In the first half of 2017, insurance group Baloise reported an increased profit of almost 34% to a total of CHF 298.6 million.
By 30 August 2017, the Swiss insurance holding company Baloise had seen a half-year profit increase of 33.8%. As well as increased profitability, the first half of 2017 left the company with higher business volume growth and an equity rise of 2% to CHF 5,892.0 million compared with CHF 5,773.7 million at the end of December 2016.
Commenting on his pride for these positive financial results for the first half of 2017, Baloise Group CEO Gert De Winter said: "Profit went up by almost 34 per cent to a robust CHF 299 million. Our profitability continued to improve, and we achieved a combined ratio of below 100 per cent in all national subsidiaries. We entered the new strategic phase with a great deal of ambition, launching numerous product innovations and digitalisation initiatives in the first half of the year.”
In summary, Baloise’s first half results for 2017 showed a profit rises by 33.8%, as well as volume growth in the target segments, an increase of 1% for non-life business but a decrease of 0.2% in traditional life and a 2.9% increase in investment-type premium. Moreover, the results revealed that a net combined ratio of 89.7%, as opposed to 92.5% in 2016, while asset management was found to persistently defy low interest rates, achieving a net return on insurance assets of 1.4 per cent. Finally, equity rose by 2% and around 8% of up to three million treasury shares repurchased under the share buyback.
