Mobiliar increases profit and aims for further growth
Published: Wednesday, Sep 11th 2024, 11:30
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In the first half of the year, Mobiliar further expanded its customer base and significantly increased its profit. While the severe storms of early summer had a negative impact on the result, the cooperative insurance company earned significantly more money on the financial markets. Expensive" storms also hit Switzerland in the second half of the year.
Mobiliar's half-year profit climbed by almost 29 percent to CHF 293.0 million, as the Group announced on Wednesday. The financial result increased by 44 percent to CHF 283.0 million and the return on average investments at book value rose by 0.4 percentage points to 1.4 percent.
Shares benefited from new highs in the first half of the year and made a significant contribution to the good investment result, it said. Mobiliar holds more shares in percentage terms than other insurers and also has larger gold positions, the prices of which also rose sharply.
Unwetter charging
In operational terms, Mobiliar was hit by the June storms. After flooding in Valais and Ticino, hail in the Jura and a landslide in Misox, the insurer is expecting natural hazard losses of over CHF 75 million, which is higher than the previous year. In 2023, storms from July onwards weighed heavily on the bill.
As a result, the combined ratio deteriorated by 3.9 percentage points to 95.4% and the underwriting result almost halved. With the combined ratio below the 100% threshold, the non-life business remained operationally profitable.
Further storms occurred in the second half of the year, such as the thunderstorms in the Bernese Oberland. "We estimate the additional storm costs to date at CHF 30 to 40 million. As in the last three years, the total costs are therefore well above the long-term average," explained Group CEO Michèle Rodoni in an interview with the news agency AWP.
Mobiliar tries to reduce storm risks through prevention. Since 2019, 16 fire stations have been equipped with mobile dyke systems through the cooperative's commitment and the sponge city projects launched in several cities have been supported, says Rodoni. The Group plans to deliver further dykes worth CHF 1.9 million in the current year.
Further growth
Meanwhile, Mobiliar is continuing unperturbed on the growth path it embarked on years ago: In the first half of the year, the premium volume climbed by 5.8 percent to CHF 3.49 billion. In the non-life segment (+5.7% to CHF 2.88 billion), private customer business grew primarily in the areas of mobility, household and legal protection. In the corporate customer segment, private and business insurance for SMEs made good gains.
In the smaller pensions business, the premium volume even increased by 6.0% to CHF 610.6 million. Recurring premiums in the occupational pensions business in particular developed very positively. "At the end of June, we had around 20,000 more net customers across the Group than at the beginning of the year," explained Rodoni.
Rodoni sees further potential in the changing market environment in the coverage of cyber risks or in the development of weather insurance for farmers. In the life segment, Mobiliar is also focusing on cross-selling with customers from the large non-life business.
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