The Swiss Times - Swiss News in English

Baloise Makes Less Profit in the First Half of the Year

The Baloise Group reported a 4.2% decrease in shareholders' profit for the first half of 2023, amounting to 205.7 million Swiss francs. This was mainly due to lower profits in the life insurance business, as well as higher costs and negative currency effects. The business volume was 1.5% lower than the previous year at 5.34 billion Swiss francs, but grew by 0.6% when adjusted for currency. The Group's equity attributable to shareholders decreased to 3.27 billion Swiss francs, compared to 3.41 billion Swiss francs at the end of 2022. In the non-life business, the Group benefited from low damage costs, and the combined ratio improved by 1.7 percentage points to 87.3%. The operating result (EBIT) in the non-life business also benefited from a good investment result and increased by almost 14% to 158.2 million Swiss francs. In the life business, the business volume decreased due to lower volumes in the Swiss collective life business and in the Belgian business. However, the result of the single life business increased. The EBIT in the life business decreased by around 29% to 104.3 million Swiss francs. Due to the changes in economic conditions in recent years, the Group will focus on strengthening and expanding its core business. This includes a new focus on insurance and financial solutions in the asset management business, with the aim of generating an additional 5 billion Swiss francs in third-party funds by 2025. The Group also plans to review its ambitions in the fields of "Home" and "Mobility" and its innovation initiatives. The Group expects to generate an unchanged high level of cash flow of 2 billion Swiss francs by 2025, and will continue its attractive dividend policy.

©Keystone/SDA

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