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1. Company Snapshot

1.a. Company Description

Bâloise Holding AG, together with its subsidiaries, primarily engages in the insurance and banking businesses in Switzerland, Germany, Belgium, Luxembourg.It operates through Non-Life, Life, Asset Management & Banking, and Other Activities segments.The company offers various non-life insurance products, including accident, health, general liability, motor, fire and other property, marine, credit protection, and legal expenses insurance.


It also provides life insurance products, which include endowment policies, such as conventional and unit-linked life insurance; group life insurance products; term insurance; immediate and deferred annuities; and policy riders, including premium waiver, accidental death, and disability.In addition, the company operates Baloise Bank SoBa, a bank in Switzerland; and offers asset management services.Further, it has interests in equity investment companies, real-estate firms, and financing companies.


The company sells its products and services to individuals, small and medium sized enterprises, and industrial clients.Bâloise Holding AG was founded in 1863 and is headquartered in Basel, Switzerland.

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1.b. Last Insights on BALN

Bâloise Holding AG's recent performance is driven by regulatory approvals for a merger with Helvetia, including clearance from the Swiss Competition Commission and the European Commission's Foreign Subsidies Regulation review. This development has likely boosted investor confidence. Additionally, the company's solid fundamentals and steady business conditions have contributed to its positive momentum. With no major earnings surprises or product announcements, Bâloise's quiet performance may signal underlying stability. (Source: company news, 2025-09-15)

1.c. Company Highlights

2. Baloise Group's H1 2025 Results: A Strong Performance

Baloise Group reported a robust financial performance in the first half of 2025, with a significant improvement in its combined ratio to 90.6%, driven by enhanced portfolio quality and lower large claims. The company's net profit increased by 26% to CHF 276 million, while its return on equity rose to 15.5%, exceeding the target range of 12%-15%. Earnings per share (EPS) came in at 6.08, beating analyst estimates of 5.4. The company's revenue growth was driven by a 3.1% increase in non-life premiums in local currency, excluding portfolio exits in Belgium, and a 41.2% surge in investment-type premiums in non-life.

Publication Date: Sep -12

📋 Highlights
  • Combined Ratio Improvement:: Enhanced portfolio quality and lower large claims reduced the ratio to 90.6%, up 2.6 pp.
  • Net Profit Surge:: 26% YoY increase to CHF 276 million, driven by underwriting gains and operational efficiency.
  • Return on Equity (ROE):: Rose to 15.5%, surpassing the 12%-15% target range, reflecting strong capital efficiency.
  • Non-Life Growth:: 3.1% local currency growth (excluding Belgium exits) and 41.2% surge in investment-type premiums from Luxembourg/Belgium.
  • Helvetia Merger Timeline:: Transaction expected to close Q4 2025, with merged entity balance sheet to be published in Q1 2026.

Segment Performance

The company's segment performance was mixed, with non-life EBIT reaching CHF 229 million, driven by a strong combined ratio and higher finance result. Life EBIT remained stable at CHF 143 million, supported by a higher insurance service result and lower costs. Asset Management & Banking EBIT grew 18.4% to CHF 50 million, driven by higher contributions from banking and asset management.

Valuation and Outlook

With a Price-to-Book Ratio of 2.99, the company's valuation appears reasonable, considering its improved return on equity. The Dividend Yield of 4.05% is also attractive, indicating a stable income stream for investors. Looking ahead, Baloise remains confident in achieving its financial targets for 2024-2027, with a focus on sustainable growth and delivering value to stakeholders. Analysts estimate revenue growth of 2.7% next year, indicating a stable outlook for the company.

Merger with Helvetia

The company's merger with Helvetia is progressing as planned, with an expected closure in Q4 2025. The combined entity is expected to be well-positioned for future profitable growth, with a potential release of an opening balance sheet in Q1 2026. The refocusing strategy is on track, with over 50% of the planned 250 FTE reduction achieved by year-end 2027.

3. NewsRoom

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Carsten Stolz to Leave the Baloise Group as of 31 December 2025

Dec -03

Source:

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Swiss insurers Baloise and Helvetia gain regulatory approvals for merger

Sep -15

Source:

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Assessing Baloise Holding (SWX:BALN) Valuation Following Recent Market Movements

Sep -13

Source:

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Does Heineken’s Slump Signal Opportunity After Record Low US Alcohol Consumption?

