Baloise Expands 'Insurbanking' in Switzerland in 2024

Baloise Holding AG has reported a successful year in 2024 with notable achievements in its Swiss market. The company's refocusing strategy has significantly improved operations, despite challenges from a high level of claims due to storms in the first half of the year. The combined ratio dropped to 92.5%, driven by strategic adjustments and an improved claims environment. Baloise's EBIT more than doubled to CHF 358.5 million, supported by increased contributions from its non-life business.

The insurance sector saw a 1.1% growth in non-life business, while the life business faced a 10.5% decline in premiums. The banking sector achieved sales of over CHF 1 billion for the first time, thanks to Baloise's unique insurbanking model. The strategy aims to bring the combined ratio below 90% by 2027. Recent leadership changes, including Thomas Schöb's appointment as CEO of Baloise Bank, are set to drive future strategic efforts.