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Helvetia Holding AG
(HBAN)
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Rating:70Outperform
Price Target:
CHF242.00
▲(13.40% Upside)
Action:Upgraded
Date:09/23/26
The score is driven primarily by improving financial momentum (2025 earnings/FCF rebound) and a supportive technical setup (price above key moving averages with positive MACD). The latest earnings call adds strength via reaffirmed growth/dividend ambitions and ahead-of-plan synergy delivery, while valuation is a meaningful constraint due to the higher P/E despite a solid dividend yield.
Positive Factors
Disciplined underwriting
Strong technical margins indicate disciplined pricing and risk selection across the insurance portfolio. A 92% non-life combined ratio leaves meaningful underwriting profit before investment income, while the life margin supports durable value creation from new business.
Negative Factors
Catastrophe exposure
Large weather-related claims demonstrate the earnings sensitivity of Helvetia’s property and casualty portfolio to natural catastrophes. Although reinsurance limits the net loss, recurring severe events can pressure underwriting results, capital generation, and the sustainability of earnings guidance.
Read all positive and negative factors
Positive Factors
Negative Factors
Disciplined underwriting
Strong technical margins indicate disciplined pricing and risk selection across the insurance portfolio. A 92% non-life combined ratio leaves meaningful underwriting profit before investment income, while the life margin supports durable value creation from new business.
Read all positive factors
Helvetia Holding AG (HBAN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF21.43B
Dividend Yield3.57%
Average Volume (3M)153.83K
Price to Earnings (P/E)26.5
Beta (1Y)0.52
Revenue Growth53.69%
EPS Growth-69.32%
CountryCH
Employees20,597
SectorGeneral
Sector StrengthN/A
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)8.29
Shares Outstanding99,418,090
10 Day Avg. Volume97,060
30 Day Avg. Volume153,829
Financial Highlights & Ratios
PEG Ratio1.37
Price to Book (P/B)0.82
Price to Sales (P/S)1.08
P/FCF Ratio15.44
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF247.50Price Target Upside15.98% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)11.79
Revenue Forecast (FY)CHF13.27B
Helvetia Holding AG Business Overview & Revenue Model
Company Description
Helvetia Holding AG functions as a financial services group, leveraging its subsidiaries to deliver a comprehensive suite of life, non-life, and reinsurance products. Its extensive market presence spans Switzerland, Germany, Austria, Spain, Italy,...
How the Company Makes Money
Helvetia makes money primarily through its insurance operations. In non-life (property & casualty) insurance, it earns premium income from policies (e.g., motor, property, liability and commercial lines). From those premiums it pays claims and ope...
Helvetia Holding AG Earnings Call Summary
Earnings Call Date:Sep 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 17, 2027
Earnings Call Sentiment Positive
The call was strongly positive, supported by CHF 632 million of underlying earnings, an 18.7% annualized underlying return on adjusted equity, a 92% non-life combined ratio, strong capitalization, integration progress ahead of plan, and accelerated synergy realization. Management reaffirmed its financial and dividend ambitions and reported stable customer and employee metrics during the merger. The main negatives were the CHF 120 million to CHF 140 million net hailstorm claims, an expected weaker second half, nonrecurring benefits in the first-half result, lower life volumes, and significant noncash merger-related amortization. Overall, the highlights significantly outweighed the lowlights.Positive Updates
Strong First-Half Profitability
Underlying earnings were CHF 632 million, equivalent to underlying earnings of CHF 6.2 per share. Annualized underlying return on adjusted equity was 18.7%, above the communicated range of 16% to 18%.
Negative Updates
Significant Swiss Hailstorm Claims
A severe hailstorm in Switzerland on August 28 caused industry-wide damages beyond CHF 1 billion. Helvetia Baloise expects net claims of CHF 120 million to CHF 140 million after reinsurance, and management said the company will likely not be able to repeat such a strong result in the second half.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong First-Half Profitability
Underlying earnings were CHF 632 million, equivalent to underlying earnings of CHF 6.2 per share. Annualized underlying return on adjusted equity was 18.7%, above the communicated range of 16% to 18%.
