiencies 100% corresponds ~90% Proportion of synergies in CHF million, run rate (gross1) to CHF 70 m ~70% ~40% 45% 55% 16% 2025 2026 2027 2028 FTE Non-FTE Net impact2 6 ~15 ~25 ~35 • FTE cos
Slide 62: Merger as driver for attractive key financials
Merger as driver for attractive key financials Synergies & efficiencies Combined ratio Underlying earnings In CHF million In CHF million 70 ~90% ~180 ~90% will be realised by by 2028 by 2028 the end of 2028 Capital Markets Day 2026 62
Slide 63: Germany Key take-aways
Germany Key take-aways Strong strategic position: top 10 broker insurer Significant performance improvement in recent years thanks to technical excellence Synergy and efficiency realisation fully on track Helvetia Germany – a key value contributor to the group Capital Markets Day 2026 63
Slide 64: Appendix
Appendix A.1 Market unit overview A.2 Sustainability Capital Markets Day 2026 64
Slide 65: A.1 Market unit overview
<}helvetia A.1 Market unit overview
Slide 66: A leading European insurance group has become reality
Slide 1 A leading European insurance group has become reality Overview Business volume Full-Year 2025: CHF 20 billion By segment 12% Switzerland #1 multi-line insurer Germany 15% 40% Belgium #2 Spain in bancassurance 11% LIAM1 10% 12% #3 Specialty Markets overall 1) Luxembourg, Italian and Austrian
Slide 67: Switzerland: key figures
Switzerland: key figures 40% Balanced portfolio Strong distribution Business volume1 2025 Business volume1 2025 Non-Life 3% Tied agents Life 19% Brokers Partner/direct 43% CHF CHF Online/outbound 47% 7.9 billion 7.9 billion 57% 31% • Market positions: #2 in life, #3 in non-life • Serving over 2 mill
Slide 68: Germany: key figures
Germany: key figures 12% Balanced portfolio Strong distribution Business volume1 2025 Business volume1 2025 Non-Life Agents Life 20% Brokers 34% CHF CHF 2.5 billion 2.5 billion 66% 80% • Germany is one of the largest insurance markets in • The “broker partner of choice” with many top 10 the EU (larg
Slide 69: Spain: key figures
Spain: key figures 11% Balanced portfolio Strong distribution Business volume1 2025 Business volume1 2025 Non-Life 4% Banks 19% 15% Life Agents 37% Large accounts CHF and brokers CHF 2.1 billion 2.1 billion Mid-Small 17% size brokers Direct 81% 27% • Market positions (20242): #8 in non-life, #2 in •
Slide 70: Belgium: key figures
Belgium: key figures 10% Balanced portfolio Strong distribution Business volume1 2025 Business volume 20251 Non-Life 2% Brokers 4% Life 3% OEM3 28% MAG4 CHF CHF Banks 2.1 billion 2.1 billion 72% 91% • Market positions: #10 in life, #5 in non-life • A top 3 player in the broker non-life market • Top
Slide 71: LIAM: key figures
LIAM: key figures 15% Balanced portfolio Strong distribution Business volume1 2025 Business volume1 2025 Non-Life 3% Agents 8% Life Brokers Partners 40% CHF CHF Other 2.9 billion 34% 2.9 billion 55% 60% • Austria: #7 in non-life, #7 in life, #8 overall. Well • Austria: 3 well established and profita
Slide 72: A.2 Sustainability
A.2 Sustainability Capital Markets Day 2026 72
Slide 73: Embedding sustainability in the Group strategy
Helvetia Baloise stands by its commitment by embedding sustainability in the Group strategy, reducing risk and protecting capital Transition plan to achieve net-zero emissions in insurance 0% -20% investments by 2050: Investment share GHG emissions • Interim targets for liquid assets, aiming for a 2
Slide 74: 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