Slides
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Capital Markets Day 2024 Helvetia Group Basel 12 December 2024
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2 Disclaimer and cautionary statement: Analyst presentation Certain statements in this document are forward-looking. These statements include statements regarding Helvetia Group’s targeted profit, return on equity, expenses, financial conditions, solvency ratios, capital or liquidity positions, business initiatives and objectives (including, but not limited to, environmental, social and governance matters), as well as Helvetia Group’s understanding of general economic, financial and insurance market conditions and expected developments. Undue reliance should not be placed on these statements, because, by their nature, they are subject to known and unknown risks, uncertainties or other factors. Should one or more of these risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in the forward-looking statements (or from past results). Such factors include (1) changes in general economic conditions, in particular in the markets in which Helvetia Group operates; (2) the risk of a global economic downturn by shifting political circumstances, increased tension between world powers and growing local conflicts and wars; (3) the performance of financial markets; (4) changes in interest rates and currency exchange rates; (5)Helvetia Group’s ability to achieve its strategic objectives; (6) changes in laws and regulations or the interpretation thereof, including accounting policies or practices; (7) increased litigation activity and regulatory actions; (8) the frequency, magnitude and general development of insured events; (9) mortality and morbidity rates; (10) policy renewal and lapse rates; (11) the lack of realisation of synergies and scale benefits; and (12) operational factors, including the efficacy of risk management and other internal procedures in anticipating and managing any of the foregoing risks. These factors are not exhaustive. Helvetia Group operates in a continually changing environment and new risks emerge continually. Helvetia Group undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or otherwise. This communication is not intended to be a recommendation to buy, sell or hold securities and does not constitute an offer for the sale of, or the solicitation to make an offer to buy, securities in any jurisdiction, including the United States. Any such offer will only be made by means of a prospectus or offering memorandum and in compliance with applicable securities laws. The information and opinions contained in this presentation are provided as at the date of the presentation and may change. Although the information used was taken from reliable sources, Helvetia Group does not accept any responsibility for its accuracy or comprehensiveness or its updating. Any liability for the accuracy and completeness of the information or for any damage or loss resulting from its use is expressly excluded. Please note: • Unless indicated otherwise, figures are based on IFRS. IFRS figures 2022-2023 in this presentation are based on IFRS 17/9. Earlier figures are based on IFRS 4/IAS 39 • Since 2023, business volume consists of premiums written and deposits (unless indicated otherwise). Previously: gross written premiums and deposits • Sums in this presentation are based on unrounded figures and may not add up due to rounding differences. Likewise, year-on-year changes are calculated on the basis of unrounded figures Disclaimer
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3 Start Topic Speaker 8:30 Registration 9:00 Group strategy Fabian Rupprecht, Group CEO Financials Annelis Lüscher Hämmerli, Group CFO Specialty Markets David Ribeaud, CEO Specialty Markets Introduction Group CRO Bernhard Kaufmann, Group CRO Q&A Session I F. Rupprecht, A. Lüscher Hämmerli, D. Ribeaud, B. Kaufmann 11:00 Break 11:15 Switzerland Martin Jara, CEO Switzerland Spain Juan Estallo, CEO Spain Germany, Italy, and Austria Thomas Neusiedler, CEO GIAM Q&A Session II M. Jara, J. Estallo, Th. Neusiedler Closing Remarks F. Rupprecht 12:30 Lunch Agenda
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Group strategy: unleash our potential Fabian Rupprecht, Group CEO
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54% 46% 2015 37% 63% 2023 Life Non-life 8.2 11.3+4% 5 • Helvetia grew both organically and inorganically • Overall increased diversification translates into capital-efficient growth and supports return on equity • Balanced contribution by segments to our non-life business Focus on non-life and capital-light life (Business volume1 in CHF billion, CAGR) 1 Since 2023, business volume consists of premiums written and deposits. Previously: gross written premiums and deposits 2 German, Italian and Austrian Markets 28% 22% 24% 26% Switzerland Spain GIAM SpM Non-life +8% Helvetia has a strong track record of sustainable growth while increasing its geographic and business mix diversification Increased geographical diversification (Business volume1, in CHF billion) 8% 27% 5% 60% 2015 17% 22% 18% 43% 2023 Specialty Markets GIAM2 Spain Switzerland 8.2 11.3
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Sustainably growing dividends are supported by excellent capitalisation and liquidity 6 Dividend per share2 (in CHF) Total dividend1 (in CHF million) ~300% SST ratio (estimate as of 30/06/2024) A+ S&P rating (confirmed in July 2024) CHF 376m Free deployable funds at Holding (as of 30/06/2024) a+ AM Best rating (October 2024) 3.8 2015 4.2 2016 4.6 2017 4.8 2018 5.0 2019 5.0 20203 5.5 2021 5.9 2022 6.3 2023 189 209 229 239 249 265 292 313 334 +7% Dividend CAGR 1 Dividend paid out in the following year 2 For 2015-2018, dividend per share recalculated to reflect stock split of 1:5 in 2018 3 In 2020, Helvetia issued 3.3 million new shares. The proceeds were used to partly finance the acquisition of Caser
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~ 7 StatusFinancial targets 20.25 Cost efficiencies CHF 100 million by 2025 CHF >450 million by 2025 >5% by 2025 Fee business: Volume Share on Group IFRS net income S&P rating Dividend distribution to shareholders 'A' rating CHF >1.65 billion 2021-2025 (cumulative) 92% – 94% 4% – 6% Profitability: Non-life combined ratio Life new business margin Operational efficiency Return on equity 11% – 14% CHF 128 million cumulative to FY23 HY 2024: CHF 211 million1 HY 2024: >5% 'A+' rating2 CHF 939 million cumulative to FY 2023 HY 2024: 95.4% HY 2024: 4.9% HY 2024: 13.4% On track On track On track On track On track On track On track Measures initiated We are well on track to achieve the helvetia 20.25 financial targets Quality of earnings and growth Capital and dividends 1 HY not annualised 2 Confirmed on July 18, 2024
