Bâloise Holding AG

Baloise reported net profit of CHF 276 million, up 26% year over year. The non-life combined ratio improved by 2.6 percentage points to 90.6%; non-life EBIT reached CHF 229 million, up 85.6%; Life EBIT was CHF 143 million, stable versus last year; and Asset Management & Banking EBIT rose 18.4% to CHF 50 million. Return on equity rose from 13% in H1 2024 to 15.5%, and the estimated SST ratio improved to around 215%. Forward-looking, management reiterated that it remains on track to remit more than CHF 2 billion of cash for the period 2024 to 2027, and said the Helvetia merger is expected to close in Q4 by year-end, with combined-group financial targets to be disclosed at the Capital Markets Day next year alongside full-year 2025 results.

CEO Michael Müller framed the half year as evidence that Baloise’s refocusing strategy is working and said the company is making sustainable progress one year into the plan. He emphasized stronger technical profitability, operational efficiency, and disciplined portfolio steering, while noting that the merger with Helvetia is proceeding as planned. His tone was confident and measured, with repeated comments that the company is “fully on track” but still has work ahead on portfolio optimization and integration.

CFO Carsten Stolz highlighted improved profitability across the group, including net profit of CHF 276 million, a 90.6% combined ratio in non-life, and Life EBIT of CHF 143 million. He pointed to growth in target segments, including 3.1% local-currency non-life growth adjusted for Belgium portfolio exits, 41.2% growth in investment-type premiums, and a 60.3% cost/income ratio in banking. He also said the group remains on track to remit more than CHF 2 billion of cash from 2024 to 2027, noted the SST ratio at around 215%, and reminded investors that merger-related integration costs will run over the next few years, with CHF 500 million to CHF 600 million previously indicated.

Analysts focused on the lower Life new business margin, German non-life growth, the “other” EBIT line, Belgian profitability, and the sustainability of property revaluation gains. Management said the lower Life margin was mainly due to business mix, especially more capital-light products, while German non-life growth was driven slightly more by price than volume. On the cost line, management said merger and refocusing-related costs were flowing through there, but did not disclose the amount; on property, CIO Matthias Henny said the Swiss real estate uplift was above 2% and should be supported by favorable market fundamentals.