Read all positive updates
Company Guidance
Management confirmed its “double digit underlying earnings CAGR” ambition, underlying earnings per share growth of “10% to 12% over the plan,” and, assuming no further heavy nat cat losses, expects to reach this “10% to 12% growth rate this year,” translating into “a bit more than CHF 500 million in the second half”; it expects to have locked in “approximately 60%” of the CHF 650 million targeted run rate benefits by the end of 26, up from “50%,” with an additional CHF 20 million of 2026 P and L benefit and cumulative underlying earnings benefit of CHF 170 million, while maintaining its ambition of CHF 650 million gross run rate benefits and CHF 350 million net contribution to underlying earnings; total integration costs are projected to remain in the “lower half of the previously announced range”; dividends will be “more than CHF 2.8 billion” in 2026-2028 and the 2029 dividend will be “at least 50% higher” than in 2025, with an earlier dividend uplift “as early as 2027”; normalized CSM growth is expected to be “flat, slightly positive,” the 7.8% CSM release ratio can be considered “as a run rate for the future,” and the group expects to remain roughly at its current leverage ratio, with adjusted leverage at 27%.Helvetia Holding AG Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
61
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.53B | 10.25B | 11.22B | 9.23B | 10.14B | 12.31B |
| Gross Profit | 3.72B | 2.18B | 11.22B | 10.48B | 10.14B | 12.31B |
| EBITDA | 1.55B | 983.20M | 824.90M | 653.80M | 720.70M | 1.00B |
| Net Income | 489.70M | 574.70M | 481.80M | 283.20M | 438.80M | 497.20M |
Balance Sheet | ||||||
| Total Assets | 145.99B | 146.46B | 60.96B | 61.49B | 59.99B | 70.01B |
| Cash, Cash Equivalents and Short-Term Investments | 4.04B | 4.53B | 2.10B | 2.76B | 2.38B | 1.86B |
| Total Debt | 6.65B | 4.51B | 2.00B | 1.99B | 2.86B | 2.88B |
| Total Liabilities | 133.48B | 132.70B | 56.52B | 55.10B | 56.21B | 63.60B |
| Stockholders Equity | 12.24B | 13.48B | 4.14B | 3.81B | 3.46B | 5.93B |
Cash Flow | ||||||
| Free Cash Flow | 225.70M | 716.30M | -118.20M | 907.30M | 807.70M | 993.30M |
| Operating Cash Flow | 292.20M | 790.80M | 42.90M | 1.01B | 923.20M | 1.11B |
| Investing Cash Flow | 2.90B | 2.63B | -149.90M | -131.40M | -1.00B | -983.90M |
| Financing Cash Flow | -385.80M | -295.40M | -370.10M | -406.50M | -185.70M | -472.20M |
Helvetia Holding AG Technical Analysis
Positive
213.40
Price Trends
211.72
Positive
211.99
Positive
204.15
Positive
Market Momentum
0.94
Negative
57.98
Neutral
59.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:HBAN, the sentiment is Positive. The current price of 213.4 is above the 20-day moving average (MA) of 209.01, above the 50-day MA of 211.72, and above the 200-day MA of 204.15, indicating a bullish trend. The MACD of 0.94 indicates Negative momentum. The RSI at 57.98 is Neutral, neither overbought nor oversold. The STOCH value of 59.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:HBAN.
Helvetia Holding AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | CHF2.16B | 13.90 | 5.71% | 3.65% | 13.54% | 3.12% | |
74 Outperform | CHF90.65B | 15.62 | 36.04% | 4.87% | 19.34% | 11.57% | |
72 Outperform | CHF2.62B | 14.29 | 14.13% | 5.20% | -3.21% | 3.07% | |
70 Outperform | CHF21.43B | 26.52 | ― | 3.57% | 53.69% | -69.32% | |
66 Neutral | CHF26.13B | 20.42 | 19.32% | 3.87% | -0.45% | 10.49% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
CH:HBAN
Helvetia Holding AG
215.60
23.26
12.10%
CH:SLHN
Swiss Life Holding AG
942.40
103.91
12.39%
CH:ZURN
Zurich Insurance Group
616.00
76.94
14.27%
CH:CMBN
Cembra Money Bank AG
89.20
3.27
3.81%
CH:VAHN
Vaudoise Assurances Holding SA
740.00
144.64
24.29%
Helvetia Holding AG Corporate Events
Helvetia Baloise targets flexible careers with new VivaFlex pension solution
Sep 22, 2026
Helvetia Baloise has launched VivaFlex, a new life insurance-based pension product in Switzerland designed for the country’s growing number of part-time workers, longer education paths and increasingly non-linear careers, which can leave gap...
Helvetia Targets Older Vehicles With Cheaper Total-Loss Motor Cover
Aug 27, 2026
Helvetia Baloise has introduced a new “total loss comprehensive” motor insurance product in Switzerland that sits between partial and full comprehensive cover, targeting owners of older vehicles who seek key protection at lower cost. E...
S&P Confirms A+ Rating and Stable Outlook for Helvetia Baloise After Merger
Aug 4, 2026
Helvetia Baloise has received confirmation from SP Global Ratings of its A+ Financial Strength and Issuer Credit Ratings, with a stable outlook across key operating entities. The ratings affirm the group’s strong market position, excellent c...
Swiss Public Shows Strong Personal Confidence Despite Economic and Geopolitical Worries
Jul 14, 2026
Despite persistent concerns over geopolitical tensions, rising costs, climate change and retirement security, a new Helvetia-commissioned Sotomo survey of 1,866 adults finds that 80% of Swiss residents are confident about their personal outlook fo...
Helvetia Baloise to Redeem CHF 275 Million Subordinated Perpetual Bonds
Jul 13, 2026
Helvetia Baloise has announced it will redeem CHF 275 million of subordinated perpetual bonds issued in 2020 by Helvetia Schweizerische Versicherungsgesellschaft AG and guaranteed by the holding company. The instruments, identified under ISIN CH05...
Helvetia Baloise Finalizes Mergers of Swiss Insurance Units
Jul 1, 2026
Helvetia Baloise has completed the legal mergers of its Swiss insurance entities after receiving approval from FINMA, consolidating its primary non-life operations into Helvetia Schweizerische Versicherungsgesellschaft AG and its life insurance ac...
Helvetia Baloise launches integrated one-stop financial offering in Switzerland
Jun 30, 2026
Helvetia is combining the offerings of Helvetia and Baloise under a single Helvetia brand to create an integrated portfolio spanning insurance, pension solutions, asset management, banking and real estate services. Backed by FINMA’s approval...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.