• The volume of business amounted to CHF 7,005.5 million due to a lower volume of premiums in the traditional life business. Adjusted for currency effects, this represented a decline of 5.4 per cent (in Swiss francs: decline of 8.5 per cent).
• In the non-life business, the volume of premiums rose by 1.9 per cent to CHF 3,302.4 million in local currency terms. In Swiss francs, the volume contracted by 2.0 per cent.
• The life business is expected to make a strong contribution to EBIT of over CHF 300 million.
• At around 230 per cent as at 30 September 2022, the Swiss Solvency Test (SST) ratio remained at the high level reported in the half-year financial statements (1 January 2022: 220 per cent).
• The long-term equity investment in Houzy has been increased and the partnership with UBS intensified.
• The MSCI ESG rating has improved from A to AA, and ESG criteria continue to be integrated into our business processes.
• The harmonised Baloise brand was launched successfully in all core markets.

Adjusted for currency effects, the volume of premiums in the non-life business rose by 1.9 per cent to CHF 3,302.4 million in the first nine months of 2022 thanks to organic growth. In Swiss francs, there was a decrease of 2.0 per cent (Q1–Q3 2021: CHF 3,370.7 million). All Baloise business units contributed to the growth recorded in local currency terms.

The frequency of claims was at a normal level in the first three quarters of 2022, but we anticipate an inflation-driven increase in costs. We have already counteracted some of this increase by raising premiums. Given the extraordinarily high quality of our portfolio, we are confident of achieving a good combined ratio on a par with that reported in the 2022 half-year financial statements.

The volume of premiums in the life business fell by 7.1 per cent in Swiss francs and by 5.9 per cent when adjusted for currency effects to stand at CHF 2,551.7 million (Q1–Q3 2021: CHF 2,747.1 million). The continual optimisation of the life portfolio, combined with rising interest rates, make it likely that the life business will make a very robust contribution to EBIT of more than CHF 300 million, despite the challenging situation in the capital markets.

As a result of the difficult environment for investing, the Group’s investment-type premiums decreased by 25.2 per cent in Swiss francs and by 20.6 per cent in local currency terms to CHF 1,151.4 million.

The partially autonomous pension solution Baloise Perspectiva continues to enjoy strong demand, with a further 761 companies signing up this year alone. As a result, 4,562 companies with 19,119 beneficiaries were customers of Perspectiva as at the end of September.

Despite the challenging nature of the current environment, Baloise is proving its credentials as a solid business with a strong capital base. The SST ratio stood at around 230 per cent as at the end of September 2022, compared with 220 per cent as at 1 January 2022. And in June 2022, Standard & Poor’s confirmed its rating of A+ for the Baloise Group. The complete report is available at www.baloise.com/ratings.

Baloise continues to be well capitalised and to generate a healthy level of cash. This underlines the reliability of Baloise as a dividend-bearing security and enables us to maintain the attractive dividend policy of previous years.

Baloise and UBS announced the expansion of their strategic partnership within the shared Home & Living ecosystem and increased their stake in homeowner platform Houzy. Following the recently announced partnership of Baloise and UBS with property transaction platform Brixel, which supports homeowners in the process of buying or selling property, we will draw on the respective core competencies and services of each partner in order to boost digitalisation across Baloise’s Home ecosystem.

We continue to work hard on integrating environmental, social and corporate governance (ESG) criteria into our business processes, including underwriting and purchasing. These efforts are increasingly being recognised outside the Company. For example, the internationally respected rating agency MSCI upgraded Baloise’s ESG rating for the second time in succession. The improvement from A to AA, the second-highest level on the scale, was partly in recognition of Baloise’s leading performance in corporate governance compared with an international peer group. MSCI highlighted positive developments in the organisation of the Board of Directors. Moreover, Baloise has improved its talent management and introduced initiatives aimed at mitigating climate risks. In addition, Baloise shares were added to the SXI Switzerland Sustainability 25 index of the Swiss stock exchange in September 2022. This index measures the performance of the 25 Swiss companies that have the highest sustainability rating according to the criteria used in Inrate’s ESG impact rating.

After three busy years working on the project, we launched our new brand identity at the end of October. Since then, the entire Group has been operating solely under the Baloise brand name. The launch campaign ‘Sometimes it works. Sometimes you learn.’ is beginning in our core markets and the harmonised websites have gone live. The rebranding has brought the Baloise Group closer together. It sends a strong signal to our stakeholders, significantly reduces complexity for our customers and creates added value in various dimensions of the business.

CHF million, gross; change (%); LC = local currency

* Investment-type premiums.