Bâloise Holding AG

Reported first-half 2025 net profit was CHF 276 million, up 26% year over year. The combined ratio improved by 2.6 percentage points to 90.6%, Non-life EBIT rose 85.6% to CHF 229 million, Life EBIT was stable at CHF 143 million, and Asset Management & Banking EBIT increased 18.4% to CHF 50 million. ROE rose from 13% in H1 2024 to 15.5%, and the estimated SST ratio improved to around 215%. On the top line, Non-life growth in target segments was 3.1% in local currency excluding Belgium portfolio exits, investment-type premiums rose 41.2%, and Life premiums declined 10.1%. Management said it remains on track to remit more than CHF 2 billion of cash for 2024-2027, and the planned Helvetia merger is still targeted for Q4 year-end closing; financial targets for Helvetia Baloise will be shared at the Capital Markets Day next year together with full-year 2025 results.

Michael Müller framed the first half as a proof point that Baloise’s refocusing strategy is working and said the company is fully on track. He emphasized operational execution, improved profitability, and progress toward the Helvetia merger, saying the combined company would strengthen the franchise and support further profitable growth. His tone was confident but measured, repeatedly stressing that the half-year is only an interim point and that the full-year picture still matters.

Carsten Stolz highlighted the earnings lift to CHF 276 million, the 90.6% combined ratio, and the ROE increase to 15.5% as evidence of better underlying profitability and capital productivity. He said the SST ratio improved to around 215% and that the company remains well on track to exceed CHF 2 billion of cash remittance for 2024-2027. He also pointed to Life CSM of CHF 4.9 billion, a 0.5% normalized CSM growth rate, and an improved cost/income ratio of 60.3% in banking. On the merger, he reiterated total integration costs of CHF 500 million to CHF 600 million over the next few years, with CHF 350 million in run-rate synergies expected.

Analysts focused on the lower Life new business margin, German Non-life growth drivers, the negative 'other' EBIT line, CSM operating variances, and the impact of real estate revaluations. Management said the lower Life margin was due to business mix, including more capital-light products, and that German Non-life growth of 8.5% was driven by slightly more than half price increases and the rest volume. The 'other' EBIT line was linked to refocusing and merger-related costs, though no cost amount was disclosed, and the Life operating variance reflected lower Swiss group life volumes and updated assumptions. On real estate, management said Swiss property values benefited from favorable market conditions and that the trend should continue, while Belgium’s lower segment result was described as mainly an internal reinsurance shift and largely neutral on a consolidated basis.