Sep -09

Source:

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Enel (BIT:ENEL): Is the Current Valuation Overlooking Subtle Shifts in Performance?

Sep -09

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Telecom Italia (BIT:TIT): Fresh Valuation Perspectives After Strong Share Price Momentum

Sep -09

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Alfa Laval (OM:ALFA): Evaluating the Company’s Valuation as Investors Weigh Recent Modest Share Price Movements

Sep -09

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Porsche SE (XTRA:PAH3): Assessing Value Potential Following Recent Share Price Stability

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.02%)

6. Segments

Life

Expected Growth: 12%

Bâloise Holding AG's Life segment growth of 12% is driven by increasing demand for retirement savings products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization and process optimization has improved operational efficiency, leading to cost savings and increased profitability.

Non-Life

Expected Growth: 10%

Bâloise Holding AG's Non-Life segment growth of 10% is driven by increasing demand for motor insurance in Switzerland, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization and cost savings initiatives have improved operational efficiency, contributing to the segment's growth.

Eliminations

Expected Growth: 5%

Bâloise Holding AG's 5% growth driven by strategic acquisitions, expansion into European markets, and increased demand for insurance products. Cost savings from operational efficiencies and digitalization initiatives also contribute to growth. Additionally, a strong capital position and effective risk management enable the company to invest in growth opportunities.

Asset Management and Banking

Expected Growth: 18%

Bâloise Holding AG's 18% growth in Asset Management and Banking is driven by increasing demand for wealth management services, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization, cost savings initiatives, and strong risk management practices have contributed to its growth momentum.

Other

Expected Growth: 8%

Bâloise Holding AG's 8% growth in 'Other' segment is driven by increasing demand for non-life insurance products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization and cost savings initiatives have contributed to improved operational efficiency, further boosting growth.

7. Detailed Products

Life Insurance

Bâloise Holding AG offers a range of life insurance products that provide financial protection to individuals and their loved ones in the event of death or disability.

Non-Life Insurance

The company provides non-life insurance products that cover risks such as accidents, natural disasters, and other unforeseen events.

Pension Provision

Bâloise Holding AG offers pension provision products that help individuals plan and save for their retirement.

Investment Products

The company provides a range of investment products that allow individuals to grow their wealth over time.

Risk Management Solutions

Bâloise Holding AG offers risk management solutions that help businesses and individuals manage and mitigate risks.

Health Insurance

The company provides health insurance products that cover medical expenses and provide access to healthcare services.

8. Bâloise Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Bâloise Holding AG is moderate, as there are alternative insurance providers in the market, but the company's strong brand reputation and customer loyalty mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low, as Bâloise Holding AG has a diverse customer base and is not dependent on a few large customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Bâloise Holding AG relies on a network of agents and brokers to distribute its products, but has some flexibility in negotiating prices.

Threat Of New Entrants

The threat of new entrants is low, as the insurance industry has high barriers to entry, including regulatory hurdles and capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high, as the insurance industry is highly competitive, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 62.59%
Debt Cost 3.95%
Equity Weight 37.41%
Equity Cost 8.00%
WACC 5.46%
Leverage 167.32%

11. Quality Control: Bâloise Holding AG passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Ageas

A-Score: 7.3/10

Value: 5.9

Growth: 4.1

Quality: 7.5

Yield: 9.4

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Aegon

A-Score: 6.8/10

Value: 9.2

Growth: 2.1

Quality: 7.6

Yield: 7.5

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Gjensidige Forsikring

A-Score: 6.8/10

Value: 2.5

Growth: 4.2

Quality: 8.2

Yield: 7.5

Momentum: 9.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Tryg

A-Score: 6.3/10

Value: 4.1

Growth: 3.1

Quality: 7.9

Yield: 7.5

Momentum: 5.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Baloise Holding

A-Score: 6.1/10

Value: 4.7

Growth: 1.6

Quality: 5.3

Yield: 8.1

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Direct Line Insurance

A-Score: 5.9/10

Value: 6.5

Growth: 2.6

Quality: 6.6

Yield: 5.0

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

198.0$

Current Price

198$

Potential

-0.00%

Expected Cash-Flows