The insurance group Baloise, which is present in Switzerland, Germany, Belgium and Luxembourg, has announced its 2024 annual results. According to the company’s analyst presentation, Baloise saw growth in target segments and increased profit in all business units. Dividend per share for 2024 stands at CHF8.10, an increase from the CHF7.70 seen in 2023.

Total business volume came to CHF8,603.7m. In Luxembourg in particular, business volume came to CHF1,251m, an increase of 12.1% compared to 2023 (CHF1,138.3m). That business volume is composed of non-life (CHF161.8m, an increase of 6.7% in local currency terms compared to 2023), life (CHF200.3m, up 33.7% in local currency terms) and investment-type premiums (CHF888.8m, an increase of 9.1% compared to 2023).

Luxembourg accounted for 14.5% of Baloise’s gross business volume in 2024 but 85% of its overall total investment-type premiums.

Earnings before interest and taxes (Ebit) came to CHF34.4m in Luxembourg, up from CHF18.2m in 2023 and an increase of 89% year-on-year. The strong growth in non-life and life driven by price and volume increases, higher investment-type premiums and additional large contracts, explained the analyst presentation, while “Ebit benefited from updated actuarial assumptions in life.”

The combined ratio, a measure of profitability that is calculated by summing up incurred losses and expenses, then dividing that number by the earned premium, came to 97.1% for non-life in Luxembourg in 2024. That’s up from 90.5% in 2023.

“In Luxembourg, the priority for the next few years will be on commercial products (’Home’ and ‘Drive’),” noted the company’s annual report. “Following the introduction of ‘Home 2’ in the first quarter of 2024, Baloise Luxembourg is pursuing a strategy of diversifying its portfolio away from vehicle-based products. The next project will be to restructure the ‘Drive’ product and improve the customer journey.”

Baloise counted more than 600 employees in Luxembourg in 2024.