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Media releases Baloise concludes the first half of 2019 with good results and strong momentum
Basel, August 28, 2019. “Baloise underpinned its excellent position with solid results at the end of the first half of 2019. The result was boosted by a one-off accounting effect related to tax, but the figures are still encouraging even after adjusting for this effect. The same is true for the volume of premiums in the life and non-life business. The outstanding profitability of the non-life business, which is reflected in a combined ratio of 87.4 per cent, marked a particular highlight. The completion of the takeover of Fidea in July was also a great success. Our colleagues in Belgium are now working hard to integrate the new entity into the business as quickly as possible. In addition to excellent operating results in the core insurance business, we are also systematically pursuing the creation and expansion of our ecosystems, with a special focus on transport and the home environment. For our home ecosystem, we recently invested in two new businesses in Switzerland – Bubble Box und The addition of these new partners further expanded our network of providers of essential customer services. We were also successful in finding third-party investors for our German insurtech FRIDAY. Baloise is well on track to achieve its targets for the Simply Safe strategic phase”, comments Group CEO Gert De Winter on the Baloise Group's 2019 half-year results.
Financial results for the first half of 2019 in brief
  • Profit attributable to shareholders for the first half of 2019 amounted to CHF 395.0 million (H1 2018: CHF 269.7 million). As announced on 10 July 2019, this sharp increase was attributable to a one-off accounting effect related to tax, which boosted earnings by around CHF 128 million. Adjusted for this effect, profit attributable to shareholders was still at a very good level of CHF 267.3 million and thus on a par with the figure for the prior-year period.

  • The total volume of business rose by 10.0 per cent to CHF 6,014.1 million (H1 2018: CHF 5,468.3 million). 

  • The volume of premiums collected in the life business improved by 30.4 per cent to reach a total of CHF 2,869.8 million (H1 2018: CHF 2,200.8 million). The main factor in this sharp increase was the growth of CHF 669.0 million in the traditional life business, which was primarily due to a competitor withdrawing its comprehensive insurance products from the group life insurance segment. 

  • The volume of premiums collected in the non-life business was maintained at the good level of the prior-year period. In the first half of 2019, gross premiums rose by 0.1 per cent to CHF 2,263.6 million (H1 2018: CHF 2,262.3 million).

  • EBIT attributable to the non-life business returned to a normal level of CHF 226.1 million. The prior-year period had been depressed by non-recurring effects (H1 2018: CHF 145.1 million). 

  • The net combined ratio improved, compared with the prior-year period, to 87.4 per cent (H1 2018: 94.1 per cent). The first half of 2018 had been adversely affected by the strengthening of reserves. For 2019 as a whole, Baloise should be able to achieve a combined ratio at the bottom end of the defined target range of 90 to 95 per cent. 

  • EBIT attributable to the life business fell, compared with the prior-year period, to CHF 106.3 million (H1 2018: CHF 193.6 million) because reserves had to be strengthened due to the interest-rate environment. 

  • Once again, Baloise presented a strong balance sheet. The company holds an A+ credit rating from Standard & Poor’s. Equity rose to CHF 6,591.9 million (31 December 2018: CHF 6,008.2 million).

  • Baloise's asset management remained in good shape with a net return on insurance assets of 1.2 per cent (H1 2018: 1.2 per cent).

  • The acquisition of Belgian insurer Fidea strengthened the core insurance business, particularly in the attractive non-life sector. 

  • The digital revolution is being driven forward thanks to new partnerships and investments:

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Read more Review of operating performance Overview of Baloise's innovation initiatives Overview of Baloise's ecosystems
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About Baloise The focus is firmly on the future at Baloise. We aim to make tomorrow more straightforward, safer and more carefree for our customers, and we are taking responsibility for this today. Baloise is more than just a traditional insurance company. Through our smart finance and insurance solutions, complemented by a whole host of innovative offerings for the home and personal transport, we offer a complete service package. Dependable support, reliable cooperation and trust-based relationships are key aspects of our stakeholder interaction. We take care of financial matters so that our customers can concentrate on the important things in their lives and can find inspiration in the everyday. Baloise, a European company founded in 1863, currently employs 8,000 people at its headquarters in Basel (Switzerland) and across its subsidiaries in Belgium, Germany and Luxembourg. Our services generated a business volume of around CHF 8.8 billion in 2022 and a profit of CHF 548 million. Baloise Holding Ltd shares (BALN) are listed on the SIX Swiss Exchange.
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