The Commonwealth Bank mandate that ended in January carried 44% of last year's premium, but Helia has held on to a lender contract it expected to lose.
The parent's proposed CNY15bn (US$2.2bn) state injection, part of a broader CNY70bn package, underpins the change, though S&P affirmed the reinsurer's 'A-' ratings.
The Hong Kong reinsurer paid its first dividend in 2025 and returned 12.3% on capital and surplus, though its non-life combined ratio rose on fluctuations in short-term health loss experience.
Strong underwriting results and investment income are expected to keep returns resilient despite growing competition, casualty reserve uncertainty and elevated catastrophe risk.
Fewer large catastrophe losses and a narrowing underwriting loss at the US subsidiary lifted the Japanese reinsurer's bottom line for a second straight year.
Commercial lines and higher sums insured are supporting premium growth, while conservative asset allocation is helping insurers absorb equity-market volatility.
Market yield movements drove the reinsurer's earnings higher, though the agency warned that interest rate exposure has made operating results markedly more volatile.
Fitch expects the exposure to ease once the arm merges with sister company Acenda Life, which runs a lower-risk portfolio, with the merger creating Australia's fourth-largest life insurer.
The Pakistani non-life insurer generated positive underwriting and investment results, producing a 16.3% weighted average return on equity between 2021 and 2025.
