Summary of Bâloise Holding Conference Call Company Overview - **Company**: Bâloise Holding AG - **Event**: Conference Call and Live Webcast on December 08, 2025 - **Key Focus**: Discussion on the merger with Helvetia and its accounting impacts Core Points and Arguments 1. **Merger Completion**: The merger between Bâloise and Helvetia was successfully closed on December 5, 2025, with operational integration preparations well underway [4][5][6] 2. **Management Structure**: The top three management layers below the Group Executive Committee have been fully appointed and are collaborating effectively [5] 3. **Financial Guidance**: Pro forma financial information (PFFI) for full year 2024 and half year 2025 was published, but should not be treated as guidance due to varying assumptions and materiality levels [6][7] 4. **Goodwill and Intangible Assets**: Significant goodwill and intangible assets will be created as a result of the merger, impacting the balance sheet and P&L, but not affecting cash flow or dividend capacity [8][12][23] 5. **Market Position**: The combined entity is now the second largest insurance group in Switzerland with approximately 20% market share and operates in eight markets across Europe [9] 6. **Synergies and Cost Savings**: Expected run rate pre-tax cost synergies of CHF 350 million, leading to an additional CHF 220 million in cash generation and a 20% uplift in dividends by 2029 [9][23] 7. **Integration Costs**: Anticipated integration costs of CHF 500 million to CHF 600 million, primarily incurred by the end of 2028 [24] Important but Overlooked Content 1. **Accounting Impacts**: The merger will result in a shift from liabilities for incurred claims (LIC) to liabilities for remaining coverage (LRC), inflating both revenues and expenses [32] 2. **CSM Release**: The non-life CSM of CHF 0.4 billion is expected to be released quickly, with about a quarter released in the first year, but this is purely an accounting effect with no economic value [20][34] 3. **Investment Income**: Changes in investment income due to lower interest rates will impact non-life investment income, but this will decrease over time as new assets are acquired [22] 4. **Statutory Earnings**: The accounting impacts presented do not affect statutory earnings, cash, or dividends, which is crucial for understanding the financial health of the company [26][27] 5. **Cultural Integration**: Early findings from the operational integration indicate a smooth transition due to similar corporate cultures and high motivation among teams [35] Conclusion The conference call provided a comprehensive overview of the merger's implications for Bâloise Holding AG, highlighting the expected synergies, financial impacts, and the strategic direction of the newly formed entity. The focus on accounting impacts and integration processes underscores the importance of understanding both the financial and operational aspects of the merger.

Transaction Overview - Ageas will acquire 100% ownership of AG Insurance from BNP Paribas Fortis for EUR 1.9 billion[4] - The transaction will be financed via an equity placement of 18.5 million shares at EUR 60 per share, totaling EUR 1.11 billion, along with existing cash and financing facilities[4] - The closing is subject to regulatory approval and is expected in Q2 2026[4] Strategic Rationale - The acquisition offers strategic flexibility and strengthens Ageas' position for potential future inorganic growth opportunities[22, 25] - It allows for further leveraging of AG Insurance's distribution, technical, and operational expertise to deepen group synergies[25] - The deal re-confirms the long-term nature of the bancassurance distribution agreement with BNP Paribas Fortis and deepens collaboration on investments[8, 25, 41] Financial Impact - The transaction is expected to deliver an attractive levered Return on Invested Capital (ROIC) of 15-16%[26, 40] - It is projected to increase HFCF (Holding Free Cash Flow) per share by 7-8% by 2027[26, 33] - The acquisition is expected to provide an immediate uplift of EUR 160-175 million from Belgium and EUR 15 million from the Reinsurance segment starting in 2028[33] Partnership with BNP Paribas - BNP Paribas will maintain a significant stake in Ageas, with a shareholding cap of 25%-1[52] - The partnership is governed by a Relationship Agreement with a 5-year duration and automatic renewal[52] - BNP Paribas supports Ageas' future growth as an independent and autonomous group[52] Elevate27 Targets - The transaction leads to an upgrade of Elevate27 financial targets, including an increase in HFCF and shareholder remuneration[26, 53, 59, 60] - The shareholder remuneration is expected to increase by +10%[60] - HFCF is expected to increase by +13%[59]

