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By Helena Smolak
Baloise Holding warned it expects earnings for the second half to be burdened by high volumes of natural-disaster claims, and reported a marginal increase in business volume in the first nine months.
The Swiss insurance company said Thursday that the substantial claims from natural hazards are anticipated to decrease second-half earnings by up to 200 million Swiss francs ($225.2 million). It had previously expected an earnings hit in a range of mid-double-digit millions.
Baloise said the number of large natural-disaster claims has also been well above average in the past three months.
For the first nine months of the year, the company’s total business volume amounted to CHF6.94 billion, up 0.2% compared with the same period last year. Its non-life and investment-type premiums segments experienced higher volumes, but the volume of traditional life insurance declined 5.2% to CHF2.87 billion, the company said.
When adjusted for currency effects, Baloise’s business volumes grew 2.2% in the first nine months, it said.
The company’s Swiss Solvency Test ratio–a measure of financial strength–stood at around 240% at the end of September, up from 230% at June 30, despite what it described as a challenging claims environment. It reaffirmed its dividend policy.
Write to Helena Smolak at [email protected]
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