Ατλαντική Ένωση Α.Ε.Γ.Α : Θετική εξέλιξη η συγχώνευση του μειοψηφικού μετόχου της Baloise με την ασφαλιστική Helvetia
Με ιδιαίτερη χαρά η ΑΤΛΑΝΤΙΚΗ ΕΝΩΣΗ Α.Ε.Γ.Α ανακοινώνει ότι ο μέτοχος μειοψηφίας Ελβετικός Όμιλος Baloise και ο Ελβετικός Όμιλος Helvetia πρόκειται να ενωθούν σε έναν νέο Ασφαλιστικό Όμιλο, ο οποίος θα είναι ο δεύτερος μεγαλύτερος ασφαλιστικός όμιλος στην Ελβετία με ένα πολύ μεγάλο μερίδιο αγοράς και είναι ο μεγαλύτερος εργοδότης της ελβετικής ασφαλιστικής αγοράς.
Ο νέος όμιλος θα συγκαταλέγεται στους 10 μεγαλύτερους ευρωπαϊκούς ασφαλιστικούς ομίλους.
Η ενοποίηση των ομίλων Baloise και Helvetia είναι μία από τις μεγαλύτερες ενοποιήσεις που έγιναν ποτέ στην Ευρώπη με σύνολο παραγωγής περίπου 24 δισεκατομμύρια δολάρια.
Η ΑΤΛΑΝΤΙΚΗ ΕΝΩΣΗ Α.Ε.Γ.Α η οποία είναι μέλος του Ομίλου Baloise τα τελευταία 53 χρόνια, είναι ιδιαίτερα χαρούμενη διότι θα είναι πλέον μέλος ενός ακόμα μεγαλύτερου Ομίλου, πράγμα το οποίο θα δώσει περισσότερες ευκαιρίες για περαιτέρω ανάπτυξη.
Η ΑΤΛΑΝΤΙΚΗ ΕΝΩΣΗ Α.Ε.Γ.Α. είναι η πρώτη σε Φερεγγυότητα Εταιρία Ζωής και Γενικών Ασφαλίσεων στην ελληνική ασφαλιστική αγορά με δείκτη φερεγγυότητας 297%, αύξηση κερδών 43% και αύξηση παραγωγής 16% το 2024, όπως αναφέρει στη σχετική ανακοίνωση.
Baloise and Helvetia join forces to create the second largest insurance group in Switzerland and a leading European insurer
Baloise and Helvetia announce intention to join forces in a merger of equals
Creating the second largest Swiss insurance group with a combined market share of ~20% and largest insurance employer in Switzerland
Generating approx. CHF 350 million run-rate pre-tax cost synergies before policyholder participation in addition to existing cost efficiency plans
Meaningfully enhancing cash generation; dividend capacity to increase by approx. 20% by financial year 2029
Similar culture, values, and vision, as well as balanced governance approach facilitating a seamless integration
The Boards of Directors of Baloise Holding Ltd (“Baloise”) and Helvetia Holding Ltd (“Helvetia”), two leading Swiss composite insurance groups, propose to form “Helvetia Baloise Holding Ltd” (“Helvetia Baloise” or the “Group”) by way of a merger of equals. With a business volume of CHF 20 billion across 8 countries and a global Specialty business, Helvetia Baloise will become the second largest insurance group in Switzerland and a leading European insurer. The high degree of cultural and strategic alignment offers a unique opportunity for a seamless integration, strengthening the Group for a new chapter of focused, yield-oriented growth. The merger is expected to generate run-rate pre-tax cost synergies of approximately CHF 350 million before policyholder participation, in addition to existing cost efficiency programmes, enhancing the distribution capacity and creating significant value for all its stakeholders.
