Brief: Helvetia Provides Information On The Implementation Of The New Accounting Principles Prescribed Under IFRS 17/9

Helvetia Baloise Holding AG

27/06/2023 06:26

June 27 (Reuters) - HELVETIA HOLDING AG  HELN.S :
    * HELVETIA PROVIDES INFORMATION ON THE IMPLEMENTATION OF THE
NEW
ACCOUNTING PRINCIPLES PRESCRIBED UNDER IFRS 17/9
    * GROUP PUBLISHES ITS 2022 ANNUAL AND HALF-YEAR FINANCIAL
STATEMENTS IN ACCORDANCE WITH NEW STANDARDS
    * NDER IFRS 17/9, GROUP CONTINUES TO REPORT A STRONG BALANCE
SHEET
AND SOLID TECHNICAL RESULTS FOR 2022 FINANCIAL YEAR
    * GROUP'S UNDERLYING BUSINESS ACTIVITIES AND STRATEGY REMAIN
UNCHANGED
    * NEW REGULATIONS ONLY AFFECT FINANCIAL REPORTING IN
ACCORDANCE
WITH IFRS
    * FOLLOWING ITS IMPLEMENTATION, IFRS BALANCE SHEET REFLECTS
A MORE
ECONOMIC VIEW OF GROUP'S FINANCIAL SITUATION AND CONFIRMS
CONTINUED STRENGTH OF HELVETIA'S BALANCE SHEET
    * SHAREHOLDERS' EQUITY EXCLUDING VALUATION RESERVE FOR
POLICYHOLDER PARTICIPATION FALLS MODERATELY AS OF TRANSITION
DATE ON 1 JANUARY 2022 BY AROUND 7%
    * UNDER IFRS 17/9, NET INCOME AFTER TAX IN 2022 FINANCIAL
YEAR
STOOD AT CHF 480.2 MILLION
    * COMPARED TO 2022 IFRS NET INCOME AFTER TAX UNDER OLD
ACCOUNTING
PRINCIPLES (CHF 614.4 MILLION, INCLUDING A ONE-OFF GAIN OF CHF
102.0 MILLION), CHANGED ACCOUNTING TREATMENT OF GAINS AND LOSSES
ON INVESTMENTS HAD AN IMPACT ON RESULT UNDER IFRS 17/9
    * IMPLEMENTATION OF NEW REQUIREMENTS LEADS TO CHANGES IN
DEFINITION OF CERTAIN KEY PERFORMANCE INDICATORS, INCLUDING
COMBINED RATIO, NEW BUSINESS MARGIN AND RETURN ON EQUITY
    * FOR 2022, ALL THREE KEY FIGURES REMAINED AT AN ATTRACTIVE
LEVEL
FOLLOWING SWITCH TO IFRS 17/9
    * HELVETIA WILL REPORT FULLY IN COMPLIANCE WITH IFRS 17/9
FOR
FIRST TIME WITH PUBLICATION OF ITS HALF-YEAR FINANCIAL
STATEMENTS ON 27 SEPTEMBER 2023

Further company coverage:  HELN.S 

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