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8 Strong customer access in our retail markets • Privileged customer access through tied agents, bancassurance and direct business (Smile) • Share of direct customer access, especially high in Switzerland (83%)1 and Spain (75%)2 Strong position and expertise in specialty business • Combined ratio in Specialty Markets below 100% since 2015 (except for 2017 at 100%) • #1 in Engineering, Marine & Art in Switzerland, #1 in Marine in France Ideally placed to embrace the technology of the future • High employee engagement (74 in 2024) as well as collaboration score (76 in 2023) – 85% of our employees would recommend Helvetia as great place to work • European "Top Employer" seal since 20234 Customer access in retail Expertise in specialty Technology • Potential to better leverage internal know-how and further invest into technical excellence • Potential to unlock cost synergies, drive efficiency as well as nearshoring as an integrated international group • Potential to transition to an integrated international group with consistent steering and clear groupwide priorities Our proven strengths build a strong foundation and will allow us to unleash our potential 1 Tied agents and direct business (Smile), 2023 2 Tied agents and bancassurance, 2023 3 Source: IFZ Digital Insurance Experience Study 2024 4 By the Top Employers Institute • Leader in digital insurance experience in Switzerland – Helvetia ranked #1 and Smile #2 in 20243 • Pioneer in AI-based customer interaction (172,000 Chats via Chatbot "Clara" in 2024) People Strong employee engagement and connection with the organisation, based on our core values and principles of collaboration
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Fabian Rupprecht David Ribeaud 30+2023 Appointment year Group CEO CEO Specialty Markets Annelis Lüscher André Keller Group CFO Group CIO Martin Jara Sandra Hürlimann CEO Switzerland Group CTO Juan Estallo Esther Roman CEO Spain Group CHRO Thomas Neusiedler Bernhard Kaufmann CEO GIAM Group CRO 9 Years of relevant experience 20+2020 30+2020 25+2024 25+2024 25+2015 30+2019 15+2024 25+2024 25+2024 The new leadership team will bring Helvetia to unleash its potential
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10 Local Customer Champion Global Specialist Technical excellence Efficiency • Sound balance sheet • Strong direct access to customers in retail • Strong position and expertise in specialty • Our technology • Our people Generate profitable growth in our existing retail markets by leveraging our privileged customer access Expand in selected global lines with a smart follower approach Achieve leading local positions for specialty and commercial lines in our European markets Improve margin by further enhancing our technical capabilities Increase profitability by unlocking efficiency gains and synergies Two long-term strategic approaches Two additional focus areas for 2025-2027 New strategy to be consistently rolled-out in all segments to achieve long-term profitable growth and margin improvements
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Combination of strategic approaches and focus areas will drive underlying earnings in the next three years Local Customer Champion Global Specialist Technical excellence Efficiency 2024e 2027e 9-11% Underlying earnings Growth ~1/3Margin ~2/3 Growth Margin • The Local Customer Champion and Global Specialist approaches will be applied consistently over time to achieve our long- term vision • Technical excellence and efficiency will be major contributors for the strategic cycle 2025-2027 and will stay in focus beyond 2027 Target CAGR 11
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Local Customer Champion 12 Local Customer Champion 2024e 2027e ~+4% Further growth potential beyond 2027 Increase direct customer access and loyalty • Leverage investments in state-of-the-art CRM systems • Increase direct customer access (e.g. Smile and process digitalisation for tied agent channel) Increase product density with existing customer base Expand proposition for 50+ customers to unlock new profits • Increase cross-selling with existing customers • Push unique bancassurance model in Spain by embedding innovative and simple products in bank processes • Drive life transformation in Switzerland to create attractive life & pension solutions • Develop new investment solutions for asset accumulation, preservation and reinvestment • Create holistic and innovative product propositions out of core insurance products and related services Examples Leveraging our privileged customer access in Switzerland, Spain and GIAM Non-life: business volume, CAGR 2024e 2027e ~+4% Life: PVNBP1, CAGR 1 Present value of new business premiums
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Focus areas 2025-2027 Spain, GIAM • Establish dedicated specialty & commercial lines units in Spain and GIAM • Provide capacity, access to the international network and build up underwriting and claims resources • Create a Center of Excellence to support Spain and GIAM in achieving a meaningful market position Focus areas 2025-2027 Specialty Markets • Selective growth in existing lines of business by optimising our market share in alignment with underwriting cycles • Introduction of new lines of business and unlocking cross-selling potential in our portfolios • Further expansion of our geographical footprint in Latin America and Asia through our presence in Miami and Singapore Global Specialist volume growth 2024-2027 driven by Specialty Markets Spain and GIAM to bring significant additional volume from 2028 2024e 2027e ~+5% Global Specialist 13 Growing our specialty business in the existing segment and unleashing opportunities in our European markets Global Specialist Business volume, CAGR 2024-2027
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14 Claims ratio improvement of ~1.5 ppts by 2027 • Groupwide standard methodologies with aligned local execution • Strengthen technical capabilities in technology, data & skills • Pool know-how and data to leverage international size Technical excellence Improving our non-life claims ratio Optimisation of portfolio mix • Further steer business and channel mix to optimise underlying portfolio profitability • Invest into data & analytics to optimise exposure management (e.g. Nat Cat) • Set standards and align portfolio management best practices among all markets Portfolio management Smart rate increases & improvement of risk selection • Combine data of group companies to enhance pricing adequacy and risk selection • Enforce overall positive rate change • Implement top pricing tools in all markets and invest into upgrading of pricing teams Pricing Decrease average claims cost • Automate and digitalise claims processes end-to-end and apply AI consistently • Network management: steer claims in all business lines and markets in the same sophisticated way as we do in motor today • Enhance fraud detection through advanced AI Claims
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2025e 2026e 2027e > CHF 200 million by 2027 Service hubs for non- customer facing functions Use of AI and Technology Process optimisation Unlock synergies in Spain • Centralise expertise in nearshoring hubs • Streamline operations in IT, finance, asset management and HR • Pool resources to achieve economies of scale • Build up a hub-and-spoke model to leverage AI / GenAI potential across the Group • Leverage data analytics to enable better decision making • Optimise and harmonise insurance policy processes • Achieve greater alignment of processes and organisational structure to achieve higher degree of automation • Simplify and optimise structure by planed integration of our companies in Spain • Leverage scale of vendor management • Create common IT landscape ~20% ~40% ~40% Efficiency 15 Achieving sustainable cost savings through a comprehensive efficiency program Run-rate efficiency gains