Key terms
Merger structure and exchange ratio
Merger of equals based on at-market reference prices
Merger structure: Baloise merges into Helvetia. The Group will be listed on the SIX Swiss Exchange under the new name “Helvetia Baloise Holding Ltd” and will trade under the ticker symbol “HBAN”
Fixed share exchange ratio1 of 1.0119 Helvetia shares for each Baloise share
Leadership and governance framework
Board of Directors: comprised of 14 members consisting of 7 from Baloise and 7 from Helvetia; Chairman: Thomas von Planta (Chairman of Baloise’s Board of Directors); Vice-Chairman: Ivo Furrer (member of Helvetia’s Board of Directors)2
Group Executive Board: key members include CEO: Fabian Rupprecht (CEO of Helvetia); Deputy CEO and Head of Integration: Michael Müller (CEO of Baloise); CFO: Matthias Henny (from Baloise); CIO: André Keller (from Helvetia)3
The headquarters and registered domicile will be in Basel; Helvetia’s current headquarters in St. Gallen will remain an important location
The new logo will follow the design of Baloise’s logo
Approval process
Subject to approval from Baloise and Helvetia shareholders; support from Helvetia anchor shareholder Patria Genossenschaft confirmed
Customary regulatory and anti-trust approvals
Anticipated closing in Q4 2025
1) Reflecting adjustment for proposed dividends2) Detailed information on the composition of the Board of Directors can be found in the shareholders’ brochure on the planned merger on the websites of both companies3) Detailed information on the composition of the Group Executive Board can be found in the shareholders’ brochure on the planned merger on the websites of both companies
A significant milestone in the Swiss insurance industry
Thomas von Planta, Chairman of Baloise Holding Ltd, says: “The merger to form Helvetia Baloise is a significant milestone in the history of the Swiss insurance industry. It’s the next logical step for both companies in delivering against their respective strategies to become a leading European insurer and the second largest Swiss insurance group. The transaction will ensure the long-term attractiveness and competitiveness of the two long-standing Swiss companies in the local and international insurance market and generate superior value for customers, partners, employees, the public and shareholders.”
Thomas Schmuckli, Chairman of Helvetia Holding Ltd, adds: “Leveraging our strong positioning in the market, we as two medium-sized listed insurance groups can tackle future challenges together supported by increased scale, improved profitability and a highly attractive value proposition for all our stakeholders. This merger is not just a strategic move; it is a commitment to our values and vision for a sustainable future. We are confident that Switzerland, as a business location, our customers, partners, employees and shareholders will benefit from this decision. Together, we are stronger and better equipped to drive growth in the future.”
Pro forma combined figures (unaudited)
In CHF million as of December 31, 2024
Helvetia
Baloise
Helvetia Baloise4
Premiums Written Life5Premiums Written Non-LifeTotal Business Volume
4,1287,42511,553
4,4844,120 8,604
8,61111,54520,156
Net income attributable to shareholdersCombined ratio
48295%
38593%
86794%
Shareholders’ equity6Dividend payout7
3,660355
3,630371
7,290726
4) Presented pro-forma combined figures are highly preliminary and represent the aggregated, unadjusted figures of Helvetia and Baloise5) Including Deposits Life6) Excluding non-controlling interests and preference shares7) FY 2024 based on the “dividend payout proposed to the respective Annual General Meeting in 2025” times the “number of shares issued”
Strategic rationale: leverage strategic advantages for growth and innovation
The merger will create a leading composite insurance group in both Switzerland and Europe with more than 22,000 employees and a combined CHF 8.6 billion in gross premiums8 in the Life business and CHF 11.5 billion in the Non-Life business.
In its home market Switzerland, Helvetia Baloise will become the second largest insurance group in terms of overall business volume, reaching a market share of ~20% across all business lines (Life and Non-Life). It will also be the largest insurance employer. Beyond Switzerland, Helvetia Baloise will become a leading insurer with attractive positions in its European markets of Germany, France, Italy, Spain, Belgium, Austria, and Luxembourg as well as in its global Specialty business. The merger will combine similar strategies and leverage complementary strengths with a full suite of innovative insurance products and financial services.
The similar scale, complementary markets, and high synergy potential make this transaction a unique opportunity for sustainable value creation. Strong cultural alignment, rooted in both companies’ 160-year histories in Switzerland, provides the best possible condition for a successful integration.
8) Including Life deposits
Significant synergies with attractive value creation
The merger is expected to create approximately CHF 350 million pre-tax cost synergies, before policyholder participation, in addition to current cost efficiency plans, of which ~80% is projected to be realised by 2028. To achieve the cost synergy targets, total integration costs of approximately CHF 500-600 million in the coming years are expected, most of which are foreseen to be incurred by 2028. As a result, additional cash generation9 of ~CHF 220 million on a run-rate basis and ~20% dividend capacity uplift by financial year 2029 compared to current standalone consensus forecasts and extrapolations are expected.
Helvetia Baloise will benefit from a very strong solvency capital position with an estimated SST ratio of more than 240% as of 1 January 2025. Additional upside from capital and revenue synergies will materialise over time.
Any merger-related job reductions in countries where there is duplication will be implemented before 2029 and shall be achieved by natural attrition and early retirement whenever possible. Helvetia Baloise is committed to managing this process in a socially responsible manner with fairness and support for the people affected.
