With less profit: Mobiliar continues to grow

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Mobiliar increased its premium volume by 5.3 percent to CHF 3.30 billion, according to a statement by the cooperatively organized group on Thursday. However, profit fell 1.7 percent to CHF 228 million.

Meanwhile, the financial result increased to CHF 196 million after CHF 190 million previously. It was stated that investments benefited from the recovery in the market after the significant decline in 2022. Return on investment was 1.0 percent, as in the previous year.

La Mobilière was able to further strengthen its position in its largest segment, the non-life business. There it increased its premium income by 5.1 percent to CHF 2.72 billion. In contrast, market growth was 3.7 percent, according to figures from the Swiss Insurance Association.

According to Mobiliar, business with mobility insurance has improved well for private customers, while growth in home and building insurance was below the prior year’s. This was justified by an order from financial market authority Finma that compelled insurers to lower their core damage premiums for buildings at the start of the year.

It was stated that the volume in all business areas increased significantly in the corporate customer segment. Mobiliar, for example, achieved higher premium increase in business insurance for SMEs and business with medium and large-sized companies compared to the previous year. In addition, individual insurance activities continue to develop positively.

However, profit in the non-life business line fell 3.9 percent to CHF 215 million in the first half of the year. This happened despite no major storms impacting the bill unlike the previous year. Due to the decrease in the damage load due to storm and hail, the total ratio increased by 1.4 points to 91.5 percent. However, the financial result of the division fell.

Premium volume in the provisioning business increased by 6.6 percent to CHF 576 million. According to the statement, both professional and private service offers contributed to this. Division profit increased from CHF 10.2 million to CHF 14.9 million, thanks to the significant increase in investment result.

Mobiliar boss Michèle Rodoni described a “satisfying” semester: “Once again, we were able to increase growth compared to the previous year and expand our market position.” While there were no major storms until June, storms in La Chaux-de-Fonds in July and Ticino in late August caused extensive damage. (SDA)

Source :Blick