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Profit attributable to shareholders for the first half of 2019 amounted to CHF 395.0 million (H1 2018: CHF 269.7 million). As announced on 10 July 2019, this sharp increase was attributable to a one-off accounting effect related to tax, which boosted earnings by around CHF 128 million. Adjusted for this effect, profit attributable to shareholders was still at a very good level of CHF 267.3 million and thus on a par with the figure for the prior-year period.
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The total volume of business rose by 10.0 per cent to CHF 6,014.1 million (H1 2018: CHF 5,468.3 million).
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The volume of premiums collected in the life business improved by 30.4 per cent to reach a total of CHF 2,869.8 million (H1 2018: CHF 2,200.8 million). The main factor in this sharp increase was the growth of CHF 669.0 million in the traditional life business, which was primarily due to a competitor withdrawing its comprehensive insurance products from the group life insurance segment.
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The volume of premiums collected in the non-life business was maintained at the good level of the prior-year period. In the first half of 2019, gross premiums rose by 0.1 per cent to CHF 2,263.6 million (H1 2018: CHF 2,262.3 million).
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EBIT attributable to the non-life business returned to a normal level of CHF 226.1 million. The prior-year period had been depressed by non-recurring effects (H1 2018: CHF 145.1 million).
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The net combined ratio improved, compared with the prior-year period, to 87.4 per cent (H1 2018: 94.1 per cent). The first half of 2018 had been adversely affected by the strengthening of reserves. For 2019 as a whole, Baloise should be able to achieve a combined ratio at the bottom end of the defined target range of 90 to 95 per cent.
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EBIT attributable to the life business fell, compared with the prior-year period, to CHF 106.3 million (H1 2018: CHF 193.6 million) because reserves had to be strengthened due to the interest-rate environment.
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Once again, Baloise presented a strong balance sheet. The company holds an A+ credit rating from Standard & Poor’s. Equity rose to CHF 6,591.9 million (31 December 2018: CHF 6,008.2 million).
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Baloise's asset management remained in good shape with a net return on insurance assets of 1.2 per cent (H1 2018: 1.2 per cent).
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The acquisition of Belgian insurer Fidea strengthened the core insurance business, particularly in the attractive non-life sector.
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The digital revolution is being driven forward thanks to new partnerships and investments: https://www.baloise.com/innovations
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