Helvetia Baloise Holding AG HLVTY

FinancialsInsuranceSwitzerland

Last close 5.77 USD on Nov 2, 2026, −6.2% year to date

Quant rating

Quant rating D Rank 219 of 304 in Financials

Growth D 216 of 304
Valuation D 260 of 304
Quality C 198 of 304
Revisions B 96 of 304
Momentum C 203 of 304

Wall Street consensus Buy (2.30)Average target 276.83 USD +4,697.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 26.5B
Enterprise value: 29.4B
52-week range: 5.77 – 8.20
3-year range: 3.16 – 8.20
Dividend yield: 4.27%
Beta (5 years): –
Shares outstanding: 99.4M
Next earnings: Apr 13, 2027

About the company

Helvetia Baloise Holding AG, formerly known as Helvetia Holding AG, is an internationally active insurance and financial services group headquartered in Basel-Stadt, Switzerland. The Company was formed through the merger of Baloise Holding AG and Helvetia Holding AG. Its core business spans life and non-life insurance, private pensions, and risk management services. The Company operates across Central and Southern Europe through regional offices, subsidiaries, and associated companies. Its main markets include Switzerland, Germany, and Austria, Italy and Spain. Additionally, it serves niche segments such as transport insurance and assumed reinsurance, reinforcing its position as a insurance provider through various network partners.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,065	10,265	10,935	9,133	11,322	–
Revenue growth	17.5%	−6.1%	19.7%	−19.3%	7.9%	2.8%
EPS (basic, normalized)	13.20	10.18	5.87	11.39	9.86	–
EPS growth	29.7%	73.4%	−48.5%	15.5%	–	–
Gross margin	–	–	–	–	–	–
Net margin	5.6%	5.0%	2.9%	5.1%	3.8%	4.5%
ROE	6.6%	13.8%	7.3%	11.0%	7.4%	9.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	12,065	+17.5%	2.4x	167.95	+126.5%	0.0x	13.20	+29.7%	0.4x
2026	17,367	+43.9%	1.7x	139.05	−17.2%	0.0x	13.96	+5.7%	0.4x
2027	17,785	+2.4%	1.7x	142.02	+2.1%	0.0x	15.70	+12.5%	0.4x
2028	18,222	+2.5%	1.6x	145.38	+2.4%	0.0x	17.00	+8.3%	0.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	17,367	0.0%	−1.2%	−1.2%	13.96	−0.3%	+1.1%	+1.1%
2027	17,785	0.0%	−1.3%	−1.3%	15.70	+0.2%	+1.7%	+1.7%
2028	18,222	0.0%	−1.3%	+1.9%	17.00	−0.2%	+1.0%	0.0%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
HLVTY Helvetia Baloise Holding AG	26.5B	6.6%	5.6%	1.71x	0.4x	0.4x	0.0x	0.0x
CINF Cincinnati Financial Corporation	28.2B	8.4%	21.4%	1.74x	19.9x	20.0x	1.7x	1.6x
SAXPY Sampo Oyj	28.1B	26.4%	17.6%	3.41x	42.7x	31.4x	6.4x	6.0x
WRB W. R. Berkley Corporation	27.9B	19.1%	12.1%	2.84x	15.3x	15.5x	2.8x	2.5x
QBIEY QBE Insurance Group Limited	27.1B	28.6%	–	–	13.0x	12.4x	2.6x	2.4x
UFGSY Unipol Assicurazioni S.p.A.	24.1B	15.4%	13.0%	1.65x	6.0x	5.9x	0.9x	0.8x
Mean		17.4%	13.9%	2.27x	16.2x	14.2x	2.4x	2.2x
Median		17.3%	13.0%	1.74x	14.1x	13.9x	2.1x	2.0x

