The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Iain Pearce - Exane Bnp Paribas - Analyst
: The first one was just on statutory earnings. It might be a bit early to talk about them. But just thinking about the amortization charge and
the intangibles, do you expect a similar impact in the statutory earnings is what you're seeing in the IFRS?
And then the second one is on the useful life. Thank you for disclosing the useful life of the intangible assets. Do you expect that the
amortization charge will be linear across that useful life? Or are you expecting any sort of distortions in how we can expect -- assume
amortization in the P&L over the course of the next few years? Thank you.
Question: Nasib Ahmed - UBS AG - Analyst
: So first one on the fair value changes in the balance sheet, the CHF1.4 billion. Is it right to kind of assume that CHF0.8 billion is coming from
the CSM and the rest is best estimate liability, so CHF0.8 billion CSM, CHF0.6 billion impact to make up the CHF1.4 billion?
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DECEMBER 08, 2025 / 8:00AM, HBANC.S - Helvetia Holding AG and Baloise Holding AG M&A Call
And then the second question on, Fabian, you kind of mentioned there's a change in Helvetia amortization. So what I'm trying to get at is
(technical difficulty) closer to the 340, 340 is basically CHF3.4 billion divided by 10. So is that the normal run rate?
And then finally, at the Capital Markets Day, have you thought about maybe if you can -- you've been executing at pace. Can you accelerate
the timeline for that? Or maybe I'm front-running some of the stuff that you're going to say at the Capital Markets Day? Thank you.
Question: Nasib Ahmed - UBS AG - Analyst
: No, I think Peter answered that and (inaudible)
Question: Thomas Bateman - Mediobanca - Analyst
: Could you just remind us what the duration of the non-life portfolio will be now with the combined entities? And the second question, just
-- I think I just missed this. You talked about the LIC and LRC changes. Could you just repeat what you said one more time? And then finally,
does the IFRS net income and the potential dividend cover or maybe slightly thin cover at the moment, does that have any impact on your
ability to pay dividends going forward?
Question: Matteo Lindauer - Vontobel - Analyst
: I have a quick question on the non-life CSM of CHF0.4 billion. So the assumption of a release of about CHF0.1 billion for the next year is
right. And so we can assume that the non-life CSM of CHF0.4 billion will be released over the next four years. Is that the correct assumption?
Question: Iain Pearce - Exane Bnp Paribas - Analyst
: Just in the slide, you mentioned you've been working obviously on the operational integration, and that's going to get started as of now.
I'm just wondering if you can give any insight to any sort of findings or anything you've learned as part of that work you've done to this point
since the merger was announced.
Question: Anne-Chantal Risold - Octavian - Analyst
: Just one question on the Life part. As you mentioned, since it's Helvetia acquiring Baloise, the assumption will maybe trend towards Helvetia
assumption. And on the Life side, we always had this release pattern that was quite significantly different between the two companies. So
what can we expect for 2026 in the P&L of Baloise -- Helvetia Baloise?
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