Baloise increases gross premiums and net profit in 2019

news-single-imgcaption" style="width:240px">Spending jumped 57.1% to 10.27 billion francs, including 6.9 billion in reimbursements to policyholders. (Keystone)

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Bâloise saw its gross premiums and net profit increase last year, meeting or even exceeding market expectations. The Rhine insurer will suddenly increase the dividend it intends to pay to its shareholders.

The gross premiums collected by the group jumped in 2019 by 12.4% to 7.57 billion francs, while the total product jumped from 51.1% to almost 11 billion, said the group in a statement on Thursday .

Spending also jumped 57.1% to 10.27 billion francs, including 6.9 billion in reimbursements to policyholders (+ 3.2%). The combined ratio (ratio of costs to premiums) improved by 1.3 percentage points to 90.4%.

The operating profit suddenly contracted by 1.6% to 686.2 million francs, but the group share of net profit rose sharply by 32.7% to 694.2 million.
Gross premiums came out in line with the expectations of analysts consulted by AWP, while net profit largely exceeded the 654.5 million expected on average.

The dividend of 6.40 francs per share, increased by 40 cents compared to the previous year, is meanwhile infinitely lower than market projections which forecast on average 6.43 francs.

“Bâloise is on track to reach the objectives of the ‘Simply Safe’ strategic phase by 2021,” the insurer said in the press release. According to the 2016-2021 strategy, the company aims to have 1 million more customers, a gain of 30%. (Awp)

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