The first nine months of 2023 in brief

• Adjusted for currency effects, the volume of business rose by 2.2 per cent year on year to CHF 6,943.5 million
• In local currency terms, the volume of premiums in the non-life business advanced by 5.8 per cent to CHF 3,372.4 million
• High volume of natural disaster claims and large claims incurred will reduce earnings by an exceptionally high amount of up to CHF 200 million 
• The Swiss Solvency Test (SST) ratio remained high at around 240 per cent as at 30 September 2023
• Baloise expects a sustained high level of cash remittance, enabling the attractive dividend policy to be maintained

Adjusted for currency effects, the volume of premiums in the non-life business rose by a healthy 5.8 per cent to CHF 3,372.4 million in the first nine months of 2023 (Q1–Q3 2022: CHF 3,262.9 million). Translated into Swiss francs, the increase was 3.4 per cent. All national Baloise companies contributed to the growth, both in local currency terms and in Swiss francs. The most pronounced increases – ranging between 8 per cent and 13 per cent – were recorded by the European companies in local currency terms. The growth was also fuelled by inflation-driven price adjustments.

When we published the financial results for the first half of 2023, we said that there would likely be a  negative impact on earnings in the mid-double-digit millions due to the natural disasters at the start of the second half of the year. The claims environment in respect of natural disasters remains difficult and the number of large claims has also been well above average in the past three months. Overall, we therefore anticipate an exceptional negative impact on earnings for the second half of the year of up to CHF 200 million. The numerous natural disasters and large claims that have arisen in recent months underscore the valuable role that insurance companies play in society. Baloise delivers on its service promise, reliably helping customers with their claims when they find themselves in difficult situations. 

Adjusted for currency effects, the volume of premiums in the life business fell by 4.2 per cent to CHF 2,868.2 million. Including currency effects, the decrease was 5.2 per cent in Swiss francs (Q1–Q3 2022: CHF 3,027.1 million). As explained in the communications regarding the half-year financial results, the reduction was primarily attributable to the Swiss group life business.

The Group’s investment-type premiums improved by 14.1 per cent in local currency terms to CHF 702.8 million owing to the easing of the investment environment for these products. The increase in Swiss franc terms was 10.0 per cent.

The partially autonomous collective foundation Baloise Perspectiva maintained its encouraging growth trajectory. At the end of September, it passed the milestone of 20,000 insured persons and 5,000 companies signed up.
 

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 240 per cent as at the end of September 2023, which represented a further small increase compared with the end of June 2023. Moreover, Standard & Poor’s confirmed its rating of A+ for the Group in August 2023. 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.

* Investment-type premiums.