Helvetia Baloise publishes Pro Forma Financial Information

The completed merger has paved the way for listing the newly issued shares in Helvetia Baloise Holding Ltd (HBAN). The HBAN shares will be traded on the SIX Swiss Exchange starting today, 8 December 2025.
 
Pro Forma Financial Information (PFFI), prepared under the “Directive Pro-Forma Financial Information” of the SIX Exchange Regulation, illustrate the accounting effects from the merger for Helvetia Baloise for 2024 and for the first half of 2025. This includes a preliminary purchase price allocation and pro forma combined information relating to the balance sheet and income statement for both periods. Under IFRS, the transaction is treated as a business combination in which Helvetia is the acquirer. This means that all Baloise’s assets and liabilities are recognised at fair value on Helvetia Baloise’s opening balance sheet. The PFFI shows the main accounting-related effects that are expected from the merger under IFRS. However, this information does not constitute a forecast, includes assumptions and inputs that may vary from those used to prepare the opening balance sheet, and were prepared by applying a higher materiality.
 
The merger-related IFRS accounting adjustments have an impact on the balance sheet and income statement, but do not change the company’s cash generation, solvency or business fundamentals.
 
The main merger-related accounting effects under IFRS include:

• Recognition of all identifiable intangible assets, as well as their subsequent amortisation, and the recognition of goodwill arising from the transaction
• Various effects on the balance sheet and income statement relating to the accounting for acquired life and non-life insurance contracts in accordance with IFRS 17
• Alignment of accounting policies used for actuarial assumptions, especially in the case of discount rates
• Effects on the financial result due to the discount rates newly applied at the acquisition date

Helvetia Baloise expects considerable intangible assets to arise from the transaction. In the pro forma combined balance sheet as at 30 June 2025, goodwill amounts to CHF 4.7 billion and the other intangible assets from the merger stand at CHF 3.4 billion. The company’s total assets amount to CHF 146.5 billion, and its equity stands at CHF 13.9 billion. In the pro forma combined income statement, there are various positive and negative impacts. The negative impacts outweigh the positive impacts, with the most significant item being the amortisation of intangible assets. To make its operating performance more transparent, Helvetia Baloise will define ‘underlying earnings’ and other relevant key figures to eliminate non-operating, purely accounting-related acquisition effects.
 
A conference call is being held today, 8 December 2025, at 9:00am (CET), at which the accounting-related effects of the merger and the Pro Forma Financial Information will be explained to analysts and investors.
 
 
 
 
Important dates

• Monday, 8 December 2025:
  • From 7:00am (CET), the listing prospectus (including the Pro Forma Financial Information) will be available at www.helvetia-baloise.com/merger and on request from the listing agent and lead manager, Zürcher Kantonalbank.
  • 9:00am (CET): Conference call for analysts and investors on the Pro Forma Financial Information
• Wednesday, 15 April 2026: Financial results for 2025 and Capital Markets Day of the Helvetia Baloise Group
• Friday, 22 May 2026: Annual General Meeting of Helvetia Baloise Holding Ltd