Baloise generated a very satisfying profit attributable to shareholders of CHF 384.8 million and brought about a tangible improvement in its core business in 2024. All national subsidiaries played their part with increased EBIT contributions. Having seen an exceptionally high volume of natural disaster claims and large claims in 2023, we are back on track again operationally. The volume of business decreased slightly in 2024 to CHF 8,603.7 million, which was attributable to a lower volume of premiums in the traditional life insurance business and to exchange rate movements. The combined ratio was reduced substantially despite Switzerland once again seeing a high level of storm-related claims in the summer in the first half of the year. The Group’s combined ratio is 92.9 per cent, which is an improvement of 1.7 percentage points compared with 2023. Baloise’s capitalisation remained robust. Comprehensive equity rose to CHF 7,634.4 million as at 31 December 2024. The rating agency S&P Global Ratings (S&P) reaffirmed the Baloise Group’s rating of A+ with a stable outlook in June 2024. We expect the SST ratio as at 1 January 2025 to be just over 200 per cent.

Non-life business notched up EBIT of CHF 261.1 million, which was a considerable year-on-year improvement thanks to a lower level of claims incurred and an improved level of gains or losses on investments. With EBIT of CHF 282.3 million, the life business also hiked its earnings compared with 2023, thanks in part to positive non-recurring effects. The Asset Management & Banking segment recorded a strong year-on-year increase in EBIT to stand at CHF 89.1 million. This figure was dominated by the rise in third-party assets in asset management.

Back in spring 2024, we announced that we would be focusing more keenly on our core business and not investing any further in our ecosystem strategy. In September of last year, we launched our refocusing strategy. The subsequent sale of FRIDAY and the discontinuation of the ecosystem strategy weighed on profit attributable to shareholders for 2024 with exceptional non-operating items of CHF 92 million. We do not expect the portfolio transaction or ecosystem divestments to have any further significant adverse impact on earnings in 2025 or beyond. This is testimony to our focused approach and reinforces our commitment to forging ahead with our chosen course.

We successfully embarked on the new strategy phase in September 2024. The refocusing strategy is founded on four central pillars: technical profitability, operational efficiency, growth in target segments and capital productivity. The aim is to further build on Baloise’s existing strengths and to boost profitability and growth for the long term. Implementing the refocusing strategy is a cornerstone of these efforts and the first steps are already proving effective, creating a solid foundation on which Baloise can create enduring value for the long term. We will rigorously pursue steps to boost efficiency, achieve profitable growth and optimise our portfolio with a targeted combined ratio of around 90 per cent and an expense ratio of less than 28 per cent in 2027. With a return on equity of 13.9 per cent (adjusted for exceptional non-operating items of CHF 92 million in connection with the sale of the FRIDAY portfolio and the discontinuation of the ecosystem strategy), we are already within the target range of 12 per cent to 15 per cent and, coupled with a cash payout rate of over 80 per cent, are demonstrating our long-standing, reliable appeal for our investors. The new financial targets have been clearly defined and we are well on track to achieve them between now and 2027. 

Baloise reported strong cash remittance once again in 2024, allowing us to maintain our attractive and consistent dividend policy. The Board of Directors will therefore propose to the Annual General Meeting that the dividend be increased by CHF 0.40 to CHF 8.10 per share. We also plan to supplement the ordinary dividend with a share buy-back of CHF 100 million. Our business strategy is geared towards longevity and underscores the dependability of Baloise as an attractive and sustainable investment.

Baloise is on the right path to be able to continue keeping its promises. For years, we have proven that a business model with a long-term focus based on sustainable value creation is a stable anchor for all of our stakeholders: for shareholders, for customers and for our employees. We will therefore power ahead with the course that has been set under the refocusing strategy, while remaining flexible should adjustments be required along the way.
As ever, this is with our goal in mind of positioning Baloise as a dependable partner for all of its stakeholders for the long term.

Basel, March 2025

Dr Thomas von Planta
Chairman of the Board of Directors

Michael Müller
Group CEO