The Vaudoise Group Continues to Grow and Achieves a Historic Annual Result

“The 2025 business year is a milestone for our company. Our solid result confirms that our strategy is effective and allows us to reward the loyalty of our customers, increase attractiveness for our shareholders, and confidently continue the transformation of our group. With the announced acquisition of Procimmo Group AG, Vaudoise can further develop its diversification strategy and become a major player in third-party real estate asset management.” Jean-Daniel Laffely, General Director, CEO

Equity and Balance Sheet The growth of equity by 5.8% compared to the adjusted 1 equity of 2024 is favoured by the annual result, the positive development of the revaluation reserve (CHF 46.5 million), and the sale of treasury shares (CHF 9.5 million). The allocation of profits (CHF 39 million assigned to the fund for future surplus participation and CHF 27.8 million in dividend payouts to shareholders) and the offsetting of goodwill against equity negatively affect this position. The balance sheet total increases from CHF 8.9 billion in 2024 to CHF 9.1 billion. Capital investments amount to CHF 7.6 billion, representing 84% of the group’s assets.

Revenue As in previous years, the group’s revenue continues to rise. As of December 31, 2025, revenue increases by 5.7% to CHF 1.5 billion. This development is strongly supported by the non-life and other business.

Investment Result With increasing gross investment income, the investment result as of December 31, 2025, stands at 2.8%, compared to 2.5% the previous year. The investment return at market value is 2.9% (6.3% as of December 31, 2024).

Non-Life Business The increase in premium volume in 2025, at 7.5%, is well above the market average. Both property and liability, motor vehicle premiums, and non-life personal insurances contributed to this. Growth was particularly strong in German-speaking Switzerland (+9.5%), but also in western Switzerland (+6.8%) and Ticino (+3.7%). All sales channels contributed to this growth. In 2025, there were fewer natural disaster claims, so the claims ratio improved to 69.7%. The events in Blatten resulted in a claims burden of around CHF 12 million. The underwriting result increases to CHF 19 million, and the combined ratio is at 96.4% (97.9% in 2024 after restatement). The financial result, which rose from CHF 103.2 million to CHF 124.4 million, significantly contributes to the strong non-life result.

Life Business The business with periodic premiums declined by 2.1%, and single premiums decreased by 7.2%. Overall, the premium volume fell by 3.4% compared to the previous year. The financial result amounts to CHF 76.9 million compared to CHF 74.4 million in 2024.

Other Business The other business result stands at CHF 8.2 million, compared to CHF 14.1 million the previous year. Income from services continues its development, increasing by 10.0% in 2025.

Change in Accounting In 2025, a change in accounting with respect to the capitalisation of intangible assets was made. In accordance with the Swiss GAAP FER framework, this change was applied retrospectively. To ensure comparability, the 2024 figures were restated. This change aims to clarify the treatment of different types of external resources. The development of projects within our digital transformation and the increased use of external resources, acting as an extension of our teams, have led to thorough considerations of how best to economically represent these expenditures. Detailed information according to Swiss GAAP FER can be found in our annual report on pages 97 and following. Thus, in this press release, the 2024 figures for equity, group result (absolute and per registered share B), segment results, general costs, and consolidated combined ratio refer to the adjusted figures.

CHF 40 Million for Policyholders Vaudoise passes part of its profits to its customers. In line with the group’s cooperative strategy, Vaudoise General involves its non-life policyholders in the profits in the form of premium discounts. The profit-sharing amounts to a total of CHF 40 million. This corresponds to a 10% premium discount for motor vehicle policyholders over the period 2026–2027. This amount is expected to increase in the future, primarily due to the rise in our premium volumes in the affected sectors. By June 30, 2027, the group will have given more than CHF 480 million back to its customers since 2011.

Profit of the Vaudoise Versicherungen Holding AG Vaudoise Versicherungen Holding AG records a profit of CHF 45.8 million in 2025, compared to CHF 50.9 million in the previous year. The Board of Directors will propose to the General Assembly to increase the dividend of Vaudoise Versicherungen Holding registered B shares by CHF 3.- to CHF 27.- and the dividend of registered A shares by CHF 0.05 to CHF 0.40. This proposal is part of the Board’s strategy to increase profit distribution to various stakeholders. Accordingly, the payout ratio for registered share B is to increase to over 50%, with a gradual target of two-thirds of the attributable net profit in the long term.

Governance and Proposals for the General Assembly The Board of Directors proposes to the General Assembly of Vaudoise Versicherungen Holding AG to re-elect Philippe Hebeisen as a member and President of the Board. Furthermore, it proposes to re-elect the following as Board members: Martin Albers, Hélène Béguin, Nathalie Bourquenoud, Javier Fernandez-Cid, Eftychia Fischer, Cédric Moret, and Jean-Philippe Rochat. Peter Kofmel has been a Board member since 1999. He has informed the Board that he will not seek a renewal of his mandate. The Group’s Board thanks him sincerely for his dedication and professionalism as a Board member and as the Chairman of the Audit and Risk Committee.

The Board will also propose to the General Assembly to re-elect Jean-Philippe Rochat, Nathalie Bourquenoud, and Cédric Moret as members of the Compensation Committee.

Additionally, it will propose to the General Assembly to appoint Ernst & Young AG in Lausanne as the auditor and ACTA Notaires as the independent proxy for another year.

The General Assembly will also vote on the remuneration report (advisory vote) and the sustainability report.

Outlook for 2026 Revenue growth is expected to continue in 2026. The group will continue to closely monitor the quality of contracts, appropriate pricing, and the development of claims costs.

The Vaudoise Group diversifies its investments broadly and maintains high quality in its bond investments and hedging of stocks and currencies in line with its risk capacity.

As communicated on March 18, Vaudoise Versicherungen Holding AG, through Vaudoise Asset Management AG, has completed an agreement with Procimmo Group AG to increase its stake to 92.27% of the shares. The Vaudoise Group intends to hold the entire share capital of Procimmo Group AG in the long term and plans a merger with indemnification (squeeze-out) after the sale's completion, where minority shareholders will receive an amount equivalent to the sale price in exchange for their shares.

This article was originally published on March 25, 2026, on the website of Vaudoise Versicherungen.

Editor's note: Image rights belong to the respective publisher. Image rights: Vaudoise Versicherungen