Berenberg starts Helvetia Baloise with 'buy' expects benefits in Swiss non-life

Helvetia Baloise Holding AG

17/12/2025 08:17

** Berenberg starts Helvetia Baloise HBANC.S with "buy", as it expects benefits in the Swiss non-life segment

** "In Swiss non-life, we expect a double benefit from Helvetia's merger with Baloise, from a near-doubling of its market share to 15% in Swiss non-life, and due to better market dynamics in this segment, thanks to the increased concentration resulting from the merger," the brokerage says

** "We believe that the 350 million Swiss francs  ($438.49 million) announced merger cost synergies are likely to overshoot by c15%, following the pattern of other in-market mergers," it adds

** It also expects the timing of the merger coinciding with a strong recovery in non-life insurance margins in Germany, a benefit which it does not see reflected in consensus forecasts

** Out of 6 analysts covering the firm, five rate it as "buy" or "strong buy" and one rates it as "hold" - LSEG data

** Shares gain 1.9% in morning trade

($1 = 0.7982 Swiss francs)

 (Reporting by Paolo Laudani in Gdansk)

 ((Paolo.laudani@thomsonreuters.com))