Baloise profit rises

Baloise profit rises

Switzerland-based insurer Baloise has reported a gain of CHF350m for the first half of the year, up from in the same period last year, on business volume of CHF5.83bn, up from CHF5.45bn in H1 2013. The combined ratio improved to 93.2%, from 94.5%.

Baloise said that all business divisions and all regional units contributed to the result. Baloise said that a "strong operating performance" and a low level of claims contributed to the improved result.

The margin on new life business fell to 11.3%, from 17.3% in the coresponding period last year. The decline was attributed to lower interest rates.

Consolidated equity was up 7.9% year on year to CHF5.21bn. Net income came to CHF1.17bn, compared with CHF955.6m.

Baloise generates 57.7% of its revenue from Switzerland, with Germany generating 16.3%, Belgium 13.7% and Luxembourg 10.4%.

The company said that its Swiss unit "continued to generate robust growth in its attractive market segments and reaffirmed its strong market position by delivering an outstanding operating performance in its life insurance business, as well as in its non-life and personal insurance businesses".

 

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