Half Year 2024 Helvetia Holding AG Earnings Call Transcript
Key Points
- Helvetia Holding AG (XSWX:HELN) achieved underlying earnings of CHF285 million, demonstrating stable profitability compared to the prior year.
- The return on equity increased to 13.4%, nearing the upper end of the company's target range.
- The company's SST ratio stands at an excellent 300%, reflecting strong financial resilience.
- Non-life premium volume growth exceeded market averages in key markets such as Switzerland, Spain, Germany, and Austria.
- Fee business revenues grew by 10.4%, driven by the expansion of non-insurance services in Spain, contributing positively to overall profitability.
- The combined ratio in non-life was above the target range at 95.4%, primarily due to higher claims from natural catastrophes.
- Underlying earnings in the Life business were slightly below the prior year, impacted by lower results from changes in the loss component.
- The non-life business in Switzerland was adversely affected by higher claims from natural catastrophes and lower gains from prior year claims development.
- The new business margin in life decreased in Europe, despite an increase in Switzerland, due to updated assumptions and model changes.
- The company's IFRS net income was influenced by non-operating effects, including a one-off impairment in the prior year, which did not recur in the current period.
Ladies and gentlemen, welcome to the Helvetia Half Year Results 2024 Conference Call and Live Webcast.
(Operator Instructions)
The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Fabian Rupprecht, Group CEO. Please go ahead, sir.
Ladies and gentlemen, welcome to our analyst conference call on the half year results 2024. Within the next 20 to 30 minutes, our CFO, Annelis Lüscher Hammerli and I will give you detailed information on our business development and the key financials of the reporting period. I look forward to discussing our performance and outlook with you.
As you can see on the agenda on Slide 3, I will start by giving you a brief overview of the financial highlights of the first half of the year. Annelis then will explain the key financial figures and targets in more detail. At the end of the presentation, I will give an outlook on our current focus areas. Afterwards
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