Helvetia Baloise (AO) | Buy | Solid progress on the merger

Research evidence excerpt

Helvetia Baloise (AO) | Buy | Solid progress on the merger

News comment

Release date: 02 July 2026

Batikan Kaya

Equity Research Analyst

+44 207 621 5148

bkaya@keplercheuvreux.com

Fahad Changazi

Buy +44 207 621 5151Helvetia Baloise

fchangazi@keplercheuvreux.com

Switzerland | Insurance Beta Profile: MCap: CHF20.5bn Country Top Picks

Target Price: CHF267.00 Bloomberg: HBAN SW Reuters: HBANC.S

Current Price: CHF206.60 Free float 77%

Up/downside: 29.2% Avg. daily volume (CHFm) 45.6

YTD abs performance -1.2% Market data: 01 July 2026

52-week high/low (CHF) 222.40/186.50

Solid progress on the merger

Key points:

This morning, Helvetia published a press release providing an update on the merger. We believe timely execution is central to the

group’s equity story, and the group is clearly moving at pace. We find the release reassuring on the progress of the integration.

The legal merger in Switzerland has now been completed, seven months after closing, and the integration is moving towards

system migration. The group also confirms its target to deliver 50% of the CHF650m synergy and efficiency programme run-rate

by the end of 2026.

Product portfolios have been integrated and are now jointly sold in both markets, while rebranding has been completed. In

Switzerland, the combined group now offers insurance, pensions, wealth management, banking and real estate services under

the Helvetia brand.

Management highlights that the next integration phase will focus on IT and systems migration, which remains the key operational

workstream. Positively, the group had already defined the IT target landscape by the April 2026 CMD, suggesting that it is well

prepared to move into this next stage. In Germany, the focus remains on product simplification and reducing complexity.

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