Baloise's Swiss Operations Show Resilience in a Tough Year

Baloise Holding AG reported a robust performance in Switzerland for the year 2023 despite facing operational challenges. The company protected over 10,000 customers from significant financial losses triggered by severe storms and large claims. The premium volume experienced a growth of 2.7%, reaching CHF 1,468.7 million, largely due to contributions from the motor vehicle, liability, and property insurance sectors. Baloise’s integrated financial services, combining insurance and banking, continue to attract a steady customer base throughout Switzerland.

Clemens Markstein, CEO of Baloise Switzerland, acknowledged the exceptional number of claims in 2023 due to a significant storm in Ticino but highlighted the resilience of the business and positive growth in premiums and banking earnings. Amidst these challenges, the net combined ratio slightly increased to 98.4%, while the life business EBIT dropped to CHF 181.5 million. However, the company saw promising growth in its Perspectiva collective foundation, serving 4,903 corporate customers.

Baloise also reviewed its strategy on the Home and Mobility ecosystems and decided to focus more on insurance-related activities and generating profits from its current portfolio of innovations. Additionally, Baloise Bank Ltd reported a 21.4% increase in profit to CHF 31.2 million in 2023, benefiting from the end of negative interest rates and a prudent lending policy.

The year also saw Baloise introduce innovative insurance solutions like the parametric fair-weather insurance for holidays and win two innovation awards in the Swiss insurance industry for its Rapid Damage Cockpit and holiday insurance initiatives.