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16 • Portfolio steering based on capital efficiency and strategic criteria • We aim at having a portfolio in which all businesses meet the internal capital efficiency hurdle rates • We consider portfolio measures for businesses that cannot realistically reach the hurdle rates within the planning horizon Underlying return on equity2 13-16% for 2025-2027 Capital efficiency1 (Average 2021-2024e) hurdle rate ~21% IFRS equity is allocated to areas not meeting the capital efficiency hurdle rate Capital efficiency ~77% IFRS equity is allocated to areas exceeding the capital efficiency hurdle rate 1 Based on internal risk-based capital efficiency metric. Nota bene: ~2% of IFRS equity is allocated to areas out of scope of the capital efficiency metric. Sample granularity: market units x business lines 2 Underlying return on equity = (Underlying earnings – financing costs net of tax – interest on preferred securities net of tax – minorities) / (average IFRS shareholders' equity excluding fair value reserve and excluding insurance finance reserve) We manage our business in line with our return on equity ambition
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17 Profitability Distributions Balance sheet Underlying earnings per share CAGR1 9-11% Underlying return on equity2 13-16% Dividend distributions for 2025-20273 > CHF 1.2 billion Dividend ratchet Balance sheet strength and resilience translating into credit rating of at least 'A' 1 Target CAGR based on underlying earnings forecast for 2024 of approximately CHF 520 million 2 For the period 2025-2027; underlying return on equity = (underlying earnings – financing costs net of tax – interest on preferred securities net of tax – minorities) / (average IFRS shareholders' equity excluding fair value reserve and excluding insurance finance reserve) 3 Dividends declared; paid out in the following respective year Our financial targets for 2025-2027: earnings' growth and attractive dividend distributions to create shareholder value
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We manage our business portfolio in line with our return on equity ambition Throughout the strategic cycle 2025-2027, we will improve margins by focusing on technical excellence and efficiency We target long-term profitable growth with our strategic approaches Local Customer Champion and Global Specialist 18 Group strategy: key take-aways 1 3 2
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Financials Annelis Lüscher Hämmerli, Group CFO
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20 Our financial targets reflect our strategic ambition 1 Target CAGR based on underlying earnings forecast for 2024 of approximately CHF 520 million 2 For the period 2025-2027; underlying return on equity = (underlying earnings – financing costs net of tax – interest on preferred securities net of tax – minorities) / (average IFRS shareholders' equity excluding fair value reserve and excluding insurance finance reserve) 3 Dividends declared; paid out in the following respective year Capital adequacy and balance sheet resilience Enough capital to fulfil regulatory and legal requirements at both group and local levels at all times Capital efficiency, fungibility and diversification Maximise capital efficiency, capital fungibility and diversification benefits Finance profitable growth Finance profitable, capital efficient and cash generative organic growth Attractive shareholder distributions Deliver sustainable growth in shareholder dividend Balance sheet strength and resilience translating into credit rating of at least 'A' Underlying earnings per share CAGR1 9-11% Dividend distributions for 2025-20273 > CHF 1.2 billion + dividend ratchet Underlying return on equity2 13-16%
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21 Surplus capital generated mostly translated into cash remittance and then deployed based on strategic priorities Central buffer ensures financial resilience and flexibility at the group level Local capital buffer to absorb volatility and ensure that capital requirements are fulfilled Local capital requirements determined by the relevant regulatory frameworks and supervisory practices Available capital Capital allocation 1 2 4 3 1 2 4 3 How we allocate capital…
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…and how we deploy it 22 Improved nutrition and reduced economic losses Underwriting& investments Surplus capital generation Group surplus capital Cash Remittance IFRS/Local statutory profit Differences between IFRS and local accounting Potential enhancement through capital management Local redeployment • Profitable growth Group redeployment • Dividends • Overhead & borrowing costs • Profitable growth • We manage differences in IFRS and local statutory accounting • We capitalise local entities to support their growth plans, but we maintain the principle of lean daughter and strong mother company • We ensure that dividend paying capacity is maintained at Group level
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Excellent capitalisation, clearly defined solvency framework SST Ratio development SST framework 193% 260% 331% 288% 2020 2021 2022 2023 Consider measures to increase resilience of solvency Implement measures to increase capital and/or reduce risks Validate capitalisation against strategy and consider actions1 Focus on economic business steering and achieving strategic targets 140% 23 Recent actions • 2022: refinanced a CHF 300m hybrid bond with a senior bond • 2024: refinanced a CHF 225m hybrid bond with a senior bond • 2024: optimised the strategic asset allocation 1 Any potential action to manage the level of capitalisation is assessed with respect to all potential constraints arising from regulatory, statutory, rating and liquidity metrics
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24 Business volume1, business line split (in CHF billion) 8% 27%5% 60% 2015 17% 22% 18% 43% 2023 8.2 11.3 54% 46% 2015 37% 63% 2023 8.2 11.3 Life Non-life Specialty Markets GIAM2 Spain Switzerland Aggregated target capital3 -19% Consolidated target capital Aggregated target capital 3 -26% Consolidated target capital 2015 SST diversification benefit has increased by 37% over the past 8 years Business volume1, segment split (in CHF billion) 2023 1 Since 2023, business volume consists of premiums written and deposits. Previously: gross written premiums and deposits 2 German, Italian and Austrian Markets 3 Based on target capital from market, credit and underwriting risks Our portfolio mix translates into SST diversification benefits
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25 Min 70% 41% 30% Max 30% 22% 7% Max 30% 29% Reference 31/12/2023 Capital structure (Based on IFRS) Leverage Ratio Senior +hybrid debt Shareholders' equity + adjusted CSM1 SH Equity Adj. CSM1 Senior debt Hybrid debt Maturity profile (in CHF million) 0 200 400 600 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 CHF senior bonds CHF hybrid bonds EUR hybrid bonds Max 30% 29% Interest coverage2 average 2020-2023: 8.3x 1 CSM after tax, ceded reinsurance, non-fulfilment expenses and non-controlling interests 2 Profit from operating activities / interest expenses on bonds and on preferred securities A balanced funding mix and well-distributed maturity profile
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All strategic focus areas will drive underlying earnings growth 26 Our group profitability ambitions (Underlying earnings per share target CAGR 2024-2027)1 2024e 2027e 9-11% Growth ~1/3Margin ~2/3 Target CAGR Underlying return on equity 13-16% Switzerland Spain GIAM SpM 9-11% 8-10% 10-12% 6-8% Segment profitability ambitions (Underlying earnings ambition CAGR 2024-2027)1 Efficiency gains2 (Ambition 2025-2027, in CHF million) ~75 ~50 ~25 ~15 ~35 Switzerland Spain GIAM SpM Corporate >200 Group 1 Target CAGR based on underlying earnings forecast for 2024 of approximately CHF 520 million 2 Nota bene: Not all efficiency gains impact the margin