Conference Call on Helvetia Baloise Pro Forma Financial Information Matthias Henny, Group CFO Helvetia Baloise 8 December 2025 Overview of contents 2 1) Key messages and preliminary remarks 2) Pro Forma Financial Information 3) Outlook and next milestones 4) Appendix Key messages Merger of equals to form Helvetia Baloise completed on 5 December 2025. Previous communication on benefits of the deal, including on cash and dividend capacity uplift, remain valid. Preparation for operational integration well adva ...

长沙晚报掌上长沙12月8日讯（全媒体记者 周丛笑）今天三大指数集体高开，沪指高开0.16%，深成指 高开0.24%，创业板指高开0.32%。量能上，开盘半小时，沪深两市成交额突破6600亿，较上一日此时 放量超1700亿，预计全天成交金额超2万亿。行业板块上，商业航天、证券等板块指数涨幅居前，固态 电池概念震荡走强。 长江证券资深投资顾问刘浪表示，大金融板块拉升。消息面上，6日中国证券业协会第八次会员大会表 示，证监会将着力强化分类监管、扶优限劣，对优质机构适当松绑，进一步优化风控指标，适度打开资 本空间和杠杆限制，提升资本利用效率。以国泰君安吸收合并海通证券获批，及中金公司拟整合东兴、 信达为标志，行业迈入"航母级"整合新阶段。头部机构通过资本扩容与牌照资源的深度互补，旨在构建 跨境金融、衍生品定价及风险管理等高壁垒业务的护城河，头部"马太效应"显著增强。 消息面，国家金融监管总局近日发布《关于调整保险公司相关业务风险因子的通知》。其中提到，保险 公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从0.3下调至 0.27；保险公司持仓时间超过两年的科创板上市普通股的风险因子 ...

BNP Paribas agrees to sell a 25% stake in AG Insurance for €1.9 billion to Ageas and in return buy a holding worth €1.1 billion in the Belgian insurance firm https://t.co/QEdMNXNqp3 ...

Core Viewpoint - Belgian insurer Ageas has agreed to acquire a 25% stake in AG Insurance from BNP Paribas, resulting in full ownership of AG Insurance for a total consideration of 1.9 billion euros ($2.21 billion) [1] Company Summary - Ageas will now hold 100% ownership of AG Insurance following the acquisition of the remaining 25% stake [1] - The transaction is valued at 1.9 billion euros, equivalent to approximately 2.21 billion dollars [1] Industry Summary - The acquisition reflects ongoing consolidation trends within the insurance industry, as companies seek to enhance their market positions through full ownership of key subsidiaries [1]

Core Viewpoint - BNP Paribas Group has sold its 25% stake in AG Insurance to Ageas for EUR 1.9 billion, formalizing a long-term partnership focused on bancassurance operations in Belgium, particularly in digital development and investment management [1][2]. Group 1: Partnership and Stake Sale - The partnership between BNP Paribas and Ageas aims to enhance the bancassurance operations of AG Insurance and BNP Paribas Fortis, focusing on savings, protection, and property & casualty insurance [1]. - Ageas is consolidating its position in the Belgian market by acquiring BNP Paribas Fortis' stake in AG Insurance, which is valued at EUR 1.9 billion [2]. - BNP Paribas Cardif will increase its stake in Ageas from 14.9% to 22.5% through a EUR 1.1 billion capital contribution, strengthening Ageas' growth capacity while maintaining its independence [3]. Group 2: Financial Impact - The transaction is expected to be finalized in the second quarter of 2026, pending regulatory approvals, and will result in a net capital gain after tax of EUR 820 million in 2026 [4]. - BNP Paribas Group's net income is projected to increase by EUR 40 million annually following the completion of the transaction [4]. Group 3: Strategic Statements - The CEO of BNP Paribas highlighted the growth potential in the bancassurance business through the partnership with AG Insurance and the new asset management platform [5]. - The CEO of Ageas emphasized that this transaction is a significant milestone in implementing their Elevate27 strategy, allowing for further advancement in Belgian operations [5].

