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Helvetia’s profit rose 18.2 percent to CHF 615.4 million, the group announced on Monday. It clearly exceeded the expectations of analysts expecting a profit of 546 million.
Shareholders benefit from an increase in profits through a net increase in dividends. The Board of Directors is proposing a distribution of CHF 5.90 per share, CHF 0.40 more than last year. The insurer can also count on strong capitalization: As of January 1, 2023, the estimated SST rate was over 300 percent.
In the claims business, the minimum combined rate rose to 94.7 percent (PY 94.8 percent). However, last year’s result in the non-life segment in a “challenging financial market environment” was about a quarter below the previous year’s result of 289.6 million, up from 389.3 million.
In life insurance, the result was positively impacted by a one-time gain of 102.0 million from the sale of Spanish life insurance company Sa Nostra Vida. Overall, the business segment generated results of CHF 419.8 million (previous year: CHF 304.1 million).
Helvetia Group’s business volume decreased by 1.1% last year to CHF 11.10 billion, although there was a small currency-adjusted increase (+2.6%). The insurance company managed to grow significantly, with 9.4 percent growth in the non-life business line adjusted for currency effects. In the life business, business volume in original currency decreased by 7.3 percent.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
