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

Overview of the most important data from the 2024 half-year figures:

Underlying profit at previous year’s level

• Helvetia generated underlying profit of CHF285.2 million in the first half of 2024 (H1 2023: CHF289.7 million). All business areas and segments delivered solid results. Compared to the prior-year period, a higher net claims burden due to natural catastrophes – particularly in Switzerland – impacted the result.
• The performance in Switzerland was offset by an increase in profitability in the Speciality Markets segment, fee business and in the non-life business of the country markets Spain, Germany and Italy. In the life business, the contracts service margin (CSM) increased and thus the expected future profits.
• The Group’s IFRS net profit amounted to CHF 258.6 million, at the same level as the same period last year (first half of 2023: CHF 257.8 million).

High resilience unchanged by diversified business base

• Helvetia benefited from its diversified business base in what was in some ways a challenging market environment. Rating agency S&P Global Ratings (S&P) recently affirmed 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.

Major growth in non-life insurance

• Helvetia successfully continued its selective growth path with a focus on profitable and capital-efficient business activities and increased its revenue by 4.7% to CHF 6,927.2 million on a currency-adjusted basis.
• The non-life insurance activities were the main growth driver.
• The fee business continued to show strong development in the first half of 2024. Fee and commission income increased to CHF210.7 million (H1 2023: CHF194.4 million). This growth is mainly attributable to the expansion of Caser’s non-insurance business around healthcare and elderly care services in Spain. The fee business contributed more than 5% to IFRS net profit.
• Helvetia is currently conducting a review of 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 taken to strengthen underlying technical profitability. They initially showed positive effects and expanded the robust basis on which the ambition to distribute sustainable dividend growth can be implemented,” says Fabian Rupprecht, Group CEO of Helvetia, regarding the interim financial statements for 2024.