9) Post-tax and net of impact from policyholder participation and profit-sharing mechanism
Strong commitment to customers, partners, and employees
Helvetia Baloise is deeply committed to its customers, partners, and employees, ensuring that their needs and aspirations are at the forefront of their business. The merger will significantly improve customer proximity by expanding the companies’ capabilities and enlarging their individual distribution networks, allowing the Group to serve its joint customers more efficiently and effectively. By leveraging complementary strengths and best practices, the Group will further enhance its customer service. The strong cultural alignment is further strengthened by a dedicated management team, which will ensure that Helvetia Baloise is led in the long-term interests of its customers, partners, employees and shareholders.
Fabian Rupprecht, CEO of Helvetia says: “We are very excited about this amazing opportunity to build a European insurance leader with strong Swiss roots. Helvetia Baloise will become the largest employer in the Swiss insurance industry with the greatest possible proximity to customers. This, coupled with the combined expertise of two players that each have been successful for over 160 years, are key factors for future success and sustainable value generation for all our stakeholders.”
Michael Müller, CEO of Baloise concludes: “The complementary strengths of the two companies make Helvetia Baloise a relevant insurance and finance partner with Swiss roots and a strong market presence in Europe. The merger adds gravity in our markets and unlocks a new era and opportunities to deliver focused, yield-oriented growth to our shareholders. This is a unique chance to consolidate our position as a leading European insurance and financial services provider.”
Boards of Directors of Baloise and Helvetia propose to their shareholders to approve the merger
The parties have concluded that a merger of equals by way of absorption is the most efficient and tax-neutral transaction structure. The combined entity will be renamed “Helvetia Baloise Holding Ltd”. As part of the merger, Baloise shareholders will receive 1.0119 new Helvetia shares for each Baloise share10. The share exchange ratio was determined based on the volume-weighted average prices (VWAP) of the shares of both companies over the last 30 trading days preceding the announcement. In its independent fairness opinion to the two Boards of Directors, IFBC has confirmed that the exchange ratio is fair and appropriate from a financial point of view. The fairness opinion is available here.
The Boards of Directors of both companies will propose that their shareholders approve the merger at the respective Extraordinary General Meetings, which are planned on 23 May 2025. Patria Genossenschaft, the largest shareholder of Helvetia, which currently holds 34.1% of the share capital of Helvetia, has already committed to vote in favour of the merger.
The merger agreement, the joint merger report, the report of the joint merger auditor, the fairness opinion, all dated 21 April 2025, as well as a shareholders’ brochure on the planned merger will be available for inspection at the registered offices of both Baloise and Helvetia as of today. The annual reports of the last three years of both companies will also be available.These documents can also be viewed and downloaded from the websites of the two companies at www.baloise.com/merger and www.helvetia.com/merger-documents.
10) Exchange ratio reflecting adjustment for proposed dividends
Next steps
25 April 2025
Ordinary Annual General Meetings of Baloise and Helvetia
23 May 2025
Extraordinary General Meetings of Baloise and Helvetia
Q4 2025
Closing of the transaction, subject to obtaining all required regulatory approvals
The transaction is expected to close in Q4 2025 and is subject to customary regulatory and anti-trust approvals as well as the approval of the two Extraordinary General Meetings. Each company will distribute ordinary dividends related to their full-year 2024 results subject to approval by shareholders at their respective Annual General Meetings. Baloise’s share buy-back programme will not be implemented, provided that the merger is approved by the shareholders at the Extraordinary General Meetings.
The current statutory auditor of Helvetia, KPMG, Zurich, is to remain in its position for a transitional period following the completion of the merger. The parties intend to re-tender the audit mandate by 2027 at the latest, in view of the election of the statutory auditor at the Annual General Meeting in 2028.
Morgan Stanley & Co. International plc is acting as lead financial advisor and Lenz & Staehelin served as legal advisor to Baloise in connection with this transaction. UBS also acted as financial advisor to Baloise. J.P. Morgan Securities plc is acting as exclusive financial advisor and Walder Wyss is acting as legal advisor to Helvetia.
Όμιλος BALOISE: Ο ισχυρός μέτοχος της Ατλαντικής Ένωσης
Ο κορυφαίος ελβετικός τραπεζοασφαλιστικός Όμιλος BALOISE, μέτοχος της ΑΤΛΑΝΤΙΚΗΣ ΕΝΩΣΗΣ από τη δεκαετία του 1970, ανακοίνωσε για άλλη μια φορά ιδιαίτερα αυξημένα τα βασικά οικονομικά του στοιχεία για το 2021.
