Helvetia Baloise generated underlying earnings of 631.6 million francs in the first half of 2026. The annualized return on adjusted equity stood at 18.7 percent, above the target range of 16 to 18 percent for the 2026–2028 period. In its non-life business, the group recorded a combined ratio of 92.0 percent, according to figures published on Thursday.

Profit under IFRS was significantly lower, at 84.6 million Swiss francs. The result was weighed down primarily by a previously announced accelerated amortization of 671.7 million francs on intangible assets arising from the merger. According to the insurer, this has no impact on its ability to pay dividends.

Higher synergy forecast

Helvetia Baloise says it is ahead of its own integration schedule. By the end of June, almost 50 percent of the long-term synergy and efficiency target of 650 million francs had already been secured on an annual run-rate basis, according to the company. By the end of 2026, the group now expects to have secured around 60 percent, compared with its previous forecast of around 50 percent. The long-term target remains unchanged.

Integration costs incurred to date amount to just over 200 million Swiss francs. The group continues to expect total costs of between 500 million and 600 million francs.

Equity stood at 13.0 billion francs at the end of June. The estimated SST ratio on a combined basis was around 270 percent. This is an internal, indicative pro forma estimate rather than a regulatory SST figure.

New leadership for technology and transformation

Helvetia Baloise is also changing its management structure as it enters the next phase of integration. Sandra Hürlimann, currently CTO Switzerland, will assume the newly created role of Chief Technology & Transformation Officer as of October 1, 2026, and join the Group Executive Management. She will be responsible across the group for integration, system migration, technology, transformation and artificial intelligence.

Michael Müller, Group Deputy CEO and Chief Integration Officer, and Alexander Bockelmann, Group CTO, will leave the Group Executive Management at the end of September.

Operationally, the group now intends to focus primarily on integrating its systems and realizing further synergies. In Switzerland, the legal integration of the insurance business has been completed, while new business is being marketed under the Helvetia brand.

At the same time, a significant burden is emerging for the second half of the year: losses from the severe hailstorm in Switzerland in August are expected to cost Helvetia Baloise between 120 million and 140 million francs after reinsurance and before taxes. These losses are not yet reflected in the first-half results.