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Newly merged Swiss insurer (Helvetia + Baloise, completed Dec 2025) offering life, non-life and property insurance across Europe.
Newly merged Swiss insurer (Helvetia + Baloise, completed Dec 2025) offering life, non-life and property insurance across Europe.
Earns premiums on life, pension and non-life cover and investment income on the money it holds, with Switzerland the core market and several neighbouring European countries also important. The merger of Helvetia and Baloise, finalized in December 2025, aims to give it a size in its home market that neither had alone.
In one line: Switzerland's newest insurance giant, like a merged Allstate plus a life insurer.
Moat: narrow (scale, distribution, brand). Combined entity is Switzerland's largest multi-line insurer, with about 20% home-market share.
Headquarters: St. Gallen, Switzerland · Founded: 2025 · Employees: 21,138
Size Helvetia Baloise (HBAN.SW) is a Switzerland Financials company (Multi-Line Insurance) with a market value of $27.0B, the 20th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 222.00 on 6 Nov 2026.
Performance Over six months the shares gained 5.0%, against +14.2% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 53.7% over the last twelve months (peer median +8.2%); the operating margin is 3.7% (peer median 16.8%).
Valuation It trades at 1.80× book value against a peer median of 1.60× (8th most expensive of 21).
Price implies The share price implies a return on equity of about 4.8%; Helvetia Baloise delivers 4.0%, so the price asks more than the business earns today.
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 16.9B | CHF 11.0B | CHF 11.5B | CHF 10.5B | CHF 8.30B |
| Revenue growth | — | -5% | +10% | +26% | — |
| Net income | CHF 314M | CHF 546M | CHF 475M | CHF 277M | CHF 425M |
| Free cash flow | CHF 226M | CHF 1.15B | -CHF 149M | CHF 498M | CHF 669M |
| Capital expenditure | CHF 109M | CHF 76.7M | CHF 161M | CHF 108M | CHF 116M |
| Total debt | n/a | CHF 6.22B | CHF 2.83B | CHF 2.77B | CHF 2.86B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Helvetia Baloise HBAN.SW | $27.0B | +5% | +54% | 4% | 1.80× | 4.8% |
| Zurich Insurance ZURN.SW | $114B | +16% | +19% | 26% | 3.67× | 11.2% |
| Swiss Life SLHN.SW | $33.0B | +14% | 0% | 20% | 4.25× | 15.4% |
| Allianz ALV.DE | $192B | +19% | +21% | 21% | 2.98× | 16.0% |
| Axa CS.PA | $103B | +13% | +11% | 19% | 2.24× | 17.8% |
| Assicurazioni Generali G.MI | $73.8B | +12% | -8% | 15% | 2.06× | 16.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HBAN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.4% | +2.9% | 5th highest of 21 |
| 6-month return | +5.0% | +14.2% | 8th lowest of 21 |
| Return on equity | 4.0% | 15.6% | 2nd lowest of 21 |
| Price / book | 1.80× | 1.60× | 8th most expensive of 21 |
| Trailing P/E | 70.1× | 10.6× | most expensive of 20 |
| ROE the price implies | 4.8% | 11.4% | least demanding of 21 |
| ROE delivered | 4.0% | 15.6% | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Helvetia Baloise HBAN.SW | Switzerland | $27.0B | +5% | +54% | 4% | 1.80× | 4.8% | 4.0% |
| W. R. Berkley WRB | United States | $27.9B | +16% | +1% | 19% | 2.91× | 12.8% | 19.2% |
| Cincinnati Financial CINF | United States | $28.5B | +15% | +10% | 17% | 1.76× | 10.6% | 16.9% |
| Aviva AV..L | United Kingdom | $29.5B | +18% | +86% | 7% | 2.46× | 23.8% | 6.8% |
| Unipol Assicurazioni UNI.MI | Italy | $23.8B | +13% | +7% | 17% | 1.62× | 14.9% | 16.9% |
| Prudential 2378.HK | Hong Kong | $30.8B | -24% | +30% | 19% | 1.54× | 11.3% | 19.3% |
| Prudential plc Sponsored ADR PUK | United States | $31.7B | -21% | +39% | 19% | 1.56× | 11.4% | 19.2% |
| Legal & General LGEN.L | United Kingdom | $21.9B | +24% | +137% | 26% | 7.73× | 70.7% | 26.2% |
| New China Life Insurance 601336.SS | China | $21.7B | -19% | +19% | 22% | 1.27× | 13.6% | 22.4% |
| Arch Capital ACGL | United States | $36.6B | +14% | -5% | 19% | 1.58× | 8.3% | 18.7% |
| Sompo 8630.T | Japan | $39.6B | +17% | +41% | 15% | 1.14× | 6.2% | 14.6% |
| Sun Life Financial SLF.TO | Canada | $40.1B | +7% | -1% | 13% | 2.38× | 13.7% | 13.5% |
| American International AIG | United States | $40.7B | +2% | +1% | 8% | 1.04× | 7.5% | 8.2% |
| Power Corporation of Canada POW.TO | Canada | $40.7B | +16% | +10% | 11% | 2.42× | 15.9% | 11.0% |
| ASR Nederland ASRNL.AS | Netherlands | $17.3B | +14% | +6% | 13% | 1.74× | 8.3% | 13.1% |
| China Pacific Insurance (Group) 2601.HK | Hong Kong | $42.5B | -22% | +9% | 14% | 0.69× | 8.4% | 14.4% |
| Ms&ad Ins Gp Hldgs 8725.T | Japan | $44.4B | +22% | +21% | 17% | 1.07× | 6.9% | 16.6% |
| People's Insurance Co. (Group) of China 601319.SS | China | $44.4B | +1% | +4% | 10% | 0.96× | 6.0% | 9.7% |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna PZU.WA | Poland | $16.1B | +15% | +1% | 20% | 1.83× | 19.5% | 19.5% |
| Brookfield Wealth Solutions BNT.TO | Canada | $14.9B | -8% | -18% | 1% | 0.70× | 9.4% | 0.7% |
| Suncorp SUN.AX | Australia | $14.9B | +21% | -3% | 10% | 2.08× | 11.7% | 9.8% |