The Swiss merger that created the Helvetia Baloise insurance group was completed on July 1, 2026, transforming the two companies into a leader in the Non-Life sector and the second largest insurer in Switzerland, with 21.3 billion euros in premiums in 2025, 22,000 employees and 13 million clients. The operational integration of the former Baloise operation in Luxembourg into the new group does not affect the 3.3 billion euro portfolio of Portuguese assets under management, nor does it make Portugal dependent on Helvetia's Spanish operation.
João Marmelo, who continues as country manager of Helvetia Baloise in Portugal, explains that the business will be developed through Baloise Vie Luxembourg, now integrated into the group, without any transfer of the Portuguese portfolio to another entity. No changes to contracts, conditions or client and partner support are planned at this stage, although there may be future developments in the commercial designation of the company.
Portugal represents approximately 22% of the group's international portfolio, being a strategic market. The Portuguese operation continues to be managed from Luxembourg, with a team of four people dedicated to the Portuguese market and nine more Portuguese staff integrated into specialized teams in the country. The positioning focuses on the high net worth segment, in partnership with private banks, management companies and family offices, with predominantly Portuguese clients, but with growing presence of Brazilians, French, British and other nationalities.
The goal for 2026 is to reach approximately 250 million euros in new premiums in Portugal, maintaining focus on asset quality, partners and compliance processes. The merger does not reduce the group's ambition in the country, which intends to leverage its larger European scale into new growth opportunities in the Portuguese market.
