Helvetia Group increased its profit (Underlying Earnings) by 41,9 percent in 2024 to 528,5 million francs, while IFRS net profit rose by 66,8 percent to 502,4 million francs. Additionally, the company announced a new strategy in its statement on Thursday.

Decline in Life Insurance Business

Helvetia reported a setback in its life insurance business, where profit declined by 11,8 percent to 275,8 million francs, attributed to one-time effects from the previous year. The business volume in the life insurance segment amounted to 4,128 million francs, reflecting a currency-adjusted decrease of 1,3 percent compared to the previous year.

Strong Profit Growth

By contrast, growth in the non-life business was substantial, making it a «strong driver.» The currency-adjusted increase in business volume was 5,7 percent, reaching 7,425 million francs. Helvetia recorded growth in this segment across all country markets. Profit surged by 77,7 percent to 357,1 million francs.

The Group’s combined ratio improved from 97,7 percent to 95 percent. Helvetia attributes this to both better underwriting performance and a lower loss burden from natural disasters compared to the previous year. The cost ratio also saw a slight improvement due to initial efficiency gains, decreasing from 27,6 percent to 27,5 percent.

«Focus on Capital-Efficient Business Segments»

Measures to improve underwriting profitability have shown initial positive effects, Helvetia stated. «Excluding the impact of natural disasters and the previous year's claims history, there was a broad-based improvement.» The prior year had seen multiple natural disasters with high loss burdens, which did not recur in 2024 (although Switzerland experienced floods and storms in late June).

Group CEO Fabian Rupprecht commented: «By focusing on profitable and capital-efficient business segments, Helvetia delivered a strong performance in the 2024 financial year. With our new strategy, we will build on our strong foundation and continue to concentrate on technical excellence and operational efficiency.»

New Financial Targets for 2027

At the end of 2024, Helvetia completed its «helvetia 20,25» strategy one year earlier than planned. According to the company, all financial targets were met except for the combined ratio. A new strategy was launched in December 2024.

By 2027, the underlying return on equity is targeted to reach between 13 and 16 percent (2024: 12,3 percent). Underlying earnings per share are expected to grow by 9 to 11 percent annually (2024: 44 percent), and cumulative dividend payments should reach at least 1,2 billion francs. «One measure to achieve these targets and enhance operational efficiency is the planned integration of Caser and Helvetia in Spain, announced in December, which is progressing as planned.»

Higher Dividend

The Board of Directors is proposing to the General Meeting on April 25 to increase the dividend for the 2024 financial year by 40 centimes to 6,70 francs per share.

Additionally, Helvetia announced that Board member Andreas von Planta will not stand for re-election due to reaching the age limit set in the organizational regulations. All other Board members, including the Chairman, will stand for re-election.