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Non-life profitability: sustainably improving our combined ratio Non-life combined ratio 2024e Claims ratio Cost ratio 94.5% - 95.5% Efficiency gains1 Claims ratio improvement of ~1.5 ppts by 2027 Combined ratio2 improvement of ~2 ppts by 2027 Cost ratio improvement of ~0.5 ppts by 2027 Other assumptions • Nat Cat as previous period • Lower discounting benefit, based on current yield curves 27 Technical excellence 1 Nota bene: not all efficiency gains impact the non-life cost ratio 2 Including Group Reinsurance
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28 2024e 2027e Individual Life1 Group Life ~+4% New business value CSM stock and CSM release2,3 105 0 100 101 102 103 104 2024e 2025e 2026e 2027e CSM CSM release Steadily increase of new business value driven by a CAGR of 5% in individual life NBV drivers On a going concern basis, modelled based on H1 2024, CSM remains stable, but CSM releases grow faster, initially at 1.8% Life benefitting from the shift in business mix 1 Including life fee and commission income 2 Indexed to 100 3 Chart shows projected CSM and CSM release developments assuming zero variances, and assuming new business at the H1 2024 achieved run-rate • Strengthened focus of the sales channels • Greater digitalisation of processes • Product improvements
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Investments: stable direct income to support group earnings 29 Investments by asset class (excl. assets with market risk for the policyholder, in CHF million) 61% 17% 7% 5%1% 6% 2% 30/06/2024 47,405 Bonds Investment property Mortgages Equities Loans Alternative investments / Investment funds / derivatives Other 1 2 Stable direct yield -1 0 1 2 3 2.2% -0.1% 2015 2.2% -0.2% 2016 2.1% -0.3% 2017 2.0% -0.5% 2018 1.9% -0.6% 2019 1.7% -0.6% 2020 1.6% -0.6% 2021 1.8% -0.2% 2022 2.0% 0.1% 2023 Direct yield 5y Swiss Govi (10y-rolling average) Investment portfolio strength supports our strategic ambitions • Current reinvestment yield ~2.5-3% • FX exposure largely hedged (hedging level during 2023 > 94%) • Narrow duration gap3 • FY 2023 regulatory basis -0.4 • FY 2023 economic basis -0.1 • State-of-the-art responsible investment approach 29 1 Equity exposure delta-adjusted: 4.8% 2 Money market instruments and investments in associates 3 The weighted duration gap shows the sensitivity of own funds to a parallel shift in the yield curve, expressed as a percentage of the best estimate of insurance liabilities. Note: a negative sign for the duration gap means that an increase in risk-free interest rates is associated with an increase in (regulatory or economic) own funds and vice versa
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We are committed to remain a reliable dividend payer 3-year target Dividend distributions for 2025-20271 > CHF 1.2 billion Sustainable increase in regular dividend per share yoy Dividend ratchet DPS at least on prior year level Buffer to absorb volatility CHF 376 million free deployable funds as at 30/06/2024 Dividend per share2 (in CHF) Total dividend1 (in CHF million) 4.2 2016 4.6 2017 4.8 2018 5.0 2019 5.0 2020 5.5 2021 5.9 2022 6.3 3.8 2024 2025 2026 20272015 189 209 229 239 249 265 292 313 334 2023 +7% Dividend CAGR Sustained dividend increase 30 1 Dividend declared; paid out in the following respective year 2 For 2015-2018, dividend per share recalculated to reflect stock split of 1:5 in 2018 Illustrative
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Financials: key take-aways 31 The sources of our earnings growth are broad based by segment and by business line. Non-life will be the main contributor, while life will be more focused Generate surplus capital to maintain attractive dividend growth and invest in organic growth of underlying earnings We will maintain a very strong and resilient balance sheet, with a credit rating of at least 'A', and a balanced funding mix 1 3 2
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Specialty Markets David Ribeaud, CEO Specialty Markets
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33 Active Reinsurance (Business volume 2023) Specialty Lines CH & Int.1 (Business volume 2023) France (Business volume 2023) 37% 18% 14% 10% 21% Property Liability Life Motor Other CHF 832 million 74% 13% 9% 4% Engineering & property Marine Aviation Other CHF 658 million 23% 18% 17% 15% 12% 15% Ship hull Carriers Cargo Property Motor hull Other CHF 482 million EMEA: 39% America: 40% Rest of the World: 9% Asia, Pacific: 12% EMEA: 46% America: 42% Asia, Pacific: 12% Successful bolt-on M&A strategy since 2003 FTEs: ~85 FTEs: ~260 FTEs: ~485 In France marine In Switzerland in Marine, Engineering & Art Specialty Markets has well-diversified and selected portfolios in Specialty Lines and Reinsurance 1 Specialty Lines Switzerland and International
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34 Premiums written1 (in CHF million, CAGR) 675 771 900 2016 2017 2018 2019 2020 2021 2022 2023 1,019 1,247 1,519 1,716 2,005 2,196 2015 +16% 97% 100% 96% 96% 98% 96% 96% 95% Combined ratio • Every transaction is priced and underwritten individually • Risk engineering to allow a robust assessment of complex risks and technologies • Dedicated Nat Cat team to track exposures and ensure they are in line with our risk appetite • Systematic feedback loop between claims and underwriting • Regular technical reviews to champion high-quality underwriting A+ S&P rating a+ AM Best rating CHF 4.44bn total assets 31/12/2023 CAGR 12% of net income (2015-2023) Strong growth paired with solid technical results Bespoke technical expertise Excellent financial strength and discipline We have delivered profitable growth in a challenging environment thanks to our expertise and discipline 1 Gross written premiums and deposits (IFRS 4) 96%
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35 Lean organisation • Agility and empowerment with an engagement score of 80 compared with the external benchmark of 75 • Efficient processes and cost-effective IT solutions Bespoke expertise • Experienced employees with international experience and deep knowledge of the covered risks • Dedicated team with six experts for renewable energies and environmental technologies Geographical reach • Presence in Miami, Dakar, Singapore and London to effectively access international business Cycle management • Proven track record of cycle management with a commitment to solid technical results at the expense of volume, with a reduction of our US Liability reinsurance book of ~CHF 60 million between 2019 and 2023 Customer convenience • Steady and good relationships with our distribution partners, confirmed for instance by a Net Promoter Score of 20 compared with a benchmark of 10 in France Diversification • The risks written by SpM are largely uncorrelated with the business of the other segments, with growth of CHF 500 million in Active Reinsurance reducing our SST ratio by only 2-3 ppts for instance Our past and future successes are based on dedicated expertise, underwriting discipline and unabated agility
