Helvetia Holding AG Announces Solid 2023 Financial Results Amid Challenging Conditions

Helvetia Holding AG reported a robust financial performance for the fiscal year 2023, with underlying earnings of CHF 372.5 million, albeit lower than the previous year due to significant claims from natural catastrophes. Despite the drop from 2022’s CHF 492.9 million, the company announces an increase in dividend to CHF 6.30 per share. The financial strength and diversified business model of Helvetia underscored its resilience in a tough market, reflected in the recent "A+" rating confirmation by S&P Global Ratings.

The company saw a notable growth in business volume, up by 7.2% to CHF 11,311.3 million on a currency-adjusted basis, largely driven by the Specialty Markets segment and non-life business across all markets. Fee and commission income also rose to CHF 390.5 million, primarily from the expansion in Spain. Helvetia is reviewing its Group strategy, with outcomes to be presented in December during the Capital Markets Day.

Despite the challenging market environment, marked by an accumulation of natural catastrophe events, Group CEO Fabian Rupprecht praised the company’s solid performance and the commitment of its employees. He highlighted the importance of excellent core business management to navigate the challenging market conditions.

Helvetia's combined ratio in its non-life business was affected by natural and large claim events, resulting in a rate of 97.4%. However, new business in the life sector showed profitable development, with a rise in new business margin to 5.1%. The company remains well-capitalized, with an estimated SST ratio of over 280%, and continues to pursue its strategic objectives.