Half Year 2024 Baloise Holding AG Earnings Call Transcript
Key Points
- Baloise Holding AG (BLHEF) reported a 7% increase in shareholder profits, amounting to CHF220 million.
- The company achieved a significant increase in EBIT in the Life business, with a 39% rise compared to the previous half year.
- Economic capitalization remains strong, with comprehensive equity increasing by 8.5% to CHF7.8 billion.
- The company acquired more than CHF700 million of net new third-party assets in Asset Management and Banking.
- Baloise Holding AG (BLHEF) maintained a stable balance sheet and is on track to achieve its cash remittance targets.
- The Swiss business experienced a lower result due to a major storm event, impacting overall performance.
- The combined ratio in Non-Life was affected by a high load of large claims, particularly from the Swiss entity.
- The company is discontinuing its ecosystem strategy, which may involve further investment write-downs.
- The SST ratio remains at roughly 210%, indicating no significant improvement from the previous year.
- The company plans to reduce its workforce by 250 FTEs, which may impact employee morale and operational efficiency in the short term.
Thank you, gentlemen. Thank you for joining us today and delighted to welcome you all for the special event. We will present our half year result, but also looking forward, our updated strategy.
My colleagues from the group management and I are excited to share with you the outcome of the intense work of the last month. Let me say a few words about the half year result.
Before I hand over to the CFO, Carsten Stolz, for a brief deep dive into the figures. The sound set of numbers demonstrate the stable foundation Baloise stands on, thanks to its broad diversification across various geographic markets and lines of businesses.
We are able to significantly mitigate the high claims expenses resulting from the weather events in Switzerland.
As we have once again grown out in our target segments in non-life, and we see a good development of the CSM contractual service margin as well of the significant increase in EBIT in the Life business. Our balance sheet is stable.
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