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Profitable growth achieved by selectively developing existing business and by extending our product range Sharpen our technical capabilities in alignment with relevant trends such as climate change and technological developments Further automate business processes end to end and leverage synergies within the Group Technical excellence Efficiency Global Specialist 36 2024e 2027e +6-8% Underlying earnings (CAGR ambition) Our new strategy capitalises on existing strengths and aims to further diversify our book and grow profitably
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37 Our market units will focus on selectively increasing their market shares and capturing the existing cross-selling potential Specialty lines CH & Int. Active reinsurance France • Grow selectively existing portfolios by increasing our market share • Develop mid-market international property and engineering business • Introduce international general liability • Pursue the development and growth of our cyber book • Deliver focused and dedicated growth in the general aviation business • Grow profitably in life mortality and disability, Property and Nat Cat in line with our risk appetite • Introduce life morbidity coverage extending our current offering in life reinsurance • Extend our current offering in non-life with cyber reinsurance • Maximise the potential of our hubs in Miami and Singapore • Further grow marine business by writing international programs • Strengthen our position in non-marine lines thanks to a reinforced market presence • Complement our offer with cyber and surety and exploit cross-selling potential • Strengthen relationship with our distribution network by making better use of touch points
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38 • Improve workflow processes between our front-end and back-end systems and further automate connected business processes • Establish automated interfaces to enhance integration with our main business partners • Use AI to increase effectiveness of business processes • Systematically leverage existing solutions within group • Increase productivity through improved management of our distribution networks • Implement Group-wide technical excellence approach to better track portfolio profitability and quality, capacity deployment and ensure proactive cycle management • Implement integrated data quality management (IDQM) for technical data to improve risk insight • Refine existing tariffs and Nat Cat pricing in line with technological developments, adequate modelling and climate change • Reinforce framework and processes for active recovery actions in claims • Extend core competencies required for business and risk assessment with dedicated pricing tools and medical underwriting in life reinsurance Technical excellence Efficiency Efficiency gains ~CHF 15 million by 2027Claims Ratio improvement of ~1.5 ppts by 2027 Both technical excellence and efficiency will be key to remain competitive and profitable
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Consistently and effectively address the long-term potential of a profitable growth of ~CHF 500 million in written premiums as Global Specialist in our European markets • Development of business cases and strategies and market activities • Review and support the assessment of referrals • Assist in optimising business-specific processes and tools • Internal network to champion the exchange of best practices and to allow the development of resources across geographies Business expertise • Availability of an international network and according support • Adequate and cost-effective reinsurance capacity International network & capacity • Deliver bespoke training in underwriting and claims • Support the recruitment of key peopleSkills & people Our expertise will be made available to our European markets thanks to a dedicated Center of Excellence 39
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40 Specialty Markets: key take-aways We remain competitive and customer-oriented thanks to our increasing efficiency, hence ensuring sound results over the cycle We focus on solid technical results and consequently manage underwriting cycles, even if it implies giving up business Specialty Markets aims at increasing underlying earnings by 6-8% per year till 2027 and further contribute to the diversification of the Group 1 3 2 4 By bringing to bear the expertise of Specialty Markets in our European markets, we unleash their potential as bespoke SME insurer
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Introduction Group CRO Bernhard Kaufmann, Group CRO
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Q&A Session I
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Break
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Switzerland Martin Jara, CEO Switzerland
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45 47% 31% 19% 3% 21% 38%41% CHF 4.8 billion Balanced portfolio (Business volume 2023, in CHF) Strong distribution (Business volume 2023, in CHF) CHF 4.8 billion Group Life Individual Life Non-Life Tied agents Brokers Partner/direct Online/outbound • High-quality portfolio mix: 4-year average claims ratio non-life 61.2% (market 65.8%)1 • Strong earnings power: CHF 334 million underlying earnings 2023 • Growth momentum: outgrowing the Swiss market in non-life since 2020 and in individual life (periodic premium) • Serving over 1.2 million customers • Direct customer access to 1 million customers (0.8 million via tied agents and 0.2 million via Smile) Switzerland: key figures 1 Local GAAP, as reported by FINMA
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Our strategy builds on our key strengths… 46 Proven track record to profitably outgrow the market • Growth in non-life has beaten domestic market by 1.2 ppts p.a. since 2020 (leading claims ratio of 61.2% average over 4 years)1 and new business individual life (periodic premium) outgrew market by 4 ppts p.a. 2 • with #1 position as digital insurer and business volume CAGR 2020-2023 of 10% • Additionally leveraging of retail skills from Swiss core business to European embedded insurance results in non-life premium growth with 9% CAGR since 2020 (premium volume 2023 >CHF 300 million) Direct customer access to highly valuable customer base • Direct access to >80% of our customers by tied agents and • High cross-selling potential due to direct customer access to be addressed with unique comprehensive product and service offerings in non-life, life & pensions and real estate • High customer loyalty supports implementation of technical measures to further improve margins High expertise in data analytics & pioneering role in AI • Leading technology support in customer contact/advisory (#1 rank in best digital insurance experience 2024)3 • Pioneer in AI-based customer interaction (172,000 Chats via Chatbot in 2024) • > 50,000 sales opportunities converted from online presence in 2024 (3.2 million visits) Strong identification and spirit of employees • Top Employer since 2021 • 87% of employees indicate to be proud to work for Helvetia (78% benchmark Switzerland) 1 Local GAAP, as reported by FINMA 2 CAGR market 6%, Helvetia 10% 3 Source: IFZ study: Digital Insurance Experience (2024), Swiss market
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47 2024e 2027e +9-11% Underlying earnings (CAGR ambition) Leverage the potential of our highly valuable customer base with direct customer access Improve margins through technical excellence Realise further efficiency gains Technical excellence Efficiency Local Customer Champion …and focuses on three main levers for the next strategy cycle in Switzerland