Συγκεκριμένα:
• Τα κέρδη του ομίλου προσέγγισαν τα 600 εκατομμύρια Ελβετικά Φράγκα, αυξημένα κατά 35,5% σε σύγκριση με το 2020.• Τα Ίδια Κεφάλαια ανήλθαν σε 7,3 δισεκατομμύρια Ελβετικά Φράγκα, ενισχυμένα κατά 4,5% σε σύγκριση με το 2020
Με ενεργητικό που υπερβαίνει τα 88,4 δισεκατομμύρια Ελβετικά Φράγκα (στοιχεία 2020), ο Όμιλος BALOISE έχει Δείκτη Φερεγγυότητας που ξεπερνά το 210% (σύμφωνα με τα κριτήρια της Ελβετικής Αρχής) και αξιολογείται με Α+ από τον Διεθνή Οίκο αξιολόγησης Standard & Poor’s.
Αυτός ο μεγάλος Όμιλος, που διατηρεί από το 1972 μετοχική σχέση με την ΑΤΛΑΝΤΙΚΗ ΕΝΩΣΗ, έχει συμβάλει καθοριστικά ώστε σήμερα, η ΑΤΛΑΝΤΙΚΗ ΕΝΩΣΗ, να είναι δυνατότερη από ποτέ άλλοτε, με ισχυρότατη οικονομική θέση, ακέραιη, σταθερή και ευέλικτη Διοίκηση με ταχύτατες αποφάσεις που λαμβάνονται τοπικά.
Ο Όμιλος BALOISE έχει παρουσία μεγαλύτερη των 120 ετών στον ελληνικό χώρο και είναι ένα από τα 13 ιδρυτικά μέλη της Ένωσης Ασφαλιστικών Εταιριών Ελλάδος το 1907 ενώ η ΑΤΛΑΝΤΙΚΗ ΕΝΩΣΗ, με πάνω από 52 χρόνια γόνιμης παρουσίας στην Ελλάδα, αναδεικνύεται συνεχώς τα τελευταία χρόνια ΠΡΩΤΗ ΑΣΦΑΛΙΣΤΙΚΗ ΕΤΑΙΡΙΑ Γενικών Ασφαλίσεων και Ζωής στην Ελληνική Αγορά, με βάση ΔΕΙΚΤΗ ΦΕΡΕΓΓΥΟΤΗΤΑΣ που ξεπερνά το 280% και μακρά παράδοση συνεχούς κερδοφορίας.
Η Baloise εξαγόρασε τη Fidea έναντι 480 εκατ. ευρώ
Η ελβετική ασφαλιστική εταιρεία Baloise Holding δήλωσε σήμερα, Δευτέρα, ότι εξαγόρασε τη βελγική ασφαλιστική εταιρεία Fidea NV για 480 εκατομμύρια ευρώ (543 εκατομμύρια δολάρια) από την Anbang Insurance Group της Κίνας, προκειμένου να ενισχύσει τη θέση της στην βελγική αγορά ασφάλισης ζημιών και ζωής.
Η Baloise δήλωσε ότι η συμφωνία θα αυξήσει το μερίδιό της στις δραστηριότητες εκτός Ζωής στο Βέλγιο κατά 1,7 εκατοστιαίες μονάδες στο 8,5% και των δραστηριοτήτων ζωής κατά 0,7 ποσοστιαίες μονάδες στο 4,2%.
Την ώρα που η Baloise διευρύνει τις δραστηριότητές της στην Ευρώπη με την τρίτη στη σειρά βελγική εξαγορά την τελευταία δεκαετία, η Anbang υποχωρεί από τις περισσότερες -άνω των 30 δισεκατομμυρίων δολαρίων- διαπραγματεύσεις τα τελευταία χρόνια για να ενισχύσει τον ισολογισμό της.
Υπενθυμίζεται ότι ο πρώην πρόεδρος του Anbang, Wu Xiaohui, ο οποίος είχε ηγηθεί της επεκτατικής πολιτικής, συμπεριλαμβανομένης της εξαγοράς του ξενοδοχείου Waldorf Astoria της Νέας Υόρκης, καταδικάστηκε τον Μάιο σε 18 χρόνια φυλάκιση για διαφθορά.
Baloise buys Belgium’s Fidea for 480 mln euros as Anbang exits
(Reuters) – Swiss insurer Baloise Holding on Monday said it is acquiring the Belgian insurer Fidea NV for 480 million euros ($543 million) from China’s Anbang Insurance Group to boost its position in the Belgian non-life and life insurance market. Baloise said the deal will increase its share of the non-life business in Belgium by 1.7 percentage points to 8.5 per cent and its life business by 0.7 percentage points to 4.2 percent.
Baloise is augmenting its business in Europe with its third Belgian takeover in the last decade, while Anbang retreats from a slew of more than $30 billion in deals in recent years to shore up its balance sheet. Anbang’s former chairman, Wu Xiaohui, who led the expansion push including the purchase of New York’s Waldorf Astoria hotel, was sentenced in May to 18 years imprisonment for corruption.