The Swiss unit of Allianz insurance is looking back on a profitable year, not least due to a favorable development in the large-loss exposure.
Allianz Suisse increased its profit by 9 percent to 272.4 million Swiss francs ($272.5 million) in 2018, according to a statement released on Wednesday (German language report). Premiums rose slightly to 3.72 billion francs and the company signed up some 15,000 new customers.
The property business at 2 billion francs posted a 4.1 percent higher income and profited from a decline of large-loss events. The combined ratio improved one percentage point to 91.7 percent. In the life division, earnings dropped 1.2 percent to 1.72 billion francs.
The company aims to expand further and sees potential in the business with small- and medium-sized companies.
Jobs Cuts
Allianz Suisse in October 2018 had announced it would trim the workforce in Switzerland by 150. Twenty jobs were already cut in the autumn and a further 130 will need to go over the coming two years.
