Baloise expects a charge of 100 million from refocusing
Published: Wednesday, Nov 20th 2024, 08:50
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Baloise reported a slightly lower business volume for the first nine months of the year. The refocusing strategy announced in September will now have a negative impact of CHF 100 million on the Basel-based insurance group's annual result for 2024.
The first milestones of the refocusing strategy are already being implemented, Baloise wrote in a press release on Wednesday. The sale of the portfolio of the German digital insurer Friday, announced at the end of October, will lead to a write-down of CHF 75 million, as announced, as well as a charge of CHF 25 million on write-downs from ecosystem initiatives.
Meanwhile, the Baloise Group's total business volume fell by 0.7 percent to CHF 6.89 billion in the first nine months. Calculated in local currencies, however, there was a small increase of 0.3 percent. In addition to Switzerland, the insurance group also counts Germany, Luxembourg and Belgium among its core markets.
The premium volume in the non-life business increased by 1.7% to CHF 3.43 billion in the first nine months of the year. Adjusted for currency effects, the increase amounted to 2.9 percent.
In life insurance, the volume fell by 4.2% to CHF 2749 billion. In local currency terms, the decline amounted to 3.5 percent.
Baloise's business with investment products continued to grow. Investment-type premiums amounted to CHF 715 million (+1.8%; +3.7% adjusted for currency effects).
Capitalization remains solid. The SST ratio at the end of September was "in the region of 210%" and thus at a similar level to the end of June. For 2024, the company confirms the one-off cash flow of CHF 62 million from the Belgian run-off life portfolio.
Baloise is also currently considering a share buyback of "at least CHF 100 million". This is still dependent on the actual cash generation at the end of the financial year and the dividend decision at the next Annual General Meeting.
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