Helvetia provides information on the implementation of the new accounting principles prescribed under IFRS 17/9

Helvetia today provides information on the implementation of the new accounting principles prescribed under IFRS 17/9 and publishes its 2022 financial statements in accordance with the new standards. Under IFRS 17/9, the Group continues to report a strong balance sheet and solid technical results for the 2022 financial year.

27.06.2023 | Ad hoc announcement pursuant to Art. 53 LR

Helvetia today provides information on the implementation of the new accounting principles under IFRS 17 and IFRS 9 and reveals the impact on its financial reporting. To this end, the Group publishes its 2022 annual and half-year financial statements in accordance with the new standards. The Group's underlying business activities and the strategy remain unchanged. Helvetia's capitalisation, cash flows and dividend policy are likewise unaffected by the switch to IFRS 17/9.

Helvetia continues to report a strong balance sheet and solid technical results
The new regulations only affect financial reporting in accordance with IFRS. Following its implementation, the IFRS balance sheet reflects a more economic view of the Group's financial situation and confirms the continued strength of Helvetia's balance sheet. Shareholders' equity excluding the valuation reserve for policyholder participation falls moderately as of the transition date on 1 January 2022 by around 7%. Under IFRS 17/9, net income after tax in the 2022 financial year stood at CHF 480.2 million. This was underpinned by robust technical results based on Helvetia's resilient and broadly diversified business model. The result included a one-off gain from the sale of the Spanish life insurance company Sa Nostra Vida in the amount of CHF 87.2 million. Compared to the 2022 IFRS net income after tax under the old accounting principles (CHF 614.4 million, including a one-off gain of CHF 102.0 million), the changed accounting treatment of gains and losses on investments had an impact on the result under IFRS 17/9.

Key figures remain favourable under new definition
The implementation of the new requirements leads to changes in the definition of certain key performance indicators, including the combined ratio, new business margin and return on equity. For 2022, all three key figures remained at an attractive level following the switch to IFRS 17/9. Helvetia will report fully in compliance with IFRS 17/9 for the first time with the publication of its half-year financial statements on 27 September 2023.

Contact information

Analysts
Philipp Schüpbach
Head of Investor Relations
Phone: +41 58 280 59 23
investor.relations@helvetia.ch

Media
Jonas Grossniklaus
Head of Corporate Communications
Phone: +41 58 280 50 33
media.relations@helvetia.ch

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Ad hoc announcement (PDF)

Media releases overview

About Helvetia Group

Helvetia Group, with its headquarters in St. Gallen, has grown since 1858 to become a successful insurance group with over 12,000 employees and more than 7 million customers. It has been enabling its customers to seize opportunities and minimise risks for all that time – Helvetia is there for them when it matters. Helvetia is the best partner and is present everywhere that protection needs arise, with insurance, pension and investment solutions from a single source as well as simple products and processes. The insurance group knows the business, from mobile phone insurance and insurance cover for the Gotthard Base Tunnel to the long-term investment of customer assets. Helvetia develops and opens up new business models with enthusiasm and drives forward its own business in a powerful and future-oriented manner. It acts with foresight and responsibility in everything it does: for the benefit of its shareholders, customers and employees as well as its partners, society and the environment.
Helvetia is the leading all-lines insurer in Switzerland. In the Europe segment comprising Germany, Italy, Austria and Spain, the company has firmly rooted market positions for generating above-average growth. In the Specialty Markets segment, Helvetia offers tailored special insurance and reinsurance cover worldwide. With a business volume of CHF 11.1 billion, Helvetia generated IFRS net income after tax of CHF 614.4 million in the 2022 financial year. The shares of Helvetia Holding AG are traded on SIX Swiss Exchange.

Disclaimer

This document was prepared by Helvetia Group and may not be copied, altered, offered, sold or otherwise distributed to any other person by any recipient without the consent of Helvetia Group. The German version of this document is decisive and binding. Versions of the document in other languages are made available purely for information purposes. Although all reasonable effort has been made to ensure that the facts stated herein are correct and the opinions contained herein are fair and reasonable, where any information and statistics are quoted from any external source such information or statistics should not be interpreted as having been adopted or endorsed as accurate by Helvetia Group. Neither Helvetia Group nor any of its directors, officers, employees and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this information. The facts and information contained in this document are as up to date as is reasonably possible but may be subject to revision in the future. Neither Helvetia Group nor any of its directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document.
This document may contain projections or other forward-looking statements related to Helvetia Group which by their very nature involve inherent risks and uncertainties, both general and specific, and there is a risk that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include: (1) changes in general economic conditions, in particular in the markets in which we operate; (2) the performance of financial markets; (3) changes in interest rates; (4) changes in currency exchange rates; (5) changes in laws and regulations, including accounting policies or practices; (6) risks associated with implementing our business strategies; (7) the frequency, magnitude and general development of insured events; (8) mortality and morbidity rates; (9) policy renewal and lapse rates as well as (10), the realisation of economies of scale as well as synergies. We caution you that the foregoing list of important factors is not exhaustive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties. All forward-looking statements are based on information available to Helvetia Group on the date of its publication and Helvetia Group assumes no obligation to update such statements unless otherwise required by applicable law.