Technical analysis

1M−6.8%
3M−6.8%
1Y−4.8%
3Y+77.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Helvetia Baloise Holding AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	12,065	10,265	10,935	9,133	11,322	10,489
Other revenue	266	118	284	−206	2,483	1,161
Total revenue	12,331	10,384	11,219	8,927	13,804	11,650
Losses, benefits and adjustments	9,850	8,540	9,309	7,464	11,053	9,563
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	1,447	1,032	1,114	973	1,568	1,341
Interest expense (income), operating	37.9	32.6	18.2	13.8	15.1	16.2
Other operating expenses	−63.6	−56.2	189	−123	282	297
Operating income	1,061	836	589	600	887	432
Net interest income (expense)	−154	−140	−150	9.0	−146	−70.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.1	0.1	0	0	0	0
Net income before taxes	907	696	438	609	741	361
Provision for taxes	182	142	80.5	89.1	171	43.2
Minority interest	−28.3	−22.7	−21.5	−44.8	−24.7	−19.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	697	531	336	475	545	299
Extraordinary items	–	–	–	–	–	–
Net income	697	531	336	475	545	299
Basic weighted average shares (mil)	52.9	52.9	52.8	52.9	52.8	51.2
Diluted weighted average shares (mil)	52.9	52.9	52.8	52.9	52.8	51.2
Basic EPS, normalized	13.20	10.18	5.87	11.39	9.86	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Helvetia Baloise Holding AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	2,001	1,179	1,293	1,141	1,127	1,175
Goodwill	5,402	1,234	1,328	1,233	1,262	1,297
Intangibles	4,984	492	538	534	784	919
Insurance receivables	–	–	–	–	2,342	2,122
Long-term investments	161,699	60,165	62,076	55,734	65,334	68,016
Note receivable	344	118	165	129	269	208
Other long-term assets	–	–	–	–	11.5	35.1
Deferred policy acquisition costs	–	–	–	–	824	756
Other assets	4,703	2,440	2,720	1,852	2,465	2,156
Total assets	184,851	67,197	70,370	62,203	76,456	78,773
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Policy liabilities	140,202	55,764	57,981	51,306	62,024	63,477
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	42.3	27.3	31.6	–	35.8	–
Long-term debt	7,205	2,572	2,696	2,252	2,272	2,586
Minority interest	351	341	361	344	535	551
Other liabilities	20,039	3,935	4,771	4,045	4,243	4,603
Total liabilities	167,838	62,639	65,839	57,947	69,110	71,217
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.5	1.2	1.3	1.2	1.2	1.2
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	17,748	5,261	5,330	4,884	4,746	4,572
Treasury stock	−83.0	−21.1	−25.4	−14.4	−11.2	−9.5
Other equity	−655	−683	−776	−615	2,611	2,992
Total equity	17,013	4,558	4,531	4,256	7,347	7,555
Total liabilities & shareholders' equity	184,851	67,197	70,370	62,203	76,456	78,773

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Helvetia Baloise Holding AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	907	696	438	609	741	361
Depreciation, depletion & amortization	201	181	213	178	220	193
Deferred taxes	–	–	–	–	–	–
Non-cash items	783	874	773	836	−1,015	−635
Changes in working capital	−893	−1,703	−219	−1,644	798	566
Cash from operations	998	47.3	1,206	−21.2	744	484
Investing activities
Capital expenditures	−96.8	−178	−128	−125	−76.2	−51.5
Other investing cash flows	3,414	12.3	−28.3	157	−94.1	−543
Cash from investing	3,317	−165	−156	31.7	−170	−595
Financing activities
Financing cash flow items	39.8	36.0	28.6	−159	33.3	36.8
Cash dividends paid	−452	−375	−378	−337	−305	−304
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	39.3	−69.0	−134	99.5	−245	990
Cash from financing	−373	−408	−483	−396	−517	723
Foreign exchange effects	−21.2	9.1	−52.3	−45.7	−45.9	2.4
Net change in cash	3,921	−517	514	−431	10.7	614
Free cash flow	901	−130	1,078	−146	668	433

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.