AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of Helvetia Baloise Holding AG's Main Operating Subsidiary

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a+" (Excellent) of Helvetia Schweizerische Versicherungsgesellschaft AG (Helvetia Insurance) (Switzerland), the main operating subsidiary of Helvetia Baloise Holding AG (Helvetia Baloise) (Switzerland). Helvetia Baloise is the result of the merger of Baloise Holding AG into Helvetia Holding AG, which was completed on 5 December 2025. The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Helvetia Baloise's consolidated balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile, and appropriate enterprise risk management. The ratings factor in Helvetia Insurance's strategic importance to Helvetia Baloise and its full integration within the group.

Helvetia Baloise's balance sheet strength is underpinned by its consolidated risk-adjusted capitalisation, which AM Best expects to remain above the minimum required for the strongest assessment level, as measured by Best's Capital Adequacy Ratio (BCAR). The assessment considers the group's strong regulatory solvency position, with a Swiss Solvency Test capital adequacy ratio estimated at above 240% at 1 January 2025, based on pro forma financial information (post merger) reported by the company, together with its excellent financial flexibility, with proven access to the debt and capital markets.

Helvetia Baloise's operating performance is expected to be strong over the economic cycle, underpinned by income streams that are well-diversified by product and geography. Non-life underwriting profitability is expected to be solid and translate in sound combined ratios, while the life segment is expected to produce good results, with Helvetia Baloise's fee-related business providing an additional and stable source of income for the group. Performance should further benefit from Helvetia Baloise's enhanced scale following the merger, with the realisation of synergies impacting the expense ratio favourably.

Helvetia Baloise's business profile benefits from good geographic and product diversification. The group has a strong market position in the Switzerland life and non-life segments, supported by a multichannel distribution strategy servicing a large customer base, and internationally, primarily across European highly competitive markets. The group is expected to generate business volumes translating into gross written premiums of approximately CHF 20 billion in 2025.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings Assessments

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com

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Stanislav Stoev, ACCA, CFA
Senior Financial Analyst
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Ghislain Le Cam, CFA, FRM
Senior Director, Analytics
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Christopher Sharkey
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Al Slavin
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