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48 We will gain & monetise the position as Local Customer Champion in Switzerland • Leverage our strength in customer knowledge, customer advice and customer experience to full impact • Strengthen our interplay between the sales network, online and outbound • Scale our competitive growth position with our attractive offerings in life & pension, non-life and real estate • Data and AI-driven target customer analytics • Next best actions and qualified cross-sell leads • Seamless & hybrid customer interactions • Best-in-class customer service along the whole customer journey • Customer-specific advisory and contacting to convert data-based opportunities into cross- and upselling • Technology- & data-enabled advisory process Outperform market growth also in 2025 – 2027 (non-life premiums and new business individual life) Increase cross- und upsellings by 30% by 2027 Customer knowledge Customer experience Customer advice Leverage the potential of our highly valuable customer base with direct customer access (1/2)
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49 We will gain & monetise the position as Local Customer Champion in Switzerland • Develop our value proposition for the target customer groups and strengthen the interplay among young people, property owners and 50+ (flywheel approach) • Monetise the potential of the growing segment 50+ with pension advice and investment solutions • Enhance cross-selling of comprehensive product range for SMEs Outperform market growth also in 2025 – 2027 (non-life premiums and new business individual life) Increase product and service density across product categories for 50+ by >10% Young people 50+Property owners Leverage the potential of our highly valuable customer base with direct customer access (2/2) Passing on estate Building-up assets Securing standard of living
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Spotlight: further strengthen our footprint in life to secure sustainable profit development 50 Individual life: follow-up on successful growth in capital-light offerings by investing in product offering and customer experience (Number of actively insured, CAGR) 59% 41% 2017 48% 52% 2020 33% 67% 2023 191,027 186,104 215,735-1% +5% Capital-intensive (full coverage) Capital-light 95% of new business in capital-light products in 2023 Strengthened focus on life in sales channels and digitalisation of processes (new business, periodic premiums, in CHF million, CAGR) Group life: continue successful shift of business mix towards capital-light; semi-autonomous (BVG Invest), fee/risk insurance (Servisa) and flat-rate reinsurance >65% of customers with capital-light solutions by 2023 Attractive offering for flat- rate reinsurance and continuous growth for BVG invest New business value (total) (CAGR) 2024e1 2027e +6-8% 2024e 2027e ~+1% CSM release (total) (CAGR; normalised with current cost level) 22% 78% 2017 5% 95% 2020 5% 95% 2023 52 48 64-2% +10% Capital-intensive Capital-light Capital-light 2023: 6% BVG invest 36% Servisa 25% Flat-rate reinsurance 1 One-time model change effects in 2024 excluded
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Both technical excellence and efficiency will be key to remain competitive and profitable 51 Starting point: • Improvement of cost ratio by 2 ppts thanks to realised efficiency gains of CHF 60 million since 2021 • Further potential identified Forward looking cost improvement: • Consistent rate increases. >50% of growth (retail) in 2024 due to rate increases with increased number of insured • Further improvement of risk selection / pricing sophistication and portfolio management (e.g., new risk factors, automated review of market pricing) • Optimisation of claims payments by machine learning based fraud detection, automated invoice assessment and end-to-end claims steering Technical excellence Efficiency Efficiency gains of ~CHF 75 million by 2027Claims ratio improvement of ~2 ppts by 2027 47% 7% 28% 18%Operational efficiency Service hubs for non-customer-facing functions IT run-cost reduction AI-supported automation and self-services
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52 Switzerland: key take-aways Realise further efficiency gains Improve margins through technical excellence Leverage the potential of our highly valuable customer base with direct customer access 1 3 2
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Spain Juan Estallo, CEO Spain
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54 Business volume - Total (in EUR billion, CAGR) Business volume - Insurance (2023) 14% 17% 35% 10% 12% 7% 5% Life (excl. burial) Burial Motor Property Agriculture Health / Accident Other NL EUR 2.1 billion 32% 24% 24% 7% 13% Banks Agents Brokers Large accounts Other (health network, online) EUR 2.1 billion Top 10 market position serving more than 2.5 million customers with well diversified business and strong distribution channels operating with two companies offering high synergy potential 9% 66% 24% 20211 11% 67% 21% 2023 2.1 2.4 Fee business Non-life Life by product by distribution channel +18% +7% +0% Spain: key figures 1 Excluding Sa Nostra Vida, which was sold in 2022
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55 Strong technical performance leveraging expertise and customer, bank and external data • Combined ratio of ~95% in 2022 and 2023 • Nat Cat to a large extent covered by Consorcio • Portfolio structure and market rankings (2023) Attractive portfolio structure with high proportion andhigher growth in more profitable non-motor business High number of customers directly accessible through our strong bancassurance agreements • 2nd largest bancassurance player • Over 1 million customers with more than 1.5 million policies • Over 0.4 million customers within customer loyalty program Loyal and profitable exclusive agent network which provides access to high-value customers • 3,500 exclusive agents • 0.7 million customers through agents • 60% of insurance customers within 50+ segment • 40,000 customers with insurance policies and non-insurance services • Strong positioning in expat business (>30 million premium and >10% growth) Relevant player in 50+ segment with comprehensive insurance and non-insurance offering to our customers We build on our key strengths to reach our next ambition Motor Health Multirisk Other non-life (incl. burial) 26% 28% 21% 25% Market Spain EUR 43.0 billion 20% (#11) 11% (#9) 35% 34% (#6) Segment Spain EUR 1.7 billion (#8)
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56 2024e 2027e +8-10% Underlying earnings (CAGR ambition) Key levers capture most of the value from our strategy Customer champion in bancassurance and tied agent network Monetising 50+ segment with services Further improving technical excellence Unlock cost synergies Technical excellence Efficiency Local Customer Champion
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57 Bancassurance and agent network as drivers for growth Leveraging bank customer data • Bank credit score • Bank data for better and faster underwriting Embedded innovative and simple offering in bank value proposition • All policy payments through insurance credit account • Bundling shop services 1. Benefiting from bancassurance 2. Leveraging tied agent network Expand and evolve our tied agent network for profitable and sustainable growth Best practices in bancassurance to further increase growth and profitability Expand and evolve our tied agents' network to a future-proof model • Developing CRM and lead management capabilities • Comprehensive insurance and non-insurance offering focused on high margin products Enhancing cross- and upselling • Leveraging data and models to identify most effective opportunities (next best action) • Evolve commercial scheme to focus on maximising product density
