S&P Global Ratings (S&P) has confirmed the Financial Strength Rating of A+ and the Issuer Credit Ratings of A+ for Helvetia Baloise. The outlook remains stable.
The rating confirmation reflects S&P's assessment of the Group's strong market position, excellent capitalisation and resilient operating performance as key factors supporting the rating.
Helvetia Baloise benefits from a strong market position in Switzerland and established operations across Austria, Belgium, France, Germany, Italy, Luxembourg and Spain, complemented by international specialty insurance activities, banking operations and asset management capabilities.
S&P highlights the benefits of the merger, including increased scale, a strengthened market position and broader geographic diversification across Europe. In addition, S&P expects merger-related synergies to further support the Group's long-term performance and efficiency.
The stable outlook reflects S&P's view that the combined group will maintain excellent capitalisation supported by a pro forma SST ratio of around 260%[1] at the end of 2025, while operating earnings and the combined ratio are expected to remain broadly in line with 2025 levels throughout the integration process.
Ratings of the assessed Helvetia Baloise entities
Helvetia Swiss Insurance Company Ltd: A+ / Stable
Helvetia Swiss Life Insurance Company Ltd: A+ / Stable
Helvetia Assurances S.A.: A+ / Stable
Baloise Belgium N.V.: A+ / Stable
Basler Sachversicherungs AG: A+ / Stable
Helvetia Global Solutions Ltd: A / Stable
Helvetia Baloise Holding Ltd: A- / Stable