Core Insights - Ageas has announced the acquisition of the remaining 25% stake in AG Insurance from BNP Paribas Fortis for EUR 1.9 billion, resulting in Ageas becoming the 100% owner of Belgium's leading insurer [2][4] - This acquisition aligns with Ageas's Elevate27 strategic goals, enhancing its focus on cash-generative activities and raising financial targets, including an increase in holding free cash flow from EUR 2.3 billion to EUR 2.6 billion [3][10] - A long-term relationship agreement has been established with BNP Paribas, allowing them to maintain a significant shareholding while respecting Ageas's autonomy [6][11] Financial Implications - The acquisition is expected to generate a levered return on invested capital (ROIC) of 15 to 16% and strengthen Ageas's capital position [4] - The transaction will be financed through a combination of cash reserves, existing financing facilities, and flexibility in the debt capital market [5] Strategic Partnerships - Ageas and BNP Paribas have reaffirmed their long-standing bancassurance partnership, which will continue for 15 years starting in 2027, enhancing distribution and asset management collaboration [8][9] - BNP Paribas will have the right to nominate a representative to the Ageas Board of Directors, reinforcing their strategic partnership [7]

Core Viewpoint - The Guangdong "14th Five-Year" planning proposal emphasizes the strategic role of finance in supporting technological innovation, industrial upgrading, and high-quality development, integrating finance into the construction of a strong technological province [1][3]. Financial Strategy and Innovation - Finance is positioned not just as a resource allocation tool but as a core engine driving technological self-reliance and new development momentum [3]. - The proposal outlines a comprehensive innovation chain that includes "basic research + technological breakthroughs + results transformation + technology finance + talent support" to enhance regional innovation system efficiency [3]. Investment and Capital Development - The document details the creation of an innovative entrepreneurial investment and financing system, fostering high-quality venture capital institutions, and guiding capital towards early, small, long-term, and hard technology investments [3][4]. - It emphasizes the need for collaboration between finance, fiscal policy, and state-owned assets to strengthen government investment fund systems and enhance the effectiveness of fund utilization [4]. Financial Sector Growth - The proposal envisions the construction of a "financial strong province," promoting the development of technology finance, green finance, inclusive finance, pension finance, and digital finance [4]. - It encourages national financial institutions to increase resource allocation in Guangdong and deepen strategic cooperation with large domestic and foreign financial institutions [4]. Market and Investment Dynamics - The proposal aims to leverage government investment to stimulate private sector participation in major projects, enhance private investment activity, and increase the proportion of private investment [4]. - It calls for reforms in the investment and financing system to broaden diversified investment channels and establish a market-driven investment growth mechanism [4]. Risk Management - The proposal highlights the importance of preventing and mitigating risks associated with real estate and small financial institutions to maintain economic and financial security [4].

Core Insights - WR Berkley Corp. (NYSE:WRB) experienced a significant decline of 14.12% over the last five trading days of December, attributed to profit-taking by investors after a previous surge and a lack of new catalysts to drive trading [1] - On a single day, WR Berkley lost 7.7% following the announcement of a 12.5% stake sale to Mitsui Sumitomo Insurance Co., Ltd., as part of a previously signed agreement [2] - Mitsui will act as a significant shareholder, voting in line with the recommendations of the Berkley family, except when voting aligns with the overall sentiment of regular shareholders [3] Financial Transactions - The stake purchased by Mitsui was from WR Berkley's outstanding shares, not directly from the Berkley Family or the company, with the transaction expected to close in the first quarter of January 2026 [4] - WR Berkley declared two cash dividends for common shareholders as of December 15, including a special cash dividend of $1 per share and a regular quarterly dividend of 9 cents, both payable on December 29 [4]