Baloise’s business volume declines due to good prior-year figures

The insurer Baloise reports an expected decline in business volume at the end of the third quarter. In the non-life business, on the other hand, the group received more premiums.

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(dpo) The business volume of the Baloise Group fell by 6.5 percent to 6.94 billion Swiss francs in the first nine months of the year. The insurer expected this decline, as it announced on Friday. In 2019, Baloise still benefited from the Axa Group’s exit from the pension fund business, which enabled it to win new customers. Accordingly, Baloise recorded a slump in the traditional life business of almost a quarter to 2.63 billion.

The premium income in the non-life segment rose again by 7.9 percent to 3.13 billion. According to the announcement, growth was mainly driven by acquisitions in Belgium.

200 million francs in claims expenses

As the insurer announced at the half-year financial statements, the claims expenses in connection with the corona pandemic for the entire financial year amount to CHF 200 million.

Baloise does not provide any information on profit in its quarterly results. In the first half of 2020, the group achieved a net profit of CHF 177.7 million. That was less than half that in the first half of 2019. According to the company, the significantly lower profit was due to the absence of tax effects and the corona pandemic.

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