Although the Swiss-based insurer recorded significant large damage and weather-related claims, it still managed to record higher revenue volumes in the first nine months of 2023.
Baloise reported total revenue volumes of 6.94 billion francs in the first nine months to September, according to a media release issued Thursday (German only). In real terms, that corresponded to a gain of 0.2 percent although they were up by 2.2 at constant exchange rates.
The non-life business improved significantly, with income rising 3.4 percent to 3.37 billion francs (up 5.8 percent at constant exchange rates).
Shifts in Life Business
The life insurance business saw business volumes fall by 5.2 percent to 2.87 billion francs, the announcement indicated. Much of that was due to declining managed employee retirement fund developments as demand shifted away from traditional offerings.
The investment business grew significantly, with premiums up 10 percent at 702.8 million francs. When adjusted for exchange rates, it was up 14 percent.
Large Damage Claims Ahead
The insurer is expected to see continued large damage claims affecting performance. In the first half, it reported claims affecting its accounts in the double-digit millions, much of which was due to large single claims.
Baloise restated its year-earlier numbers after switching to IFRS 17 and 9 in 2023.
