CSS yields significantly less profit

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Premium revenue for Switzerland’s largest primary insurer rose 3.0 percent to CHF 6.75 billion in 2022, but its profit of CHF 54.4 million was only half of what it was in 2021. The environment is characterized by declining purchasing power and volatile financial markets and high service costs, CSS announced Friday.

In basic insurance, there was a loss of 79.2 million francs, after minus 29.3 million francs the previous year. According to the information obtained, the reason for this was the sharp increase in service costs. Two years after the pandemic, spending on medical treatment increased significantly. In addition, returns in the capital markets were negative (-6.4%) “due to the global turmoil”.

In contrast, the group made a profit of CHF 133.0 million in its supplementary insurance business. This is 2.5 percent more than the previous year. CSS allows policyholders to participate in these surpluses as part of the bonus program. In 2022, CSS delivered more than 20 million returns to customers.

The number of customers is 1.68 million, of which 1.50 million have basic insurance with CSS. This means that the leading market position is consolidated.

Health insurance has gained 4,800 new insurers across all insurance products, but the company has 10,800 fewer insurers in basic insurance.

(SDA)

Source :Blick