Baloise Reports Growth and Solid Profit Amid Higher Claims

Baloise Holding AG reported a 6.9% increase in profit for the first half of 2024, reaching CHF 219.8 million. This rise was despite a 0.9% decline in total business volume, impacted by unfavorable currency effects.

The non-life business saw a strong 4.6% growth in premiums, adjusted for currency effects. Gross premiums rose by 3.2% to CHF 2,715.9 million. The combined ratio stood at 90.4%, reflecting an excellent portfolio quality despite increased claims from storms in Switzerland.

In the life business, premiums fell by 5.1% to CHF 2,162.1 million. However, profit before borrowing costs and taxes surged by 39.5% to CHF 145.5 million, primarily due to higher discount rates and increased financial income.

Total assets under management reached CHF 58.3 billion, contributing to an EBIT of CHF 41.8 million in the Asset Management & Banking segment. Baloise maintained strong capitalisation with an SST ratio of around 210% and received an A+ rating from Standard & Poor’s.