Solid results and disciplined growth – measures to improve technical profitability show first effects Page 1

The most important key figures of the 2024 half-year financial statements at a glance:

Adjusted result at previous year’s level

• Helvetia generated an operating profit of CHF 285.2 million in the first half of 2024 (first half of 2023: CHF 289.7 million). All business areas and segments achieved solid results. Compared to the same period last year, a higher net loss burden from natural catastrophes – particularly in Switzerland – weighed on the result.
• The development in Switzerland was offset by an increase in profitability in the Speciality Markets segment, in the fee business and in the non-life business in the country markets of Spain, Germany and Italy. In the life business, the contractually agreed service margin (CSM) increased and thus the expected future profits.
• IFRS consolidated profit amounted to CHF 258.6 million, on a par with the same period last year (first half of 2023: CHF 257.8 million).

Continued high resilience through diversified business base

• Helvetia benefited from its diversified business base in a partially challenging market environment. The rating agency S&P Global Ratings (S&P) recently confirmed its “A+” rating for Helvetia.
• Helvetia’s resilience is also reflected in its capitalization, which remains excellent. The SST ratio was estimated at around 300% at the end of June 2024.

Strong growth in non-life business

• Helvetia successfully continued its selective growth course with a focus on profitable and capital-efficient business areas and increased its business volume by 4.7% to CHF 6,927.2 million, adjusted for currency effects.
• The main growth driver was the non-life business.
• The fee business again recorded strong development in the first half of 2024. Fee and commission income rose to CHF 210.7 million (first half of 2023: CHF 194.4 million). This growth is mainly due to the expansion of Caser’s non-insurance business around health and elderly care services in Spain. The fee business contributed more than 5% to IFRS net profit.
• Helvetia is currently reviewing its group strategy. The results will be presented at the Capital Markets Day in December.

“Helvetia achieved a solid result in the first half of 2024 at the very good level of the previous year. This was made possible by the commitment of our employees and by measures to strengthen the underlying technical profitability. They showed initial positive effects and expanded the robust basis for the implementation of the ambition to pay out sustainable dividend growth,” says Fabian Rupprecht, Group CEO of Helvetia, on the 2024 half-year results.