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58 50+ 50+ customers as driver for growth Customising insurance products with specific coverages • Targeted coverages for 50+ in home, health, life risk and burial products Monetising 50+ by offering non-insurance services • Investment solutions, health, home care, elderly homes Holistic insurance and non-insurance proposition • Combining insurance and non-insurance offering to become leader in 50+ Leveraging expertise to expand profitable Expat business • 10% expected sustained growth protecting 86% combined ratio 3. Monetising 50+ customer segment Focus on profitable services linked to insurance business
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59 Technical excellence and cost synergies to increase margin We plan to integrate Caser and Helvetia Seguros to unlock additional synergies (see next slide) Maximise pricing sophistication • Enhanced pricing models through machine learning • Additional external data • Leveraging price elasticities Enhance portfolio management • Expanding optimisation • Strengthening underwriting • Disciplined portfolio cleaning Reduce claim costs • Leveraging preferred network • Reducing claims leakage and fraud using analytics and AI Technical excellence Unlock cost synergies Efficiency gains of ~CHF 50 million by 2027Claims ratio improvement of ~1.5 ppts by 2027
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60 Unlock significant synergies in Spain from a cost base with addressable costs of about EUR 700 million Limited past collaboration allows for quick synergies We plan to integrate our two entities to unlock additional synergies • Leverage scale for vendors management • Common IT sourcing • Unique assistance model • Align and simplify structure • Optimise and automate processes • Consistent claims management • One common IT framework Cost overview (Local statutory basis, 2023, in EUR billion) 1.3 0.6 Cost Base Low potential/non addressable 0.5 0.2 Addressable costs 2.0 0.7 Claims costs Operating expenses
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61 Spain: key take-aways We plan to integrate Caser and Helvetia Seguros to unlock cost synergies We will improve margin during 2025-2027 by further investing in technical excellence We target long-term profitable growth with our unique bancassurance model and agent network, and monetise the 50+ customer segment with comprehensive and customised insurance and non- insurance value proposition 1 3 2
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Germany, Italy and Austrian Markets Thomas Neusiedler, CEO GIAM
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8% 26% 27% 11% 28% 10%15% 24% 15% 36% 20% 34% 7% 11% 28% GIAM: key figures Optimal mix life vs non-life (Business volume 2023, in CHF million) 75% 15%5% 5% 58% 10% 27% 5% 33% 30% 31% 6% Agents Brokers Own force Other Germany Agents Brokers Partners Other Italy Austria Agents Brokers Banks Other CHF 988m CHF 875m CHF 875m CHF 597m CHF 597m CHF 988 m Top multi-channel reach (Business volume 2023, in CHF million) Motor Property Transport Other non-life Life Motor Property Accident Other non-life Life Motor Property Accident Other non-life Life 63 We have longstanding experience in our markets and benefit from optimal customer access, strong distribution as well as balanced business mix to provide attractive customer propositions Customer base over 2.5 million and total business volume of almost CHF 2.5 billion Strong footprint in southern Germany and northern Italy (main bancassurance partners as well as approx. 85% of agencies based in northern Italy)
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Selectively focused player with a broad and loyal distribution network Excellent business mix in non-life High product density / customers served by agents Steady market share growth and spearheading insurance innovation with Smile in Austria Strong identification and commitment of employees Above average customer agent coverage in Italy and Austria 64 • 12,000+ sales partners • 14 banks • 18 affinity partners • Non-life Germany 73% non-motor vs market 64% • Non-life Italy 63% non-motor vs market 56% • Non-life Austria 64% non-motor vs market 65% • Germany running at approx. 1.3 per customer • Italy running at approx. 1.5 per customer • Austria running at approx. 1.4 per customer • Steady market share growth in Austria since years under established Helvetia brand (market position from #10 to #8) • Successful launch of Smile as planned and 13% of all new contracts with leading aggregator concluded with Smile • Top Employer seal for 2024 obtained, 85% of employees recommend Helvetia as employer Non-life customers served by agents: • Italy 73% vs market 76% • Austria 66% vs market 52% Our strategy builds on our key strengths, supporting our ambition to become a Local Customer Champion
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65 2024e 2027e +10-12% Underlying earnings (CAGR ambition) • GIAM: develop unique re-investment product propositions for the 50+ customer segment • Germany: focus on profitable target groups supported by systematic segmentation • Austria: increase direct customer access by leveraging Smile and up-selling Local Customer Champion • Implementing required reinsurance structures as well as freedom of service agreements • Organic business development including staff ramp-up and upskilling as well as intra-group knowledge transfer • Strengthen regional presence and underwriting capabilities Global Specialist • Improvements in data quality, analytics, exposure management as well as strengthening of pricing capabilities through top pricing tools and upgrading of pricing teams Technical excellence • Cost discipline and leveraging AI to automate processesEfficiency GIAM: executing on the four key pillars of our strategy
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66 Systematic strategic segmentation of profitable target groups according to defined parameters Development of tailored proposition with customised products and services as well as support Positioning of Helvetia in Germany as target group insurer focused on selected and profitable segments HNWI1 Car Dealers Property Shift portfolio mix by significantly increasing share of valuable target groups to improve combined ratio to < 93% Low Growth Profitability Valuable target groups in focus Combined ratio improvements by optimised portfolio mix For illustration purpose only and not fit to scale Legend: = customer groups = valuable target groups High Low High Deep dive Germany: focus on profitable target groups supported by systematic segmentation 1 High net-worth individuals
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67 Pricing sophistication through a strong improvement of data quality and full deployment of technical pricing Combining of forces and leveraging of groupwide competences by strengthening collaboration between local labs and groupwide Center of Excellence Gain competitive claims advantage to offset claims inflation via, among others, increase of settlement efficiency and body shop steering up to 10% from the existing 54% in motor hull Pricing sophistication Product and underwriting Claims Total combined ratio improvement ~2-3 ppts Combined ratio improvements (by 2027) Deep dive Italy: technical excellence driving combined ratio improvements
