The Baloise insurance group achieved a business volume of 5,29 billion francs in the first half of 2024. Compared to the same period last year, this represents a decrease of 0,9 percent, according to a statement released on Thursday. In local currencies, this would have resulted in a slight increase of 0,3 percent.

Operating profit (EBIT) improved by 1,8 percent to 271,9 million francs. Consolidated profit grew by 7,6 percent to 219,1 million francs, while profit attributable to shareholders increased by 6,9 percent to 219,8 million francs.

Storms impact claims ratio

Gross premiums in the non-life segment grew by 3,2 percent to 2,72 billion francs. However, early summer storm events led to a deterioration of the claims-cost ratio, which rose by 3,1 percentage points to 90,4 percent.

The claims expenses from the June storms amounted to a net cost of 80 million francs. At the EBIT level, there was an additional burden from major and natural disaster claims of around 30 million Swiss francs compared to the previous year.

Life business with higher EBIT

In the life business, premiums declined by 5,1 percent to 2,16 billion francs. The shift in occupational pensions from traditional life insurance towards semi-autonomous solutions continued.

However, in the life insurance business, Baloise was able to increase EBIT by 40 percent to 145.5 million francs. Asset management and banking generated an EBIT of 41,8 million francs, down from 43,4 million francs previously. Baloise benefited from strong financial markets across the group, the statement added.

The SST capital ratio was estimated at 210 percent as of mid-year, up from 207 percent at the end of 2023. For the full year, the insurer expects to generate more than 500 million francs in cash, which will form the basis for a continued «attractive dividend policy.»