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68 Expansion of cross -selling and up - selling measures to increase the segment density of our existing customers in Austria New customer attraction by engaging new intermediary partners ( transfer model ) Grow customer base significantly and implement lead generation model for main business (Number of contracts, CAGR) 2024e 2027e ~9,500 ~31,000 +48% 13 15 16 17 19 2020 2021 2022 2023 2024e +10% Signed transfer volume non-life (in EUR million, CAGR) Deep dive Austria: increase direct customer access by leveraging Smile and focusing on up-selling
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69 Technical excellence and efficiency to improve margin • Strong discipline on FTE costs including selective hiring-freezes • Further optimisation of overhead structures • Reduction of marketing and operational expenses • Leverage AI / GenAI solutions to optimise customer interaction and drive harmonisation of IT landscape • Automate policy administration and claims processes to increase straight through processing Germany: • Reduce exposure in particularly exposed risk types and businesses, realise significant improvements in data quality and boost data & analytics impact Italy: • Further reduce average claims costs through increased claims steering to affiliated body shops and other specialised providers and strengthening of pricing capabilities Austria: • Become a pricing specialist, further build on leadership position in claims services and improve fraud detection as well as straight-through processing due to strengthened digitalisation and AI capabilities Technical excellence Unlock cost synergies Efficiency gains ~CHF 25 million by 2027Claims ratio improvement of ~1 ppt by 2027
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70 GIAM: key take-aways We are steering all our GIAM market units in line with the Group's return on equity ambitions for the strategic cycle We consider the selective characteristics of our GIAM market units and therefore follow a selective lines of business portfolio monitoring approach We are fully committed to execution in line with our four key strategic pillars and leveraging synergies across our GIAM market units to achieve the underlying earnings growth ambition 1 3 2
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Q&A Session II
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Appendix
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73 Strategic approaches in our reporting segments Strategic approach Target customers Lines of business Switzerland Spain GIAM1 Specialty Markets SpL CH/Int2 ARI France Local Customer Champion Retail/SME Non-life (P&C) ⚫ ⚫ ⚫ Life ⚫ ⚫ ⚫ Global Specialist Commercial / SME Specialty business ⚫ (new) ⚫ (new) ⚫ ⚫ Commercial / corporate customers ⚫ ⚫ Insurers Reinsurance (all lines) ⚫3 ⚫ Unchanged segment reporting structure 1 German, Italian and Austrian Markets 2 Specialty Lines Switzerland and International 3 Only facultative non-life
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Creation of free deployable funds underlining ambition of sustainably increasing dividend payout Net economic dividend capacity (NEDC) and free deployable funds (FDF) (in CHF billion) NEDC 31/12/2022 NEDC 31/12/2023 before transfer 2023 shareholders' dividend Surplus capital transferred to Holding in 2024 Total surplus capital after 2023 shareholders' dividend 0.376 0.80.8 0.3 FDF at Holding 0.376 Held at subsidiaries 1 74 1 Paid in 2024
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SST sensitivities Market risk sensitivities Shift ∆ RBC (in CHF million) 31/12/2022 ∆ SST ratio1) (RBC effect only) 31/12/2022 ∆ SST ratio 31/12/2022 ∆ RBC (in CHF million) 31/12/2023 ∆ SST ratio1) (RBC effect only) 31/12/2023 ∆ SST ratio 31/12/2023 Interest rates2) -50 bp -67 -3% pts -16% pts -171 -5% pts -17% pts Spreads3) +50 bp -691 -24% pts -21% pts -698 -22% pts -21% pts Equities -10 % -201 -7% pts +3% pts -221 -7% pts +2% pts Real estate -10 % -1,108 -38% pts -34% pts -1,062 -33% pts -29% pts FX EUR/CHF -10 % -79 -3% pts -83 -3% pts FX USD/CHF -10 % -77 -3% pts -67 -2% pts Life insurance risk sensitivities Shift ∆ RBC (in CHF million) 31/12/2022 ∆ SST ratio1) (RBC effect only) 31/12/2022 ∆ RBC (in CHF million) 31/12/2023 ∆ SST ratio1) (RBC effect only) 31/12/2023 Longevity +10 % -171 -6% pts -207 -6% pts Disability +10 % -41 -2% pts -58 -2% pts Reactivation -10 % -46 -2% pts -55 -2% pts Costs +10 % -271 -10% pts -321 -10% pts Lapse +10 % -68 -3% pts -59 -2% pts 75 1 Only own funds (RBC) sensitivities included; excl. effect on target capital 2 Without intragroup loans; for subsidiaries in the EU, the yield curves defined by the European supervisory authority are used to determine the interest rate sensitivity 3 Spread-sensitive investments are defined as interest-bearing investments with the exception of "AAA"-rated government bonds, bonds issued by multilateral development banks, mortgages, policy loans and mortgage-backed bonds
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Recurring and non-recurring elements of life earnings 313 Underlying earnings FY 2023 (as reported) Underlying earnings FY 2023 (new segmentation) ~-35 Non-recurring items ~-10 interest rate- related impact Recurring underlying earnings ~+10 Non-operating items (incl tax) Recurring net income 310 Life earnings 2023 (CHF million) • CSM release in 2023 slightly elevated due to including a post-covid release • Variances from claims and expenses, and the loss component, are both expected to be close to zero on average • Net income from reinsurance benefitted from high claims recovery in Switzerland in 2023 76 • The 2023 operating other result included a positive one-off. Non- fulfilment expense assumptions have been revised • Given the current interest rate environment, higher accretion is expected • Non-operating positive tax effects in 2023 are expected to repeat
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77 Our achievements (2023) Our commitments MSCI ESG Rating of 'A' CDP Rating of 'B' Awarded as European "Top Employer" Growth in sustainable insurance products1 36% • Realise opportunities (e.g. in renewable energy) • Enhance long-term business resilience • State-of-the-art responsible investment approach • Be an employer of choice • On track net-zero transition • Contribute to local societal challenges • Build trust • MSCI ESG Rating of 'A' 1 According to internal definition 2 Long-term net-zero targets for own operations by 2040 and in asset management and underwriting by 2050. Committed to sustainability in every part of our business, thereby creating additional value for our stakeholders
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Calendar and contact Important dates Contact details Rachael Burri Investor Relations Manager Helvetia Group Dufourstrasse 40 9001 St.Gallen (Switzerland) Phone: +41 (0)58 280 59 30 Email: rachael.burri@helvetia.ch Investor Relations Corporate Communications Peter Eliot Head of Investor Relations Helvetia Group Dufourstrasse 40 9001 St.Gallen (Switzerland) Phone: +41 (0)58 280 59 19 Email: peter.eliot@helvetia.ch Jonas Grossniklaus Head of Corporate Communications Helvetia Group Dufourstrasse 40 9001 St.Gallen (Switzerland) Phone: +41 (0)58 280 50 33 Email: media.relations@helvetia.ch − 06/03/2025 Publication of full-year results 2024 − 25/04/2025 Annual General Meeting 2025 78